Category: Economy
IMF starts an in-depth governance diagnostic exercise on Sri Lanka, a first in Asia
The IMF is conducting an in-depth governance diagnostic exercise, which will assess corruption and governance vulnerabilities in Sri Lanka and provide prioritized and sequenced recommendations. Sri Lanka will be the first country in Asia to undergo a governance diagnostic exercise by the IMF. “We look forward to further engagement and collaboration with stakeholders and civil […]
IMF Executive Board Approves USD3 Bn Under the Extended Fund Facility (EFF) Arrangement
The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion). Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis.The economy is facing significant challenges stemming […]
Opinion: IMF Programme #17, Takes two to tango
By Daniel Alphonsus Countries never learn from others’ mistakes, they only learn from their own. Sri Lanka is an exception: we don’t even learn from our folly. Apparently neither does the IMF. Sri Lanka’s 17th IMF programme is set to be approved on March 20th. Is it welcome? Yes. Will it break Sri Lanka’s reform-regress-run […]
Sri Lanka records 7.8-pct negative growth for 2022
The Department of Census and Statistics (DCS) states that the year-on-year GDP growth rate for the year 2022 has been estimated as a 7.8 percent negative growth, against the value reported in the previous year 2021. Further, the Gross Domestic Product for Sri Lanka for the year 2022 at the constant price (2015) has declined […]
Eran urges Govt to disclose contents in IMF agreement
Even though the present government said no, the Samagi Jana Balawega emphasized from the beginning that this country needs some sort of agreement and financial assistance from the International Monetary Fund because it gives a signal to the international market that there is a financial discipline in the country paving the way for bilateral and […]
World Bank Group invites public to provide feedback for new country partnership framework
The World Bank Group (WBG) is preparing its new partnership framework with Sri Lanka for the 2023–2026 period. The process involves consultations with a broad range of stakeholders – with representatives from government, international financial institutions, civil society organizations, think tanks, academia, and the private sector – to exchange views on opportunities for Sri Lanka’s […]
Opinion: HNB reiterates importance of developing a national savings culture
HNB Deputy General Manager – Retail and SME Banking, Sanjay Wijemanne As more Sri Lankans face concerns over their personal financial security, and that of the country, HNB is working to help raise awareness on the opportunities that every Sri Lankan can access, in order to develop their savings habits, and help drive an effective […]
Local-Currency IDR would be downgraded if govt announces plans to restructure or defaults on local debt: Fitch
The Long-Term Local-Currency IDR would be further downgraded if the government announces plans to restructure or defaults on its local-currency debt, says Fitch Ratings. Releasing a statement, the agency pointed out that the issue of whether to include local-currency debt in any restructuring will be one of the factors complicating debt negotiations. Fitch downgraded Sri […]
Sri Lanka’s Probable IMF Support Deal Positive for Debt Negotiations: Fitch Ratings
Fitch Ratings believes Sri Lanka is likely to secure financing support from the IMF after the fund’s Executive Board set a date of 20 March to review the USD2.9 billion staff-level agreement that the country signed with the IMF in September 2022. IMF funding should improve Sri Lanka’s external liquidity, but the timing of any […]
Chinese Exim Bank provides financial assurance to Sri Lanka through embassy handover
The Deputy Ambassador of the Chinese Embassy in Colombo Hu Wei officially presented the financial assurance letter issued by the Exim Bank of China to Mahinda Siriwardena, the Secretary of the Ministry of Finance at the Presidential Secretariat yesterday afternoon (07). Hu Wei revealed that large–scale Chinese companies are looking forward to visiting Sri Lanka […]
We sent Letter of Intent to IMF; expecting a reply before end of this month: President
The island nation is expecting the go-ahead from the Executive Board of the IMF for its Extended Fund Facility arrangement before the end of this month. Speaking in Parliament, President Ranil Wickremesinghe said that they are expecting IMF to do its duty by the fourth week of this month. “We received the letter of financial […]
Sri Lanka Retail Forum 2023 highlights strategies for navigating economic crisis in sector
The Sri Lanka Retailers’ Association (SLRA), the apex body of organised retail in Sri Lanka, recently concluded the annual Sri Lanka Retail Forum under the theme ‘Redefining Retail: Future Proofing the Forward Journey’. The Forum was opened by Murali Prakash, President of SLRA, who addressed the importance of navigating the challenges faced by the retail […]