Category: Economy
Paris Club creditors provide financing assurances to support IMF’s approval of an EFF for Sri Lanka
Paris Club creditors have agreed to provide financing assurances to support the approval by the IMF Executive Board of the envisaged IMF program for Sri Lanka, which would allow to restore the country’s macroeconomic stability. Releasing a statement, the Paris Club said that they have examined the macroeconomic and financial situation of Sri Lanka, including […]
‘s loan application to IMF
China’s government on Friday confirmed that it is offering an extension on the debt service due in 2022 and 2023, which means Sri Lanka will not have to repay the principal and interest due on the Export-Import Bank’s loans during that period. “On January 19, the Export-Import Bank of China, as the official bilateral creditor, […]
‘s Bitcoin proposal to fix economy
Sri Lanka’s Central Bank has rejected billionaire venture capital investor Tim Draper’s proposal to introduce a Bitcoin-based solution to fix the economy. The Silicon Valley entrepreneur’s proposal was not well received in a short meeting by the Central Bank Governor Nandalal Weerasinghe. He has argued that the adoption of Bitcoin could help alleviate corruption by […]
On the 75th, Independence, time to re-plug to the world economy
Advocata Institute As Sri Lanka is inaugurating its political independence of 75 years on February 4th, the burning issue the public is struggling to grapple with, in the recent past, is the worst economic slump. Many factors have contributed to the current economic crisis but protectionism and trade barriers are main elements that have further […]
E-commerce: An islandwide phenomenon and youth-oriented futuristic industry of SL – Report
Daraz Sri Lanka and Sri Lanka Association for Software Services Companies (SLASSCOM) released the first in-depth study on the adoption and use of e-commerce in Sri Lanka during difficult economic times at a roundtable discussion held in Colombo on Monday 30th January 2023. The report titled “E-commerce: A Driver of Inclusive Growth in Sri Lanka?” […]
Merchandize exports reached USD 13Bn in 2022
Merchandise exports have increased by 4.6% to US$ 13,070.6 Million in 2022 compared to the corresponding period of 2021, Sri Lanka Customs data showed. Earnings from the merchandise exports, however, decreased by 9.7% y-o-y to US$ 1,044 Mn in December 2022, as per the data released by Sri Lanka Customs. This was mainly due to […]
Hatch partners with HDFC Bank to provide exclusive credit facility for community of startups
In a one of a kind collaboration; Hatch, the award winning co-working space, start-up incubator and accelerator is partnering with HDFC Bank as their official banker, to give its community of startups access to an exclusive loan facility, the benefits of which will support these startups in strategically growing their business in the face of […]
Tianjin Port Group and Huawei announce deepening cooperation to build digital twin of port
Tianjin Port Group and Huawei announced this week that the two companies will deepen cooperation to build a digital twin of the port, making it more automated and intelligent. Yang Jiemin, Vice President of Tianjin Port Group, explained that this plan consists of three parts: Construction of new automated terminals, upgrading of traditional terminals, and […]
EDB Launches Export Performance Indicators 2021
Sri Lanka Export Development Board presents its flagship statistical publication “Export Performance Indicators 2021”. The latest edition provides statistical information related to Sri Lanka’s external trade and its contribution to major economic indicators such as trade balance, GDP and individual sectoral involvement for the year 2021 and five preceding years. This volume is the 35th […]
We expect that all bilateral creditors are dealt with equally: S Jaishankar
External Affairs Minister of India Dr. S. Jaishankar says that they extended financing assurances to the IMF to clear the way for Sri Lanka to move forward with the expectation that this will not only strengthen Sri Lanka’s position but ensure that all bilateral creditors are dealt with equally. Speaking to journalists in Colombo on […]
‘s debt relief in coming weeks, India tells IMF
India is looking for a medium-to-long-term debt treatment through maturity extension and interest rate reduction or any other financial operation that would deliver similar financing or debt relief to Sri Lanka, an Indian official said. Confirming India’s strong support for Sri Lanka’s prospective EFF-supported program, the Additional Secretary of India’s Finance Ministry, Rajat Kumar Mishra, […]
Ombudsmen of Sri Lanka and Türkiye signs bilateral cooperation MoU
On the sidelines of the International Ombudsman Conference 2023, the Office of the Parliamentary Commissioner for Administration (Ombudsman) of Sri Lanka and Ombudsman Institution of Türkiye has entered into Memorandum of Understanding (MoU) recently in Ankara. The Memorandum of Understanding between the Office Ombudsman of Sri Lanka and Ombudsman Institution of Türkiye was signed in the presence […]