Category: Economy
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 […]
‘s economy expected to register 8-pct contraction in 2022; gradual recovery from 2H2023: CBSL
Sri Lanka’s economy is projected to register a real contraction of around 8.0 percent in 2022 and a gradual recovery from the second half of 2023, the Central Bank said. Releasing the outlook for the economy for 2023, the Monetary Board of the Central Bank said that the headline inflation is expected to move along […]
Sri Lanka reports negative 11.8-pct GDP growth for third quarter of 2022
The Department of Census and Statistics (DCS) Sri Lanka, has released the estimated Gross Domestic Product (GDP) at the current price and at constant (2015) price in the Production approach and the other macroeconomic indicators for the third quarter (July 01st to September 30th) of 2022. The Gross Domestic Product for Sri Lanka for the […]
‘s economy, Benefits can start when regulations finalized
Designed to be a hub for international investment, trade, finance, entertainment, leisure and other services, Port City Colombo will not be able to operate in isolation. Instead, it will create huge new demand for local products, utilities and services, helping to kickstart the wider Sri Lankan economy. It will also create masses of new jobs, […]
Coordinated program is required for Sri Lanka’s recovery – WB, ADB, IMF, AIIB
World Bank (WB), Asian Development Bank (ADB), International Monetary Fund (IMF) and Asian Infrastructure Investment Bank (AIIB) representatives decided that a coordinated assistance program supported by the multilateral financial institutions is required for Sri Lanka to recover from the economic crisis the country is currently facing. They reached the agreement following a lengthy round table […]
World Bank Approves Sri Lanka’s Eligibility to Access Concessional Financing
The World Bank today approved Sri Lanka’s request to access concessional financing from the International Development Association (IDA). This type of financing, which is offered at low interest rates, will enable the country to implement its government-led reform program to stabilize the economy and protect the livelihood of millions of people facing poverty and hunger. […]
‘s Long-Term Local-Currency IDR to CC; affirms RD Foreign-Currency IDR
FitchRatings has downgraded Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’, and has affirmed the Long-Term Foreign-Currency IDR at ‘RD’ (Restricted Default). Fitch typically does not assign Outlooks to ratings of ‘CCC+’ or below. Fitch has also removed the Long-Term Local-Currency IDR from Under Criteria Observation, on which it was placed […]
CCC Proposals on State Owned Enterprise Reform
The presence of SOEs in strategic sectors of Sri Lanka is proof of the significant value creation it can generate through spillover effects. The societal returns too are greater as it links to our day-to-day activities such as the water we drink, the electricity we use, or even the bus or train we ride. Therefore, […]
Export earnings decreased by 8.2-pct y-o-y in October 2022
Earnings from the merchandise exports decreased by 8.18 % y-o-y to US$ 1,094.8 Mn in October 2022 as per the data released by Sri Lanka Customs. This was mainly due to the decrease in export earnings from Apparel & Textiles, Tea, Rubber based Products, Coconut based Products, Spices & Essential Oils, and the Fisheries sector. […]