Category: Economy
CBSL Monetary Policy Statement Indicates Economic/Forex Stabilisation
August 18, 2022 (LBO) – The monetary policy statement released by the Central Bank of Sri Lanka indicated stabilisation of the Sri Lankan currency and economy across a broad range of measures. “Pressures witnessed in the domestic foreign exchange market have eased to a large extent with the notable decline in import expenditure and improved […]
DCTS to replace UK GSP; SL to benefit from duty-free exports to UK on more than 80-pct of products
Over 99% of goods exported from Sri Lanka eligible for duty-free access to the UK £69m of tariffs saved on exports to the UK under the new Developing Countries Trading Scheme The UK is reshaping trade with 65 developing countries, including Sri Lanka, through a new trading framework: the Developing Countries Trading Scheme (DCTS). The DCTS […]
Here is the Ten-Point Common Minimum Program for Sri Lanka’s Economic Recovery: Harsha de Silva
Sri Lanka is currently facing its worst economic crisis since independence. Decades of shortsighted policies and halfhearted reforms weakened our foundation, and a global crisis pushed us to a brink. While President Ranil Wickremesinghe and the current cabinet have stated there needs to be some deep economic reform, no roadmap has been put forward thus […]
Bangladesh spikes fuel prices 50%
August 7, 2022 (LBO) – Bangladesh has sharply raised fuel prices in response to pressures caused by the increase in global oil prices. The price of petrol was raised by over 51%, while prices of diesel and kerosene were raised 42.5%. Prices of petrol in Bangladesh are now at the price equivalent of LKR495/liter, while […]
We can no longer rely on old economic model: President
President Ranil Wickremesinghe stated that there can be no reliance on old economic models any longer and there should be innovative thinking, while paying prompt attention to the global changes. The President made these remarks delivering the keynote address at the launch of the research reports on Sri Lanka’s economic reforms and the panel discussion […]
IPS Proposals for the Interim Budget
Ahead of the presentation of the Interim Budget, the Institute of Policy Studies of Sri Lanka (IPS) has recommended policy proposals for inclusion in the forthcoming Budget. Some key policy issues and recommendations follow. Trade Policy Despite strict import controls, Sri Lanka’s trade deficit in merchandise goods widened in 2021. The slight increase was mainly […]
Political Risks Still Challenge Sri Lanka’s Emergence from Default: Fitch Ratings
The successful formation of a government under the new president, Ranil Wickremesinghe, is an important precondition for resolving Sri Lanka’s debt default, but many challenges remain as the country seeks financing support from the IMF and debt restructuring from private and official bilateral creditors, says Fitch Ratings. Full Statement The new president was confirmed by […]
JKH records EBITDA of Rs.13.33 billion in Q1; Resilient performance despite macro challenges
Summarised below are the key operational and financial highlights of our performance during the quarter under review: • Group EBITDA recorded a significant improvement to Rs.13.33 billion during the quarter under review, which is an increase of 180 per cent against the comparative period of last year [2021/22 Q1: Rs.4.76 billion]. The first quarter of […]
SLT-Mobitel announces national proposal: Focused on technology and digitally empowered citizens
– SLT-MOBITEL, the leading communication and technology service provider in Sri Lanka announced a national proposal to enhance critical services and sectors, and digitally empower citizens. SLT-MOBITEL, one of the most powerful players in the telecommunications and technology sector, cites archaic legacy systems, inefficiency, corruption, heavy operational costs and waste in critical sectors and services […]
Diplomat Podcast: Economist Dr. Ganeshan Wignaraja on SL economic crisis
July 25, 2022 (LBO) – Former Executive Director of the Lakshman Kadirgamar Institute Dr. Ganeshan Wignaraja gave a comprehensive analysis of Sri Lanka’s economic crisis to “The Diplomat” publication recently.The interview with Luke Hunt, one of the most articulate on the crisis so far, takes stock of the current situation and points a path forward. […]
Ceylon Chamber Congratulates New President & Highlights Key Priorities
The Chairman of the Ceylon Chamber of Commerce, congratulating the new President of Sri Lanka through a letter, has highlighted key areas that require priority attention. Key priorities: Resuming discussions with the IMF urgently to reach a staff level agreement soon. Expediting the negotiations with creditors to successfully conclude the debt restructuring process […]
IMF expects to resume discussions with Sri Lanka as soon as possible
The International Monetary Fund says that they are hoping for a resolution of the current turmoil in Sri Lanka in order to resume the discussions on an IMF-supported program. “We hope for a resolution of the current situation that would allow for our resumption of a dialogue on an IMF supported program,” Gerry Rice of […]