Category: Economy
World Bank Country Director for Sri Lanka rejects numbers
The World Bank Country Director for Sri Lanka, Faris H. Hadad-Zervos in a tweet has rejected the numbers mentioned in a statement issued by the Ministry of Foreign Affairs. According to the Ministry of Foreign Affairs, the World Bank Country Manager in Colombo, Chiyo Kanda, had said that the World Bank will disburse approximately USD […]
World Bank to disburse around USD 700Mn to Sri Lanka within next few months
The World Bank Country Manager in Colombo, Chiyo Kanda, called on the Minister of Foreign Affairs Prof. G.L. Peiris at the Ministry of Foreign Affairs on 27 May, 2022. Minister Peiris sought assistance from the World Bank until long term assistance materializes through the IMF, other international institutions and donor countries. The Minister highlighted the […]
Will provide full support to conduct duties independently, President says at meeting with CB Governor
President Gotabaya Rajapaksa had a meeting today (28) with the Governor of the Central Bank, Dr.P. Nandalal Weerasinghe and Monetary Board member Sanjeeva Jayawardena PC and fully assured them that the Governor and the Monetary Board has his fullest and unqualified assurance of freedom to discharge their functions independently and without any extraneous constraints. At […]
IMF staff concludes virtual mission to Sri Lanka
An International Monetary Fund (IMF) team led by Peter Breuer and Masahiro Nozaki conducted a virtual mission with the Sri Lankan authorities during May 9-24 on an economic program that could be supported by an IMF lending arrangement. The IMF team met with Prime Minister Ranil Wickremesinghe at the concluding meeting, following technical discussions with […]
We hope that the negotiations on bridging funds from Japan will conclude soon: President
President Gotabaya Rajapaksa expects that the negotiations now underway regarding bridging funds from Japan will conclude soon. The President made these remarks addressing the 27th International Conference on the Future of Asia (Nikkei) held in Tokyo, Japan, via video call, today (26). Japan’s Nikkei newspaper has been organizing the conference annually since 1995. The theme […]
UN assures assistance to Sri Lanka in addressing current economic challenges
The Minister of Foreign Affairs Prof. G. L. Peiris met the UN Resident Coordinator in Colombo, Hanaa Singer- Hamdy on 23 May, 2022 to discuss multiple impacts arising out of the current economic situation in the country such as supply of essential items, concerns regarding food security and livelihood matters. The Minister underscored that the Government […]
Financial services company Lazard & law firm Clifford Chance appointed for debt restructuring
The Cabinet has previously approved the provision of the services of an International Financial Adviser and an International Legal Adviser for the Restructuring of External Debt of the Government. According to the call for proposals, 28 proposals have been received regarding obtaining the services of a financial advisor and 23 proposals regarding obtaining the services […]
We will support govt in reinstating previous tax regime & IMF reforms: Eran Wickramaratne
Statement on Sri Lanka Defaulting on Foreign Debt Payments by Eran Wickramaratne M.P., Former State Minister of Finance On 12 April 2022, Sri Lanka suspended repayment on most of the government’s external foreign currency debt, including the International Sovereign Bonds (ISBs) and bilateral debt. With the end of the 30-days grace period since the ISB […]
Transparency International presents 15 points on essential anti-corruption reforms to revive Sri Lanka
2022 has so far been a tumultuous year for Sri Lanka. With the country teetering dangerously close to defaulting, economists have noted that the situation will only get worse before it can get better. Transparency International Sri Lanka maintains its stance that the prevailing crisis has been caused by decades of misuse and mismanagement of public […]
‘s current rating associated with 35-pct to 65-pct recovery rate: Moody’s
On 18 May, Sri Lanka (Ca stable) defaulted on its international bonds for the first time, after failing to make its coupon payments that were due on 18 April within the 30-day grace period. The government announced that it would suspend external debt-service payments on 12 April and pursue comprehensive external public debt restructuring in […]
”
Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘RD’ (restricted default) from ‘C’. Fitch typically does not assign modifiers for sovereigns with a rating of ‘CCC’, or below. KEY RATING DRIVERS Grace Period Ends: The downgrade of Sri Lanka’s LTFC IDR to ‘RD’ follows expiry of the 30-day grace period […]
Central Bank warns Sri Lankans holding over 10,000 dollars as notes
Sri Lanka’s Central Bank is planning to illegalize the holding of dollar notes by its citizens for longer periods, Governor Nandalal Weerasinghe said. Accordingly, Sri Lankans will only be allowed up to 10,000 dollars as notes to keep with them without depositing in a bank or encashing at the official exchange rate. “What we are […]