Category: Economy
Sanjeeva Jayawardena & Ranee Jayamaha to continue to serve on Monetary Board: CB Governor
President’s Counsel Sanjeeva Jayawardena and Dr. Ranee Jayamaha, appointed members of the Monetary Board, have acceded to continue to serve on the Monetary Board, Central Bank Governor Dr. Nandalal Weerasinghe said. “As the newly incumbent Governor of the Central Bank of Sri Lanka (CBSL), I am delighted that Mr. Sanjeeva Jayawardena, President’s Counsel and Dr. […]
Technical negotiation with IMF started; RFPs to be called to appoint advisors for debt restructuring
Sri Lanka’s Central Bank has already started technical negotiations with the International Monetary Fund for an IMF program and appointing financial and legal advisors for debt restructuring will be expedited, new Central Bank Governor Nandalal Weerasinghe said. “I want to make it very clear that I am going to exercise the powers vested with the […]
Nandalal Weerasinghe appointed as CBSL Governor; K M M Siriwardena new Finance Ministry Secretary
Dr. Nandalal Weerasinghe was appointed as the Governor of the Central Bank of Sri Lanka while K.M.M. Siriwardena was appointed as the new Secretary to the Ministry of Finance. President Gotabaya Rajapaksa handed over the letters of appointment this evening (07). Dr. Weerasinghe, who has vast experiences in the financial sector, served as the Alternate […]
Presidential Advisory Group appointed to guide officials engaging with IMF
The President has appointed a team of eminent economic and fiscal experts as Members of the Presidential Advisory Group on Multilateral Engagement and Debt Sustainability. The Members of the Advisory Group are: • Dr. Indrajit Coomaraswamy, Former Governor, Central Bank of Sri Lanka and Former Director, Economic Affairs Division of the Commonwealth Secretariat. • Prof. […]
Bangladesh corporate sector ready to expand economic cooperation with Sri Lanka
Sri Lanka High Commissioner to Bangladesh said that profound historical and cultural relations have lasted between Sri Lanka and Bangladesh and it is time to deepen the economic cooperation between the two countries. High Commissioner Professor Sudharshan Seneviratne highlighted the idea at a meeting held with the President of the Federation of Bangladesh Chamber of […]
ADB forecasts SL’s economic growth to dip to 2.4-pct in 2022
The Asian Development Bank’s (ADB) annual flagship economic publication forecasts a muted recovery from the coronavirus disease (COVID19) pandemic as Sri Lanka’s economy grapples with macroeconomic challenges arising from high debt, low foreign reserves, and inflationary pressures. ADB forecasts Sri Lanka’s economic growth to dip to 2.4% in 2022 and improve marginally to 2.5% in […]
CA Sri Lanka calls upon all political parties to urgently appoint a team to negotiate with IMF
CA Sri Lanka urges the government, in consultation with all political parties, to formulate a plan, including engagement with the International Monetary Fund (IMF). Releasing a statement, the professional body said that all political parties in the country should come to a consensus and urgently appoint a team to negotiate with the IMF, thereby ensuring […]
Ceylon Chamber gravely concerned about consequences of recent actions
The Ceylon Chamber of Commerce is gravely concerned about the far-reaching adverse consequences of certain actions being taken by the Government on economic activity such as tourism, trade, exports and e-commerce dependent on social media platforms, while appreciating the need to maintain law and order and public security in the country. The adverse coverage Sri […]
IMF to initiate discussions with Sri Lanka for support & financial program in coming days
The International Monetary Fund will initiate discussions with Sri Lankan authorities for new support & financial program in the coming days, IMF spokesperson Gerry Rice said on Thursday. “The Sri Lankan authorities have expressed interest in an IMF support and financial program. The answer is yes. On the status of that discussion, we plan to […]
Ceylon Chamber reiterates the need to fast-track the process of debt restructuring
The Ceylon Chamber of Commerce notes with serious concern the continuous deterioration in the fuel and electricity availability in the country, hampering daily operations of businesses and activities of the general public. The Chamber believes there is a need to maintain a sufficient stock of fuel to balance both transport and power generation needs. Further, […]
‘s exports increased by 9.9-pct in February 2022
Sri Lanka’s merchandise exports increased by 9.91% to US$ 1,046 Million in February 2022 compared to February 2021 as per the data released by the Sri Lanka Customs. Further, it is a 5.8% increase when compared to February 2020. Sri Lanka’s Merchandize Exports has maintained the above $ 1 billion mark continuously since the beginning […]
Sri Lanka’s debt is unsustainable with very high rollover risk: IMF Debt Sustainability Assessment
Based on IMF staff analysis, fiscal consolidation necessary to bring debt down to safe levels would require excessive adjustment over the coming years, pointing to a clear solvency problem. Releasing the Country Report No. 2022/091: Sri Lanka: 2021 Article IV Consultation, the IMF staff said that a more ambitious adjustment, required to significantly reduce debt, […]