Category: Economy
We stand ready to discuss options if Sri Lanka requests financial support: IMF
The International Monetary Fund (IMF) reiterates that they are standing ready to discuss options if Sri Lanka requests financial support. Speaking to journalists at Washington DC headquarters, Gerry Rice of the Communication Department confirmed that they have not yet received a request for financial support from the Government of Sri Lanka. “We have not received […]
Central Bank launches National Remittance Mobile App
The Central Bank initiated a National Remittance Mobile Application branded as “Lanka Remit” providing Sri Lankans working abroad direct access to the existing remittance channels, as well as facilitate their ability to choose more convenient and cost-effective remittance channels to send money to Sri Lanka. Bank of Ceylon, People’s Bank, Sampath Bank, Hatton National Bank, […]
Opposition SJB opposes imposing 25-pct tax on EPF funds, says Eran
The Opposition is totally opposed to levying a 25% tax on the EPF Fund, said Parliamentarian Eran Wickramaratne at a press conference held at the Opposition Leader’s Office yesterday. “This Government has decided in an unprecedented manner to impose a 25% surcharge on the income of the Employees Provident Fund. EPF has never been taxed […]
“Opposition calls on Govt for urgent dialogue with them,” MP Harsha
Opposition parliamentarians have urged President Gotabaya Rajapaksa to initiate a dialogue with them to better understand the current economic issues facing the nation and find solutions together. “We are all in this together,” Dr. Harsha De Silva, an opposition member of parliament said addressing a media briefing yesterday. “The Governor of the Central Bank reiterates […]
“Growing sense of insecurity among people despite years of development growth,” UN report
Global development progress does not automatically lead to a greater sense of security, according to a new United Nations Development Programme (UNDP) report on human security released Thursday. New data and analysis in the report, New Threats to Human Security in the Anthropocene, shows that people’s sense of safety and security is at a low […]
Sri Lanka will settle USD 1bn ISB maturing in July; no debt restructuring needed, says CBSL
The Government and the CBSL have already taken necessary measures to secure alternative forex inflows via a number of bilateral and multilateral funding arrangements to meet the upcoming debt obligations, including the US dollars 1 billion ISB maturing in July 2022, the Central Bank said. Releasing a statement, the bank said that with the realisation […]
‘s economic policies
Explaining the economic policy of the future SJB government, Eran Wickramaratne M.P. said that the SJB has already decided to allow the use of chemical fertilizer in order to promote export- oriented value -added commercial agriculture. He also said that future SJB government will give priority to exports and the government will mediate directly to […]
Transparency in Corporate Reporting Assessment reveals marginal improvement by SL companies
According to the Transparency in Corporate Reporting Assessment (TRAC) 2021 publication which was unveiled today (Feb 1), companies in Sri Lanka have been deemed to be Moderately Transparent in corporate reporting. The TRAC report is compiled by Transparency International Sri Lanka (TISL). The TRAC report assesses the top 75 Public Limited Companies on the Colombo […]
Renewable energy can be a solution to SL’s energy crisis
Sri Lanka is currently facing an acute energy crisis, primarily due to the country’s reliance on imported fossil fuel. The solution to this is for the country to move on to more renewable sources of energy such as wind, solar, bio-gas, biomass and hydro power. Renewable energy also presents a host of other benefits both […]
Ceylon Chamber of Commerce Strengthens Trade Ties with the Maldives
A Memorandum of Understanding signed recently between the Ceylon Chamber of Commerce and the Maldives National Chamber of Commerce and Industry (MNCCI) will enhance opportunities for bilateral trade, investment and tourism, giving new impetus to a proposed trade agreement between Sri Lanka and the Maldives, State Minister for Regional Cooperation Tharaka Balasuriya announced. Speaking at […]
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Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’. Fitch typically does not assign Outlooks or apply modifiers for sovereigns with a rating of ‘CCC’ or below. Related: S&P downgrades Sri Lanka; Central Bank disputes
Sri Lanka’s Sovereign Foreign Debt: To Restructure or Not?
By Dr. Dushni Weerakoon: Sovereign debt restructuring can be pre-emptive or post-default. A default is inherently costly as it can result in a sustained loss of access to capital markets. That leaves pre-emptive restructuring when a country deems itself unable to service outstanding debt. The complex creditor landscape of today though makes governments reluctant to […]