Category: Economy
Central Bank expects at least USD 1.4bn inflows to Sri Lanka by August
While there may be short-term fluctuations in foreign reserves in the period ahead due to debt servicing of the Government, adequate financing strategies have been lined up to maintain reserves at sufficient levels, through inflows to the country, Governor of the Central Bank, Professor W D Lakshman said. Releasing a statement, he said that inflows […]
Sri Lanka records USD 884Mn exports in May 2021
Sri Lanka’s export sector performance has been able to manage its growth momentum in May 2021 with the challenges of the Covid-19 pandemic. As per the statistics released by Sri Lanka Customs, Sri Lanka’s merchandise exports in May 2021 were US$ 884.2 Million, an increase of 50.71% over US$ 586.7 Million in May 2020. Sri […]
‘ Association appeals for cost-sharing from Business Partners
The Sri Lanka Retailers’ Association (SLRA), the apex body for organised retail in Sri Lanka, issued a communique requesting landlords, lessors, and business partners reduce leases and rentals for the Association’s membership. • Lease and Rental Reductions • Support towards loan repayments restructure • Utility and trade levy reduction/postponement SLRA President Murali Prakash appealed to […]
Sri Lanka seeks collaboration on Graphene applications with Russian Company
The State Ministry of Regional Cooperation, recognizing the potential of Sri Lanka’s natural resources to contribute to the country’s economy, has been facilitating to explore means by which the country could sustainably harness minerals for Sri Lanka’s economic growth. Cognizant of the significance of this initiative, the Ambassador of Sri Lanka to Russia, Prof. M.D. […]
GSP+ Impact to Sri Lanka: Mountain or molehill
Whilst the GSP plus helps significantly boost the country’s export performance, the loosing of it would not create a major vacuum on a broader level besides the loss of a strong potential trade surplus with the EU, Softlogic Equity Research said. “On a micro level, individual businesses engaged in the export of Apparel, Agriculture, Fisheries […]
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Fitch Ratings has affirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC’. KEY RATING DRIVERS: Sri Lanka’s ‘CCC’ rating reflects a challenging foreign-currency sovereign external debt repayment burden over the medium term, low foreign-exchange reserves and high and rising government debt that gives rise to sustainability risks. External liquidity pressures have eased somewhat […]
Sri Lanka’s official reserves down to USD 4bn by end May; YTD rupee depreciation 6.7-pct
Sri Lanka’s official reserves were 4 billion US dollars (USD 4,018.1mn) by the end of May, down from 4.5 billion US dollars in April, the latest Central Bank data showed. By the end of May, the foreign currency reserves were 3,530.7 million dollars while the reserve position in the IMF was 69.1 million dollars. Special […]
World Bank approves $40 mn financing to improve water & sanitation services in Sri Lanka
The World Bank’s Board of Executive Directors approved $40 million in additional financing for Sri Lanka to expand water supply, sanitation, and hygiene services in 7 districts through the Water Supply and Sanitation Improvement Project (WASSIP). The project will also increase septage facilities in the more populated part of the country in Western, Southern and […]
Sri Lanka Investment Forum concludes with over 4500 participants
The 2021 Invest Sri Lanka Forum, organized by the Board of Investment, The Ceylon Chamber of Commerce and the Colombo Stock Exchange, which commenced on Monday, 7th June concluded successfully on Wednesday, 9th June. Asia’s first ever virtual investment forum was held with foreign participation of 2,200 from 85 countries and 2,500 local participants. The […]
SL is a strategically located strong economy with access to emerging and established markets : BOI Chief
Sri Lanka is a skills powerhouse, with the best living environment in South Asia, a senior official said. Additionally, Sri Lanka is the place to work, live and enjoy life, Sanjaya Mohottala, chairman of the Board of Investment tolad a forum Wednesday. “We have an extremely educated, trainable and capable workforce,” “Digital literacy is close […]
Central Bank invites private sector to raise offshore funding; zero-cost swap facility available
Sri Lanka’s Central Bank with a view of encouraging foreign currency inflows to the country, invites the private sector to pursue avenues to raise offshore funding leveraging on its strengths, with the consent of the Finance Minister and in line with provisions of the Foreign Exchange Act. In this regard, to hedge the foreign exchange […]
Our vision is to make Port City a key service hub in the region: President at SL Investment Forum
Sri Lanka has ambitious plans to double the national output from its current level to 8,000 dollars GDP per capita by 2030 and the country is also deeply committed to maintaining policy stability and consistency within a stable macroeconomic environment, President Gotabaya Rajapaksa said. Addressing the inauguration of the Sri Lanka Investment Forum 2021, he […]