Category: Economy
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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 […]
Thinking about investing in the Northern Province?
By Jekhan Aruliah A few years ago I was speaking with a main board director of one of Sri Lanka’s largest companies. I asked him, a Jaffna Tamil gentleman approaching retirement, why his company still had not invested in the North several years after the war had ended. What he said put simply is there […]
USD 200Mn Financial Assistance from ADB for Second I-road Program
Bridging the urban and rural gap by providing services and infrastructure facilities equally across all segments of the country is one of the key focus of the Government Policy Framework. Developing transport network to ensure an efficient and environmentally friendly public transport system will support achieving this envisaged target of the Government. Accordingly, the Government […]
Central Bank extends concessions for COVID-19 affected businesses & individuals
With a view to meeting the challenges faced by businesses and individuals due to the third wave of COVID-19, Sri Lanka’s Central Bank has requested banks to extend the concessions. Accordingly, deferment or restructuring of existing credit facilities in the performing category as well as concessions for credit facilities in the non-performing category has been […]
‘s economy collapse due to lockdown?
By Charith Isuru The answer is a BIG NO….. What are possible scenarios that can cause a possible economic collapse in Sri Lanka during this Covid pandemic? 1. Substantial downturn in exports. 2. Sizable loss in foreign worker remittances. 3. Unexpected surge in imports to an unbearable level. 4. Lack of foreign currency inflows to […]
Sri Lanka records USD 798.9 Mn exports in April
Sri Lanka’s export performance continued its upward momentum in the first three months of 2021. Due to the Covid-19 pandemic-induced lockdown last year, exports were contracted by a record 64.63 percent in April 2020. However in April this year, exports grew up by 183 percent to US$ 798.9 Mn in comparison to the previous year. […]