Category: Economy
Fitch recalibrates Sri Lanka National Rating Scale
May 28, 2020 (LBO) – Fitch Ratings says that it has recalibrated its Sri Lanka National Rating scale to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the country’s sovereign rating to ‘B-‘ from ‘B’ on 24 April 2020. The Outlook on Sri Lanka’s Long-Term Issuer Default Rating is […]
Sri Lanka seeks USD1.1bn special SWAP facility from India
May 24, 2020 (LBO) – President Gotabaya Rajapaksa yesterday asked Indian Prime Minister Narendra Modi to help Sri Lanka by providing a special SWAP facility of 1.1 billion US dollars to deal with country’s foreign exchange issues. “If the Government of India could provide USD 1.1 billion special SWAP facility to top up USD 400 […]
S&P lowers Sri Lanka’s credit rating to ‘B-’
May 21, 2020 (LBO) – Rating agency S&P has lowered Sri Lanka’s long-term sovereign credit rating to B- from B, with a stable outlook, citing the government’s worsening fiscal position. S&P expects the COVID-19 outbreak to push Sri Lanka’s economy into a recession in 2020, against earlier expectations of a rebound. This would weaken Sri […]
Ceylon Chamber proposes multi-sectoral approach for economic revival
May 20, 2020 (LBO) – The Ceylon Chamber of Commerce has submitted its multi-sectoral proposals to the Task Force for Economic Revival and Poverty Alleviation. This was building on the submission made to the President on a Shared Vision for Post-COVID-19 Economic Recovery. The sectors included in the document covered immediate, medium, and long-term proposals […]
Sri Lanka explores SWAP facilities with regional Central Banks
May 19, 2020 (LBO) – Sri Lanka is in the process of exploring SWAP facilities with regional central banks, while arrangements are also being made for syndicate financing with identified foreign sources, the Central Bank said. While reiterating its commitment to meeting all its financial obligations, the Central Bank said in a statement that the […]
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May 18, 2020 (LBO) – The G-20 debt suspension initiative is unlikely to ease the significant credit challenges that the coronavirus pandemic has amplified in some frontier market sovereigns, Moody’s Investors Service said in a report today. QUOTES FROM MOODY’S SECTOR IN-DEPTH REPORT We rate 34 out of the 76 IDA-eligible countries, to which we […]
Sri Lanka official reserves at USD 7.9Bn at end Feb 2020
May 18, 2020 (LBO) – Sri Lanka’s gross official reserves stood at 7.9 billion dollars at end February 2020, equivalent to 4.7 months of imports, the Central Bank said. Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector, amounted to 10.9 billion dollars at end February 2020, equivalent […]
Sri Lanka trade deficit shrinks in Feb 2020
May 18, 2020 (LBO) – The deficit in Sri Lanka’s trade account widened in February 2020 to 574 million dollars, from 451 million dollars in February 2019, as the increase in imports surpassed the increase in exports. However, on a month on month basis, the trade deficit in February 2020 recorded a contraction. On a […]
Repatriation and replacement of lost foreign jobs: Handling labour migration during COVID-19
Bilesha Weeraratne Sri Lanka, which has been sending workers abroad for employment for decades, is now faced with the formidable challenge of repatriating large numbers of migrant workers affected by COVID-19. Having successfully brought back students from China, UK, Australia, and South Asia and pilgrims from India, the authorities are now making plans to repatriate […]
We cannot allow irrational laws to impede our economy: President
May 15, 2020 (LBO) – President Gotabaya Rajapaksa said that irrational laws should not obstruct the policies formulated to achieve the economic objectives of the people. The President stated this during a discussion with officials and ministry secretaries attached to the Plantation Industry sector at the Presidential Secretariat on May 14.The meeting was called to […]
COVID-19 economic impact could reach $USD 8.8TR globally: New ADB report
May 15, 2020 (LBO) – The global economy could suffer between $5.8 trillion and $8.8 trillion in losses—equivalent to 6.4% to 9.7% of global gross domestic product (GDP)—as a result of the novel coronavirus disease (COVID-19) pandemic, says a new report released by the Asian Development Bank (ADB) today. The report, Updated Assessment of the Potential […]
Ceylon Chamber of Commerce establishes a Center for SMEs
May 13, 2020 (LBO) – The Ceylon Chamber of Commerce has established a Center for SMEs to play a more active role in building a dynamic SME sector in Sri Lanka. The Chamber has been offering a range of services to SMEs through different departments within the Chamber as well as through a large number […]