Category: Economy
WTO, IMF call on countries to remove recent trade restrictions
Apr 24, 2020 (LBO) – The World Trade Organization (WTO) and The International Monetary Fund (IMF) call on governments to refrain from imposing or intensifying export and other trade restrictions and to work to promptly remove those put in place since the start of the year. Releasing a joint statement on trade and the COVID-19 […]
”; outlook negative
Apr 24, 2020 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to ‘B-‘, from ‘B’ with a negative outlook. Full statement KEY RATING DRIVERS The downgrade of Sri Lanka’s IDRs reflects the following key rating drivers. The shock to Sri Lanka’s economy from the coronavirus pandemic will […]
SL appoints Presidential task force on economic revival and poverty eradication
Apr 23, 2020 (LBO) – President Gotabaya Rajapaksa has appointed a Presidential Task Force in charge of Economic Revival and Poverty Eradication. It has been established under the powers vested in the President by the Constitution. The Task Force is responsible for reviving the economy and eradication of poverty while paying special attention to the […]
Sri Lankan consumer retail, construction, hotels most affected: Fitch Ratings
Apr 22, 2020 (LBO) – Fitch-rated Sri Lankan corporates in consumer goods retail, construction and hotels will be among the most affected by the coronavirus pandemic in Sri Lanka, says Fitch Ratings. Full statement Companies in consumer goods retail and construction-related activities also have lower rating headroom than in most other sectors. The ultimate impact […]
Opinion: COVID-19 and foreign exchange woes: Can Sri Lanka find a way out?
Bilesha Weeraratne Growing pressure on Sri Lanka’s scarce foreign exchange resources, due to the wide spread of COVID-19 across the globe, is now more real than ever before. To ease this pressure, the Central Bank of Sri Lanka (CBSL) has taken many measures to attract as well as retain more foreign exchange in Sri Lanka. […]
Online forum on COVID-19 with Tourism industry leaders by Advocata
Advocata Institute is hosting a panel discussion with tourism industry leaders, Kimarli Fernando (Chairperson, Sri Lanka Tourism), Vipula Gunatilleka (CEO, SriLankan Airlines), Sanath Ukwatte (Chairman, Sri Lanka Hotel Association), Mahen Kariyawasam (President, Sri Lanka Inbound Travel Operators); moderated by Murtaza Jafferjee (Chair, Advocata Institute) on the impact of COVID-19 on Sri Lanka’s Tourism Industry. The […]
Economic impact of COVID-19 in Sri Lanka: Insights by ICRA
Apr 18, 2020 (LBO) – ICRA Lanka expects the Sri Lankan economy to face a recession of magnitude -1.9% in 2020 with a U-shape recovery path returning to its pre-crisis level by Q1 of 2021. “All alternative scenario simulations point to recessionary outcomes – an escalation of the pandemic leading to a severe L-shape recession […]
CCC proposes public-private shared vision for economic recovery post-COVID
Apr 17, 2020 (LBO) – The Ceylon Chamber of Commerce, in a communication to the President has proposed a Shared Vision, Economic Recovery Strategy and Stimulus Plan targeting an accelerated Post-COVID-19 recovery of the Sri Lankan Economy. The following sets out the key elements of the proposal addressed to the President by the Ceylon Chamber […]
”s B2 ratings on review for downgrade
Apr 17, 2020 (LBO) – Moody’s Investors Service (“Moody’s”) has today placed the Government of Sri Lanka’s long-term foreign-currency issuer and senior unsecured B2 ratings under review for downgrade. Full statement Rating Action: Moody’s places Sri Lanka’s B2 ratings on review for downgrade Singapore, April 17, 2020 — Moody’s Investors Service (“Moody’s”) has today placed […]
‘s request for Rapid Credit Facility this week
Apr 17, 2020 (LBO) – The International Monetary Fund (IMF) is starting to review Sri Lanka’s request for Rapid Credit Facility this week, the international organization said. During a press briefing held yesterday, IMF’s Director of Asia and Pacific Department, Changyong Rhee confirmed that they received a letter from Sri Lanka’s government about the Rapid […]
President discusses rebuilding economy amidst COVID-19 challenges
Apr 16, 2020 (LBO) – President Gotabaya Rajapaksa discussed rebuilding the economy in the face of the current challenges during a meeting with the secretaries to ministries yesterday (15) at the Presidential Secretariat. A focal point of the discussion was on returning to normalcy without compromising safety. To do so, the President emphasized the need […]
ADB triples COVID-19 response package to USD20Bn
Apr 14, 2020 (LBO) – The Asia Development Bank (ADB) has tripled the size of its response to the novel coronavirus disease (COVID-19) pandemic to US20 billion dollars and approved measures to streamline its operations for quicker and more flexible delivery of assistance. The package expands ADB’s $6.5 billion initial response announced on 18 March, adding $13.5 […]