Category: Economy
‘s President calls on international donor agencies to grant debt moratorium
Mar 25, 2020 (LBO) – Sri Lanka’s President Gotabaya Rajapaksa requests international donor agencies to provide a debt moratorium or debt deferment facility to all vulnerable developing nations to the COVID – 19 risks. President had urged Director-General of the World Health Organization to forward this request to multi-lateral and bilateral lending agencies. President points […]
Sri Lanka announces relief measures as country battles with COVID19
Mar 24, 2020 (LBO) – Sri Lanka’s government has announced a number of relief measures to people undergoing various hardships due to the prevailing situation brought on by the Coronavirus. Accordingly, the President has directed the Governor of Central Bank, the secretaries of all ministries, chief secretaries of all provincial councils and the heads of […]
Jack Ma Foundation and Alibaba Foundation Donate Medical Supplies to 10 More Asian Nations
The Jack Ma Foundation and Alibaba Foundation today announced plans to donate much-needed medical supplies to 10 more countries in Asia to help the global fight against COVID-19. The governments of Afghanistan, Bangladesh, Cambodia, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan and Sri Lanka will receive from the two foundations a donation totaling 1.8 million masks, […]
We are in global recession territory: Fitch Ratings
Mar 21, 2020 (LBO) – The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook”. “The level of world GDP is falling. For all intents and purposes we are in global recession territory,” said Brian Coulton, chief economist at Fitch Ratings. Fitch Ratings statement We have […]
CSE trading closed as both indices drop over 5-pct
Mar 20, 2020 (LBO) – Trading at the Colombo stock exchange closed at midday as the S&P SL20 index of more liquid stocks fell 11.90 percent or 262.42 points to 1.971.11. The All-share index also fell 6.22 percent or 303.10 points in early trade to 4,571.63. The market fell due to the fears of foreign […]
Central Bank introduces urgent measures to ease pressure on exchange rate
Mar 19, 2020 (LBO) – Sri Lanka’s Central Bank has introduced several measures to ease the pressure on the exchange rate and prevent financial market panic due to the COVID-19 pandemic. Accordingly, licensed commercial banks and National Savings Bank are directed to adopt the following measures during the next three months, with immediate effect: Suspend […]
6-month debt moratorium only applies to 5 sectors
Mar 19, 2020 (LBO) – The 6-month debt moratorium announced for businesses will only be applicable to the most adversely affected five sectors of the economy, Co-cabinet Spokesman Bandula Gunawardane said. Accordingly, Apparel Exports, Tourism, Information Technology, Foreign Employment, and Small Enterprises will be eligible for this debt moratorium. The government has also requested the […]
China grants USD500mn concessionary loan to Sri Lanka
Mar 19, 2020 (LBO) – China Development Bank and Sri Lanka’s Ministry of Finance has signed a 500 million US dollar loan agreement amidst the COVID–19 pandemic. Treasury Secretary SR Attygalle and Wang Wei, Deputy Director, China Development Bank yesterday signed the agreement in the presence of Prime Minister Mahinda Rajapaksa, Acting Ambassador of China […]
CBSL requests financial institutions to refrain from engaging in speculative activity
Mar 17, 2020 (LBO) – Sri Lanka’s Central Bank requests financial institutions to refrain from engaging in speculative activity which could lead to panic in the financial market. Delivering a statement, the Governor of Central Bank, W. D. Lakshman requested all financial institutions led by licensed commercial banks to pass to the market the full […]
Sri Lanka Central Bank eases monetary policy further to support economic activity
Mar 16, 2020 (LBO) – The Monetary Board of Sri Lanka’s Central Bank at an urgent meeting held today has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points to 6.25 percent and 7.25 percent, respectively, with effect from tomorrow. The board has also […]
Identify right model to develop the country: President tells researchers
Mar 13, 2020 (LBO) – President Gotabaya Rajapaksa requested the heads of research organizations to find ways and means to uplift a small country like Sri Lanka with a comparatively small population and an economy. Since the current global economy is based on knowledge, ours should be developed centered around our workforce that can be […]
Fitch Ratings to review Sri Lanka national ratings assigned to tier 2 debt
Mar 11, 2020 (LBO) – Fitch Ratings will review the National Ratings assigned to the issues of Tier 2 debt of Sri Lankan banks and non-bank financial institutions (NBFIs) following the publication of its updated Bank Rating Criteria on 28 February 2020. Fitch’s ratings approach for the ratings of subordinated debt of NBFIs follows the […]