Category: Economy and Markets
President signs USD455mn loan agreements with ADB for education, transport
Jan 17, 2019 (LBO) – Sri Lanka’s President Maithripala Sirisena made his first visit to the Asian Development Bank headquarters today while conducting a state visit to the Philippines and met with ADB President Takehiko Nakao. During the visit, Sirisena and Nakao have discussed development challenges faced by Sri Lanka and ADB’s role in helping address […]
Sri Lanka enters into five MOUs with Philippines
Jan 17, 2019 (LBO) – Sri Lanka and Philippines signed five Memorandum of Understanding (MOUs) on education, tourism, agricultural and economic corporation.Further strengthening the bilateral relations between the two nations the agreements come with President Maithripala Sirisena’s ongoing four-day state visit to the Philippines.The President arrived in Philippines on 15 January for a five-day State visit following an […]
Ailing rupee and price controls may lead to a shortage of milk powder: Advocata
Jan 17, 2019 (LBO) – A cup of tea is every Sri Lankan’s morning mantra. This might not be the case much longer as Sri Lanka may face a shortage of milk powder as several leading milk powder importers are reported to have taken a collective decision to suspend imports. The recent depreciation of the rupee […]
JKH buyback fully subscribed, Rs11bn worth of shares to be repurchased at 160
January 16, 2019 (LBO) – Shareholders have tendered approximately one hundred million shares of John Keells Holdings (JKH) into the company’s latest buyback offer. The company will purchase approximately seventy million of the shares tendered at a price of Rs160/share, constituting 5% of the total outstanding shares of the company. JKH will expend Rs11 billion […]
Central Bank subscribes to Rs.90bn Treasury bills to assist govt financing
Jan 16, 2019 (LBO) – Central Bank says it subscribed to Treasury bills amounting to 90 billion rupees during this month at the request of the Treasury to assist financing needs of the government.The bank said there is a delay in receiving expected foreign currency financing arrangements as envisaged in the Treasury’s cash flow for the month […]
Finance Minister meets IMF Managing Director in Washington
Jan 16, 2019 (LBO) – Sri Lankan delegation headed by Finance Minister Mangala Samaraweera has met with Christine Lagarde, Managing Director of the IMF in Washington D.C. yesterday to have discussions on the possibility of resuming the IMF programme in Sri Lanka. The Finance Ministry released a statement saying Minister Samaraweera at the meeting updated the […]
IMF to visit Colombo in mid-Feb to resume program discussions: Christine Lagarde
Jan 16, 2019 (LBO) – The International Monetary Fund remains ready to support the Sri Lankan authorities and an IMF team is scheduled to visit Colombo in mid-February to resume program discussions, IMF Managing Director Christine Lagarde said. Managing Director of the IMF who met with Sri Lanka’s Finance Minister Mangala Samaraweera and Governor Indrajit […]
‘s Colombo Port- city dredging completed ; Ready for investors
Jan 14, 2019 (LBO) – Sri Lanka’s proposed Financial City better known as the Port City has now fully completed land reclamation, Ministry of Megapolis and Western Province Development said. The new city will function as a special jurisdiction area with its own economic and commercial laws to facilitate operations of global multinational corporations. The completed […]
‘s CSCEC named as contractors for TRI-ZEN
Jan 14, 2019 (LBO) – Sri Lanka’s Braybrooke Residential Towers (Pvt) Ltd announced that it had appointed China State Construction Engineering Corporation Ltd (CSCEC) as the contractor for its residential project TRI-ZEN. The culmination of an ambitious joint venture between John Keells Holdings PLC and Indra Traders, the TRI-ZEN project aims to establish a vibrant […]
Sri Lanka Govt., IMF talks to start
Jan 14, 2019 (LBO) – Sri Lanka’s Finance Minister Mangala Samaraweera led delegation arrived in Washington, Sunday for talks with the International Monetary Fund (IMF). In a twitter message the Finance Minister said that he plans to put the US 1.5 billion dollar Extended Fund Facility (EFF) program back on track. “Arrived in DC with @MangalaLK […]
‘s capital markets continues in 2019
January 12, 2019 (LBO) – Foreign institutional selling out of Sri Lanka’s bond and stock markets continued at a brisk pace in the first two weeks to start 2019. After the crippling USbn of net outflows from Sri Lanka’s bond and stock markets in 2018, 2019 has seen Rs11bn net outflows from stocks and bonds […]
Sri Lanka GDP growth up 4.1-pct, Global slows to 2.9-pct : World Bank
Jan 10, 2019 (LBO) – Sri Lanka Gross Domestic Product growth is anticipated to speed up slightly to 4 percent in 2019, supported by robust domestic demand and investment boosted by infrastructure projects, the World Bnak’s January 2019 Global Economic Prospects says. It also says that regional growth is expected to accelerate to 7.1 percent in 2019, underpinned […]