Category: Economy and Markets
Sampath Bank strengthens global ties with USD 750Mn investment in SBI syndicated loan
Sampath Bank PLC proudly announces its participation in a significant financial milestone, contributing to the $750 million senior unsecured syndicated term loan facility for the State Bank of India (SBI), facilitated by Mashreq, one of the leading financial institutions in the MENA region. This collaboration highlights Sampath Bank’s commitment to supporting strategic international financing initiatives. […]
Driving global change: GSCS International and JAAF lead in sustainable development
GSCS International Ltd, with a global presence in over 35 countries, offers steady, sustainable, and enduring development as a provider of certification, assessment, audit, verification, inspection, and capacity-building services. GSCS International – Sri Lanka successfully organized the SustainSphere 2.0 program, aimed at innovating tomorrow’s industry through sustainability. Held in Sri Lanka, the event attracted a […]
CSE Introduces High-Yield Bonds to Enhance Access to Capital Markets through Debt Issuances
The Colombo Stock Exchange (CSE) has introduced High-Yield Bonds, allowing companies with ratings below investment grade to raise capital by way of issuing bonds via the CSE. Unlike standard listed corporate bonds which require a minimum rating of at least one notch above investment grade, this initiative enables companies that previously faced challenges in meeting […]
Increases to VAT rates & removal of exemptions hurt poorest; PAYE & PIT highly progressive: IPS Economist
The Institute of Policy Studies of Sri Lanka (IPS) recently hosted a knowledge-sharing and networking event to mark the release of its annual flagship report, Sri Lanka: State of the Economy 2024. This year’s report, themed “Economic Scars of Multiple Crises: From Data to Policy,” presents a comprehensive analysis of Sri Lanka’s ongoing economic recovery, […]
Political Risks to Sri Lanka’s Debt Restructuring Agreement Recede: Fitch Ratings
The Sri Lankan authorities’ confirmation that they endorse the targets set under the country’s IMF programme, and intend to implement debt restructuring based on the terms agreed with international sovereign bondholders in September, reduces risks to the debt treatment process associated with the outcome of the presidential election on 21 September, says Fitch Ratings. Full […]
Mahindra Ideal Finance appoints Mufaddal Choonia as MD and CEO
Mahindra Ideal Finance Limited (MIFL), a subsidiary of Mahindra Finance has announced the appointment of Mufaddal Choonia as its new Managing Director & CEO with immediate effect. Mufaddal will succeed Duminda Weerasekare, who retired as MIFL’s CEO. In his new role, Mufaddal will focus on building a robust digital lending ecosystem, especially benefitting SME and […]
Sunshine Healthcare Lanka attracts USD 10Mn FDI from IFC
Sunshine Healthcare Lanka Limited (SHL), the healthcare arm of diversified conglomerate Sunshine Holdings PLC (CSE: SUN), announced the successful conclusion of the approximately LKR 3,270 million equity investment from the International Finance Corporation (IFC), a member of the World Bank Group. This landmark investment strengthens SHL’s vision to expand healthcare accessibility and bolster innovation across […]
World Bank Signs Additional USD 200 Mn to Support Sri Lanka’s Economic Reforms
The World Bank and the Government of Sri Lanka today signed the Second Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation (DPO) for $200 million. This is the second operation in a two-part series that began in 2022. The first operation, totaling $500 million, was disbursed in June and December 2023. The Second RESET DPO aims to support […]
Successful IMF and OCC Agreement Paves Way for Debt Relief: Ceylon Chamber Welcomes Progress
The Ceylon Chamber of Commerce commends the Government of Sri Lanka on the successful completion of consultations with the Official Creditor Committee (OCC) and the International Monetary Fund (IMF) regarding the Agreement in Principle (AIP) reached with international and local holders of International Sovereign Bonds (ISBs). This marks significant progress towards achieving external debt restructuring […]
‘s Finance Ministry announces successful completion of OCC & IMF consultation process
Sri Lanka’s government announced that, following the Agreement in Principle reached with representatives of its international and local holders of International Sovereign Bonds, the Sri Lankan authorities have now completed their consultations with Sri Lanka’s Official Creditor Committee and the IMF regarding the compliance of the AIP terms with the Comparability of Treatment principle and […]
End-of-Mission Statement: IMF Team to Continue Engagement with SL’s Economic Team for Third Review
An International Monetary Fund (IMF) team, led by Mr. Krishna Srinivasan, Director for the Asia Pacific Department, visited Colombo from October 2-4, 2024. During the visit, Mr. Srinivasan held discussions with key Sri Lankan officials, including President Dissanayake, Prime Minister Amarasuriya, Minister Herath, Governor Weerasinghe, and Secretary to the Treasury Siriwardena. In a statement issued […]
Government Plans Relief for High VAT & Income Taxes, President Tells IMF Delegation
President Anura Kumara Dissanayake engaged directly with an IMF delegation yesterday, including Director of the Asia Pacific Department Krishna Srinivasan and Senior Mission Chief Dr. Peter Breuer, to discuss the progress of Sri Lanka’s ongoing IMF programme. The President was accompanied by key Sri Lankan officials, including Central Bank Governor Dr. Nandalal Weerasinghe, Secretary to […]