Category: Economy and Markets
IMF to Announce Dates for Third Review under EFF Program for Sri Lanka
The International Monetary Fund (IMF) will soon announce the dates for the third review under the Extended Fund Facility (EFF) program for Sri Lanka, according to Ms. Julie Kozack, Director of the Communications Department at the IMF. This announcement was made during a recent press briefing. Ms. Kozack highlighted the progress made since the IMF […]
High-Level IMF Team Meets Sri Lankan Government to Discuss Economic Reforms
A high-level delegation from the International Monetary Fund (IMF) arrived in Sri Lanka today (02) to engage with the newly formed government led by President Anura Kumara Dissanayake. The primary objective of the visit was to initiate discussions on the progress of the IMF Program and necessary steps towards the release of the fourth tranche […]
Fonterra unveils its revised strategy, emphasizing stronger focus on Ingredients & Foodservice businesses
Fonterra Co-operative Group Ltd has released its revised strategy, which will see the Co-op deepen its focus on its high-performing Ingredients and Foodservice businesses to grow value for farmer shareholders and unit holders. This follows a strategic review that confirmed the Co-op’s strengths as a B2B dairy nutrition provider, resulting in Fonterra’s decision to explore […]
YUKTHI Calls for Rejecting the Recent Bond Deal
YUKTHI, a plural research forum supporting working people’s movements and people’s struggles for democracy and justice in Sri Lanka, calls on the President to reject the recent debt restructuring deal with bondholders. “Sri Lanka should avoid extractive high interest ISBs in the future, as that was the cause of the debt crisis in the first […]
EnerGulf: Leading the charge in sustainable energy
The solar energy landscape is evolving, driven by technological advancements, increasing environmental concerns, and the urgent need for sustainable energy solutions. As the sector continues to expand, the role of strong, visionary leadership becomes paramount in guiding companies towards success. Effective leadership is essential for navigating complex challenges, fostering innovation, and ensuring the successful implementation […]
Women’s Chamber of Industry and Commerce holds 39th AGM
The Women’s Chamber of Industry and Commerce (WCIC) held its Annual General Meeting (AGM), marking a pivotal moment in the organization’s 39-year journey. Established in 1985 as the world’s first chamber dedicated to empowering women, WCIC remains committed to fostering female entrepreneurship, leadership, and professional development across Sri Lanka. This year’s AGM, led by Chairperson […]
SL Purchasing Managers’ Index for construction industry expands at slower pace in Aug 2024
Sri Lanka Purchasing Managers’ Index for Construction (PMI -Construction) expanded at a slower pace in August 2024 over the significantly higher level reached in the previous month, recording an index value of 51.4. Further, most of the other indices were also around the neutral threshold, indicating that the operations of the construction industry broadly remained […]
Sri Lanka’s August 2024 Merchandise Exports Rise by 4.2-pct to USD 1.2 Bn
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in August 2024 amounted to US$ 1,165.4 million, recorded an increase of 4.18 % compared to the month of August 2023. This was mainly due to the increase in earnings from export of Apparel & Textiles, Tea, Rubber based products, […]
Japan to Restart 11 Stalled Projects in Sri Lanka with Government Support
The Japanese Ambassador to Sri Lanka, MIZUKOSHI Hideaki, affirmed that the Japanese government is committed to fully supporting efforts to combat corruption and irregularities, a key priority of President Anura Kumara Dissanayake’s administration. He expressed readiness to continue close collaboration with Sri Lanka. Ambassador Mizukoshi made these remarks during a meeting with the Secretary to […]
Central Bank maintains policy interest rates at their current levels
The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on 26 September 2024, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 8.25 per cent and 9.25 per cent, respectively. The Board arrived […]
Vote on Account first; 2025 Budget early next year: NPP Economic Council
The new President plans to introduce a vote on account to cover expenditures until a fully-fledged budget is presented next year, according to Professor Anil Jayantha, Chairperson of the Economic Policy Committee of National People’s Power. “We are proceeding with a vote on account this year to facilitate the IMF’s third review,” Professor Jayantha stated. […]
Navigating new EU sustainability and labelling requirements: Challenges and opportunities
By Joint Apparel Association Forum (JAAF) The European Union (EU), with its vast market of over 448 million consumers, has always been a key destination for Sri Lankan apparel exports. Known for its high-quality and ethically produced garments, Sri Lanka has secured a strong foothold in this competitive space. However, new sustainability and labelling requirements […]