Category: Economy and Markets
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 […]
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, […]