Category: Economy and Markets
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 […]
Planters’ Association of Ceylon welcomes new President : Calls for collaborative efforts to transform sector
The Planters’ Association of Ceylon (PA) congratulates NPP leader Anura Kumara Dissanayake on his election as the 9 th Executive President of Sri Lanka and called for renewed collaboration to secure sustainable growth and livelihood empowerment within the plantation sector. The Association called on President Dissanayake to initiate a transformative era for the plantation industry […]
IMF Congratulates Newly Elected President
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, extended her congratulations to Anura Kumara Dissanayake on his election as the new President of Sri Lanka. In her special message, she reaffirmed the IMF’s commitment to remaining a strong partner to Sri Lanka and expressed her hope to further strengthen the mutually beneficial […]
Fitch Affirms Sri Lanka at Restricted Default; Policy Uncertainty Following Elections
Fitch Ratings has affirmed Sri Lanka’s LongTerm Foreign-Currency Issuer Default Rating (IDR) at ‘RD’ (Restricted Default) and Long-Term Local-Currency IDR at ‘CCC-‘. Fitch typically does not assign Outlooks to issuers with a rating of ‘CCC+’ or below. Sri Lanka’s September 2024 Presidential election was won by one of the opposition leaders. “Fitch believes the result […]
‘s Ratings: Political change unlikely to derail reform trajectory but underscores fiscal challenges
Moody’s Ratings suggests that the broad appetite for reforms will remain intact, and the agency does not foresee significant disruptions to the country’s reform agenda or macroeconomic policies, which include ongoing debt restructuring and structural adjustments under the International Monetary Fund (IMF) programme. Moody’s notes that while the reform agenda is expected to continue, some […]
Looks forward to collaborating with new President & discussing 3rd review timing: IMF Spokesperson
The International Monetary Fund (IMF) has expressed optimism about working with President Dissanayake and his administration to build on the progress Sri Lanka has made towards economic recovery. The country has been on a challenging path since facing one of its worst economic crises in 2022. An IMF spokesperson stated, “We look forward to working […]
JAAF congratulates new President Anura Kumara Dissanayake
The Joint Apparel Association Forum (JAAF), Sri Lanka’s apex body for the textile and apparel industry, warmly congratulates NPP leader Anura Kumara Dissanayake on being elected as the new President of Sri Lanka. As the country enters a new phase of leadership, JAAF highlights the immense importance of the apparel sector, a key driver of […]
FR petition filed before Supreme Court challenging new debt restructuring deal
A fundamental rights petition was submitted to the Supreme Court yesterday, challenging the new restructuring deal of sovereign debt with external commercial creditors. The petitioner claims this deal has violated the basic human rights of the nation’s citizens. The petition was filed by former Inter-University Students’ Federation (IUSF) convenor Wasantha Mudalige. Key figures in the […]
IMF Technical Assistance recommends introducing single policy rate to strengthen policy signaling
The IMF South Asia Regional Training and Technical Assistance Center (SARTTAC) provided technical assistance (TA) to the Central Bank of Sri Lanka (CBSL) focusing on modernizing monetary operations framework and improving liquidity monitoring. Macroeconomic crisis, compounded by the pandemic, has created significant challenges for conducting monetary policy in Sri Lanka. Considering this, the mission proposed […]
CBL Global Foods and USAID join forces to transform Sri Lanka’s coconut industry
CBL Global Foods Limited (CBL GFL), a key player in Sri Lanka’s agribusiness sector and a subsidiary of the CBL Group – one of the largest food conglomerates, has partnered with the United States Agency for International Development (USAID) to enhance the coconut industry through an initiative aimed at boosting productivity and market access for […]