Category: Economy and Markets
JKH recurring EBITDA grows by 17-pet to Rs.45.7Bn for 2022/23
The Group reported a resilient performance during the year, amidst the unprecedented challenges in the operating environment, recording a recurring EBITDA growth of 17% to Rs.45.74 billion. This is despite the substantial EBITDA recognition of Rs.6.30 billion from the revenue of the handover of the residential apartment units and commercial floors at ‘Cinnamon Life Integrated […]
IMF staff concludes visit; says restructuring agreements by first review essential to restore debt sustainability
Achieving timely restructuring agreements with creditors in line with the program targets by the time of the first review is essential to restoring debt sustainability, concluding the visit to Sri Lanka, the IMF staff mission said. An International Monetary Fund (IMF) mission led by Peter Breuer and Masahiro Nozaki conducted a staff visit to Colombo […]
Government has brought anti-corruption Bill not to catch thieves but to imprison the whistle blowers: Eran
SJB Parliamentarian Eran Wickramaratne said that the government has brought a new legislation called Anti –corruption Bill is aimed at not to prevent bribery and corruption but more to make the informants – the whistle blowers about the thieves afraid and silence them. The new anti-corruption Bill proposed by the government enshrines that a person […]
Teejay ends 2022-23 with 70-pct revenue growth despite tough H2
Posts revenue of Rs 84 billion for full year; Rs 17.3 billion in Q4 Sri Lanka’s first multinational textile manufacturer Teejay Lanka PLC has ended 2022-23 with noteworthy revenue and gross profit growth demonstrating its resilience in the face of external challenges and higher taxation that pressured profits in the second half of the […]
Will Govt place entire burden of domestic treasury bond debt optimization on EPF? Harsha
In a recent press conference MP Harsha de Silva outlined several critical points regarding the IMF Program and expressed general agreement with the stabilization program but stressed the need for specific amendments to focus the program towards medium-term growth. De Silva questioned the four-year plan outlined in the IMF Program. He pointed out that while […]
Comm Bank gross income grows 54.2-pct in Q1: LKR appreciation impacts loan book, deposits and assets
The Commercial Bank of Ceylon Group’s deposit base has surpassed Rs 2 trillion, a milestone it achieved in the first quarter of 2023 despite the continuing impacts of mercurial exchange rates and market interest rates, and the effects of the economic downturn on multiple sectors of business. The Group, comprising of Sri Lanka’s biggest private […]
IMF asks Sri Lanka to resolve uncertainty surrounding local debt restructuring
The International Monetary Fund is requesting Sri Lankan authorities to resolve the uncertainty surrounding the domestic debt restructuring and control the interest rates. “We have taken note that this uncertainty has elevated interest rates in the country,” Peter Breuer, Senior Mission Chief for Sri Lanka told reporters in Colombo. “So, we are encouraging the authorities […]
Harsha proposes GDP growth-linked instrument for domestic debt optimisation
During a recent press conference, Opposition MP Harsha de Silva warned against the potential risks of domestic debt optimization, stressing the need for extreme caution. De Silva cautioned that if not managed carefully, domestic debt optimization could become a burden rather than a relief for the economy. Citing the net debt relief Laffer curve, de […]
Creditor Committee wants debt treatment on terms at least as favorable as ones agreed by them
The official Creditor Committee comprised of 17 countries stresses the importance for private creditors and other official bilateral creditors of Sri Lanka to provide a debt treatment on terms at least as favorable as the ones agreed by the Creditor Committee. Releasing a statement after the first meeting of the Creditor Committee for Sri Lanka, […]
Sri Lanka – Thailand FTA scheduled for early 2024
The fourth round of talks on the proposed Sri Lanka-Thailand Free Trade Agreement was held recently with both parties agreeing to complete the negotiations and prepare the relevant agreement for signature by the first quarter of 2024. The final round of discussions are scheduled to be held on 27 and 28 June, where a delegation […]
PUCSL Chair calls for 20-pct price drop in electricity rates
The Chairman of Public Utilities Commission of Sri Lanka Janaka Ratnayake says that the electricity consumers should get a 20 percent tariff reduction based on a slowdown in electricity demand plus the exchange rate and reduced of fuel prices. “According to the tariff requested by CEB on 5th January this year, CEB had estimated an […]
SJB opposes selling of strategically important SoEs but wants an end to monopoly
SJB Parliamentarian Eran Wickramaratne assured that main opposition was ready with plan and strategies to implement projects for the wellbeing of the people no sooner it comes to office after an elections due shortly. People of this country are eagerly awaiting to oust this government which has no mandate or even proper plan to implement […]