Category: Economy and Markets
Sri Lankan industry leaders explore sustainable energy future
Leaders from across the industry, civil society, finance and academia met in Colombo recently to explore short and long-term energy solutions amidst Sri Lanka’s worst-ever energy crisis. With Sri Lanka’s industrial sector among the largest consumers of costly imported fossil-fuels, more than 100 participants heard from experts and shared their insights into how this economically […]
‘s Best Option
December 13, 2022 (LBO) – Casinos in Sri Lanka have always been a subject of controversy, but also one that has transformational economic potential. With no casino industry of scale in South Asia, Sri Lanka has a unique opportunity to be the regional dominant player in an important industry. Casino gaming comes with a host […]
Union Assurance records total net revenue growth of 33-pct to Rs.6.95Bn in third quarter of 2022
Union Assurance, Sri Lanka’s trailblazing Life Insurer, achieved impressive financial growth in Q3 2022 despite challenging market conditions. Union Assurance (UA) rallied to become the second largest regular new business premium producer in the third quarter. Among the top 5 players in the industry, UA was one of the only two companies to record positive […]
‘s Foreign Remittance Data
December 10, 2022 (LBO) – Sri Lanka foreign remittances are moving closer to a US$5bn annualized rate based on November monthly data. Sri Lanka remittances for the month of November totaled US4mn, up about 10% from the prior months figure. Before the economic crisis in Sri Lanka, the country used to receive over US$7bn per […]
‘s Mineral Sector
December 7, 2022 (LBO) – Demystifying the Minerals Sector Why is it that many entirely legitimate investments by the private sector are immediately demonised as a racket by certain commentators with ulterior motives, and then sensationalized by the media? Conspiracy theories leading to private sector verdicts of guilty unless found innocent seems to be the […]
Coordinated program is required for Sri Lanka’s recovery – WB, ADB, IMF, AIIB
World Bank (WB), Asian Development Bank (ADB), International Monetary Fund (IMF) and Asian Infrastructure Investment Bank (AIIB) representatives decided that a coordinated assistance program supported by the multilateral financial institutions is required for Sri Lanka to recover from the economic crisis the country is currently facing. They reached the agreement following a lengthy round table […]
World Bank Approves Sri Lanka’s Eligibility to Access Concessional Financing
The World Bank today approved Sri Lanka’s request to access concessional financing from the International Development Association (IDA). This type of financing, which is offered at low interest rates, will enable the country to implement its government-led reform program to stabilize the economy and protect the livelihood of millions of people facing poverty and hunger. […]
USAID launch Island plastic challenge to help consumer goods companies address plastic waste
In support of the Ministry of Environment’s policy on plastic waste reduction, the United States Agency for International Development’s (USAID) partner, Island Climate Initiative (ICI) under USAID’s global Clean Cities Blue Ocean Program, is calling on innovators around the world to design solutions to help Sri Lanka’s leading consumer goods companies reduce their plastic footprint. […]
Exterminators PLC transfers to CSE Diri Savi Board
The Ordinary Voting Shares of Exterminators PLC transferred from the Empower Board of the CSE to the Diri Savi Board with effect from 2nd December 2022, a statement said. “The transfer of Ordinary Voting Shares of Exterminators PLC from the Empower Board of the CSE to the Diri Savi Board with effect from 2 nd December […]
‘s Long-Term Local-Currency IDR to CC; affirms RD Foreign-Currency IDR
FitchRatings has downgraded Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’, and has affirmed the Long-Term Foreign-Currency IDR at ‘RD’ (Restricted Default). Fitch typically does not assign Outlooks to ratings of ‘CCC+’ or below. Fitch has also removed the Long-Term Local-Currency IDR from Under Criteria Observation, on which it was placed […]
CCC Proposals on State Owned Enterprise Reform
The presence of SOEs in strategic sectors of Sri Lanka is proof of the significant value creation it can generate through spillover effects. The societal returns too are greater as it links to our day-to-day activities such as the water we drink, the electricity we use, or even the bus or train we ride. Therefore, […]