Category: Economy and Markets
Budget Speech 2023 – Highlights
President and Finance Minister Ranil Wickremesinghe is delivering the Second Reading of the Appropriation Bill for the financial year 2023 in Parliament. Economic Outlook We are expecting a positive outcome from debt talks; we were able to manage inflation. Vietnam used to follow our stystem but they are ahead of us now; their main income […]
Central Bank publishes “Recent Economic Developments: Highlights of 2022 and Prospects for 2023”
The Central Bank of Sri Lanka today published “Recent Economic Developments: Highlights of 2022 and Prospects for 2023”. The publication can be downloaded via the Central Bank Website in Sinhala, Tamil and English languages. An overview of the performance of the Sri Lankan economy in 2022 as reflected in “Recent Economic Developments”, and infographics published […]
‘s working-age population have access to formal work: report
Promoting Access to Decent Work Amidst Sri Lanka’s Economic Crisis[1] From IPS’ flagship publication, ‘Sri Lanka: State of the Economy 2022’ Access to decent work opportunities in Sri Lanka is limited. Even when jobs are available, not all workers have the same access to decent work. Only 20% of the working-age population have access to […]
UN ramps up its urgent humanitarian appeal to bring life-saving assistance to 3.4 mn Sri Lankans
The United Nations (UN) team in Sri Lanka and non-governmental organizations have today revised and extended their joint Humanitarian Needs and Priorities (HNP) Plan, which aims to provide life-saving assistance to 3.4 million people amid Sri Lanka’s worst economic crisis since independence. Since June, the HNP has been responding to the Government’s request for UN-backed […]
Aitken Spence records quadruple-digit growth over previous year
The diversified blue-chip Aitken Spence PLC reported a profit before tax of Rs. 8.5 Bn for the six months ended 30th September 2022. This is an exponential quadruple-digit growth compared to Rs. 266.7 Mn recorded for the same period during the previous year. Aitken Spence PLC reached an EBITDA (Earnings inclusive of equity accounted investees before interest […]
Teejay Lanka consolidates in Q2 to post 6-month revenue of Rs 48.6 billion
A doubling of synthetic fabric volumes, higher selling prices and the impacts of the depreciation of the Rupee have generated strong growth for Teejay Lanka PLC, enabling Sri Lanka’s first multinational textile producer to close in on its preceding full-year revenue and profit figures by the end of the second quarter of 2022-23. Teejay Lanka […]
Driving Policy Action in Sri Lanka from Economic Crisis to Recovery
The Institute of Policy Studies of Sri Lanka (IPS) held a seminar on 25 October 2022 to coincide with the release of the Institute’s annual flagship report, Sri Lanka: State of the Economy 2022, on the theme Driving Policy Action from Crisis to Recovery. IPS researchers Chathurrdhika Yogarajah and Kimuthu Kiringoda captured the highlights of […]
SEC, CSE and IFC host the second Investor Forum in Galle
The Securities and Exchange Commission of Sri Lanka (SEC), the Colombo Stock Exchange (CSE), and the International Finance Corporation (IFC), in partnership with the Australian Government, conducted the second Investor Forum of the year in Galle at Radisson Blu Resort as part of the series of events to celebrate the sixth World Investor Week (WIW) […]
Business Chambers request all parties to call off protests planned on 2nd Nov
Several Business Chambers in a joint statement note with concern that some organizations have called for mass protests on 2 nd November. While recognizing their freedom of speech and right to express views, the Chambers request all parties to call off protests of this nature that could undermine the efforts being taken to resolve the […]
CCPI based headline inflation starts to decline
Headline inflation, as measured by the year-on-year change in the Colombo Consumer Price Index which followed an increasing trend since October 2021, declined to 66.0% in October 2022 from 69.8% in September 2022. Following a similar trend, the Food inflation decreased to 85.6% in October 2022 from 94.9% in September 2022, while the Non-Food inflation […]
Sri Lanka to join OACPS with a potential EU FTA
Sri Lanka’s Presidential Envoy to Europe and the Commonwealth, Niranjan de Silva Deva Aditya (Nirj Deva), said this week in Brussels that he has started discussions for Sri Lanka to join the Organization of African, Caribbean, and Pacific States (OACPS). The Maldives’ more advanced application to join the OACPS should be looked at alongside Sri […]