Category: Economy and Markets
EXPO buying binge continues
September 8, 2022 (LBO) – The parent of Expolanka (EXPO), SG Holdings, continues to scoop up shares in Sri Lanka’s largest market cap company. The previous trading session on Wednesday witnessed foreign buying in the shares of EXPO amounting to approximately Rs2bn. Most of the shares were traded close to market prices at Rs225/share. Although […]
CA Sri Lanka felicitates new Commissioner General of Inland Revenue; inaugurates tax symposium
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently felicitated the newly appointed Commissioner General of Inland Revenue Ranjith Hapuarachchi and inaugurated its first ever tax symposium on the theme “Prudent Tax Policies for Economic Stability.” The event was held in the presence of Sanjaya Bandara, President of CA Sri Lanka, Heshana […]
‘s export earning up 12.9-pct from Jan-Jul
Earnings from exports increased in July 2022, while import expenditure declined for the fifth consecutive month, on a year-on-year basis. The notable decline in import expenditure in July 2022 reflected the impact of overall moderation of activity amidst forex liquidity strains in the banking system, while the policy measures to curtail non-urgent import expenditure also […]
Expolanka parent aggressively buys EXPO shares in the market
September 5, 2022 (LBO) – SG Holdings, the parent company of Sri Lanka’s largest listed company Expolanka, has aggressively bought shares of (EXPO) during the past few days. According to discosures at the Colombo Stock Exchange (CSE), SG holdings has over the last few days bought over Rs1bn worth of shares of EXPO at market […]
Onus on Debt Negotiations after Sri Lanka’s IMF Staff Agreement: Fitch Ratings
The IMF staff-level agreement with Sri Lanka on a USD2.9 billion programme, confirmed on 1 September, appears to signal a sharp change in policy settings in order to achieve macroeconomic stability, including through large fiscal adjustment, greater exchange-rate flexibility and more central bank autonomy, says Fitch Ratings. This should facilitate negotiations with official and private […]
‘s debt restructuring
Japanese Finance Minister Shunichi Suzuki on Friday urged all creditor nations to discuss Sri Lanka’s debt restructuring, the Reuters news agency reported. “It’s important for all creditor nations, including China and India, to gather to discuss Sri Lanka’s debt restructuring,” Suzuki told a news conference. Sri Lanka has reached a preliminary agreement with the IMF […]
Ceylon Chamber congratulates Govt on reaching Staff-level Agreement with IMF
The Ceylon Chamber of Commerce congratulates the Government led by the President, the Governor of the Central Bank of Sri Lanka, Secretary to the Treasury and other key officials on reaching a staff-level agreement with the IMF for a 4-year Extended-Fund Facility program(EFF). We hope that the next steps in gaining IMF board approval for […]
‘s tax reforms: Staff Mission
The IMF-supported reform program will implement major tax reforms in Sri Lanka including making the personal income tax more progressive and broadening the tax base for corporate income tax and VAT. Mission Chief for Sri Lanka, Masahiro Nozaki, said that a wealth tax is being considered as part of more progressive tax reform in which […]
Financing assurances from creditors crucial before IMF financial support: Staff Mission
Financing assurances to restore debt sustainability from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors are crucial before the IMF can provide financial support to Sri Lanka, after reaching a staff-level agreement, the IMF team said. The objectives of Sri Lanka’s new Fund-supported program are […]
IMF Staff Reaches Staff-Level Agreement on an EFF Arrangement with Sri Lanka: IMF
IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about US$2.9 billion. The objectives of Sri Lanka’s new Fund-supported program are to restore macroeconomic stability and debt sustainability, while safeguarding financial stability, protecting the vulnerable, […]
SEC, CSE & CA Sri Lanka to capitalize on synergies to encourage & advance non-financial reporting
The Securities and Exchange Commission of Sri Lanka (SEC), the Colombo Stock Exchange (CSE) and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently signed a Memorandum of Understanding (MoU) to encourage and advance non-financial reporting in Sri Lanka. Through the MoU, the three institutions aim to capitalize on mutual interests and […]
CCPI based headline inflation increased to 64.3-pct in August; food inflation increased to 93.7-pct
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index increased to 64.3% in August 2022 from 60.8% in July 2022. This increase in Y-o-Y inflation was mainly driven by the monthly increases of both Food and Non-Food categories. Accordingly, Food inflation (Y-o-Y) increased to 93.7% in August 2022 from […]