Category: Economy and Markets
Sri Lanka strikes staff-level pact with IMF on loan: reports
Sri Lanka and the International Monetary Fund (IMF) have reached a preliminary, staff-level agreement on an emergency loan and a formal announcement is likely on Thursday, the Reuters news agency reported. A hybrid press conference on the IMF Sri Lanka Extended Fund Facility Mission will be held on Thursday, at 11.00 a.m. at the Central […]
Govt of Sri Lanka and UNDP map out SDG investment for private sector to support recovery
The Government of Sri Lanka and UNDP in Sri Lanka today announced the launch of the Sri Lanka SDG Investor Map (the Map), a market intelligence tool that seeks to direct private capital where Sri Lanka’s Sustainable Development Goals (SDG) priorities, Government policy and market opportunity intersect, as the country seeks to rebuild its economy […]
CCC highlights need to focus on implementation of progressive proposals in interim budget 2022
The Ceylon Chamber of Commerce views the interim budget for 2022 delivered by President Ranil Wickremesinghe in his capacity as Minister of Finance, as a positive step towards rebuilding the macroeconomic framework of the country. The Budget provides an estimate of the expected revenue and expenditure of the Government for 2022 within an environment of […]
‘s interim budget proposals at a glance
A summary of President Ranil Wickremesinghe’s interim budget speech is as follows; By 2025 Government revenue is expected to grow to around 15 percent of GDP from 8.2 percent. The government targeting a primary surplus of more than 2 percent of GDP in 2025 with expectations to improve further. Government intends to reduce public sector […]
‘s Interim Budget Speech – 2022 (Full Text)
Full text of the Interim Budget Speech – 2022 (Amendment to the Appropriation Act, No. 30 of 2021) delivered by President Ranil Wickremesinghe in parliament today (30) “Our aim is to create a surplus in the primary budget by the year 2025. Our effort is to stabilize the economic growth rate. Our aspiration is to […]
Sri Lanka adds Indian Rupee to designated foreign currencies for off-shore banking
Sri Lanka’s Central Bank has added the Indian Rupee to the list of currencies that are permitted to be used for offshore banking, taking the total to 16. The Central Bank added the Thai Bhat to the list last year in a direction to be used in offshore banking business scheme. The 16 include the […]
‘ meeting on debt crisis
Japan is seeking to organize a Sri Lanka creditors’ conference with the intention of solving the country’s debt crisis, the Reuters news agency reported. Japan would be willing to chair such a meeting with China if that would speed up the process of addressing Sri Lanka’s debt, though it is not clear whether top creditor […]
Entries are now open for CA Sri Lanka’s TAGS Awards 2022 to crown best corporates
Marking a new chapter in financial and non-financial reporting, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on Wednesday announced that it is accepting applications for the highly acclaimed TAGS Awards 2022 as it aims to crown the best corporates for promoting transparency, accountability, governance and sustainability by publishing insightful Annual Reports. […]
We want to restructure only foreign debt &’s a win-win situation, CB Governor reiterates
Central Bank Governor reiterated on Thursday that the government’s position about debt restructuring remains the same and intends to restructure only the external debt. “What the President recently said was that the financial advisors are looking at the scenarios of any restructuring of domestic debt. But the government position still remains that we intend to […]
We have almost completed targets to reach staff level agreement: CBSL Governor
Sri Lanka’s Central Bank Governor says that they have almost completed all the required targets to reach a staff-level agreement with the IMF mission due in Sri Lanka at the end of this month. “IMF mission is planning to come here towards the end of the month with an intention to reach the staff level […]
CBSL Monetary Policy Statement Indicates Economic/Forex Stabilisation
August 18, 2022 (LBO) – The monetary policy statement released by the Central Bank of Sri Lanka indicated stabilisation of the Sri Lankan currency and economy across a broad range of measures. “Pressures witnessed in the domestic foreign exchange market have eased to a large extent with the notable decline in import expenditure and improved […]
Finance Minister requests the public to deposit or sell foreign currency notes in possession
In order to attract foreign currency held with the public into the banking system, the Minister of Finance has issued an Order granting an amnesty period of 1 month effective from 15.08.2022 for persons in, or resident in, Sri Lanka who hold foreign currency notes in possession to: i. Deposit into a Personal Foreign Currency […]