Category: Economy and Markets
Another Grant of 300 Million Chinese Yuan from China to Sri Lanka
China has decided to provide another grant of 300 million Chinese Yuan to Sri Lanka to help in the supply of medicine, food, fuel, and other essentials, the Prime Minister’s Office said in a statement. This latest grant will bring the total amount of China’s grant aid to 500 million Chinese Yuan (approximately million).
Luminex Limited announces upcoming IPO
Luminex Limited has announced their plans for a LKR 250 Million initial Public Offering (IPO) of 31,250,000 ordinary shares at LKR. 8/- per share commencing on the 12th of May 2022. The issue amounts to a 11.52% stake of the company subsequent to the IPO. The amount of LKR 250Mn raised from the IPO will […]
Some Sri Lankan Corporates More Affected by Stressed Environment: Fitch Ratings
Some rated Sri Lankan corporates are more affected by the challenging macroeconomic environment stemming from the Sri Lanka sovereign’s distressed credit profile, Fitch Ratings says. Fitch in April downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’. The Long-Term Local-Currency IDR was affirmed at ‘CCC’. Sri Lankan corporates are grappling with rising costs […]
Staff-level agreement with IMF is likely to be reached within next 2 months: CB Governor
While external debt restructuring remains a top priority for the Sri Lankan government, domestic debt in the form of Government securities and Sri Lanka Development Bonds will not be restructured, Central Bank Governor Dr. Nandalal Weerasinghe announced today (April 28, 2022). Dr. Weerasinghe made these comments while addressing a meeting of the Committee of the […]
Debt-for-nature swaps can provide debt relief, but could constitute event of default: Moody’s
In a proposal to Sri Lanka’s government, the United Nations Development Programme (UNDP) has suggested debt-for-nature swaps as part of the sovereign’s broader debt restructuring plan. Under the UNDP proposal, the debt-for-nature swap would allow a portion of the government’s large debt burden to be forgiven in exchange for the implementation of environmental policies or […]
Inflation is expected to peak at 29-pct in July; LKR to further depreciate
Inflation is expected to peak at 29% in July owing to potential price hikes in essential commodities like gas, electricity, and fuel prices, the First Capital Research said. CCPI further increased to 18.7% in March, exceeding the CBSL’s and FC Research’s desired range of 4%-6% and 5%-7% respectively. According to First Capital Research, the exchange […]
IMF team for Sri Lanka completes initial technical discussions on an IMF-supported program
During the 2022 IMF and World Bank Spring Meetings in Washington, D.C., IMF Managing Director Kristalina Georgieva and other senior members of IMF management met with a Sri Lankan delegation, led by Finance Minister Ali Sabry and Central Bank of Sri Lanka Governor Nandalal Weerasinghe, and discussed policy actions to address economic challenges. The IMF […]
European Union gives Rs.60Mn in grants to support small tourism businesses
The Delegation of the European Union in Sri Lanka (EU) and the Sri Lanka Tourism Development Authority (SLTDA) awarded the first three grants – worth 1 million rupees each – to small tourism enterprises to help them accelerate their post COVID recovery and build a stronger base for growth as tourists start returning to the […]
Xebiro developing European tech in London, Colombo, and Jaffna
By Jekhan Aruliah COVID-19 lockdowns and remote working The COVID-19 pandemic, which had a devastating impact on health and on economies, is having a revolutionary impact on working and learning. Schools and universities were shoved unready from in-class to distance learning. Young people looking forward to a few years of unsupervised love and unhealthy food […]
MAS Holdings’ calls for immediate and decisive action to resolve the current crisis
MAS Holdings, one of Sri Lanka’s largest private sector employers and exporters reiterates the need for immediate and decisive action to resolve the current economic and social crisis, in a peaceful and sustainable manner. Issuing a statement the organization said “Given the ensuing events, MAS as a responsible organization, unconditionally support the call for change […]
Bangladesh and Sri Lanka explore new investments and Blue economy potential
High Commissioner Professor Sudharshan Seneviratne drew home the importance of the tremendous potential both countries hold to work jointly towards a win-win situation on multiple areas of investments and be joint stakeholders in the blue economy having a shared interest in the Bay of Bengal. These ideas were discussed at a meeting held with the President […]
‘s special request for a Rapid Financing Instrument
The International Monetary Fund (IMF) will consider the special request made despite it being outside of the standard circumstances for the issuance of a Rapid Financing Instrument (RFI), the Ministry of Finance said. Minister of Finance M.U.M Ali Sabry P.C, met with the Managing Director of IMF Kristalina Georgieva on the 18th of April at […]