Category: Economy
Economic Transformation Bill and Public Financial Management Bill to Parliament on May 22
Acting Finance Minister Shehan Semasinghe announced plans to introduce two significant bills to Parliament on May 22, aimed at bolstering the country’s economy. These bills, the “Economic Transformation Bill” and the “Public Financial Management Bill,” are designed to enhance the management of public finances, thereby safeguarding against future economic downturns. Minister Semasinghe made this announcement […]
The Ceylon Chamber Calls on All Political Parties to Support Continuity of SOE Reforms
The Ceylon Chamber of Commerce calls on all political parties to support the continuity of SOE reforms and the reform momentum, building on the economic stability achieved. The Chamber stresses that it is vital to prioritise and implement the reforms related to State-Owned Enterprises (SOEs), energy, and fiscal management, to ensure that the country does […]
Debt Restructuring Talks With External Bondholders Ongoing; Official Creditor Deals Await Finalization: IMF
Julie Kozack, Director of Communications at the International Monetary Fund (IMF), provided an update on Sri Lanka’s economic performance and debt restructuring efforts during a recent press briefing. “With respect to Sri Lanka’s economic performance, macroeconomic policies in Sri Lanka are starting to bear fruit.Commendable outcomes include a rapid decline in inflation, robust reserve accumulation, […]
Port City Colombo to reinvent SL economy to contemporary system that is geared for export of services
Port City Colombo says it hopes to empower large-scale business growth within the South Asian region through a reliable and competitive regulatory environment that enhances the ease of doing business. Issuing a statement the Port Coty Colombo says that this progressive economically ring-fenced landscape is projected to reinvent the Sri Lankan economy, from one that […]
‘s Reforms During Official Visit
Concluding a two-day visit, IFC’s Vice President for Asia Pacific, Riccardo Puliti, signaled IFC’s commitment to supporting Sri Lanka’s ongoing reforms and growth agenda, while emphasizing the importance of private sector-led development for inclusive economic growth. The visit served as an opportunity for Puliti to engage with key stakeholders, including meeting the President of Sri […]
Sri Lanka exports earnings up almost 10-pct in Mar 2024
The deficit in the merchandise trade account narrowed to US dollars 369 million in March 2024 from US dollars 412 million recorded in March 2023, primarily due to a higher increase in exports than the increase in imports. However, it widened compared to February 2024 (US dollars 319 million).Meanwhile, the cumulative deficit in the trade […]
EDB and CHEC Port City Colombo sign MoU to boost export businesses
In a significant move towards attracting export-oriented businesses to Port City Colombo, CHEC Port City Colombo (Pvt) Ltd, the primary developer of the project, recently entered into a partnership with the Sri Lanka Export Development Board (SLEDB). A memorandum of understanding (MoU) was signed between the two parties to this effect at a special ceremony […]
Debt Restructuring: Govt has failed to strike a deal favorable to Sri Lanka – Harsha de Silva
According to a recent press release, the government of Sri Lanka has failed to secure a deal that benefits its people, says Harsha de Silva, the economics spokesperson for the main opposition SJB and Chairman of the COPF. He voiced his disappointment over the lack of transparency in the government’s debt restructuring process, despite his […]
Sri Lanka announces end of initial talks with members of ad hoc group of bondholders
The Government of Sri Lanka announces today that it has held restricted discussions over the past three weeks with nine members of the steering committee who agreed to take part in the restricted discussions of the Ad Hoc Group of Bondholders of its International Sovereign Bonds (ISBs). The Steering Committee as a whole comprises ten […]
SL debt repayment period to be extended from 2028 to 2042, with a lowered interest rate of around 2-pct
Sri Lanka is in the final stages of negotiations with its creditors, spearheaded by Japan, to suspend debt repayments until 2028. The repayment period will be extended from 2028 to 2042, with a lowered interest rate of approximately 2%. Despite Sri Lanka’s appeal for further debt reduction, Nikkei Asia reports that no additional cuts are […]
SOE Losses Costing LKR 141,809 per Sri Lankan Household
The soft pedaling by the government to carry out crucial reforms of State Owned Enterprises is forcing taxpayer’s wallets to take the brunt of the hit, says Colombo based think tank, Advocata Institute. Dhananath Fernando, the Chief Executive Officer of the Advocata Institute said, taking into account the upcoming election cycle, the Advocata Institute, urged […]
ADB partnership strategy 2024-28 for SL to foster sustainable recovery, build resilience, and revive growth
The Asian Development Bank (ADB) has launched a new country partnership strategy (CPS) for Sri Lanka covering the period 2024–2028. The strategy will focus on restoring the country’s macroeconomic stability, reviving growth, and establishing the foundation for sustainable recovery and resilience. “This new partnership strategy will build on ADB’s ongoing assistance to support the country’s efforts to […]