Category: Economy
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June 23, 2016 (LBO) – Moody’s Investors Service says that whether or not Sri Lanka’s (B1 negative) credit profile demonstrates a temporary or more enduring improvement from its International Monetary Fund’s (IMF) program will depend on how effectively the program’s ambitious reforms are implemented. Moody’s conclusions are outlined in its just released report: “Government of […]
Fitch Downgrades NDB; Affirms 8 Sri Lanka Banks, Negative Outlook on DFCC, Sampath
Jun 23, 2016 (LBO) – Sri Lanka’s National Development Bank PLC’s (NDB) national long term rating has been downgraded to ‘A+(lka)’ from ‘AA(lka)’, Fitch rating said in a statement. The ratings on eight other Sri Lanka banks have been affirmed. The outlooks have been revised on DFCC Bank PLC’s (DFCC) and Sampath Bank PLC’s (Sampath) national longterm […]
POLL-Sri Lanka Central bank expected to keep policy rates steady
June 22 (Reuters) – Sri Lanka’s central bank is expected to keep its key interest rates steady for a fourth straight month on Friday, a Reuters poll showed, despite signs of rising inflation and stubbornly high private sector credit growth. The central bank has tightened monetary policy twice since December to fend off selling pressure […]
Sri Lanka recall mid income housing projects in Kandy, Galle, and Homagama
Jun 22, 2016 (LBO) – Sri Lanka’s cabinet has decided to recall proposals for housing projects in Kundasale, Homagama, Galle, and Nittambuwa and grant fresh approvals for projects in Panadura and Yakkala, a statement said. “The Steering Committee appointed in this regard has recommended to implement housing projects in Panadura, Homagama (Jalthara Phase II), Yakkala, […]
Sri Lanka to obtain IDA loan for reforms, competitiveness
June 22, 2016 (LBO) – Sri Lanka’s cabinet has approved obtaining a 100 million US dollar loan from the International Development Agency to develop the Sri Lankan economy by implementing reforms under three aspects. Removal of obstacles for the competitiveness in private sector, transparency and improvement of management in public sector, and improvement of the […]
Sri Lanka consumer prices soar 5.3-pct in May
Jun 22, 2016 (LBO) – Sri Lanka’s inflation climbed for the fourth straight month in May after recording a fall of 0.7 percent in January, according to the National Consumer Price Index (NCPI) introduced in October last year with 2013 as the base. According to the Census and Statistics Department inflation was 5.3 percent in […]
Sri Lanka’s debt higher than B, BB rated countries, Fitch data shows
June 21, 2016 (LBO) – Sri Lanka’s current debt levels are higher than its ‘B’ median peers or the previously rated ‘BB’ median, data from the ratings agency Fitch shows. Sri Lanka’s external funding requirement too is high compared to peers, although it performs better in certain governance metrics and HDI indices. Supporting the rating, […]
”s rating to negative from stable
June 20, 2016 (LBO) – Moody’s Investors Service has today affirmed the government of Sri Lanka’s foreign currency issuer and senior unsecured sovereign ratings at B1 and changed the outlook to negative from stable. Two key drivers underpin the change in outlook to negative from stable, Moody’s Investors Service said. 1) Our expectation of a further weakening in […]
Meeting IMF criteria key to improve ratings: Fitch Ratings
June 17, 2016 (LBO) – Sri Lanka still needs to refinance close to 3 billion US dollars for the rest of 2016 and remains vulnerable to shifts in investor sentiment, Fitch Ratings said. Delivering a presentation at a forum, Associate Director of Fitch APAC Sovereigns Sagarika Chandra emphasized that progress on IMF program criteria will […]
Türk Exim Bank to allocate USD350mn credit line to Sri Lanka
June 16, 2016 (LBO) – Türk Exim Bank is to allocate a credit line of 350 million US dollars to the Sri Lankan government with a view to further enhancing relations through financial cooperation. A MoU between Sri Lanka and Turkey will be signed in the near future in this regard, the Foreign Minister Mangala […]
‘s business chamber calls for awards applications
June 16, 2016 (LBO) – Sri Lanka’s Women’s Chamber of Industry & Commerce (WCIC) has called for applications for the ‘Woman Entrepreneur of the Year Awards.’ In its 9th year, the awards will recognize high flyers in micro, small, medium and large industry categories, as well as new categories: Woman Exporter of the Year, Most […]
Sri Lanka GDP expands 5.5-pct in first quarter 2016
June 15, 2016 (LBO) – Sri Lanka’s economy expanded 5.5 percent in the first quarter of 2016 from a year earlier, led by industry and services, the state statistics office said. In the first quarter of 2016, gross domestic product reached up to 2,088,024 million rupees against 1,978,609 million rupees recorded first quarter of 2015. […]