Category: Economy
IMF Reaches Staff-Level Agreement on First Review of Sri Lanka’s Extended Fund Facility Arrangement
IMF staff and the Sri Lankan authorities have reached a staff-level agreement on economic policies to conclude the first review of the 48-month EFF-supported program. Sri Lanka will have access to SDR 254 million (about US$330 million) in financing once the review is approved by IMF Management and IMF Executive Board. “Macroeconomic policy reforms are […]
CSE creates awareness on Regulated Short Selling (RSS) through Stock Borrowing and Lending (SBL)
The Colombo Stock Exchange (CSE) conducted a series of virtual workshops and intends to continue more workshops on Regulated Short Selling (RSS) through Stock Borrowing and Lending (SBL), creating awareness on the two features to diverse groups of individuals. The virtual workshops are being conducted in Sinhala, English and Tamil with the intention of reaching […]
Privatisation is the need of the hour:Advocata
“At the interim budget last year, a list of SOEs reforms were provided to be restructured. 14 months later nothing has changed even in one SOE.”- Prof. Rohan Samarajiva, a policy expert and an advisor of the Advocata Institute. He made these comments at Advocata’s press briefing, organised to highlight the urgency of carrying out […]
Lower global growth forecasts for 2023 and 2024: IMF
The World Economic Outlook October Update says global growth is forecast to slow from 3.5 percent in 2022 to 3.0 percent in 2023 and 2.9 percent in 2024. The projections remain below the historical (2000–19) average of 3.8 percent, and the forecast for 2024 is down by 0.1 percentage point from the July 2023 Update […]
”; Outlook stable
Fitch Ratings has upgraded Ceylon Electricity Board’s (CEB) National Long-Term Rating and the rating on CEB’s senior unsecure debentures to ‘BB+(lka)’, from ‘B(lka)’. The Outlook is stable. The upgrade follows the 28 September 2023 upgrade of the Sri Lankan sovereign’s Long- Term Local-Currency Issuer Default Rating (IDR) to ‘CCC-‘, from ‘Restricted Default (RD)’. CEB’s ratings […]
IMF & World Bank promote narrow means-tested programs with high error rates: Human Rights Watch
The IMF and World Bank recognize that people need support, but then they promote narrow means-tested programs that—both by design and due to chronically high error rates—exclude many people who are struggling, says Sarah Saadoun, senior economic justice researcher and advocate at Human Rights Watch. Discussions at the International Monetary Fund (IMF) and World Bank […]
World Bank expects solid growth but risky outlook for South Asia
South Asia is expected to grow by 5.8 percent this year—higher than any other developing country region in the world, but slower than its pre-pandemic pace and not fast enough to meet its development goals, says the World Bank in its twice-a-year regional outlook. Released today, the latest South Asia Development Update, Toward Faster, Cleaner Growthforecastsgrowth to […]
David Cameron kicks off Port City Colombo’s global investment drive
Representatives of top corporations in the UAE, accompanied by high-potential investors, property developers, hotel owners, and leaders in the hospitality and real estate industries, converged in the iconic settings of the Ritz Carlton in Abu Dhabi and the Armani Hotel at Burj Khalifa in Dubai to explore, understand, and assess the investment potential of Sri […]
SL economy to grow by 1.7-pct:Revenue mobilization fundamental for sustainable fiscal path
Sri Lanka’s economy is expected to grow by 1.7% in 2024 after contracting by 3.8% in 2023, says the World Bank in its twice-a-year update, while signaling that the outlook is clouded with uncertainty and that growth prospects depend on progress with debt restructuring and the implementation of critical structural reforms. Released today, the Sri Lanka […]
Sri Lanka slips in economic freedom: Report
Lanka—Sri Lanka ranks 116 out of 165 jurisdictions included in the Economic Freedom of the World: 2023 Annual Report, released by Advocata Institute in conjunction with Canada’s Fraser Institute. The current ranking represents a decline in the economic freedom of the country which ranked 104th during 2020. The report measures the economic freedom of individuals—their […]
”’ from Restricted Default
Fitch Ratings has upgraded Sri Lanka’s Long- Term Local-Currency Issuer Default Rating (IDR) to ‘CCC-‘ from ‘RD’ (Restricted Default). Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below. The Long-Term Foreign-Currency IDR has been affirmed at ‘RD’ and the Country Ceiling at ‘B-‘. The Short-Term Local-Currency IDR has been […]
We will continue discussions with the goal of reaching a staff-level agreement in the near term: IMF Staff Mission
The team will continue its discussions in the context of the First Review with the goal of reaching a staff-level agreement in the near term, says the International Monetary Fund (IMF) mission. “As Sri Lanka is restructuring its public debt which is in arrears, Executive Board approval of the first program review requires the completion […]