Category: Economy
Central Bank launches Web Portal of Regional Development Department
The Central Bank of Sri Lanka Launched the dedicated Web Portal of the Regional Development Department (RDD Web Portal) on 04.08.2023, signifying its strategic orientation towards financial inclusion initiatives. RDD Web Portal was developed with the financial assistance of the International Finance Corporation (IFC), a longstanding partner of the Central Bank, in promoting financial inclusion […]
JICA & NPD to improve Effective Public Investment Management for Economic revival of Sri Lanka
On 2nd of August, the detailed discussion on the progress and way forward was held on the ongoing technical cooperation project named, “Project for Capacity Development for Effective Public Investment Management” between Department of National Planning, Ministry of Finance, Economic stabilization, and National policies (NPD), other line ministries and JICA at the 3rd Joint Coordination […]
Driving customer-centric innovation in challenging times
By Sabry Ansar, Director, Head of CE Business – Samsung Electronics, Sri Lanka and Maldives In times of unprecedented challenges, the significance of innovation and adaptability in meeting customer demands becomes paramount. As the Director of Samsung Sri Lanka and Maldives, I worked alongside a dedicated team to recognize the crucial role of understanding customer […]
‘s path to sustainable growth: Embracing a social market economy
● Sri Lanka’s Economic Challenge: A stark contrast between Tamil Nadu’s expected growth of 14% and Sri Lanka’s negative 3.5% this year. ● Ambitious Goal of High-Income Country: President’s vision to achieve high-income status by 2048, requiring 6.5% annual growth from now onwards. ● Bridging the Skill Gap: Concerns over the volume of skilled labor produced in India, […]
CFA Society Sri Lanka hosts CEO forum ‘Rebooting Sri Lanka Economy”
A CEO Forum organised by the CFA Society Sri Lanka (CFASSL) was held in Colombo recently with a focus on ‘Rebooting the Sri Lankan Economy – Post-Domestic Debt Optimisation’. The event was attended by regulators, senior government officials, business leaders, and CFA Charterholders. The forum was aimed at fostering a constructive dialogue among regulators and […]
EU, AFD, and World Bank support Strengthening Public Finance Management in Sri Lanka
The Government of Sri Lanka and the World Bank, European Union (EU) and Agence Française de Développement (AFD) have recently signed financing agreements to help strengthen Sri Lanka’s management of public finances. The grant of EUR 9.8 million for Public Finance Management aims to support improving economic governance, transparency, and accountability in how public finances […]
Rs 12Tn loss to EPF is a misrepresentation of opportunity loss: CB Governor
Sri Lanka’s Central Bank chief on Thursday disputed the claim that the Employees’ Provident Fund (EPF) would lose a staggering 12 trillion rupees (USD39 billion) by 2038. The EPF would suffer a loss of Rs 12 trillion, Opposition Leader Sajith Premadasa told Parliament yesterday.He said that an independent think tank had assessed that even based […]
‘s Long-Term Local- Currency IDR to C
Fitch Ratings has downgraded Sri Lanka’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘C’ from ‘CC’. The issue ratings on local-currency bonds have also been downgraded to ‘C’ from ‘CC’. The Long-Term Foreign-Currency (LTFC) IDR has been affirmed at ‘RD’ (Restricted Default) and the Country Ceiling at ‘B-‘. Fitch typically does not assign Outlooks […]
CA Sri Lanka calls on all stakeholders to support Domestic Debt Optimization
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), in its proud standing as the National Body of Accountants, has played a significant role in strengthening the country’s financial landscape since inception, in addition to fostering growth and assisting the country in achieving its economic objectives. Sri Lanka is today at a crucial […]
World Bank Group Adopts Country Partnership Framework for SL to Help Reset Economy
The World Bank Group’s Board of Executive Directors today discussed the new Country Partnership Framework for Sri Lanka, which aims to help restore economic and financial sector stability and build a strong foundation for a green, resilient, and inclusive recovery. This CPF comes at a time when the country is navigating a severe economic crisis that […]
CB Governor gives firm assurance that safety of 57mn bank deposits will be upheld; EPF would not be touched
During a special press briefing held at the Presidential Media Centre on Domestic Debt Optimization (DDO), Dr. Nandalal Weerasinghe, the Governor of the Central Bank, emphasized the importance of relieving the burden on the banking system caused by the already excessive 50% taxes. This measure aims to safeguard the treasury, strengthen the economy, and ensure […]
Banks welcome CBSL Governor’s assurances on anticipated Govt. announcement on DDR or DDO
The Sri Lanka Banks’ Association (SLBA) has welcomed the assurance by the Governor of the Central Bank of Sri Lanka (CBSL) Dr Nandalal Weerasinghe that financial sector stability will be maintained, and the clarifications provided by the Governor on the relevant process in this regard. In a statement, the SLBA noted that the Dr Weerasinghe’s […]