Category: Economy
Harsha calls for legislative amendment to protect holders of domestic debt in a possible restructure
Opposition Parties Stand United for Careful Domestic Debt Restructuring In a press conference held at the Leader of the Opposition’s office, MP Harsha de Silva, expressed his thoughts and suggestions regarding the upcoming domestic debt-restructuring plan in Sri Lanka. He divulged that opposition parties, while cautious about the potential consequences, would discuss the need for […]
Ceylon Chamber calls for political and public support for debt restructuring process
The Ceylon Chamber of Commerce stresses the importance of patience and trust in the domestic debt restructuring process. As emphasized by the Central Bank of Sri Lanka, priority focus will be on maintaining financial system stability and ensuring that depositors will not be adversely impacted. It is vital that we collectively allow for comprehensive and […]
3 ways to make social protection work for Sri Lanka’s poor and vulnerable: WB
One-fourth of Sri Lankans are living in poverty, yet more than 50% are not covered by social protection schemes Fragmentation and poor governance have resulted in an inefficient social protection system Increased transparency, inclusion, adaptability, and accountability mechanisms such as citizen engagement are essential for building a better social protection system The COVID-19 pandemic and […]
SLBA calls for government engagement to facilitate debt recovery process
The Sri Lanka Banks Association (SLBA) has urged policymakers to engage with commercial banks via the Central Bank of Sri Lanka (CBSL) to ensure a comprehensive and well-coordinated approach to alleviating the stress felt by the industrialists in loan default, following the COVID-19 pandemic and the economic crisis. The Association, which represents all Licensed Banks […]
Role of alternative financing mechanisms to address Sri Lanka’s debt overhang
By Imesha Dissanayake The common path followed by almost all IMF member countries in response to sovereign debt crises in recent decades, is to enter into an IMF supported stabilisation and structural adjustment programme. Sri Lanka has been a country that has followed this trend repetitively, having entered into 16 economic stabilisation programmes during 1965-2020, […]
Eran submits VAT amendment bill to restore Parliamentary powers on public finance
Opposition MP Eran Wickramaratne submitted a private members Bill to amend the Value Added Tax (VAT) Act, No 14 of 2002 to transfer the powers vested in the Minister of Finance to Parliament, Friday. The new bill proposes that any order made by the Minister of Finance shall come into force only upon the approval […]
ADB Provides Sri Lanka Access to Concessional Financing to Facilitate Sustained & Inclusive Recovery
The Asian Development Bank (ADB) has approved the eligibility of Sri Lanka to access concessional financing. The availability of concessional assistance, offered at low interest rates, broadens Sri Lanka’s options to bridge its urgent development financing needs to restore economic stability and deliver essential services, particularly to the poor and vulnerable. Eligibility for concessional resources among […]
US Treasury Dept Deputy Assistant Secretary Holds Meetings Focused on Supporting Sri Lanka
U.S. Department of the Treasury Deputy Assistant Secretary (DAS) for Asia Robert Kaproth visited Sri Lanka June 5 – 6.He met with Ambassador Chung and a range of officials in the country. DAS Kaproth’s visit to Sri Lanka focused on gaining a clear understanding of Sri Lanka’s latest macroeconomic and financial conditions and outlook. During […]
‘s Economic Development
At the invitation of the International Monetary Fund (IMF), the Ceylon Chamber of Commerce recently briefed key representatives of the IMF on recent economic developments in Sri Lanka, and their impact on the country’s economic trajectory. The meeting comprised high-level representatives of the IMF Kenji Okamura, Deputy Managing Director – IMF, and Anne-Marie Gulde-Wolf – […]
CBSL requests Govt to phase out remaining import restrictions; official reserves surpass USD 3bn
The Monetary Board of the Central Bank requests the Government to consider phasing out the remaining restrictions on most items of merchandise imports. The exchange rate, which is allowed to be determined by market forces, continues to reflect positive market sentiments underpinned by the improvement in liquidity in the domestic forex market. The Central Bank […]
Sri Lanka headline inflation down to 25.2-pct in May 2023
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100)1 decreased to 25.2 percent in May 2023 from 35.3 percent in the previous month. The decline in the headline inflation is broadly in line with the disinflation path envisaged by the Central Bank of Sri Lanka (CBSL) in […]
Merchandise exports decreased by 16-pct in April 2023 compared to April 2022
Sri Lanka’s merchandise exports decreased by 16.15 % to US$ 814.1 Million in April 2023 compared to April 2022. Moreover, it is a 0.5 % decrease when compared to April 2021. Declining trend in merchandise exports further continues due to the negative trends shown in major export products. i.e., Apparel & Textiles, Rubber & Rubber […]