Category: Economy
IMF staff concludes visit; says restructuring agreements by first review essential to restore debt sustainability
Achieving timely restructuring agreements with creditors in line with the program targets by the time of the first review is essential to restoring debt sustainability, concluding the visit to Sri Lanka, the IMF staff mission said. An International Monetary Fund (IMF) mission led by Peter Breuer and Masahiro Nozaki conducted a staff visit to Colombo […]
IMF asks Sri Lanka to resolve uncertainty surrounding local debt restructuring
The International Monetary Fund is requesting Sri Lankan authorities to resolve the uncertainty surrounding the domestic debt restructuring and control the interest rates. “We have taken note that this uncertainty has elevated interest rates in the country,” Peter Breuer, Senior Mission Chief for Sri Lanka told reporters in Colombo. “So, we are encouraging the authorities […]
Harsha proposes GDP growth-linked instrument for domestic debt optimisation
During a recent press conference, Opposition MP Harsha de Silva warned against the potential risks of domestic debt optimization, stressing the need for extreme caution. De Silva cautioned that if not managed carefully, domestic debt optimization could become a burden rather than a relief for the economy. Citing the net debt relief Laffer curve, de […]
Creditor Committee wants debt treatment on terms at least as favorable as ones agreed by them
The official Creditor Committee comprised of 17 countries stresses the importance for private creditors and other official bilateral creditors of Sri Lanka to provide a debt treatment on terms at least as favorable as the ones agreed by the Creditor Committee. Releasing a statement after the first meeting of the Creditor Committee for Sri Lanka, […]
PUCSL Chair calls for 20-pct price drop in electricity rates
The Chairman of Public Utilities Commission of Sri Lanka Janaka Ratnayake says that the electricity consumers should get a 20 percent tariff reduction based on a slowdown in electricity demand plus the exchange rate and reduced of fuel prices. “According to the tariff requested by CEB on 5th January this year, CEB had estimated an […]
SJB opposes selling of strategically important SoEs but wants an end to monopoly
SJB Parliamentarian Eran Wickramaratne assured that main opposition was ready with plan and strategies to implement projects for the wellbeing of the people no sooner it comes to office after an elections due shortly. People of this country are eagerly awaiting to oust this government which has no mandate or even proper plan to implement […]
Sri Lanka Central Bank assures banking sector stability in debt restructuring process
The Central Bank of Sri Lanka (CBSL) has assured the banks that the regulatory stance in the on-going Domestic Debt Optimization (DDO) discussions with the diverse stakeholders will be that, the banking sector stability cannot be put at risk, a statement said. Presently the banking sector is well capitalized with average Capital Adequacy Ratio over 15% and […]
Sri Lanka exports decreased by 2-pct to USD 1,037 Mn in March
Sri Lanka’s merchandise exports decreased by 1.96 % to US$ 1,037.5 Million in March 2023 compared to March 2022. Moreover, it is a 5.14 % decrease when compared to March 2021. Less demand created for major products in major markets due to the current economic situation further continues. Figure 1: Monthly Merchandise Export Performance 2020- […]
Sri Lanka joins hands with UNDP to align tax & fiscal policies to achieve SDGs
The Sustainable Development Goals (SDGs) are a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030. But it requires fundamental changes to the way the economy and fiscal policies are organized. In order to offset challenging market conditions faced by developing countries and […]
CBSL Annual Report handed over to President
The Annual Report of the Central Bank (CBSL) 2022 was presented by Central Bank Governor Dr. Nandalal Weerasinghe to the Minister of Finance Economic Stabilization and National Policies, President Ranil Wickremesinghe at the Ministry of Finance today (27). The 2022 annual report of the Central Bank of Sri Lanka can be accessed through the link […]
Sri Lanka and UK to convene strategic dialogue on 18 April in London
Foreign Secretary Aruni Wijewardane will participate in the inaugural UK-Sri Lanka Strategic Dialogue at Foreign Secretary level on 18 April 2023 at the Foreign Commonwealth and Development Office (FCDO) in London. UK Minister of State in the FCDO Anne Marie Trevelyan will open the dialogue, which will be conducted with the participation of Sir Philip Barton, Permanent Undersecretary of […]
Creditor committee to ensure comparable treatment; IMF expects negotiations to end by 1st program review
IMF Deputy Managing Director says that it is encouraging to see official creditors organizing themselves around a coordinated platform which helps ensure the comparability of treatment among creditors. Speaking at the Creditors’ Meeting of Sri Lanka’s debt restructuring negotiation process Kenji Okamura said that expeditious resolution is needed for Sri Lanka to emerge as quickly […]