Category: Economy
‘s Long-Term Local-Currency IDR to CC; affirms RD Foreign-Currency IDR
FitchRatings has downgraded Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’, and has affirmed the Long-Term Foreign-Currency IDR at ‘RD’ (Restricted Default). Fitch typically does not assign Outlooks to ratings of ‘CCC+’ or below. Fitch has also removed the Long-Term Local-Currency IDR from Under Criteria Observation, on which it was placed […]
CCC Proposals on State Owned Enterprise Reform
The presence of SOEs in strategic sectors of Sri Lanka is proof of the significant value creation it can generate through spillover effects. The societal returns too are greater as it links to our day-to-day activities such as the water we drink, the electricity we use, or even the bus or train we ride. Therefore, […]
Export earnings decreased by 8.2-pct y-o-y in October 2022
Earnings from the merchandise exports decreased by 8.18 % y-o-y to US$ 1,094.8 Mn in October 2022 as per the data released by Sri Lanka Customs. This was mainly due to the decrease in export earnings from Apparel & Textiles, Tea, Rubber based Products, Coconut based Products, Spices & Essential Oils, and the Fisheries sector. […]
Deceleration in inflation expected to continue in ensuing period: Central Bank
The deceleration in inflation is expected to continue in the ensuing period, supported by subdued aggregate demand pressures, expected improvements in domestic supply conditions, normalisation in global commodity prices, and the timely passthrough of such reductions to domestic prices, along with the favourable statistical base effect. The Central Bank said that the global, as well […]
President to Inaugurate Sri Lanka Economic Summit 2022
The upcoming Sri Lanka Economic Summit 2022, the foremost and most anticipated annual economic event in Sri Lanka, will be inaugurated by the Chief Guest, President Ranil Wickremesinghe, under the theme Resetting from Turmoil to Opportunity on 5th December at the Shangri-La Hotel, Colombo. This year the Summit will focus on key levers that will […]
‘s working-age population have access to formal work: report
Promoting Access to Decent Work Amidst Sri Lanka’s Economic Crisis[1] From IPS’ flagship publication, ‘Sri Lanka: State of the Economy 2022’ Access to decent work opportunities in Sri Lanka is limited. Even when jobs are available, not all workers have the same access to decent work. Only 20% of the working-age population have access to […]
UN ramps up its urgent humanitarian appeal to bring life-saving assistance to 3.4 mn Sri Lankans
The United Nations (UN) team in Sri Lanka and non-governmental organizations have today revised and extended their joint Humanitarian Needs and Priorities (HNP) Plan, which aims to provide life-saving assistance to 3.4 million people amid Sri Lanka’s worst economic crisis since independence. Since June, the HNP has been responding to the Government’s request for UN-backed […]
Driving Policy Action in Sri Lanka from Economic Crisis to Recovery
The Institute of Policy Studies of Sri Lanka (IPS) held a seminar on 25 October 2022 to coincide with the release of the Institute’s annual flagship report, Sri Lanka: State of the Economy 2022, on the theme Driving Policy Action from Crisis to Recovery. IPS researchers Chathurrdhika Yogarajah and Kimuthu Kiringoda captured the highlights of […]
Sri Lanka to join OACPS with a potential EU FTA
Sri Lanka’s Presidential Envoy to Europe and the Commonwealth, Niranjan de Silva Deva Aditya (Nirj Deva), said this week in Brussels that he has started discussions for Sri Lanka to join the Organization of African, Caribbean, and Pacific States (OACPS). The Maldives’ more advanced application to join the OACPS should be looked at alongside Sri […]
Low interest working capital loan scheme for SMEs under ADB credit line
Small and medium enterprises can avail of working capital loans from banks through a loan scheme facilitated under an existing ADB credit line, the Finance Ministry said. Sectors expected to provide loans: Agricultural, tourism, and export-oriented sectors Main conditions of the loan scheme: Maximum loan amount is Rs. 10 million. The loan amount can be […]
10 Billion dollars recorded for Exports in 9 months of 2022
Earnings from the merchandise exports increased by 5.75 % y-o-y to US$ 1,093.98 Mn in September 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the increase in export earnings from Apparel & Textiles, Tea, Gems & Jewellery, Electrical & Electronic Components and Spices & Essential Oils. Monthly […]
Japan to organize Sri Lanka creditors’ meeting over debt crisis: report
Japan is working to organize a meeting of Sri Lanka’s creditors by the end of this year in hopes of solving the country’s debt crisis, the Japanese Yomiuri Shimbun newspaper reported. The meeting, which will discuss such issues as finding ways to reduce debt payments, aims to curb China’s influence by helping Sri Lanka cope […]