Category: Economy
Ceylon Chamber reiterates the need to fast-track the process of debt restructuring
The Ceylon Chamber of Commerce notes with serious concern the continuous deterioration in the fuel and electricity availability in the country, hampering daily operations of businesses and activities of the general public. The Chamber believes there is a need to maintain a sufficient stock of fuel to balance both transport and power generation needs. Further, […]
‘s exports increased by 9.9-pct in February 2022
Sri Lanka’s merchandise exports increased by 9.91% to US$ 1,046 Million in February 2022 compared to February 2021 as per the data released by the Sri Lanka Customs. Further, it is a 5.8% increase when compared to February 2020. Sri Lanka’s Merchandize Exports has maintained the above $ 1 billion mark continuously since the beginning […]
Sri Lanka’s debt is unsustainable with very high rollover risk: IMF Debt Sustainability Assessment
Based on IMF staff analysis, fiscal consolidation necessary to bring debt down to safe levels would require excessive adjustment over the coming years, pointing to a clear solvency problem. Releasing the Country Report No. 2022/091: Sri Lanka: 2021 Article IV Consultation, the IMF staff said that a more ambitious adjustment, required to significantly reduce debt, […]
From crisis to inclusive economic growth in Sri Lanka
By FARIS HADAD-ZERVOS, World Bank Country Director for Maldives, Nepal and Sri Lanka & HANS TIMMER , Chief Economist, South Asia, World Bank Sri Lanka has managed the health and safety aspects of the COVID-19 pandemic in a commendable way . The nation has been and continues to be swift in safeguarding the health of its population, including vaccinating […]
Advisory Committee proposes five urgent recommendations to National Economic Council
The Advisory Committee appointed to assist the National Economic Council has made five recommendations that need to be implemented immediately.The members of the Advisory Committee met President Gotabaya Rajapaksa and members of the National Economic Council for the first time this morning (21) and presented the set of proposals.The President appointed a 16-member Advisory Committee […]
Proposed additional incentive scheme for workers’ remittances & exporters to be rescinded
Sri Lanka’s government has decided not to implement the proposed scheme for additional incentives for remittances by expatriate workers and net earnings of exporters. CBSL Media Release As a result of the decision of the Central Bank of Sri Lanka to allow flexibility in the exchange rate, the exchange rate seems to have now reached […]
President says no truth in the report that the CBSL Governor was asked to step down
With reference to news reports that CBSL Governor was asked to step down, President Gotabaya Rajapaksa today said, “The news stories that Central Bank Governor Ajith Nivard Cabraal has been requested to step down is completely false. Governor Cabraal enjoys my fullest confidence and trust and has been a tower of strength in responding to […]
Meeting held between President and IMF representatives
Several representatives of the International Monetary Fund (IMF) met President Gotabaya Rajapaksa at the Presidential Secretariat this morning (15). The IMF delegation comprised of its Asia Pacific Department Director Dr. Changyong Rhee, Deputy Director Dr.Anne-Marie Gulde-Wolf and IMF Resident Representative for Sri Lanka and Maldives Dr. Tubagus Feridhanusetyawan. Central Bank Governor Ajith Nivard Cabraal, Secretary […]
Cabinet approval to initiate discussions with IMF for technical assistance
Cabinet approval has been granted to initiate a discussion with the International Monetary Fund (IMF) for technical assistance, Co-Cabinet Spokesman, Plantation Minister Dr. Ramesh Pathirana said. “Cabinet approval has been given to the finance minister to go ahead and discuss with the IMF and their representatives are already in Sri Lanka. We are getting their […]
Advisory committee appointed to advise National Economic Council
The cabinet nod has been received to appoint an advisory committee to advise the National Economic Council after the council came under fire for the absence of expert economists and business leaders. The 16-member advisory committee comprises Prof. H D Karunaratne, Prof. Shirantha Heenkenda, Dr. Dushni Weerakoon, Dhammika Perera, Krishan Balendra, Ashroff Omar, Dr. Hans […]
Central Bank issues new rules on repatriation of export proceeds into Sri Lanka
The Monetary Board of the Central Bank has issued new rules in respect of the receipt of export proceeds into Sri Lanka and the conversion of such export proceeds into Sri Lanka rupees.
Will continuously support Sri Lanka’s development: ADB President
Asian Development Bank (ADB) President Masatsugu Asakawa and Sri Lanka President Gotabaya Rajapaksa met Thursday (10th) in Colombo and it was reaffirmed by the Bank leadership that it would continue to support the islands recovery path from the coronavirus disease (COVID-19) pandemic. Asakawa commended the government’s rapid vaccination drive, which has been critical to […]