Category: Economy
Repatriation and replacement of lost foreign jobs: Handling labour migration during COVID-19
Bilesha Weeraratne Sri Lanka, which has been sending workers abroad for employment for decades, is now faced with the formidable challenge of repatriating large numbers of migrant workers affected by COVID-19. Having successfully brought back students from China, UK, Australia, and South Asia and pilgrims from India, the authorities are now making plans to repatriate […]
We cannot allow irrational laws to impede our economy: President
May 15, 2020 (LBO) – President Gotabaya Rajapaksa said that irrational laws should not obstruct the policies formulated to achieve the economic objectives of the people. The President stated this during a discussion with officials and ministry secretaries attached to the Plantation Industry sector at the Presidential Secretariat on May 14.The meeting was called to […]
COVID-19 economic impact could reach $USD 8.8TR globally: New ADB report
May 15, 2020 (LBO) – The global economy could suffer between $5.8 trillion and $8.8 trillion in losses—equivalent to 6.4% to 9.7% of global gross domestic product (GDP)—as a result of the novel coronavirus disease (COVID-19) pandemic, says a new report released by the Asian Development Bank (ADB) today. The report, Updated Assessment of the Potential […]
Ceylon Chamber of Commerce establishes a Center for SMEs
May 13, 2020 (LBO) – The Ceylon Chamber of Commerce has established a Center for SMEs to play a more active role in building a dynamic SME sector in Sri Lanka. The Chamber has been offering a range of services to SMEs through different departments within the Chamber as well as through a large number […]
Sri Lanka delisted by European Commission from list of high risk 3rd countries
May 12, 2020 (LBO) – The European Commission has de-listed Sri Lanka from its list of High Risk Third Countries with Anti- Money Laundering and Countering the Financing of Terrorism Strategic Deficiencies published on May 07, 2020. Since the listing by the FATF, the Financial Intelligence Unit (FIU) together with other stakeholders had taken a […]
EFutures helps Global Vinyl to set up SAP on AWS
Using cloud services can be overwhelming at times especially when your organization has no prior experience utilizing cloud services for any business application deployment beforehand. This article elaborates on how a managed cloud service provider like EFutures Private Limited can ease the transition of business application hosting from on premise to cloud, along with the […]
IMF discusses Sri Lanka’s intention to replace EFF with rapid financing instrument
May 08, 2020 (LBO) – The International Monetary Fund (IMF) says that they are currently discussing Sri Lanka’s intention to replace the Extended Fund Facility (EFF) arrangement that the country had with the rapid financing instrument as the current IMF program is about to be completed. During a press briefing held at the IMF yesterday, […]
Sri Lanka gross official reserves down to USD7.2 bn by end-April
May 07, 2020 (LBO) – Sri Lanka’s gross official reserves were 7.2 billion US dollars (USD7,179.9mn) by the end of April, down from 7.5 billion US dollars in March, the latest Central Bank data showed. By the end of April, the foreign currency reserves were 6,744.1 million dollars while the reserve position in the IMF […]
CBSL responds to questions asked about concessions granted to businesses
Frequently Asked Questions on concessions granted to COVID -19 hit Businesses including Self-Employment and Individuals
Central Bank of Sri Lanka further reduces policy rates to support economic activity
May 06, 2020 (LBO) – The Monetary Board of the Central Bank of Sri Lanka, at a special meeting held on 06 May 2020, reviewed the current monetary policy stance and decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points […]
COVID-19: out of chaos comes opportunity. But opportunity must be seized to become reality.
By Jekhan Aruliah Tinned fish to tin houses: in the weeks of the 2020 Corona curfews we frequently saw on television and on Facebook fish in metal tins donated to families in metal huts. The Covid-19 Crisis shone a stark light on the large segment of our population in Sri Lanka living in chronic dire […]
Resumption of civilian life and office work begins from May 11
May 04, 2020 (LBO) – While the curfew is in force in the districts of Colombo, Gampaha, Kalutara and Puttalam, the resumption of civilian life and state and private sector activities will begin from Monday, 11th May, the Presidents office said. In order to ensure return to normalcy in civilian life and to revive the […]