Category: Economy
‘s liquidity & external risks: Moody’s
Apr 29, 2020 (LBO) – Sri Lanka (B2 review for downgrade) is facing simultaneous domestic and external shocks amid the global coronavirus outbreak, Moody’s Investors Service said in an issuer in-depth analysis. According to the analysis, capital outflows, marked local currency depreciation, wider risk premia and a further decline in real GDP growth will raise […]
Mangala asks President to re- summon Parliament to approve public expenditure
Apr 29, 2020 (LBO) – Former Finance Minister Mangala Samaraweera in a letter to President Gotabaya Rajapaksa has urged him to exercise his powers as the Head of State at this critical time and to summon the Parliament as soon as possible with the support of all parties represented in Parliament. He said that this […]
‘s growth forecast to 1.5-pct in 2020
Apr 28, 2020 (LBO) – Central Bank expects that the real GDP growth in Sri Lanka to decelerated to around 1.5 percent in 2020 before the economy recovers to attain its envisaged potential over the medium term. “The COVID-19 pandemic will adversely impact the progress of the economy during the year, contrary to previous expectations […]
Sri Lanka records a subdued growth of 2.3-pct in 2019: CBSL Annual Report
Apr 28, 2020 (LBO) – Sri Lankan economy recorded a subdued growth of 2.3 percent in 2019, compared to the growth of 3.3 percent in 2018, as per the provisional estimates of GDP of the Department of Census and Statistics (DCS). All major sectors of the economy recorded positive, but modest growth rates, releasing its […]
WTO, IMF call on countries to remove recent trade restrictions
Apr 24, 2020 (LBO) – The World Trade Organization (WTO) and The International Monetary Fund (IMF) call on governments to refrain from imposing or intensifying export and other trade restrictions and to work to promptly remove those put in place since the start of the year. Releasing a joint statement on trade and the COVID-19 […]
”; outlook negative
Apr 24, 2020 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to ‘B-‘, from ‘B’ with a negative outlook. Full statement KEY RATING DRIVERS The downgrade of Sri Lanka’s IDRs reflects the following key rating drivers. The shock to Sri Lanka’s economy from the coronavirus pandemic will […]
SL appoints Presidential task force on economic revival and poverty eradication
Apr 23, 2020 (LBO) – President Gotabaya Rajapaksa has appointed a Presidential Task Force in charge of Economic Revival and Poverty Eradication. It has been established under the powers vested in the President by the Constitution. The Task Force is responsible for reviving the economy and eradication of poverty while paying special attention to the […]
Sri Lankan consumer retail, construction, hotels most affected: Fitch Ratings
Apr 22, 2020 (LBO) – Fitch-rated Sri Lankan corporates in consumer goods retail, construction and hotels will be among the most affected by the coronavirus pandemic in Sri Lanka, says Fitch Ratings. Full statement Companies in consumer goods retail and construction-related activities also have lower rating headroom than in most other sectors. The ultimate impact […]
Opinion: COVID-19 and foreign exchange woes: Can Sri Lanka find a way out?
Bilesha Weeraratne Growing pressure on Sri Lanka’s scarce foreign exchange resources, due to the wide spread of COVID-19 across the globe, is now more real than ever before. To ease this pressure, the Central Bank of Sri Lanka (CBSL) has taken many measures to attract as well as retain more foreign exchange in Sri Lanka. […]
Online forum on COVID-19 with Tourism industry leaders by Advocata
Advocata Institute is hosting a panel discussion with tourism industry leaders, Kimarli Fernando (Chairperson, Sri Lanka Tourism), Vipula Gunatilleka (CEO, SriLankan Airlines), Sanath Ukwatte (Chairman, Sri Lanka Hotel Association), Mahen Kariyawasam (President, Sri Lanka Inbound Travel Operators); moderated by Murtaza Jafferjee (Chair, Advocata Institute) on the impact of COVID-19 on Sri Lanka’s Tourism Industry. The […]
Economic impact of COVID-19 in Sri Lanka: Insights by ICRA
Apr 18, 2020 (LBO) – ICRA Lanka expects the Sri Lankan economy to face a recession of magnitude -1.9% in 2020 with a U-shape recovery path returning to its pre-crisis level by Q1 of 2021. “All alternative scenario simulations point to recessionary outcomes – an escalation of the pandemic leading to a severe L-shape recession […]
CCC proposes public-private shared vision for economic recovery post-COVID
Apr 17, 2020 (LBO) – The Ceylon Chamber of Commerce, in a communication to the President has proposed a Shared Vision, Economic Recovery Strategy and Stimulus Plan targeting an accelerated Post-COVID-19 recovery of the Sri Lankan Economy. The following sets out the key elements of the proposal addressed to the President by the Ceylon Chamber […]