Category: Economy
”s B2 ratings on review for downgrade
Apr 17, 2020 (LBO) – Moody’s Investors Service (“Moody’s”) has today placed the Government of Sri Lanka’s long-term foreign-currency issuer and senior unsecured B2 ratings under review for downgrade. Full statement Rating Action: Moody’s places Sri Lanka’s B2 ratings on review for downgrade Singapore, April 17, 2020 — Moody’s Investors Service (“Moody’s”) has today placed […]
‘s request for Rapid Credit Facility this week
Apr 17, 2020 (LBO) – The International Monetary Fund (IMF) is starting to review Sri Lanka’s request for Rapid Credit Facility this week, the international organization said. During a press briefing held yesterday, IMF’s Director of Asia and Pacific Department, Changyong Rhee confirmed that they received a letter from Sri Lanka’s government about the Rapid […]
President discusses rebuilding economy amidst COVID-19 challenges
Apr 16, 2020 (LBO) – President Gotabaya Rajapaksa discussed rebuilding the economy in the face of the current challenges during a meeting with the secretaries to ministries yesterday (15) at the Presidential Secretariat. A focal point of the discussion was on returning to normalcy without compromising safety. To do so, the President emphasized the need […]
ADB triples COVID-19 response package to USD20Bn
Apr 14, 2020 (LBO) – The Asia Development Bank (ADB) has tripled the size of its response to the novel coronavirus disease (COVID-19) pandemic to US20 billion dollars and approved measures to streamline its operations for quicker and more flexible delivery of assistance. The package expands ADB’s $6.5 billion initial response announced on 18 March, adding $13.5 […]
Sri Lanka introduces special deposit account to manage COVID-19 challenges
Apr 12, 2020 (LBO) – Sri Lanka’s Government in consultation with the Monetary Board of the Central Bank has introduced a Special Deposit Account (SDA) with the view to seek assistance for the national effort to overcome the effects of COVID-19 outbreak in the country. All Sri Lankans and well-wishers living in Sri Lanka and […]
PwC expects real GDP growth in Sri Lanka to be less than 2-pct this year
Apr 09, 2020 (LBO) – PricewaterhouseCoopers (PwC) expects real GDP growth in the Island to be less than 2 percent this year even if the pandemic is contained by mid-2020. Prior to the Coronavirus outbreak, the Central Bank expected the economy to grow at 4.5-5 percent with a modest recovery from the Easter Sunday attacks […]
Curfew, Lock down and Economic Livelihoods
By Sharhan Muhseen 6th April 2020 National policymakers have been grappling on the right balance between lockdowns (total or partial) and maintaining a functioning economy to safeguard the livelihood of its citizens and viability of its corporate sector. Whilst no solution seems optimal, the need for a well-orchestrated recovery strategy is central to avoid a […]
COVID-19 prevention program proceeds with professional expertise: President
Apr 06, 2020 (LBO) – Presided by President Gotabaya Rajapaksa, a discussion took place at the Presidential Secretariat to review the progress of the COVID-19 prevention program and to decide on the steps needed to take this program forward. President of Government Medical Officers Association Dr. Anuruddha Padeniya analyzed the manner this virus had affected […]
Central Bank further reduces policy interest rates by 25 basis points
Apr 03, 2020 (LBO) – The Monetary Board of the Central Bank today decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points to 6.00 percent and 7.00 percent, respectively, effective from the close of business on 03 April 2020. The Central Bank said this […]
World Bank fast-tracks USD128Mn COVID-19 support for Sri Lanka
Apr 03, 2020 (LBO) – The World Bank’s Board of Executive Directors yesterday approved the $128.6 million Sri Lanka COVID-19 Emergency Response and Health Systems Preparedness Project to help the country prevent, detect, and respond to the COVID-19 pandemic and strengthen its public health preparedness. The new fast track package will benefit the entire Sri […]
Sri Lanka suspends all restrictions on foreign currency inflows
Apr 02, 2020 (LBO) – Sri Lanka’s Cabinet of Ministers has decided to suspend all restrictions on foreign currency inflows into the Island during the COVID-19 preventive period, defined as the three months commencing 2 April 2020. Releasing a statement, the Central Bank Governor Professor W D Lakshman invites all in Sri Lanka and abroad […]
‘s headline inflation decreased to 5.4-pct in March
Mar 31, 2020 (LBO) – Headline inflation as measured by the year-on-year change in the Colombo Consumer Price Index declined to 5.4 percent in March 2020 from 6.2 percent in February 2020, the Statistics Department said. This was due to the decline in the prices of items in the Food category. Accordingly, Food inflation (Y-o-Y) […]