Category: Economy
Sri Lanka election result increases policy uncertainty: Fitch Ratings
Nov 21, 2019 (LBO) – Sri Lanka’s presidential election significantly increases policy uncertainty and could prompt loosening that exacerbates fiscal weaknesses and a rollback of reforms, Fitch Ratings says. However, whether these risks materialise remains to be seen as a clear policy direction may only start to emerge after parliamentary elections. Gotabaya Rajapaksa of the […]
Sri Lanka stocks up after GR election victory
Nov 18, 2019 (LBO) – Sri Lanka’s All Share Index rose 94 points or 1.56 percent to 6,117 points in the first half of the day of trading following the election victory of Gotabaya Rajapaksa as the new President. Stock indexes were up across the board with index heavy John Keells Holdings showing a gain […]
Sri Lanka Prosperity Index increased in 2018 with improvements in all sub-indices
Nov 15, 2019 (LBO) – Sri Lanka Prosperity Index (SLPI) that measures the level of prosperity of the country increased to 0.783 in 2018 from 0.548 recorded in 2017, the Central Bank data showed. SLPI is a composite indicator compiled by the Statistics Department of the Central Bank and comprises three sub-indices measured using 43 […]
Attorney General advises Central Bank not to make Forensic Audit reports public
Nov 12, 2019 (LBO) – Sri Lanka’s Attorney General has opined that the findings of the Forensic Audit reports should be treated as having the potential to be evidence in investigations and access should be limited to those who have statutory authority to access them. Given the nature of findings, the Monetary Board sought the […]
Sri Lanka official reserves at USD7.8bn by end October
Nov 08, 2019 (LBO) – Sri Lanka’s gross official reserves were 7.8 billion US dollars (USD7,783.6mn) by the end of October, up from 7.6 billion US dollars in September, the latest Central Bank data showed. By the end of October, the foreign currency reserves were 6,757 million dollars while the reserve position in the IMF […]
US Embassy explains next steps for MCC grant
Nov 06, 2019 (LBO) – With presidential elections approaching, the United States anticipates working toward grant signing and parliamentary approval with the Government of Sri Lanka after November 16, 2019, the US Embassy said. Welcoming the cabinet decision to approve the grant, the embassy explained the next steps for the Millennium Challenge Corporation Development Assistance […]
Sri Lanka economy remains vulnerable to adverse shocks: IMF
Nov 05, 2019 (LBO) – Sri Lanka’s economy remains vulnerable to adverse shocks given the high public debt and low reserves, the International Monetary Fund (IMF) stressed. Releasing the country report following the sixth review of the country’s EFF, the IMF said the risks have intensified in the aftermath of the Easter Sunday attacks, amid […]
Sri Lanka economy to grow 3.5-pct in 2020: Central Bank
Nov 05, 2019 (LBO) – The Sri Lankan economy is projected to grow by around 3.5 percent in real terms in 2020, a new Central Bank report says. “The growth is expected to be broad-based and positively contributed by all major economic activities,” it says. “Further, investor confidence, which was adversely affected by domestic uncertainties, […]
Sri Lanka FDI down in first half of 2019: Dips in service and infrastructure sectors
Nov 05, 2019 (LBO) – The Central Bank says that Foreign Direct Investment (FDI) including loans to projects approved by the Board of Investment (BOI), decreased by 61.3 percent during the first half of 2019 compared with the same period last year. The island received US 553.2 million dollars in the first six months of […]
‘s EFF with USD164mn disbursement
Nov 02, 2019 (LBO) – Sri Lanka’s Central Bank should maintain a data-dependent monetary policy, completing the sixth review of the country’s extended arrangement under the Extended Fund Facility (EFF), the IMF said. The completion of the sixth review, upon the granting of a waiver of non‑observance for the end‑June 2019 performance criterion on the […]
Opinion: Are apartment developers moving to suburbs?
LankaPropertyWeb’s (LPW) With Colombo city turning into a business hub more than a residential area, recent studies of LankaPropertyWeb (LPW) show that apartment developers are now exploring the suburbs to cater to the growing interest for vertical living amongst the locals. The numerous developments taking place in the main city resulting in diminishing space amongst […]
Ceylon Chamber advocates 12 focus areas to accelerate economic growth
Oct 30, 2019 (LBO) – The Ceylon Chamber of Commerce has identified twelve (12) areas as priority areas for Sri Lanka’s economic development in the 2020-25 period. The chamber launched the working draft of the Sri Lanka Economic Acceleration Framework (SEAF) 2020-25 on 17 September 2019 with the aim of identifying key areas for the […]