Category: Economy
SriLankan Airlines incurs to Rs.13Bn loss in first 4 months of 2019
Jul 02, 2019 (LBO) – State-run SriLankan Airlines total loss has increased to 12,961 million rupees in the first four months of 2019, a new report said. The total debt of Sri Lankan exceeded US 750 million dollars, according to mid –year Fiscal Position Report -2019 of the Finance Ministry. “While the Government is currently […]
Sri Lanka public servant pay hike effective from today
Jul 01, 2019 (LBO) – The salary increment and other allowances for public servants proposed by Finance Minister Mangala Samaraweera in his budget 2019 is effective from today (July 01). Accordingly, all public servants will receive an additional monthly allowance of 2500.00 rupees, the Finance Ministry said issuing a statement. Also, allowance for security forces […]
Accountants can assist in implementing effective tax system: Inland Revenue COMNR GEN
Jun 27, 2019 (LBO) – The new Commissioner General of Inland Revenue, Nadun Guruge recently highlighted the important role Chartered Accountants can play in ensuring an effective and efficient tax system in the country. Speaking at the felicitation ceremony organized by CA Sri Lanka, Guruge who assumed duties as the 33rd Commissioner-General also noted that […]
Sri Lanka successfully launches USD bond with over 3 times oversubscription
Jun 25, 2019 (LBO) – Sri Lanka returned to the US dollar bond markets, successfully pricing a new issuance of 500 million dollars 5-year and 1.5 billion dollars long 10-year bonds with over three times over subscription. The Central Bank said the final orderbook stood at over 1.8 billion dollars across 165 accounts for the […]
Sri Lanka launches its National Card Scheme
Jun 24, 2019 (LBO) – The Central Bank of Sri Lanka together with LankaClear (LCPL) achieved a significant milestone in the country’s payment landscape by launching the National Card Scheme (NCS). The Central Bank said in a statement that the NCS will be operated by LCPL in partnership with the international payment card operator JCB […]
”s proposed senior unsecured USD bonds
Jun 24, 2019 (LBO) – Moody’s Investors Service has today assigned a B2 rating to Sri Lanka’s proposed senior unsecured US dollar-denominated bonds. The rating is based on the preliminary offering memorandum received on 19 June 2019, Moody’s said in a statement. The bonds will rank pari passu with the Government of Sri Lanka’s current […]
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Jun 24, 2019 (LBO) – Fitch Ratings has assigned Sri Lanka’s forthcoming US dollar bonds an expected rating of ‘B(EXP)’. The rating agency said the expected rating is in line with Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B’ with a Stable Outlook. The firm added that the rating on the bonds would […]
Moody’s cuts SL GDP forecast to 2.6-pct amid challenges of tourism, debt refinancing
Jun 20, 2019 (LBO) – Moody’s Investors Service have revised down their 2019 real GDP forecast to 2.6 percent from the previous estimate of 3.4 percent based on prospects for lower tourism arrivals and spending. Terrorist attacks of April 2019 will curb tourism, adding pressure to public and external finances, the firm said in their […]
Sri Lanka GDP accelarates to 3.7-pct in Q1 2019
June 20, 2019 (LBO) – Sri Lanka’s economic growth rate is estimated as 3.7 percent for the first quarter of 2019, data from the state statistics office show. The Gross Domestic Product (GDP) at constant (20 I0) prices for the first quarter of 2019 recorded as 2,326,273 million rupees and GOP reported for the first […]
Sri Lanka CB launch roadmap for sustainable finance
Jun 20, 2019 (LBO) – The Central Bank launched the roadmap for sustainable finance in Sri Lanka and hosted a high-level seminar for senior officers of financial institutions and stakeholders, recently. This was the national launch of the roadmap for sustainable finance which was unveiled globally in April 2019 at the sustainable banking network global […]
Sri Lanka to raise up to Rs 480bn debt under Active Liability Management Act
Jun 19, 2019 (LBO) – Cabinet nod has been received to move a resolution in Parliament to raise up to 480 billion rupees under the provisions of the Active Liability Management Act. Accordingly, taking into consideration the Public Debt maturity structure during the period from 2020 to 2029, the Central Bank has recommended to raise […]
Sri Lanka’s real estate and construction industries continue stoically, post Easter Attack
(PRESS RELEASE) – Sri Lanka’s construction sector which ranks as the 5th highest in the nations GDP earnings, after Services, Manufacturing, Agriculture and Utilities continues unhindered. The sector reports continued interest from local and international buyers who believe “Sri Lanka will bounce back”, from the recent Easter Sunday attacks that took place on April 21 […]