Category: Economy
‘s EXIM Bank for Central Expressway
Mar 22, 2019 (LBO) – The Export- Import Bank of China (EXIM Bank) has agreed to provide a concessional loan amounting to US 989 million dollars covering 85 percent of the contract price, for the Central Expressway Project – Section 1 from Kadawatha to Meerigama. The loan is the single largest loan approved by the […]
‘s NBFIs pressured by weak economic growth and vehicle sales
Mar 21, 2019 (LBO) – Fitch Ratings expects Sri Lankan non-banking financial institutions (NBFI) to continue to face pressure on asset quality and profitability in the medium term. The ratings agency says a slowdown in Sri Lanka’s economic activities and lacklustre growth in the sector’s core vehicle-financing segment continue to weigh on NBFI’s financial profiles. […]
Sri Lanka GDP grows 3.2-pct in 2018
Mar 21, 2019 (LBO) – The Department of Census and Statistics (DCS) releasing the estimated Gross Domestic Product (GDP) data said the islands economic growth rate for the year of 20 18 has been estimated as 3.2 percent. The GDP for Sri Lanka for the year of 20 18 (January to December) at constant (2010) price […]
EU-Sri Lanka investor dialogue discusses liberalization of shipping sector
Mar 18, 2019 (LBO) – The 8th EU-Sri Lanka investor dialogue was held at the Ministry of Development Strategies and International Trade and many outstanding matters were resolved through dialogue and the joint efforts of the two sides. “I am very pleased that we have made considerable progress in resolving outstanding issues and building up our […]
Sri Lanka vehicle registrations slowed in Feb. 2019 on slowing demand
Mar 18, 2019 (LBO) – Sri Lanka recorded total car registrations at 2,347 units in the month of February 2019 significantly down from 3,147 units the previous month and significantly down from 5,024 units 12 months ago, new data shows. Brand new motor cars recorded 434 units in February marginally up from 429 units the […]
”’ Rating
Mar 14, 2019 (LBO) – Fitch Ratings has assigned a final rating of ‘B’ to the following bonds issued by Sri Lanka on 7 March 2019: USD1 billion 6.85% bond due 2024, USD1.4 billion 7.85% bond due 2029. This replaces the expected rating of ‘B (EXP)’ that Fitch assigned on 6 March 2019. KEY RATING DRIVERS […]
‘s new tourism advisory committee gets down to work
Mar 14, 2019 (LBO) – With an eye on achieving the targeted 3 million tourist arrivals this year, a newly constituted Tourism Advisory Committee has been appointed by Minister of Tourism Development, Wildlife and Christian Religious Affairs, John Amaratunga. The 14 member committee comprises of private sector tourism stakeholders and is headed by business magnate Harry […]
Sri Lanka reserves at USD 6.9Bn at end 2018: Trade deficit declined
Mar 14, 2019 (LBO) – The trade deficit declined significantly in December 2018 (year-on-year) with a notable deceleration in import expenditure, data shows. Exports grew by 1.4 percent while imports fell by 15.3 percent in December 2018 (year-on-year), the Central Bank of Sri Lanka said. Total exports of goods grew by 4.7 per cent in 2018 […]
UK’s Flexicare launches USD 10Mn health care manufacturing facility in SL
Mar 13, 2019 (LBO) – Flexicare Lanka (Pvt) Ltd., a fully owned subsidiary of Flexicare Group, UK launched the construction of a state-of-the art modern manufacturing facility in Bandaragama with an investment of over US 10 million dollars, recently. The project is approved by the Board of Investment of Sri Lanka.Flexicare Group UK Managing Director, Hash […]
Fuel prices increased; Petrol hiked to Rs.132
Mar 13, 2019 (LBO) – Sri Lanka Government increased the price of petrol (92 Octane) by 3 rupees to 132 rupees a litre and auto diesel by 1 rupee to 104 rupees from midnight yesterday, the finance ministry said. Petrol (Octane 95) will now be sold at Rs. 159, after an increase by Rs. 7 a […]
‘s Michelin eyes Sri Lanka for new operations
Mar 13, 2019 (LBO) – A delegation from Michelin, the French tire manufacturing giant met with the Board of Investment Chairman Hemasiri Fernando and Champika Malalgoda, Director General of the BOI. By acquiring Camso Lodestar the leader in the manufacture of solid rubber tires in the country and a BOI enterprise, Michelin are now established […]
SL fiscal consolidation plans challenging without policy effectiveness and faster growth
Mar 12, 2019 (LBO) – Achieving Sri Lanka’s deficit and debt targets will be challenging without a significant increase in fiscal policy effectiveness and faster Gross Domestic Product (GDP) growth, a rating agency said in a statement. ‘Sri Lanka’s ambitious fiscal consolidation targets – when the country has not had a fiscal deficit below 5.0 […]