Category: Economy
Sri Lanka NCPI down 0.1-ct in Oct 2018
Nov 23, 2018 (LBO) – The National Consumer Price Index (NCPI) , for the month of October 2018, has declined to 0.1 percent from 0.9 percent in September 2018, Director General of Census and Statistics department said. Contributions to the inflation in October 2018 from food group and non-food group are -3.04 percent and 3.10 percent respectively, whilst contributions […]
Sri Lanka BoI ink four investment deals
Nov 23, 2018 (LBO) – The Board of Investment of Sri Lanka recently signed four agreements for projects in apparel, logistics, plant tissue and packaging, a statement from the investment promotion agency said. The first agreement was with First Steps Babywear Lanka (Private) Ltd which will be setting up a manufacturing plant with to produce garments […]
Sri Lanka assures lenders that debt payments will be met on due dates
Nov 21, 2018 (LBO) – Sri Lanka’s government said it wishes to assure all lenders that all dues will be met on the due dates as has been the time-honored tradition of the country where the country has maintained an unblemished track record of debt payments.Releasing a statement, the Finance Ministry said that they have […]
‘s Central Bank says Moody’s latest rating decision is unfounded
Nov 21, 2018 (LBO) – Sri Lanka’s Central Bank on Wednesday said that it is of the view that the decision by Moody’s to downgrade Sri Lanka’s foreign currency issuer and senior unsecured ratings from B1 (Negative) to B2 (Stable) does not properly reflect the country’s macroeconomic fundamentals, and therefore unwarranted. The Central Bank said […]
‘s political crisis puts IMF loan negotiations on hold
Nov 21, 2018 (LBO) – The International Monetary Fund (IMF) loan facility to Sri Lanka, approved in mid-2016, has been put on hold due to the islands prevailing political crisis, a foreign media report said. I The IMF approved the loan facility on the condition of comprehensive economic reforms. Speaking to media two weeks before the […]
Sri Lanka is on the brink of economic anarchy and chaos: Mangala
Nov 20, 2018 (LBO) – Sri Lanka’s former Finance Minister Mangala Samaraweera says that Sri Lanka is on the brink of economic anarchy and chaos as never experienced before. Releasing a statement, Samaraweera says the cavalier and irresponsible actions starting on October 26th places at risk Sri Lanka’s ability to meet its immediate debt obligations. “In […]
‘s downgrades Sri Lanka ratings to B2 amid political crisis
Nov 20, 2018 (LBO) – Moody’s Investors Service has downgraded the Government of Sri Lanka’s foreign currency issuer and senior unsecured ratings to B2 from B1 and changed the outlook to stable from negative. The decision to downgrade the rating to B2 is driven by Moody’s view that ongoing tightening in external and domestic financing conditions and […]
Prosperity Index show gains in North Western, Sabaragamuwa, Southern and Western provinces
Nov 19, 2018 (LBO) – Sri Lanka Prosperity Index (SLPI), increased to 0.771 in 2017 from 0.661 recorded in 2016, mainly due to improvements in ‘Economy and Business Climate’ and ‘Socio-Economic Infrastructure’ sub-indices, the Central Bank said in a statement.. Economy and Business Climate sub-index has improved during 2017, due to increase in per capita […]
Norway provides USD 3.5 mn for local empowerment through ILO
Nov 16, 2018 (LBO) – Norway extended to support up to 30 million NOK (3.5 million USD) to expand the ongoing project on “Local Empowerment through Economic Development and Reconciliation” (LEED+) implemented by ILO. Ambassador of Norway to Sri Lanka Thorbjørn Gaustadsæther and Country Director of the International Labour Organization (ILO) Simrin Singh signed the […]
Mahinda Rajapaksa says fuel price to be further reduced tonight
Nov 15, 2018 (LBO) – In a special statement in Parliament Mahinda Rajapaksa said fuel price will be further revised tonight. “It is only in Sri Lanka the fuel price goes up according to the formula when the world prices are going down,” he said. “This is why tonight the price will be reduced.” Speaking […]
Sri Lanka growth expected to recover to 4 – 4.5-pct in 2019: CB Gov
Nov 15, 2018 (LBO) – There are some positive signs with FDI and exports probably going to be record numbers this year and we envisage Sri Lanka’s growth to be somewhere between 4 -4.5 percent for 2019, the Central Bank Governor said. Growth is expected to remain below envisaged levels in 2018. As per the […]
Sri Lanka CB Chief confident of meeting debt repayment targets in 2019
Nov 14, 2018 (LBO) – Political uncertainty will not have an impact on Sri Lanka’s debt repayment preparations for 2019, the Central Bank Governor said. “Despite the uncertainty we have been operating with business as usual, ” Dr. Indrajit Coomaraswamy, Governor, Central Bank told reporters in Colombo, Wednesday. “CB is ready to cover the January 15th […]