Category: Policy
Foreign Ministry helps local exporters overcome adverse impact of COVID 19
Jun 12, 2020 (LBO) – Comprehensive measures taken by the Ministry of Foreign Relations, in close coordination with the key Government Economic Agencies and the private sector to address and mitigate the impact of COVID 19 particularly on Sri Lankan exports, has helped in sustaining and regaining lost markets for traditional Sri Lankan exports, while […]
President wants quick solutions to fertilizer related issues
Jun 10, 2020 (LBO) – President Gotabaya Rajapaksa instructed officials to find immediate solutions to issues faced by farmers relating to the supply, distribution and use of fertilizer. The issue of fertilizer is a common occurrence in many districts when cultivation starts. Short, medium and long term solutions should be found to address the issue, […]
S&P lowers Sri Lanka’s credit rating to ‘B-’
May 21, 2020 (LBO) – Rating agency S&P has lowered Sri Lanka’s long-term sovereign credit rating to B- from B, with a stable outlook, citing the government’s worsening fiscal position. S&P expects the COVID-19 outbreak to push Sri Lanka’s economy into a recession in 2020, against earlier expectations of a rebound. This would weaken Sri […]
Sri Lanka official reserves at USD 7.9Bn at end Feb 2020
May 18, 2020 (LBO) – Sri Lanka’s gross official reserves stood at 7.9 billion dollars at end February 2020, equivalent to 4.7 months of imports, the Central Bank said. Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector, amounted to 10.9 billion dollars at end February 2020, equivalent […]
Sri Lanka trade deficit shrinks in Feb 2020
May 18, 2020 (LBO) – The deficit in Sri Lanka’s trade account widened in February 2020 to 574 million dollars, from 451 million dollars in February 2019, as the increase in imports surpassed the increase in exports. However, on a month on month basis, the trade deficit in February 2020 recorded a contraction. On a […]
Repatriation and replacement of lost foreign jobs: Handling labour migration during COVID-19
Bilesha Weeraratne Sri Lanka, which has been sending workers abroad for employment for decades, is now faced with the formidable challenge of repatriating large numbers of migrant workers affected by COVID-19. Having successfully brought back students from China, UK, Australia, and South Asia and pilgrims from India, the authorities are now making plans to repatriate […]
We cannot allow irrational laws to impede our economy: President
May 15, 2020 (LBO) – President Gotabaya Rajapaksa said that irrational laws should not obstruct the policies formulated to achieve the economic objectives of the people. The President stated this during a discussion with officials and ministry secretaries attached to the Plantation Industry sector at the Presidential Secretariat on May 14.The meeting was called to […]
Mangala asks President to re- summon Parliament to approve public expenditure
Apr 29, 2020 (LBO) – Former Finance Minister Mangala Samaraweera in a letter to President Gotabaya Rajapaksa has urged him to exercise his powers as the Head of State at this critical time and to summon the Parliament as soon as possible with the support of all parties represented in Parliament. He said that this […]
SL appoints Presidential task force on economic revival and poverty eradication
Apr 23, 2020 (LBO) – President Gotabaya Rajapaksa has appointed a Presidential Task Force in charge of Economic Revival and Poverty Eradication. It has been established under the powers vested in the President by the Constitution. The Task Force is responsible for reviving the economy and eradication of poverty while paying special attention to the […]
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 […]
”: Economic impact of COVID-19 on Sri Lanka
Kithmina Hewage Over a quarter of the world’s population is currently under movement restrictions. For the first time in recent human history, coronavirus has shattered the myth that the economy must come first. While public health concerns, undoubtedly, should take precedence over all other considerations when dealing with the COVID-19 pandemic, it would be unwise […]