Category: Economy
‘s November Exports Reach USD 1.27 Bn Amidst Minimal Growth
Total exports for November 2024, including both merchandise and services, were recorded at US$ 1,269.33 million, reflecting a marginal increase of 0.04% compared to the same period in 2023. As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in November 2024 amounted to US$ 943.1 million, reflecting a 5.6% […]
” from Restricted Default
Fitch Ratings has upgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’, from ‘RD’ (Restricted Default). Fitch typically does not assign an Outlook to sovereigns with a rating of ‘CCC+’ or below. Fitch has also upgraded the Local-Currency IDR to ‘CCC+’, from ‘CCC-‘, to align with the Long-Term Foreign-Currency IDR, as the risk […]
‘s GDP Growth at 5.5-pct in Q3 2024
Sri Lanka has experienced a economic upturn, with the Gross Domestic Product (GDP) expanding by 5.5% in the third quarter of 2024 compared to the same period last year. The GDP for the third quarter of 2024 at constant price (2015) has increased up to Rs. 3,151,941 million from Rs. 2,987,544 million which recorded in […]
Sri Lanka Reports High Participation in ISB Exchange Offer, Aiming for 98-pct Conversion
Sri Lanka’s Ministry of Finance has announced the successful expiration of its Consent Solicitation and Exchange Offer for International Sovereign Bonds (ISBs). The preliminary results show a remarkably high participation rate among market participants, signaling strong confidence in the country’s financial restructuring efforts. On 25 November 2024, Sri Lanka issued an Invitation to ISB holders […]
TISL Unveils Landmark Research on Private Sector Corruption Risks
Transparency International Sri Lanka (TISL) launched its ‘Corruption Risk Mapping Research: A Study on Sri Lanka’s Private Sector’ on December 12 at the BMICH in Colombo. This report presents an in-depth analysis of corruption risks within Sri Lanka’s private sector and explores potential measures to address them. Compiled by an Independent Researcher, this research documents […]
Strengthening sustainability: JAAF and Solidaridad chart path for EU market alignment
The Joint Apparel Association Forum (JAAF) and Solidaridad, a civil society organization, recently co-hosted a one-day workshop in Colombo to address the European Union’s Corporate Sustainability Due Diligence Directive (CSDDD). Introduced in 2023, the CSDDD requires companies in EU-bound supply chains to meet stringent environmental and human rights standards. While Sri Lankan suppliers are not […]
The UK-Sri Lanka Trade Mission Highlights Export Potential of Women-Led Businesses in Jaffna
The United Kingdom (UK)-Sri Lanka Trade Mission, co-organized by the International Trade Centre (ITC) and the Sri Lanka Export Development Board (EDB), successfully concluded its Jaffna program on 4th December 2024. This initiative highlighted the export potential of women-led businesses in Sri Lanka, particularly in the Northern region. The programme, part of the UK Government-funded […]
‘s Exports Surge by 18-pct in October 2024
As per the provisional data released by the Sri Lanka Customs, the country’s merchandise export performance in October 2024 reached an impressive US$ 1,097.1 million. This marks an 18.22% increase compared to October 2023, mainly driven by growth in the export of Apparel & Textiles, Tea, Rubber-based products, Coconut-based products, and Spices & Concentrates. Notably, […]
”s long-term foreign currency issuer rating on review for upgrade
Moody’s Ratings (Moody’s) has announced a review for a potential upgrade of the Government of Sri Lanka’s Ca long-term foreign currency issuer rating, which was previously assessed as stable. Accordingly, Moody’s has assigned (P)Caal foreign currency senior unsecured ratings to Sri Lanka’s new USD-denominated issuances in its exchange offer. These include the macro-linked bonds (MLBs), […]
IMF Managing Director Kristalina Georgieva Issues Statement to Financial Community on Sri Lanka
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement about Sri Lanka to Members of the Financial Community today: “The Sri Lankan authorities have been implementing an ambitious economic reform program supported by the IMF, which aims to restore debt sustainability and external viability, underpin broad macroeconomic reforms, and strengthen […]
Local Consortium of SL Commits to Supporting Govt’s International Sovereign Bond Restructuring
The Local Consortium of Sri Lanka (the “LCSL”), comprised of domestic commercial banks and financial institutions, commits its full support for the Exchange Offer and Consent Solicitation launched today by the Government of Sri Lanka (the “Government”) to restructure the US$12.55bn in outstanding International Sovereign Bonds (“ISBs”) including terms tailored for local holders (the “Local […]
Ceylon Chamber of Commerce Welcomes Staff-Level Agreement for Third Review of IMF Program
The Ceylon Chamber of Commerce welcomes the announcement of a staff-level agreement for the third review under the International Monetary Fund (IMF) Extended Fund Facility program for Sri Lanka. This agreement underscores the progress the country has made in implementing structural reforms and achieving fiscal sustainability during this critical period of economic recovery. While acknowledging […]