Category:
‘s path to recovery
IMF Managing Director Kristalina Georgieva says that it is now important for the authorities and creditors to make swift progress toward restoring debt sustainability consistent with the IMF-supported program. “The authorities’ commitments to transparently achieve a debt resolution, consistent with the program parameters and equitable burden sharing among creditors in a timely fashion, are welcome,” […]
IMF Executive Board Approves USD3 Bn Under the Extended Fund Facility (EFF) Arrangement
The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion). Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis.The economy is facing significant challenges stemming […]
Opinion: IMF Programme #17, Takes two to tango
By Daniel Alphonsus Countries never learn from others’ mistakes, they only learn from their own. Sri Lanka is an exception: we don’t even learn from our folly. Apparently neither does the IMF. Sri Lanka’s 17th IMF programme is set to be approved on March 20th. Is it welcome? Yes. Will it break Sri Lanka’s reform-regress-run […]
Ceylinco Life retains market leadership for 19th consecutive year in 2022
Ceylinco Life policyholders received a mammoth Rs 18.9 billion in net claims and benefits in 2022, as the Company achieved its 19th consecutive year of market leadership in Sri Lanka’s life insurance sector with gross written premium income of Rs 29.16 billion for the 12 months ending 31 st December. Premium income grew by a […]
Ekva to energise Sri Lanka’s startups
Ekva LLC, a US company with strong Sri Lankan roots spearheaded by Amith Boteju, CEO will be in Sri Lanka to find promising startups in any industry for the company’s accelerator. “We aim to invest and guide promising startups to build sustainable businesses and raise funds. Selected startups will be offered an investment from Ekva […]
Indian Min Jaishankar inaugurates “Geoffrey Bawa: It is essential to be there” marks 75 yrs of Indo-Lanka relations
Indian Minister of External Affairs Dr. S. Jaishankar inaugurated the Sri Lankan exhibition “Geoffrey Bawa:It is Essential To be There” at the National Gallery of Modern Art in New Delhi recently. Indian Minister of State for External Affairs and Culture Meenakshi Lekhi was also present on this occasion. The historic exhibition which features the works […]
Royal Thomian – An Outsider’s Perspective
March 19, 2023 (LBO) – I was born and schooled in the United States. In a very unlikely scenario, I ended up marrying a Sri Lankan, having a family, and settling down in Sri Lanka. In another unlikely scenario, I decided to send my boys to S. Thomas’ Preparatory school as opposed to international school. […]
Largest capacity crane in Sri Lanka unloaded at HIP
Last week, the largest capacity crawler crane in Sri Lanka was unloaded at Hambantota International Port. The crane, with a 750-ton lifting capacity, will be initially used for Hiruras Wind Power Project in Mannar. The German built Liebherr brand crane was being used in Japan and has now been imported to Sri Lanka for civil […]
Seylan Bank opens INR Nostro account to catalyse Indo-Lanka trade
Seylan Bank recently announced the opening of an Indian Rupee (INR) Nostro account with Indian Bank, Mumbai. This development will allow importers and exporters in the two countries to carry out trade transactions in a mutually beneficial manner. The move follows the recent declaration by the Central Bank of Sri Lanka (CBSL), making the Indian […]
Sri Lanka records 7.8-pct negative growth for 2022
The Department of Census and Statistics (DCS) states that the year-on-year GDP growth rate for the year 2022 has been estimated as a 7.8 percent negative growth, against the value reported in the previous year 2021. Further, the Gross Domestic Product for Sri Lanka for the year 2022 at the constant price (2015) has declined […]
Eran urges Govt to disclose contents in IMF agreement
Even though the present government said no, the Samagi Jana Balawega emphasized from the beginning that this country needs some sort of agreement and financial assistance from the International Monetary Fund because it gives a signal to the international market that there is a financial discipline in the country paving the way for bilateral and […]
First Capital maintains domestic debt restructuring probability low at 20-pct
First Capital maintains the domestic debt restructuring (DDR) probability at 20%, highlighting that the domestic debt restructuring probabilities stand low for Sri Lanka. Following are the arguments for and against presented by First Capital in terms of DDR. Arguments Against Local Debt Restructuring • Rupee investors equivalent to having suffered debt restructuring: With the steep […]