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Financing assurances from creditors crucial before IMF financial support: Staff Mission
Financing assurances to restore debt sustainability from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors are crucial before the IMF can provide financial support to Sri Lanka, after reaching a staff-level agreement, the IMF team said. The objectives of Sri Lanka’s new Fund-supported program are […]
IMF Staff Reaches Staff-Level Agreement on an EFF Arrangement with Sri Lanka: IMF
IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about US$2.9 billion. The objectives of Sri Lanka’s new Fund-supported program are to restore macroeconomic stability and debt sustainability, while safeguarding financial stability, protecting the vulnerable, […]
ADB Approves USD 200 Million Loan to Mitigate Sri Lanka Food Crisis
The Asian Development Bank (ADB) approved a $200 million emergency assistance loan for Sri Lanka, with funds repurposed from other ongoing ADB projects, to improve food security and protect the livelihoods of the poor and vulnerable, especially women and children. “Food insecurity has severely affected the people of Sri Lanka amid the current economic difficulties. […]
SEC, CSE & CA Sri Lanka to capitalize on synergies to encourage & advance non-financial reporting
The Securities and Exchange Commission of Sri Lanka (SEC), the Colombo Stock Exchange (CSE) and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently signed a Memorandum of Understanding (MoU) to encourage and advance non-financial reporting in Sri Lanka. Through the MoU, the three institutions aim to capitalize on mutual interests and […]
CCPI based headline inflation increased to 64.3-pct in August; food inflation increased to 93.7-pct
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index increased to 64.3% in August 2022 from 60.8% in July 2022. This increase in Y-o-Y inflation was mainly driven by the monthly increases of both Food and Non-Food categories. Accordingly, Food inflation (Y-o-Y) increased to 93.7% in August 2022 from […]
Lotus Tower to commence operations on 15 September
The operations of the tallest self-supported structure in South Asia, the Lotus Tower, is planned to commence operations from the 15th of September. With the commencement of operations of the Lotus Tower, which was built at a cost of nearly US$113 million, the Colombo Lotus Tower Pvt Ltd intends to offer the Sri Lankan public […]
Sri Lanka strikes staff-level pact with IMF on loan: reports
Sri Lanka and the International Monetary Fund (IMF) have reached a preliminary, staff-level agreement on an emergency loan and a formal announcement is likely on Thursday, the Reuters news agency reported. A hybrid press conference on the IMF Sri Lanka Extended Fund Facility Mission will be held on Thursday, at 11.00 a.m. at the Central […]
Govt of Sri Lanka and UNDP map out SDG investment for private sector to support recovery
The Government of Sri Lanka and UNDP in Sri Lanka today announced the launch of the Sri Lanka SDG Investor Map (the Map), a market intelligence tool that seeks to direct private capital where Sri Lanka’s Sustainable Development Goals (SDG) priorities, Government policy and market opportunity intersect, as the country seeks to rebuild its economy […]
CCC highlights need to focus on implementation of progressive proposals in interim budget 2022
The Ceylon Chamber of Commerce views the interim budget for 2022 delivered by President Ranil Wickremesinghe in his capacity as Minister of Finance, as a positive step towards rebuilding the macroeconomic framework of the country. The Budget provides an estimate of the expected revenue and expenditure of the Government for 2022 within an environment of […]
‘s interim budget proposals at a glance
A summary of President Ranil Wickremesinghe’s interim budget speech is as follows; By 2025 Government revenue is expected to grow to around 15 percent of GDP from 8.2 percent. The government targeting a primary surplus of more than 2 percent of GDP in 2025 with expectations to improve further. Government intends to reduce public sector […]
President proposes to allocate 20-pct shareholding in BOC & People’s Bank to depositors & staff
In order to meet recapitalization requirement borne out due to increase in interest rates, rising NPLs, loan settlement issues faced by businesses due to economic crisis, and liquidity issues faced by the state banks, it is proposed to allow 20 percent of shareholding of the Bank of Ceylon and People’s Bank by their depositors and […]
‘s Interim Budget Speech – 2022 (Full Text)
Full text of the Interim Budget Speech – 2022 (Amendment to the Appropriation Act, No. 30 of 2021) delivered by President Ranil Wickremesinghe in parliament today (30) “Our aim is to create a surplus in the primary budget by the year 2025. Our effort is to stabilize the economic growth rate. Our aspiration is to […]