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Financial services company Lazard & law firm Clifford Chance appointed for debt restructuring
The Cabinet has previously approved the provision of the services of an International Financial Adviser and an International Legal Adviser for the Restructuring of External Debt of the Government. According to the call for proposals, 28 proposals have been received regarding obtaining the services of a financial advisor and 23 proposals regarding obtaining the services […]
Private Tutoring Amidst Sri Lanka’s Economic Crisis: Issues Faced by Students
By Usha Perera Sri Lanka’s education sector, still reeling from the effects of the COVID-19 pandemic, now faces acute challenges due to the current political and economic crises. The sudden imposition of curfews and the lack of transportation have resulted in school closures and students being deprived of structured and systematic in-school education. In Sri […]
NCPI based headline inflation accelerated to 34-pct in April; food inflation increased to 45-pct
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index increased to 33.8% in April 2022 from 21.5% in March 2022. This increase in Y-o-Y inflation was driven by the monthly increases of both Food and Non-Food categories. Subsequently, Food inflation (Y-o-Y) increased to 45.1% in April 2022 from 29.5% […]
New Foreign Secretary Aruni Wijewardane assumes duties
The new Secretary to the Ministry of Foreign Affairs, Aruni Wijewardane assumed duties at the Foreign Ministry on 23 May, 2022. She was appointed as the Secretary with effect from 20 May, 2022. After a simple ceremony following the assumption of duties, Foreign Secretary Wijewardane addressed the staff officers of the Ministry. A Member of […]
Sri Lankan merchandise exports grew to an all-time record for the month of April
Earnings from the merchandise exports increased by 11.87% y-o-y to US$ 915.3 Mn in April 2022, the highest monthly value recorded for the month of April. This was mainly due to the increase in earnings from the export of Apparel & Textiles, Coconut based products, and Rubber-based products. Further, a sizable increase was recorded in […]
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Fitch Ratings has affirmed the rating on SriLankan Airlines Limited’s (SLA) USD175 million government-guaranteed 7% unsecured bonds due 25 June 2024 at ‘C’. The affirmation follows the 19 May 2022 downgrade of Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘RD’ from ‘C’, and the downgrade of its foreign-currency bonds issued in international markets […]
We will support govt in reinstating previous tax regime & IMF reforms: Eran Wickramaratne
Statement on Sri Lanka Defaulting on Foreign Debt Payments by Eran Wickramaratne M.P., Former State Minister of Finance On 12 April 2022, Sri Lanka suspended repayment on most of the government’s external foreign currency debt, including the International Sovereign Bonds (ISBs) and bilateral debt. With the end of the 30-days grace period since the ISB […]
Transparency International presents 15 points on essential anti-corruption reforms to revive Sri Lanka
2022 has so far been a tumultuous year for Sri Lanka. With the country teetering dangerously close to defaulting, economists have noted that the situation will only get worse before it can get better. Transparency International Sri Lanka maintains its stance that the prevailing crisis has been caused by decades of misuse and mismanagement of public […]
Nine cabinet ministers sworn in before President
Nine new Cabinet Ministers of the All-Party Government were sworn in before President Gotabaya Rajapaksa at the President’s House in Colombo this morning (20).They are;01. Nimal Siripala de Silva – Minister of Ports, Shipping and Aviation Services 02. Dr. Susil Premajayantha – Minister of Education 03. Dr. Keheliya Rambukwella – […]
Sri Lanka rejects motion on alleged genocide adopted in Canadian Parliament
Sri Lanka notes with regret the adoption of a motion in the Canadian Parliament on the alleged genocide of Tamils in Sri Lanka and recognizing May 18 as Tamil Genocide Remembrance Day, the islands’s Government said in a statement. “The Government categorically rejects the blatantly false allegation of genocide contained in the parliamentary motion […]
‘s current rating associated with 35-pct to 65-pct recovery rate: Moody’s
On 18 May, Sri Lanka (Ca stable) defaulted on its international bonds for the first time, after failing to make its coupon payments that were due on 18 April within the 30-day grace period. The government announced that it would suspend external debt-service payments on 12 April and pursue comprehensive external public debt restructuring in […]
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Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘RD’ (restricted default) from ‘C’. Fitch typically does not assign modifiers for sovereigns with a rating of ‘CCC’, or below. KEY RATING DRIVERS Grace Period Ends: The downgrade of Sri Lanka’s LTFC IDR to ‘RD’ follows expiry of the 30-day grace period […]