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Cabinet approval to initiate discussions with IMF for technical assistance
Cabinet approval has been granted to initiate a discussion with the International Monetary Fund (IMF) for technical assistance, Co-Cabinet Spokesman, Plantation Minister Dr. Ramesh Pathirana said. “Cabinet approval has been given to the finance minister to go ahead and discuss with the IMF and their representatives are already in Sri Lanka. We are getting their […]
President invites Saudi Arabia to invest in several sectors
President Gotabaya Rajapaksa informed Saudi Arabian Foreign Minister Faisal bin Farhan Al Saud that he would like to invite Saudi Arabia to make direct investments in several sectors. The President made these remarks during a meeting held with the Foreign Affairs Minister of Saudi Arabia at the Presidential Secretariat this morning (14). The President pointed […]
Advisory committee appointed to advise National Economic Council
The cabinet nod has been received to appoint an advisory committee to advise the National Economic Council after the council came under fire for the absence of expert economists and business leaders. The 16-member advisory committee comprises Prof. H D Karunaratne, Prof. Shirantha Heenkenda, Dr. Dushni Weerakoon, Dhammika Perera, Krishan Balendra, Ashroff Omar, Dr. Hans […]
”’s proposed subordinated debt
Fitch Ratings has withdrawn the expected National Long-Term Rating of ‘BBB+(EXP)(lka)’ assigned to HNB Finance PLC’s (HNBF; A(lka)/Stable) proposed Sri Lankan rupee-denominated subordinated unsecured debentures on 21 September 2021. Fitch is withdrawing the expected rating as the issuance is no longer expected to convert to a final rating in the near future. KEY RATING DRIVERS […]
Indian naval vessels visit Hambantota International Port
Two Indian naval vessels visited the Hambantota International Port (HIP) for replenishments and husbandry services. The ships which arrived on the 9th were berthed at HIP for 2 days.In past years naval vessels from Japan, Indonesia, Russia, and USA have called at the port of Hambantota.
Central Bank issues new rules on repatriation of export proceeds into Sri Lanka
The Monetary Board of the Central Bank has issued new rules in respect of the receipt of export proceeds into Sri Lanka and the conversion of such export proceeds into Sri Lanka rupees.
Indian Exim Bank pledges USD 500mn Credit Line to Sri Lanka for financing oil imports
Export-Import Bank of India has entered into an agreement with Sri Lanka, to support a USD 500 million Credit Line for the purpose of financing purchase of petroleum products from India. Out of the total credit by Exim Bank under the agreement, goods, works, and services of the value of at least 75 percent of […]
Central Bank indicative spot exchange rate surpasses Rs250 per USD
The indicative USD spot exchange rate of the Central Bank has surpassed 250 rupees (251.97 rupees) per dollar on Friday even though they earlier expected forex transactions to take place at levels that are not more than 230 rupees per dollar. Accordingly, the indicative USD spot exchange rate which is the weighted average rate of […]
Will continuously support Sri Lanka’s development: ADB President
Asian Development Bank (ADB) President Masatsugu Asakawa and Sri Lanka President Gotabaya Rajapaksa met Thursday (10th) in Colombo and it was reaffirmed by the Bank leadership that it would continue to support the islands recovery path from the coronavirus disease (COVID-19) pandemic. Asakawa commended the government’s rapid vaccination drive, which has been critical to […]
Bond yields to extend further surge; rate hike expectations for 2022E increased: FCR
In light of the weaker economic conditions, First Capital Research believes that the CBSL will maintain the momentum on tightening policy rates resulting in yields to further surge at an accelerated pace, and expect it to move further over upcoming months. Sri Lanka’s foreign reserves were recorded at USD 2.3Bn in Feb 22 and due […]
New US Ambassador to Sri Lanka calls on Foreign Affairs Minister
The newly appointed U.S. Ambassador to Sri Lanka Julie Chung called on Foreign Affairs Minister G.L. Peiris yesterday, at the Ministry of Foreign Affairs, Colombo. Minister Peiris extended a warm welcome to Ambassador Chung and stated that he looks forward to working closely with her during her tenure in Sri Lanka. Whilst noting that Sri […]
“Cinnamon rainforest restoration project” launched
Cinnamon Hotels & Resorts proudly launched its latest sustainability initiative, “Cinnamon Rainforest Restoration Project”in collaboration with Ruk Rakaganno (The Tree Society of Sri Lanka), Forest Department Sri Lanka and John Keells Foundation, to restore a degraded 50-acre plot over a period of three years after which nature will take over the regeneration process. Natural forest […]