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Policy interventions require that may be unpopular, says President at Export Awards
President Gotabaya Rajapaksa said that in the future too many unpopular decisions will have to be taken to overcome the global economic challenges and to keep the country on the path to prosperity. Even though the people criticized these interventions, the country and the people would reap the benefits in the near future, the President […]
UN ASG Khiari welcomes cooperation between UN and SL on peace and development
United Nations Assistant Secretary-General (ASG) for the Middle East, Asia and the Pacific Khaled Khiari has concluded his visit to Sri Lanka following a series of productive discussions. Khiari, who oversees the regional work of the UN’s Department of Political and Peacebuilding Affairs – Department of Peace Operations, met with President Gotabaya Rajapaksa, Minister of […]
National consensus on structural reforms needed to get out of economic crisis: Advocata
Sri Lanka is already in one of the worst economic crises in its history. The reforms are so difficult that no party will want to even contemplate let alone implement them fearing loss of popularity. The longer reforms are postponed, the worse the problem becomes which makes remedies even more difficult to implement. The only […]
‘s Hambantota Port Plug and Play ‘Park in Park’ Manufacturing Facility
By Maya Majueran Industrial Zones Industrial Zones are geographically designated areas that are earmarked by the government for the production of industrial goods and services. These zones normally enjoy a unique legal and economic status to promote investment from firms that might not otherwise be attracted. The prime objective was to enhance foreign investment and […]
Inflation Is a Greater Policy Test for Emerging-Market Sovereigns: Fitch Ratings
Higher inflation is generally credit negative for sovereigns, but presents particular risks for emerging markets (EMs), as they often face higher and more volatile inflation than developed markets (DMs), and are exposed to greater currency instability, says Fitch Ratings. Fitch believes global goods price pressures will ease from early 2022, but inflation could remain elevated […]
Aitken Spence Logistics to Build an additional 100,000 sq.ft. Container Freight Station
Aitken Spence Logistics recently embarked on commissioning a state – of – the – art, 100,000 sq. ft. container freight station at its main logistics complex in Mabole, Wattala. The proposed warehouse is strategically located in close proximity to the Port of Colombo and the Bandaranaike International Airport with easy access to the main highways […]
CBSL maintains policy rates; further acceleration of headline inflation expected
The Monetary Board of the Central Bank has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 5.00 percent and 6.00 percent, respectively. The Board noted the recent acceleration of inflation, driven mainly by supply disruptions and the surge […]
New USAID 5-year, USD 19m project supports Sri Lanka’s renewable energy goals
On November 17, the United States Agency for International Development (USAID) announced its new $19 million, 5-year Sri Lanka Energy Program. Once finalized, this grant will support the Government of Sri Lanka’s vision to increase the generation of renewable energy to 70% by the year 2030 and will contribute to the transformation of Sri Lanka’s […]
JICA supports Bandaranaike International Airport expansions; new Apron & Taxiways to open
Prime Minister Mahinda Rajapaksha will open the new Apron and Taxiway constructed as a part of Bandaranaike International Airport Expansion Project on 25th November 2021 in the presence of MIZUKOSHI Hideaki, Ambassador of Japan. Japan through JICA has been partnering with Sri Lankan Government for developing Bandaranaike International Airport for nearly four decades since 1980. […]
Sri Lanka’s budget proposals weigh on insurers’ near-term earnings:Fitch
The Sri Lankan government’s proposal to introduce new one-off as well as recurring taxes on companies will likely constrain the near-term profitability of some insurers, Fitch Ratings says. However, we expect the proposals to have only a limited impact on most insurers’ capital positions because of their sound capital buffers accumulated before and during the […]
Sarvodaya Development Finance IPO oversubscribed on opening day
Sarvodaya Development Finance’s (SDF) Rs. 1 billion Initial Public Offering (IPO) was oversubscribed on the initial opening day, the company secretary said issuing a statement within two hours of the opening. Underwritten by NDB Bank and Sampath Bank, the IPO was aimed at raising Rs. 1 billion, through 45 million ordinary voting shares at a […]
Alliance Finance raises Rs1Bn in subordinate debt to strengthen tier II capital
Alliance Finance Co PLC (AFC) has successfully raised LKR 1 billion in Tier II capital, with the aim of strengthening the regulatory capital of the Company to financially empower and facilitate the development of the Micro, Small and Medium enterprise sector in Sri Lanka. The Tier II Subordinated Debt has a tenure of 5 years […]