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David Cameron kicks off Port City Colombo’s global investment drive
Representatives of top corporations in the UAE, accompanied by high-potential investors, property developers, hotel owners, and leaders in the hospitality and real estate industries, converged in the iconic settings of the Ritz Carlton in Abu Dhabi and the Armani Hotel at Burj Khalifa in Dubai to explore, understand, and assess the investment potential of Sri […]
SL economy to grow by 1.7-pct:Revenue mobilization fundamental for sustainable fiscal path
Sri Lanka’s economy is expected to grow by 1.7% in 2024 after contracting by 3.8% in 2023, says the World Bank in its twice-a-year update, while signaling that the outlook is clouded with uncertainty and that growth prospects depend on progress with debt restructuring and the implementation of critical structural reforms. Released today, the Sri Lanka […]
Sri Lanka slips in economic freedom: Report
Lanka—Sri Lanka ranks 116 out of 165 jurisdictions included in the Economic Freedom of the World: 2023 Annual Report, released by Advocata Institute in conjunction with Canada’s Fraser Institute. The current ranking represents a decline in the economic freedom of the country which ranked 104th during 2020. The report measures the economic freedom of individuals—their […]
‘CTO – the Psychologist’: A role banking tech leaders must master to ensure digital change
By Janaka Ediriweera Dr. Corrie Block, an Organizational Behavior Expert and a business coach in the UAE, asks, ‘If you were to go in for heart surgery, buy a new car, or say your wedding vows to someone knowing that there was an 84% chance of failure…would you even bother?’ He uses this metaphor to […]
”’ from Restricted Default
Fitch Ratings has upgraded Sri Lanka’s Long- Term Local-Currency Issuer Default Rating (IDR) to ‘CCC-‘ from ‘RD’ (Restricted Default). Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below. The Long-Term Foreign-Currency IDR has been affirmed at ‘RD’ and the Country Ceiling at ‘B-‘. The Short-Term Local-Currency IDR has been […]
Global accounting body president in Colombo to inaugurate CA Sri Lanka’s National Conference
President of the International Federation of Accountants (IFAC), Asmâa Resmouki, will arrive in Sri Lanka on a special invitation extended to her by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). During her stay in Colombo, Resmouki who is the head of the international body representing the accounting profession across the globe […]
CCPI-based headline inflation decreased to 1.3-pct in September 2023
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100)1 decreased to 1.3% in September 2023 from 4.0% in August 2023. The decline in the headline inflation is mostly in line with the projections envisaged by the Central Bank of Sri Lanka (CBSL) in July 2023. The Food […]
We will continue discussions with the goal of reaching a staff-level agreement in the near term: IMF Staff Mission
The team will continue its discussions in the context of the First Review with the goal of reaching a staff-level agreement in the near term, says the International Monetary Fund (IMF) mission. “As Sri Lanka is restructuring its public debt which is in arrears, Executive Board approval of the first program review requires the completion […]
Economic Commission to replace BOI; new law to transform Port City into Colombo Financial Zone: President
President Ranil Wickremesinghe, in his address at the 2023 Commercial Mediation Symposium at Colombo’s Hilton Hotel, emphasized the need for a cultural shift towards efficient dispute resolution in Sri Lanka. He acknowledged the long-standing reliance on trial courts and stressed the importance of embracing alternate dispute resolution methods. Highlighting the government’s commitment, he mentioned the […]
HIP supplies over 80-pct marine bunkers to Sri Lankan market
The Hambantota International Port Group (HIPG) has benchmarked a 500,000 ton volume in their bunkering business during the first eight months of 2023. The throughput which is five times in volume compared to 2022, is attributed to the port’s strategic partnership with Sinopec Fuel Oil Lanka Limited (SFOL), for the supply and trade of marine […]