Category: Economy and Markets
Chinese Exim Bank provides financial assurance to Sri Lanka through embassy handover
The Deputy Ambassador of the Chinese Embassy in Colombo Hu Wei officially presented the financial assurance letter issued by the Exim Bank of China to Mahinda Siriwardena, the Secretary of the Ministry of Finance at the Presidential Secretariat yesterday afternoon (07). Hu Wei revealed that large–scale Chinese companies are looking forward to visiting Sri Lanka […]
CBSL requests Financial Institutions to provide appropriate concessions to affected borrowers
Financial Institutions (FIs) have so far approved over 3.3 million requests for concessions, amounting to a total of Rs. 5,994 billion during the different phases of moratoria and concessions, the Central Bank data revealed. The Central Bank requests Financial Institutions to provide appropriate concessions to the affected borrowers while preventing any elevated strain on the […]
Fitch maintains Capital Alliance Investment Grade Fund on Rating Watch Negative
Fitch Ratings has maintained Capital Alliance Investment Grade Fund’s National Fund Credit Quality Rating of ‘Af(lka)’ and National Fund Market Risk Sensitivity Rating of ‘S1(lka)’ on Rating Watch Negative (RWN). The RWN reflects continued deterioration in the credit profile of the fund’s investible universe. “We have recently recalibrated the Sri Lankan national rating scale and […]
We sent Letter of Intent to IMF; expecting a reply before end of this month: President
The island nation is expecting the go-ahead from the Executive Board of the IMF for its Extended Fund Facility arrangement before the end of this month. Speaking in Parliament, President Ranil Wickremesinghe said that they are expecting IMF to do its duty by the fourth week of this month. “We received the letter of financial […]
Dialog Axiata awarded winner of ACCA sustainability reporting awards 2022
The ACCA Sustainability Reporting Awards 2022 recognized Dialog Axiata PLC as the Overall Winner and the Winner of the General Services category for its exceptional commitment to sustainability and transparency in reporting.The awards for this year had received an impressive range of entries from various industries, with Dialog being recognised for its comprehensive and well-structured […]
Sri Lanka Retail Forum 2023 highlights strategies for navigating economic crisis in sector
The Sri Lanka Retailers’ Association (SLRA), the apex body of organised retail in Sri Lanka, recently concluded the annual Sri Lanka Retail Forum under the theme ‘Redefining Retail: Future Proofing the Forward Journey’. The Forum was opened by Murali Prakash, President of SLRA, who addressed the importance of navigating the challenges faced by the retail […]
Pace of reform toward equal rights for women falls to 20-year low: World Bank report
The global pace of reforms toward equal treatment of women under the law has slumped to a 20-year low, constituting a potential impediment to economic growth at a critical time for the global economy, a new World Bank report shows. In 2022, the global average score on the World Bank’s Women, Business and the Law index rose […]
We are ready to unlock IMF program; guidance band removed: CBSL Governor
Sri Lanka is now standing ready to unlock the IMF Extended Fund Facility arrangement as all prior actions of the program have been completed, the Central Bank Chief said. “We are now standing ready to unlock the IMF program,” CBSL Governor Nandalal Weerasinghe told reporters in Colombo. “Although we raised policy rates, we would expect […]
Central Bank raises Policy Interest Rates by 100 basis points to finalize IMF-EFF arrangement
The Monetary Board of the Central Bank has decided to raise the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Bank by 100 basis points to 15.50 per cent and 16.50 per cent, respectively, effective from the close of business on 03 March 2023. The CBSL and the staff […]
IMF staff mission for Sri Lanka defends new tax schedule for personal income tax
The tax package, including the new tax rate schedule for personal income tax, is in line with international comparison, defending the government’s new tax structure, the IMF staff mission for Sri Lanka said. In response to recent media reports about tax hikes in the country, the staff mission said in a statement that those who […]
Colombo Stock Exchange opens its newest branch in Panadura
The Panadura branch of the Colombo Stock Exchange (CSE) was officially opened to the public by the CSE Chairman, Dilshan Wirasekera, on the 2nd of March 2023, with the participation of a few Stockbroker Firms, President of Sinhala Business Association Gihan Kuruppu, CSE CEO Rajeeva Bandaranaike, Senior Management and the staff. Panadura Branch is the […]
World Bank VP concludes visit to SL, Reaffirms support to protect people
World Bank Vice President for South Asia, Martin Raiser, recently concluded his four-day visit to Sri Lanka, reaffirming the World Bank’s continued support to help the country navigate economic challenges, implement critical reforms, and chart a path towards a resilient and inclusive recovery. Raiser met with Sri Lanka’s President and Minister of Finance H.E. Ranil […]