Category: Economy and Markets
Ceylon Chamber urges IMF to consider assurances received thus far & initiate approval process
The Ceylon Chamber welcomes and appreciates the financial assurances provided by creditors thus far, towards achieving Board approval from the IMF. The timely announcements by India, Paris Club members including members such as Japan, U.S. and UK, and non-members such as Hungary, are highly encouraging and appreciated by the business community at this time, the […]
Hemas’ Focus on Core Sectors Continues to Deliver Sustained Growth
Hemas Holdings delivered a commendable performance in the first nine months of the financial year 2023. Notwithstanding the volatile economic conditions, the Group posted a cumulative revenue of Rs.81.7 billion, a 41.6 per cent growth over last year. Despite the 51.5 per cent growth in Group operating profits, reported earnings for the period remained flat […]
Aitken Spence reports cumulative first 9 months PBT of 10.3 Bn with 214-pct growth
The leading blue-chip conglomerate, Aitken Spence PLC reported a cumulative Profit Before Tax (PBT) of Rs. 10.3 Bn for the nine months ended 31st December 2022, which was a significant growth of 213.7% over last year. The highest contribution to the Group’s profit before tax was from the Maritime & Freight Logistics sector which accounted […]
Personal income taxation is a short-term economic development strategy, says Government
According to Dr Kapila Senanayake, Director General of the Department of Financial Policy, the tax on personal income was imposed as a short-term strategy to resurrect the country from the existing economic situation, and this new tax system in Sri Lanka is of a meagre percentage compared to other Asian countries. He also stated that […]
Paris Club creditors provide financing assurances to support IMF’s approval of an EFF for Sri Lanka
Paris Club creditors have agreed to provide financing assurances to support the approval by the IMF Executive Board of the envisaged IMF program for Sri Lanka, which would allow to restore the country’s macroeconomic stability. Releasing a statement, the Paris Club said that they have examined the macroeconomic and financial situation of Sri Lanka, including […]
‘s loan application to IMF
China’s government on Friday confirmed that it is offering an extension on the debt service due in 2022 and 2023, which means Sri Lanka will not have to repay the principal and interest due on the Export-Import Bank’s loans during that period. “On January 19, the Export-Import Bank of China, as the official bilateral creditor, […]
‘s Bitcoin proposal to fix economy
Sri Lanka’s Central Bank has rejected billionaire venture capital investor Tim Draper’s proposal to introduce a Bitcoin-based solution to fix the economy. The Silicon Valley entrepreneur’s proposal was not well received in a short meeting by the Central Bank Governor Nandalal Weerasinghe. He has argued that the adoption of Bitcoin could help alleviate corruption by […]
On the 75th, Independence, time to re-plug to the world economy
Advocata Institute As Sri Lanka is inaugurating its political independence of 75 years on February 4th, the burning issue the public is struggling to grapple with, in the recent past, is the worst economic slump. Many factors have contributed to the current economic crisis but protectionism and trade barriers are main elements that have further […]
Hatch enters partnership with Draper Startup House to strengthen SL’s position as Startup Nation
Startup ecosystem builder Hatch entered a strategic partnership with Draper Startup House, a global network of spaces connected to resources for entrepreneurs. Hatch shares a vision with Draper Startup House for Sri Lanka and has come onboard to support Hatch’s “Sri Lanka: From Troubled Nation to Startup Nation” initiative which seeks to change the narrative […]
Ceylon Chamber of Commerce launches outlook 2023 report
The Ceylon Chamber of Commerce (CCC) recently launched the 8th edition of its flagship annual Outlook Report for 2023 at the Economic Outlook 2023 seminar. The Report was launched in the presence of Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka who delivered the keynote address. Compiled by the Economic Intelligence Unit […]
E-commerce: An islandwide phenomenon and youth-oriented futuristic industry of SL – Report
Daraz Sri Lanka and Sri Lanka Association for Software Services Companies (SLASSCOM) released the first in-depth study on the adoption and use of e-commerce in Sri Lanka during difficult economic times at a roundtable discussion held in Colombo on Monday 30th January 2023. The report titled “E-commerce: A Driver of Inclusive Growth in Sri Lanka?” […]
USAID & CCC launch comprehensive study to assess digital maturity of small & medium sized exporters
The Ceylon Chamber of Commerce (CCC) with support from the U.S. Government’s development arm, the U. S. Agency for International Development (USAID), launched a study to assess the current digital maturity level of Sri Lankan small- and medium-sized enterprise (SMEs) exporters. On January 26, CCC shared insights and recommendations to strengthen the digital ecosystem and […]