Fitch Ratings has downgraded Sri Lanka’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘C’ from ‘CC’. The issue ratings on local-currency bonds have also been downgraded to ‘C’ from ‘CC’. The Long-Term Foreign-Currency (LTFC) IDR has been affirmed at ‘RD’ (Restricted Default) and the Country Ceiling at ‘B-‘. A full list of rating actions is…
Fitch Ratings-Colombo/Hong Kong/Singapore-04 July 2023: The Sri Lankan government’s proposal for treatment of domestic debt marks a significant step towards resolving uncertainties around the impact of the sovereign’s debt restructuring on the local banking sector, but complications may arise from a number of factors, says Fitch Ratings. The proposal excludes banks’ holdings of Sri Lankan…
Biz confidence remains muted as the pros and cons on the economic front even out Could there be a silver lining for Sri Lanka Inc. following the gradual fall in inflation? The answer hangs in the balance despite a notable decline in the Colombo Consumers Price Index (CCPI) to 25.2 percent in May – from…
Reuters – As Pakistan spiralled into crisis this year, Wilson Muthaura pressed its government to put the tea Kenya’s KTDA co-operative produces 3,400 miles away on a list of essentials that would grant importers access to precious U.S. dollars. His urgent lobbying reflects anxiety about a scarcity of dollars – the lifeblood of global trade…
Sri Lanka’s merchandise exports increased by 16.6 % to US$ 989.7 Million in May 2023 compared to April 2023. However, it is a 5.59 % decrease when compared to May 2022. Declining trend in merchandise exports further continues due to the negative trends shown in major export products specially in Apparel & Textiles and Coconut…
The ‘Titan’ submersible was destroyed during an expedition to view the sunken ‘Titanic’ with five rich tourists. As per its operator OceanGate, Titan which destroyed at approx 1.5KM was capable of diving approx 4KM comfortably. The deep sea trip seems to have been a site seeing tour & not a data collection mission for scientific developments for…
JAAF confounded by the CEB and PUCSL for constantly overlooking industry submissions and cautions on electricity tariff hikes CEB fails to extend industrial electricity tariff reductions to Sri Lanka’s largest forex earner Electricity tariff revisions proposed by the Ceylon Electricity Board (CEB) for the period July to December 2023 indicate there is room for a…
By Indika De Zoysa The global digital economy is poised for significant growth and transformation in the coming years. With technology advancements and increasing connectivity, the digital economy has become a vital driver of global economic activity. Looking ahead, several key trends and outlooks shape the future of the digital economy. Firstly, the adoption of…
Global growth is showing near-term resilience but with core inflation remaining stubbornly high, central banks will have to continue tightening policy in the coming months, says Fitch Ratings in its June Global Economic Outlook (GEO), released today. With monetary policy adjustments and their impact on the economy proving more protracted, the global growth outlook for 2024…
One-fourth of Sri Lankans are living in poverty, yet more than 50% are not covered by social protection schemes Fragmentation and poor governance have resulted in an inefficient social protection system Increased transparency, inclusion, adaptability, and accountability mechanisms such as citizen engagement are essential for building a better social protection system The COVID-19 pandemic and…
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