Fed tightening is likely to weigh heavily on net capital flows to emerging markets (EM) this year but we expect flows to recover in 2024 as policy rates are cut and EM growth relative to advanced economies improves, says Fitch Ratings in its report “Emerging Market Capital Flows Hit by Fed Tightening, But Should Recover…
On Sri Lanka’s reform-regress-run to the IMF crisis cycle By Daniel Alphonsus Countries never learn from others’ mistakes, they only learn from their own. Sri Lanka is an exception: we don’t even learn from our folly. Apparently neither does the IMF. Sri Lanka’s 17th IMF programme is set to be approved on March 20th. Is…
Canadian Prime Minister Justin Trudeau seems to be worried about Canadian “sovereignty” & is expected to appoint an independent Rapporteur to probe alleged Chinese interference in the recent elections. However, Conservative leader, Pierre Poilievre, is said to be thinking it is Trudeau’s “cover up” to avoid “accountability”. The Rapporteur is expected to make recommendations to…
Bloomberg – Sri Lanka’s rupee, which became the world’s best performing currency this year amid hopes of an International Monetary Fund bailout, may resume declines and lose a fifth of its value against the dollar by end-2023, according to Fitch Solutions. “We are optimistic that Sri Lanka will be able to secure an IMF board…
SL boast of 2500 years of civilized administration but it’s clear that there was chaos & conflict most of the time. Despite Buddha’s private visits, emperor Ashoka’s strategic intervention making Buddhist monks playing influential roles as advisors, our penal code largely depended on the 32 methods of controlling human behavior (Dethis Wadhaya) till 1948. That…
Reuters – Countries in debt distress such as Zambia and Sri Lanka turning to the International Monetary Fund (IMF) for financial help are facing unprecedented delays to secure bailouts as China and Western economies clash over how to provide debt relief. IMF funding is often the sole financial lifeline available to countries in a debt…
Sri Lanka’s Export Performance in January 2023 Sri Lanka’s merchandise exports decreased by 8.98 % to US$ 1,001.9 Million in January 2023 compared to January 2022 as per the data released by the Sri Lanka Customs. However, it is a 6.97% increase when compared to January 2021. Major Exports in January 2023 Export earnings from…
Business Sentiment – BIZ Confidence in a Tailspin “As soon as adequate assurances are obtained and the remaining requirements are met – including by the Sri Lankan authorities – the Extended Fund Facility (EFF) can be presented to the IMF’s Executive Board for approval, which would unlock much needed financing,” a spokesman for the so-called…
Sri Lanka is at a critical moment in its history. Years of economic mismanagement, weak governance, poor policy choices, and the impacts of external shocks such as the COVID-19 pandemic and the Russian invasion of Ukraine, plunged the country into its worst-ever crisis in 2022. Economic collapse and political instability have devastated lives and livelihoods…
The Mindanao conflict in the Philippines affected peace in the archipelago for decades. The Moro Islamic Liberation Front was fighting with the Philippine government seeking an autonomous region for the Muslims. About a decade ago Agriculture officials introduced the “Arms to Farms” concept which has by now proven a successful human development initiative. Ex-combatants were…
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