Top News

Colombo Port City Economic Commission Semi-Annual Progress Report for FY 2022

The Colombo Port City Economic Commission (the Commission), the Single Window Investment Facilitator authorised to assist investors, businesses, and residents in conducting their activities seamlessly and efficiently in Port City Colombo, is pleased to release its semi-annual progress report for FY 2022 from July to December 2022. The Port City Colombo Special Economic Zone (SEZ)…

(0)Comments | March 23, 2023 11:50 am

High Commissioner Moragoda meets Finance Minister Sitharaman to discuss the way forward in bilateral economic cooperation

Sri Lanka’s High Commissioner to India Milinda Moragoda met with the Minister of Finance and Corporate Affairs of India Smt. Nirmala Sitharaman in New Delhi on 22 March 2023. This was the latest of a series of meetings High Commissioner Moragoda has had with Minister Sitharaman since November 2021 on Indian economic cooperation and assistance to…

(0)Comments | March 22, 2023 2:06 pm

Sri Lanka receives first tranche of IMF bailout, says president

Al Jazeera  – Ranil Wickremesinghe says his government will kick off the next round of talks with creditors in the third week of April. Sri Lanka has received the first tranche of its bailout package from the International Monetary Fund (IMF), President Ranil Wickremesinghe told parliament. “This sets the stage for Sri Lanka to have…

(0)Comments | March 22, 2023 12:50 pm

Japanese investors keen to explore investment opportunities in Sri Lanka

A group of Japanese investors along with Japan Deputy Head of Mission Katsuki Kotaro recently called on the Board of Investment (BOI) to discuss new investment opportunities in Sri Lanka. The investors had a productive discussion with Investment Promotion State Minister Dilum Amunugama, BOI Director General Renuka M Weerakone and other officials on key investment…

(0)Comments | March 22, 2023 11:26 am

Gamini Lokuge appointed as the Chair to the Committee on Banking & Financial Services

Hon. Gamini Lokuge was unanimously appointed as the Chair to the Committee on Banking & Financial Services yesterday (21). Whilst State Minister Hon. Anupa Pasqual proposed Hon. Gamini Lokuge, Member of Parliament Hon. Karunadasa Kodithuwakku seconded it. Accordingly, the Committee met yesterday (21) in Parliament, and the Chair requested for the support of all the…

(0)Comments | March 22, 2023 11:17 am

The practical chapter of SL history

By Prof. Samitha Hettige President Xi Jinping visited the Russian Federation recently for the ninth time marking the beginning of new world order according to analysts. Before being elected President, Xi visited the USA during the Obama administration. Russia was the first country he visited after assuming the high office & he is the most…

(0)Comments | March 22, 2023 9:30 am

IMF Deal Will Cut Sri Lanka Borrowing Costs, Central Banker Says

(Bloomberg) – Sri Lanka’s bailout by the International Monetary Fund will help the bankrupt nation lower its borrowing costs, thanks in part to a change in how the cash can be used, central bank Governor Nandalal Weerasinghe said. The Washington-based lender for the first time will allow Sri Lanka to use funds from the $3…

(0)Comments | March 22, 2023 8:40 am

Debt-stricken Sri Lanka to get first tranche of IMF bailout funds in two days

Reuters – Sri Lanka will get the first $330 million tranche of an International Monetary Fund bailout in the next two days, the global lender said on Tuesday, putting the onus on the cash-strapped country to rein in its debt to sustainable levels. Economic mismanagement coupled with the impact of the COVID-19 pandemic left Sri…

(0)Comments | March 21, 2023 6:08 pm

Sri Lanka’s Approval of IMF Credit Facility Signals End of Bankruptcy Status, Says President Wickremesinghe

In a special statement following the approval of the extended credit facility by the Executive Board of the International Monetary Fund (IMF), President Ranil Wickremesinghe emphasized that Sri Lanka is no longer deemed bankrupt by the world. The President further stated that the loan facility serves as an assurance from the international community that Sri…

(0)Comments | March 21, 2023 1:01 pm

Emerging Market Capital Flows to Remain Weak but Should Recover in 2024

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…

(0)Comments | March 21, 2023 11:06 am