Sampath Bank PLC saw an upward revision in its National Long-Term Rating awarded by Fitch Ratings. The Bank received a rating of AA- (lka) in Fitch Ratings’ revised National Long-Term Ratings of Sri Lankan financial institutions, up from the A+ (lka) it had earlier. This positive rating revision further underscores the strength of Sampath Bank’s…
The Commercial Bank of Ceylon has announced the launch of another Bank-funded loan scheme, this time to assist micro enterprises affected by the COVID-19 pandemic, in a continuing demonstration of the Bank’s commitment in supporting Sri Lanka’s post-pandemic economic recovery. The second Bank-funded loan scheme launched by the country’s benchmark private sector bank in the…
The existing labour statutes have to be amended to allow greater flexibility as current regulations deter employers from recruiting during periods of uncertainty, delaying economic recovery, a top industry official said. “This is a time for renewed focus on facilitating unhindered international trade so that our exports remain competitive in key markets. Labour regulations must also be…
The World Bank projects Sri Lanka’s economy to contract by 3.2% this year and remain flat at zero percent next year. “In Sri Lanka, the combination of falling tourism, manufacturing activity and services associated with the pandemic is envisaged to cause output to contract by 3.2 percent, despite the earlier recovery from the April 2019 terrorist…
An agreement was signed by the Government of Sri Lanka with the Government of Germany today to obtain a technical assistance grant of Euro 11 million to implement the following three projects. Vocational Training in Sri Lanka – Euro 7 million This Project aims at providing demand-oriented cooperative vocational training for young people. Small &…
The United Nations Children’s Fund (UNICEF) supported the Ministry of Health and Indigenous Medical Services (MOH) in refurbishing COVID-19 isolation units at three specialist Hospitals in the country, as part of its on-going efforts in responding to the pandemic. The isolation units were established at the Lady Ridgeway Hospital for Children, Castle Street Hospital for…
The new Faculty of Technology of the University of Sri Jayewardenepura (USJ), was ceremoniously inaugurated on 08 June 2020 by Hon. Mahinda Rajapaksa, Prime Minister of Sri Lanka. This new complex is part of a large education and technology zone in Pitipana that includes the NSBM Green University, also constructed by Maga Engineering. The Faculty…
Asia-Pacific (APAC) economic momentum should turn positive in 2H20 as domestic lockdowns are eased and external demand gradually improves, limiting the drop in regional economic output to 1.7% in full-year 2020, says Fitch Ratings. Despite this, a number of APAC sovereigns will continue to face negative rating pressures amid the shock from the coronavirus pandemic,…
Affirms promise ‘Protection for you and our country begins here’ The Peramaga initiative has established purpose-built outdoor COVID-19 screening centres at the Colombo North Teaching Hospital in Ragama and the Panadura Base Hospital. Peramaga is a joint effort of professionals led by pharmaceutical and healthcare specialist Dr. Sanjay Perera; infectious diseases specialist Dr. Changa Kurukularatne,…
Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, together with Huawei and Simsyn, has further extended its support for the education sector by way of teleconference solutions for schools across the country, selected by the Ministry of Education (MOE). This is an extension of the Nenasa 1377 distance learning initiative launched in March 2020. Contrary…
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