Forbes – The COVID-19 pandemic has sent U.S. oil prices tumbling to their lowest level since 1999 amid evaporating demand and a lack of storage. The price of West Texas Intermediate, a major U.S. oil benchmark, was down almost 18% at just under $14.99 per barrel when European markets opened on Monday. The price was even lower in…
The ongoing novel coronavirus (COVID-19) outbreak will clearly have a significant impact on the Sri Lankan economy. In the backdrop of a recessionary impact on output (GDP) the more visible impact would manifest itself through supply chain disruptions, sharp declines in domestic demand, a high fiscal deficit given lower government revenue, low tourism revenue and…
Moody’s Investors Service has placed the B2 long-term local currency deposit and foreign currency issuer ratings of Bank of Ceylon (BOC), Hatton National Bank (HNB) and Sampath Bank on review for downgrade. At the same time, Moody’s has downgraded the Baseline Credit Assessment (BCA) of BOC to b3 from b2 and placed it on review…
Elpitiya Plantations PLC (EPP) has entered in to a Shareholders Agreement with Singapore-listed theme park developer and operator Sim Leisure Group and Venture Valley (Pvt) Ltd to formalize and strengthen the business relationship between the parties in order to develop and operate the proposed state of the art adventure park on a land possessed by the…
The Central Bank of Sri Lanka has introduced a new refinance facility for the businesses adversely affected by the COVID-19 pandemic. The CBSL announced that having identified the national importance of reviving the businesses adversely affected by the COVID-19 outbreak in order to contain the hampering of living conditions of the Sri Lankans and the…
Due to the concerns raised of over the health and safety of 4.5million students and over 200,000 teachers, a group of credible and responsible citizens spearheaded by the members of the Voluntary Initiative for National COVID-19 response effort – Education sector, have come together to request from H. E. President Gotabaya Rajapaksa and the government…
The International Monetary Fund (IMF) said that they have started to review Sri Lanka’s request for Rapid Credit Facility (RCF). “We received a letter from Sri Lanka government about our Rapid Credit Facility, the program, RCF program. So, we are now starting to review it. And we are now discussing with the government whether they…
The Export Development Board (EDB) today (19) reiterated that exports are a national priority and will help Sri Lanka get through the COVID-19 crisis. Full statement as follows; Following our statement last week, the EDB strengthens our clarion call to understand that exports are now our nation’s number one priority. As the COVID-19 crisis intensifies across the…
Moody’s Investors Service (“Moody’s”) has today placed the Government of Sri Lanka’s long-term foreign-currency issuer and senior unsecured B2 ratings under review for downgrade. The decision to place Sri Lanka’s ratings on review for downgrade is prompted by Moody’s assessment that the acute tightening in global financing conditions, fall in export revenue, and sharp slowdown…
According to the Sri Lanka Purchasing Managers’ Index (PMI) released by the Statistics Department of Central Bank, manufacturing activities has significantly contracted due to adverse impacts of the COVID-19 pandemic, with the Purchasing Managers Index (PMI) hitting an all-time low index value of 30.0 in March 2020 with a decline of 23.6 index points from February…
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