The U.S. Agency for International Development (USAID), with the USAID Development Credit Authority (DCA), Hatton National Bank PLC and Sampath Bank PLC have announced a new partnership for a program of up to $9 million for local financing available to private, micro-, small-, and medium-sized enterprises (MSMEs) throughout Sri Lanka. This seven year program will…
Latest data highlights that as at 31st August 2018, 1,582,835 tourists had visited Sri Lanka for this year which is a 12.5% growth over last year when 1,406,854 tourists had visited the country during the same period. Further a total number of international tourist arrivals to Sri Lanka during August 2018 was 200,359, compared to…
Derana has been named the most respected media entity in Sri Lanka by LMD magazine in its latest compilation of Sri Lanka’s most respected entities. Just 13 years old, Derana is a premium entertainment and news channel offering multichannel access including television, radio, and online services. The recognition is a landmark honour in the growth trajectory of Derana, which has been consecutively rated No. 1…
Representatives from international donor agencies that are providing development assistance to Sri Lanka said that they are ready to extend their fullest support for the efforts taken by the Sri Lankan President to achieve goals of development and reconciliation. A meeting between President Maithripala Sirisena and those representatives was held at the President’s Official Residence,…
Reuters – Sri Lankan shares ended weaker on Thursday and turnover slumped to a near five-month low as investors stayed on the sidelines in the absence of fresh triggers. The day’s turnover was 119.5 million rupees ($740,397), the lowest since April 16 and about an eighth of this year’s daily average of 800 million rupees….
Reuters – Sri Lankan rupee hit a fresh low for the 13th straight session on Thursday, but ended firmer after the central bank cut the net open positions of commercial banks, dealers said. The local currency hit a fresh low of 162.65 per dollar during the day, hurt by stronger demand for the dollar from…
Corporates are visibly perturbed by the uncertainty clouding the macro landscape Sri Lanka’s long history of protests was upheld when railway unions decided to strike in mid-August, much to the displeasure of commuters. According to reports attributed to Sri Lanka Railways’ Additional General Manager (Operations), the Railways Department incurred a loss in excess of Rs….
Fitch Ratings has affirmed Sri Lanka-based National Insurance Trust Fund Board’s (NITF) National Insurer Financial Strength (IFS) Rating and National Long-Term Rating at ‘AA-(lka)’. The Outlook is Stable. KEY RATING DRIVERS The affirmation reflects the company’s strong domestic business profile, conservative investment mix as well as strong financial performance and capitalisation. This is partly offset…
Moody’s Investors Service says that the outlook for Sri Lanka’s banking system is negative, as the economy remains weak and asset quality is deteriorating. “The economy will only exhibit a modest rebound as the government’s high debt burden and reliance on foreign borrowings continue to limit public investment and pose the risk of capital outflows,”…
The latest Cabinet Decisions outlined that The Cabinet approved the proposal presented by Megapolis and Western Development Minister Patali Champika Ranawaka to award the contract to Access Engineering PLC to construct 450 housing units at K. Cyril C. Perera Mawatha near Bloemendhal area for total consideration of over Rs. 2.73 billion.
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