Reuters – Sri Lankan shares closed steady on Wednesday as positive sentiment after an IMF loan approval was offset by concerns over rising interest rates and foreign fund outflows. Turnover was 390.8 million rupees ($2.68 million), the lowest since March 19, and nearly half of this year’s daily average of around 782.5 million rupees. The…
Sri Lanka has become the latest member of the World Trade Organization (WTO) to ratify the new Trade Facilitation Agreement (TFA), the WTO has announced. Sri Lanka’s ambassador to the WTO, R D Susiri Kumararatne, presented his country’s instrument of acceptance to Director-General Roberto Azevêdo on May 31, the WTO said. This followed the submission…
Sri Lanka’s tourist arrivals rose 10.1 percent in May this year compared to the same period last year, the data released by the Sri Lanka Tourism Development Authority (SLTDA) showed. The month recorded 125,044 tourists arriving in the country compared to the 113,529 arrived in May 2015. In the first five months of this year…
Discussion in view of business development and expansion of new investment opportunities took place between a Chinse business delegation and State Minister of National Policies and Economic Affairs Niroshan Perera, Monday (June 06). The discussion was mainly focused on incumbent government’s policy towards investments in Sri Lanka as well as development prospects for Sri Lanka’s…
The spread between Mumbai and Colombo 380 CST bunker fuel prices widened to its highest level of $10/mt in six months since S&P Global Platts started assessing Colombo bunker fuel and marine gasoil on January 4 this year, on the back of prompt supply tightness in Mumbai. Mumbai 380 CST delivered was assessed at $259.50/mt…
Sri Lankan shares closed more than 1 percent up on Friday, trading in high volumes after the International Monetary Fund said it had reached a staff-level agreement with the island nation for a $1.5 billion three-year loan. Investors were also buoyed by positive sentiment after the central bank left rates steady earlier this week. The…
Sentiment on the Sri Lankan rupee improved on Friday, as reflected in the forwards market, after the country signed a $1.5 billion, three-year loan agreement with the International Monetary Fund. Traders said banks sold dollars on expectation the local currency would further appreciate. The spot rupee, which has barely seen any trading since Jan. 27,…
Following discussions held between IMF staff and the Sri Lankan authorities during the 2016 Spring Meetings in Washington, staff-level agreement was reached on a three-year program to be supported by the IMF’s Extended Fund Facility (EFF). Mr. Todd Schneider, IMF mission chief for Sri Lanka, made the following statement: “I am pleased to announce that,…
The All Share Price Index of the Colombo Stock Exchange (CSE) crossed the 6,500 mark moving up 58 points today as Sri Lanka reached as agreement with the International Monetary Fund (IMF) for USD 1.5 billion loan facility.
Tax increases as well as changes in the tax regime are to be inevitable as the government faces a future of slow economic growth and decreasing government revenue. The UN Economic and Social Survey of Asia and the Pacific (ESSAP) Report 2016 launched yesterday expected growth in the economies of Asia and the Pacific to…
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