As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in May 2024 amounted to US$ 960.2 million, recorded an increase of 9.4 % compared to the preceding month, April 2024. Furthermore, export performance in May 2024 decreased by 5.81 % compared to May 2023. Figure 1 shows Monthly Merchandise…
Fitch Ratings has downgraded the Maldives’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘B-‘. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS Ratings Downgrade: The downgrade of the…
Sri Lanka signed debt treatment agreements with Export-Import Bank of China (EXIM) in Beijing, a short while ago, to restructure USD 4.2 billion of debt, the President’s Media Division said. The Framework Agreement related to this was signed between Sri Lanka and China in Colombo, Sri Lanka. This restructuring provides significant debt relief, allowing Sri…
Sri Lanka has reached a final restructuring agreement for USD 5.8 billion of debt with its bilateral lenders’ Official Creditor Committee in Paris, France a short while ago. This agreement grants significant debt relief, allowing Sri Lanka to allocate funds to essential public services and secure concessional financing for its development needs, the President’s Media…
Vice Chancellor of Flinders University, Professor Colin J. Stirling, recently visited Port City Colombo as part of the ongoing discussions regarding the educational investment opportunities available within this visionary master-planned city development. He was accompanied by a delegation of officials, including Dr. Harsha Alles, Chairman, Gateway International School Group. The delegation was welcomed by Thulci…
Sri Lanka Export Development Board (EDB) in collaboration with the Engineering Faculty of the University of Moratuwa (UoM), launched a new programme to integrate the construction related and power & Energy industry with the University Research Projects to address challenging research questions with real-world applications. This program is planned for two years commencing from 2024…
Efforts Underway to Integrate Economic and Technical Sectors Through IT and Computer Technology – The President President Ranil Wickremesinghe emphasized that the government is placing special focus on integrating economic and technical sectors through advancements in computer and information technology. The President highlighted the vision to transform Colombo Port City into a financial zone facilitating offshore…
By Jithendra Antonio Sri Lanka is at a critical juncture. Ranked 116th out of 182 countries on the climate vulnerability index, the nation faces escalating threats from climate change, including frequent droughts, floods, and other extreme weather events. These climate-induced disruptions pose significant risks to economic activities, potentially stalling progress and destabilizing key industries. In…
Bloomberg – Sri Lankan officials and global investors are expected to hold a second round of direct talks this week to agree on the restructuring of $12 billion in defaulted bonds, according to people familiar with the matter. A group of bondholders, known as the steering committee, will continue to negotiate on the government’s new…
Brown and Company PLC has announced the sale of its entire 100% stake in Browns Fabric Limited to Ceylon Knit Trend (Private) Limited for Rs. 50,000,000. The transaction was finalized on June 20, 2024. Browns Fabric Limited operates a knit fabric manufacturing and processing plant in Pannala.
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