Following the announcement by Fitch Ratings downgrading Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC’, the Ministry of Finance has responded saying that the rating action is based on uncorroborated facts sans due consideration given to recent economic and policy developments. “We do not accept this downgrade as it fails to recognize the robust policy…
Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC’. Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of ‘CCC’ or below. KEY RATING DRIVERS The downgrade reflects Sri Lanka’s increasingly challenging external-debt repayment position over the medium term. In particular, a sharp rise in…
The rapid spread of the coronavirus (COVID-19) pandemic globally is partly a symptom of a highly integrated and interconnected world in an era of globalisation. Sri Lanka too is highly connected to various channels of international mobility such as movements across borders of tourists and migrant workers. As such, it is rational to argue that…
The World Bank’s new Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos, completed his first visit to Sri Lanka today (27). The purpose of this visit was to meet key policymakers and understand the country’s development priorities. Based in Kathmandu, Nepal, this was the Country Director’s first visit to Sri Lanka in his…
The Committee on Public Enterprises (COPE) of Parliament had Secretaries of three Ministries joining its committee meeting through online (ZOOM) for the first time in history yesterday (26). Accordingly, post the commencement of the COPE Committee yesterday evening under the chairmanship of Prof. Charitha Herath, Secretary to the Ministry of Health (Dr) H.S Munasinghe, Secretary…
The Delegation of the European Union (EU) recently raised concerns over the import restrictions imposed by the Government of Sri Lanka. Issuing a statement together with the Embassies of France, Germany, Italy, Netherlands and Romania, the EU stated that; the current import restrictions are having a negative impact on Sri Lankan and European businesses, and…
Recording a year of commanding financial performance in a challenging economic backdrop, Nawaloka Hospitals PLC, a pioneering force in the private healthcare sector, posted a revenue of Rs. 8.5 billion for the fiscal year 2019/20. While performance in the first quarter of the year was severely hindered due the devastating Easter attacks, progress during the final…
Tourism is one of the worst hit sectors from the pandemic and as the industry recovers and restarts, we are presented with an opportunity to rethink how the future of travel and tourism can be shaped for the better. It has pushed socio-economic structures into a standstill and has challenged globalization and global operations of…
Ambassador – Head of Delegation of the European Union (EU) to Sri Lanka and the Maldives Denis Chaibi and EU Deputy Head of Mission, Head of Political, Trade and Communications Section Thorsten Bargfrede met with Board of Investment (BOI) Chairman Susantha Ratnayake and Director General Sanjaya Mohottala on November 26, 2020 at the Board premises. The discussion was on…
Sri Lanka’s Central Bank will introduce maximum interest rates on mortgage-backed housing loans for salaried workers from licensed banks and set lending targets for certain sectors in the near future in conformity with the policies of the Government, Central Bank Governor Deshamanya Prof. W.D. Lakshman said whilst addressing the final Monetary Policy review press conference for this year. ”…
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