(Reuters) – China’s commitment to restructure the $6 billion it is owed by Zambia is a good sign for Sri Lanka and others that have borrowed heavily from Beijing. In April, the People’s Republic joined the African country’s creditor committee. That group it co-chairs with France has yet to detail how large any haircuts will be, but…
SL is located at the centre of the “Lakidva Sea” which was renamed “Indian Ocean” by the Portuguese who entered in 1505. Shipping history indicates that Prince Vijaya set sail from South India with 700 men on the day the Buddha attained Nirvana. If it was today, Vijaya may sail towards Australia looking for Greener…
External Sector Performance – June 2022 The merchandise trade balance recorded a surplus in June 2022 for the first time since August 2002, reflecting the impact of historically high monthly export earnings and the continued decline in import expenditure. Earnings from tourism recorded an increase in June 2022 (year-on-year) from the low base, despite the…
Pakistan has a weak external position, high commodity prices, and is witnessing a huge slump in its currency in comparision to the US Dollar. By ANI ISLAMABAD: Citing the country’s weakening economic position, Moody’s, then Fitch, and now S&P Global – three major global rating agencies have downgraded Pakistan’s long-term rating from stable to negative, according…
The Government and the Central Bank of Sri Lanka (CBSL) have been implementing several measures to ease the burden of the current economic hardships on the people. One major factor that is contributing to the current crisis and the resultant hardships is the lack of foreign exchange liquidity in the banking system. Such shortage of…
Mr. Anthony Nihal Fonseka has been reappointed as a member of the Monetary Board of the Central Bank of Sri Lanka (CBSL) with effect from 27 July 2022 for a period of six years. Previously, he served on the Monetary Board from July, 2016 to May 2020 and from May 2022 to July 2022. He…
Reuters – Sri Lanka has resumed technical discussions with the International Monetary Fund on a potential bailout after a new government took office, the finance ministry said on Friday. Discussions with the multilateral lender started in April under former President Gotabaya Rajapaksa. The Sri Lankan government hopes to secure an Extended Fund Facility (EFF) –…
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) increased to 60.8% in July 2022 from 54.6% in June 2022. This increase in Y-o-Y inflation was driven by the monthly increases of both Food and Non-Food categories. Accordingly, Food inflation (Y-o-Y) increased to 90.9% in July 2022…
UNICEF Sri Lanka launched a special relief package for pre-school children and mothers hardest hit by the current economic crisis. The initiative conducted in collaboration with the Colombo Municipal Council and Public Health midwives will provide much- needed relief to the urban poor and most disadvantaged families facing severe hardship and struggling to put food…
Earnings from the merchandise exports increased by 20 % y-o-y to US$ 1,208.2 Mn in June 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the increase in earnings from export of Apparel & Textiles, Rubber based products, Coconut based products, Food & Beverages and Seafood. Monthly Merchandize…
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