Reuters – Sri Lanka is preparing to issue two-year oil and gas exploration licenses for as many as 900 offshore blocks for foreign firms to scout for energy resources and bring in vital investments to the crisis-hit country, a top official told Reuters on Thursday. Starting up oil production is part of President Ranil Wickremesinghe’s…
Fitch Ratings has downgraded the National Long-Term Ratings of 10 Sri Lankan banks following the recent sovereign downgrade and recalibration of the agency’s Sri Lankan national rating scale. The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of Sri Lanka’s Long-Term Local Currency Issuer Default Rating (IDR)…
The central bank made the decision at its board meeting on Thursday, in which it also in-principal approved the monetary policy for the second half of FY23 The Business Standard – The Bangladesh Bank has extended the repayment period of the $200 million loan to Sri Lanka by six months until September this year amid the…
The Sub Committee of the National Council to into discussion the concerns faced by the construction industry in the wake of the economic crisis. This was discussed at the Sub Committee on Identifying the Short & Medium-Term Programmes related to Economic Stabilization of the National Council held Wednesday (Jan. 11) to discuss the issues faced…
President Ranil Wickremesinghe stated that he will look into the possibility of a moratorium for loans to protect businesses and provide necessary relief to business personnel. He noted that the Governor of the Central Bank had been informed to look into this matter while protecting the Banks. President Ranil Wickremesinghe said this while addressing the…
Chairman of the Export-Import Bank of China, Wu Fulin, held a fruitful video conference with H.E. Ranil Wickremesinghe, President and Minister of Finance of Sri Lanka on January 10, and exchanged views on bilateral cooperation and Sri Lanka’s current debt issues, the Chinese Embassy in Sri Lanka reported. The Embassy further noted that the two…
Standard Chartered Global research has revealed that Sri Lanka’s debt restructuring could be pushed back to end-2023 due to delays in the IMF programme. Further they stated that the SL economy is likely to contract in 2023; external sector has improved due to import contraction and financial-sector liquidity and solvency risks are building with looming…
Sri Lanka’s central bank has urged China and India to agree a write-down of their loans as soon as possible. The crisis-hit Indian Ocean state defaulted on its debt repayments and negotiated a $2.9bn (£2.4bn) bailout. But the International Monetary Fund will not release the cash until China and India first agree to reduce Sri…
Emirates will offer passengers yet another opportunity to ‘fly better’, with new high-speed, inflight broadband powered by Inmarsat’s GX Aviation, onboard 50 new Airbus A350 aircraft – scheduled to enter service in 2024. The new agreement will significantly improve the passenger experience with enhanced connectivity and greater global coverage, even on flights over the Arctic….
President Ranil Wickremesinghe met with the Japanese State Minister of the Cabinet Office, Hon. Satoshi Fujimaru, Wednesday (11) at the Presidential Secretariat. The State Minister was accompanied by a Japanese business delegation. Discussions focussed on the investment opportunities available in Sri Lanka, including in hospitality and tourism, mining and training of Sri Lanka’s workforce. The…
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