IFC has appointed Alejandro Alvarez de la Campa as the new Country Manager for Sri Lanka and Maldives. Based in Colombo, Alvarez de la Campa will lead IFC’s strategy in building a diversified portfolio and increasing impact in both countries, while helping strengthen sustainable private sector development to promote inclusive growth. A Spanish national, Alvarez…
Former President of the Peoples Republic of China (PRC) Jiang Zemin passed away on 30th November 2022 at the age of 97. He was in office from 1989 till 2002. President Jiang was once the Mayor of Shanghai. It is the international centre of China since the colonial days. When China planned to open its…
Hon. (Dr.) Harsha de Silva, Chairman of the Committee of Public Finance instructed official to the Ministry of Finance that an analytical report be submitted on the increase of export levy as per the Inland Revenue (Amendment) Bill which is expected to be passed in Parliament. The Chairman instructed the above at the Committee on…
The presence of SOEs in strategic sectors of Sri Lanka is proof of the significant value creation it can generate through spillover effects. The societal returns too are greater as it links to our day-to-day activities such as the water we drink, the electricity we use, or even the bus or train we ride. Therefore,…
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) decreased to 61.0% in November 2022 from 66.0% in October 2022. Following a similar trend, the Food inflation (Y-o-Y) decreased to 73.7% in November 2022 from 85.6% in October 2022, while the Non-Food inflation (Y-o-Y) decreased to 54.5%…
MUMBAI, Nov 30 (Reuters) – Sri Lanka aims to restore growth to pre-crisis levels in 2026, a state finance minister said on Wednesday, with policymakers intent on meeting a December deadline to present proposals that might help unlock an International Monetary Fund bail-out. Sri Lanka is suffering its worst financial turmoil since independence from Britain…
Credit rating lowered two levels to Ca, on par with Sri Lanka ‘Substantial losses’ likely for private bondholders: Moody’s Bloomberg – Moody’s Investors Service downgraded Ghana deeper into junk territory on the likelihood that private creditors will incur steep losses during the government’s planned debt restructuring. The country’s credit rating was slashed by two levels…
Hon. (Dr.) Ramesh Pathirana stated that attention has been directed towards taking over underutilized land owned by large-scale plantation companies and the proposal regarding the said has been submitted to the cabinet for approval. He mentioned that legal measures will be taken in this regard in the future. This was stated at the Ministerial Consultative…
Business Sentiment – A Less Mercurial Barometer The implications of Budget 2023 – and a reassessment of cash flows, assets and liabilities – will occupy the minds of corporates as the new tax rates and policies kick in. But there’s been a sense of optimism in recent times even as people acknowledge and realise that…
LONDON/JOHANNESBURG, Nov 30 (Reuters) – Sri Lanka owed Chinese lenders $7.4 billion – nearly a fifth of its public external debt – by the end of last year, calculations by the China Africa Research Initiative (CARI) published on Wednesday showed, an estimate higher than many others. The figure was above the “often-quoted 10 to 15…
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