The Asian Development Bank (ADB) has appointed Takafumi Kadono as the new Country Director for Sri Lanka, who has assumed office in Colombo today. “It is an honor and a privilege to be appointed the Country Director of ADB’s Sri Lanka Resident Mission. ADB was a trusted partner of the people of Sri Lanka during…
Business leaders thank government for protecting the banking system. During meetings held yesterday (29) at the Presidential Secretariat, President Ranil Wickremesinghe addressed members of the Chambers, business leaders and unions regarding the Domestic Debt Optimization (DDO). The President urged the business leaders to educate their employees on this crucial step aimed to ensure that individuals…
Biz confidence remains muted as the pros and cons on the economic front even out Could there be a silver lining for Sri Lanka Inc. following the gradual fall in inflation? The answer hangs in the balance despite a notable decline in the Colombo Consumers Price Index (CCPI) to 25.2 percent in May – from…
EPF funds would not be touched During a special press briefing held at the Presidential Media Centre on Domestic Debt Optimization (DDO), Dr. Nandalal Weerasinghe, the Governor of the Central Bank, emphasized the importance of relieving the burden on the banking system caused by the already excessive 50% taxes. This measure aims to safeguard the…
Reuters – As Pakistan spiralled into crisis this year, Wilson Muthaura pressed its government to put the tea Kenya’s KTDA co-operative produces 3,400 miles away on a list of essentials that would grant importers access to precious U.S. dollars. His urgent lobbying reflects anxiety about a scarcity of dollars – the lifeblood of global trade…
Reuters – Sri Lanka is asking foreign investors in its international sovereign bonds to take a 30% haircut and is seeking similar concessions from holders of its other dollar-denominated bonds as it seeks to restructure its massive debt, its central bank governor said on Thursday. The government will also exchange treasury bills into long-term bonds…
The World Bank Group’s Board of Executive Directors Wednesday (28) discussed the new Country Partnership Framework for Sri Lanka, which aims to help restore economic and financial sector stability and build a strong foundation for a green, resilient, and inclusive recovery. This CPF comes at a time when the country is navigating a severe economic crisis…
USD 500 Million Financial Assistance from the International Development Association of the World Bank for the Implementation of Sri Lanka Resilience, Stability and Economic Turnaround (RESET), Development Policy Operation (DPO) Program The Government of Sri Lanka is planning to borrow USD 500 million from the International Development Association (IDA) of the World Bank Group in 2023…
Investment Promotion Ministry appoints Mr Ruwan Fernando as the country representative for the Republic of Kenya. The concept of appointing Sri Lankan businessmen who have excelled commercially and functioning stable operations overseas as country representatives is the brainchild of Dlium Amunugama, the Honourable State Minister of Investment Promotion. These appointments are pro bono positions given…
The Committee on Public Finance (COPF) in Parliament today summoned officials of the Central Bank of Sri Lanka (CBSL), the Ministry of Finance and the Auditor General for the first session of discussions on proposed domestic debt restructuring process. In a tweet, COPF chairman Dr. Harsha de Silva said that the commercial banks, the Employees’…
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