PickMe delivery drivers who had to undergo strict once a week temperature checks during the past two weeks, will now go through this exercise daily, as the number of COVID patients islandwide, are on the rise. The riders and drivers have also been given a new set of rules to follow, as per directives given…
The latest ILO data on the labour market impact of the COVID-19 pandemic reveals the devastating effect on workers in the informal economy and on hundreds of millions of enterprises worldwide. GENEVA (ILO News) – The continued sharp decline in working hours globally due to the COVID-19 outbreak means that 1.6 billion workers in the informal economy…
Sri Lanka’s gross domestic product (GDP) is forecast to decline in 2020 due to the negative impact of the COVID-19 pandemic, according to a report by the Central Bank of Sri Lanka. The report highlights that Sri Lanka’s economic growth could decline to 1.5% in 2020, compared with 2.3% growth a year earlier as key sectors of…
Moody’s Investors Service yesterday (29) warned that Sri Lanka is facing simultaneous domestic and external shocks amid the global coronavirus outbreak. The rating agency in its latest report stated that the country faces multiple challenges from capital outflows, marked local currency depreciation, wider risk premia and a further decline in real GDP growth that will…
The Central Bank of Sri Lanka decided to set up a refinancing facility in order to implement the decisions taken by the Cabinet of Ministers on 20.03.2020 to introduce a wide range of fiscal and financial concessions for COVID-19 hit business activities including self-employment businesses and individuals. The Monetary Board, issuing a circular yesterday (28)…
~ Tests will be carried out on samples sent by Government only The Association of Private Hospitals and Nursing Homes (APHNH) in a statement to media, said they will extend all possible assistance to the national operations programme for Covid-19 outbreak, in conducting the much needed PCR tests to help control the spread of Covid-19…
The coronavirus pandemic and its devastating economic impact on developing countries could fuel fresh interest in so-called diaspora bonds that allow migrants to support their countries of origin, experts from the World Bank and other groups say. Dilip Ratha, the World Bank’s lead economist on migration and remittances, told Reuters that diaspora bonds could generate…
The clearance of cars at the Hambantota Port is slow, and the port is concerned that they would not meet the April 30th deadline for clearing imported vehicles. “No vehicles were cleared over the weekend, and the number cleared on Monday was 203 while port dues have been paid for 425 chassis, which we hope…
The impact of the COVID-19 pandemic is expected to “weigh heavily” on Sri Lankan banks’ assets quality this year, First Capital Research warned. “The greatest initial impact is likely to be in loans to industries most affected by the disruption and consumer caution,” the research firm said in its latest report. “In particular, banks’ lending to SME and…
Fitch Ratings has downgraded the rating on SriLankan Airlines Limited’s (SLA) USD175 million government-guaranteed 7% unsecured bonds due 25 June 2024 to ‘B-‘, from ‘B’. Fitch said the rating action follows the downgrading of Sri Lanka’s Long-Term Foreign- and Local Currency Issuer Default Ratings to ‘B-’, from ‘B’, with a Negative Outlook. “The national carrier’s…
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