By Prof. Samitha Hettige President Xi Jinping visited the Russian Federation recently for the ninth time marking the beginning of new world order according to analysts. Before being elected President, Xi visited the USA during the Obama administration. Russia was the first country he visited after assuming the high office & he is the most…
(Bloomberg) – Sri Lanka’s bailout by the International Monetary Fund will help the bankrupt nation lower its borrowing costs, thanks in part to a change in how the cash can be used, central bank Governor Nandalal Weerasinghe said. The Washington-based lender for the first time will allow Sri Lanka to use funds from the $3…
Reuters – Sri Lanka will get the first $330 million tranche of an International Monetary Fund bailout in the next two days, the global lender said on Tuesday, putting the onus on the cash-strapped country to rein in its debt to sustainable levels. Economic mismanagement coupled with the impact of the COVID-19 pandemic left Sri…
In a special statement following the approval of the extended credit facility by the Executive Board of the International Monetary Fund (IMF), President Ranil Wickremesinghe emphasized that Sri Lanka is no longer deemed bankrupt by the world. The President further stated that the loan facility serves as an assurance from the international community that Sri…
Fed tightening is likely to weigh heavily on net capital flows to emerging markets (EM) this year but we expect flows to recover in 2024 as policy rates are cut and EM growth relative to advanced economies improves, says Fitch Ratings in its report “Emerging Market Capital Flows Hit by Fed Tightening, But Should Recover…
The Ceylon Chamber of Commerce congratulates the Government on securing the Extended Fund Facility (EFF) with the IMF. We appreciate the efforts of the Government led by the President, the Governor of the Central Bank of Sri Lanka, Secretary to the Treasury, other key officials and independent experts who have assisted in this process. We…
The official delegation from the Department for International Trade in the UK visited the Sri Lanka Export Development Board (EDB) on 16th March 2023 to discuss the opportunities for Sri Lanka’s export sector under Developing Countries Trading Scheme (DCTS) to be launched by the Government of UK. Ms. Sofie Kinsey, Trade Preferences Policy Manager for…
by Peter Breuer, Senior Mission Chief for Sri Lanka & Masahiro Nozaki, Mission Chief for Sri Lanka, Asia and Pacific Department, IMF Today, the IMF Executive Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of SDR 2.286 billion (about US$3 billion) to support Sri Lanka’s economic policies and reforms (See Press…
The Securities and Exchange Commission of Sri Lanka (SEC) and Colombo Stock Exchange (CSE) conducted an Investor Forum on 18th March 2023 at the Jie Jie Beach by Jetwing Panadura. The forum was organized with the objective of raising awareness of the importance of investor education and investor protection. The forum attracted approximately 175 participants…
The International Monetary Fund (IMF) has announced that the IMF Executive Board approved Sri Lanka’s program under the Extended Fund Facility (EFF). The program will allow Sri Lanka to access financing of up to US$ 7 billion from the IMF, International Financial Institutions (IFIs) and multilateral organizations. This is a historic milestone for the country…
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