Award-winning startup ecosystem builder Hatch entered a strategic partnership with Draper Startup House, a global network of spaces connected to resources for entrepreneurs. Hatch shares a vision with Draper Startup House for Sri Lanka and has come onboard to support Hatch’s “Sri Lanka: From Troubled Nation to Startup Nation” initiative which seeks to change the…
The mercury refuses to budge in the midst of a growing number of economic sensitivities In its mid-January Global Economic Prospects publication, the World Bank revised its forecast for Sri Lanka’s economic contraction in 2022 to 9.2 percent and projected that the nation will face another year of negative growth estimated at 4.2 percent in…
Summarised below are the key operational and financial highlights of our performance during the quarter under review: Group EBITDA recorded an improvement to Rs.10.41 billion during the quarter under review, which is an increase of 9 per cent against the comparative period of last year [2021/22 Q3: Rs.9.53 billion]. Excluding the impact of a one-off…
Reuters – Sri Lanka’s key inflation rate eased to 54.2% in January from 57.2% in December, the country’s statistics department said on Tuesday. The Colombo Consumer Price Index (CCPI) reflected a 60.1% jump in food prices from a year earlier and a 51% climb in the non-food group, the Census and Statistics Department said in a statement….
In a note to the Cabinet, President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilization and National Policies, stated that the Government revenue at present (January 2023) is far below the monthly expenditure for the month of January 2023. As a result, the President noted that the General Treasury finds it…
Daraz Sri Lanka and Sri Lanka Association for Software Services Companies (SLASSCOM) released the first in-depth study on the adoption and use of e-commerce in Sri Lanka during difficult economic times at a roundtable discussion held in Colombo on Monday 30th January 2023. The report titled “E-commerce: A Driver of Inclusive Growth in Sri Lanka?”…
Local bonds amount to half of country’s $70 billion debt pile Sri Lanka seeks to restructure foreign debt, repay local bonds Bloomberg – Holders of Sri Lanka’s foreign bonds want more clarity on the nation’s local-currency debt before they sit down for formal restructuring talks, according to people familiar with the situation. Creditors are concerned…
SINGAPORE/WASHINGTON, Jan 31 (Reuters) – The International Monetary Fund on Tuesday raised its 2023 global growth outlook slightly due to “surprisingly resilient” demand in the United States and Europe, an easing of energy costs and the reopening of China’s economy after Beijing abandoned its strict COVID-19 restrictions. The IMF said global growth would still fall…
US Treasury Secretary Janet Yellen visited African countries in January aiming to promote economic ties & partnerships between the USA & Africa. In Zambia she called on China to address Zambia’s heavy debt burden while ensuring US commitment to help Africa face China-driven “debt-traps”. She seems to have purposely ignored the win-win south-south cooperation which ensures sustainable…
Sri Lanka’s Export Performance in December 2022 Earnings from the merchandise exports decreased by 9.7 % y-o-y to US$ 1,044 Mn in December 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the decrease in export earnings from Apparel & Textiles, Tea, Rubber based Products, and Coconut based…
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