Amidst a host of global and local challenges, Hela Apparel Holdings PLC recorded a landmark year of growth in FY 2021/22, with revenue increasing by 75% to LKR 56 Bn. Profits attributable to equity holders also increased to LKR 813 MN, compared to LKR 767 MN in FY 2020/21. In addition, the company’s successful listing…
Warns that brands may move to alternate production locations Bracing for 20% reduction in orders, export earnings to take a hit Amid rising apprehension of a global economic recession and resulting softening of international consumer demand, Sri Lanka’s Joint Apparel Association Forum (JAAF) reiterated its demand for systemic economic and political reforms to restore stability,…
The Hindu – India and Japan have agreed to work together on assisting crisis-hit Sri Lanka, the Japanese government said, following a recent meeting between Prime Ministers Narendra Modi and Fumio Kishida in Tokyo. Mr. Modi and Mr. Kishida met on May 24 on the sidelines of the Quad summit and held bilateral talks on…
The U.S. and Keells are partnering to strengthen small businesses in Sri Lanka through an agreement to connect Keells suppliers with private business advisory service providers. “The small businesses that supply your grocery stores keep the economy going and drive job creation,” said U.S. Ambassador to Sri Lanka Julie Chung at the MOU signing. “This…
The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Sri Lanka. Sri Lanka has been hit hard by COVID-19. On the eve of the pandemic, the country was highly vulnerable to external shocks owing to inadequate external buffers and high risks to public debt sustainability, exacerbated by the Easter Sunday terrorist attacks…
Sri Lanka’s credit rating has been downgraded 7 times over the course of 7 years (May 2015 – May 2022). 5 of those downgrades occurred since April 2020. In contrast, its regional peers have maintained their credit ratings. The recent downgrade to RD (Restricted Default) on the 19th of May 2022 was immediately after…
Vows to slash expenditure to ‘bare bones’ to meet conditions To seek debt restructuring from China after agreeing IMF deal Bloomberg – Sri Lanka is looking to fast-track talks with the International Monetary Fund and agree on a loan by mid-June so that it can then approach other lenders for urgently needed funds. The bankrupt…
The lower levels of the Sri Lankan social pyramid are prone towards conflicts but are resilient as per many researches done over the decades. Since 1948 they energized conflicts triggered by a few with political (and hidden financial) agendas and underwent countless hardships due their own shortsighted acts and personality worshiping. The present financial crisis…
The Central Bank of Sri Lanka, considering the prevailing macroeconomic conditions and its impact on the banking sector, has decided to implement the following regulatory measures to support the banking sector to facilitate effective financial intermediation and the flow of credit to the economy, whilst ensuring the soundness of the banking sector. Sri Lankan banking…
Reuters -Sri Lanka’s Prime Minister Ranil Wickremesinghe will hold dual charge as finance minister, the president’s office announced on Wednesday, and will lead talks with the International Monetary Fund (IMF) as the crisis-hit nation seeks a bailout. “Prime Minister Ranil Wickremesinghe was sworn in as finance, economic stabilisation and national policies minister before President Gotabaya…
Video Story
