COLOMBO, Sri Lanka (AP) — China says its initiative to build ports and other infrastructure across Asia and Africa, paid for with Chinese loans, will boost trade. But in a cautionary tale for borrowers, Sri Lanka’s multibillion-dollar debt to Beijing threatens to hinder efforts to resolve a financial crisis so severe that the Indian Ocean…
The Government of Japan is giving essential medicines to Sri Lanka through UNICEF to meet the urgent needs of the most vulnerable population as the country grapples with shortages due to an economic crisis. The contribution of US$ 1.5 million will enable UNICEF to procure medicines for over 1.2 million people, among them 53,000 pregnant…
Financial Year 2021/22 – Full Year Performance Chief Executive Officer’s Review Hemas Holdings PLC (HHL) accomplished a solid performance for the financial year 2021/2022 despite a challenging environment, to record a cumulative Group revenue of Rs. 78.8 billion, an increase of 22.2 per cent over the prior year. The overall cumulative operating profits of Rs…
The Foundation of Economic Freedom in Sri Lanka (FEFSL) presents here a summary of perceptions of the people of Sri Lanka about their own and the nations’ future as at the first quarter of 2022. This monthly nation-wide tracking study, reported quarterly, is based on a unique measurement developed by FEFSL. Started in July 2011…
MUMBAI: In view of difficulties being faced by exporters in getting payments from crisis-hit Sri Lanka, the RBI on Thursday allowed settlement of trade transactions in Indian rupee outside the Asian Clearing Union (ACU) mechanism. In March, the government had guaranteed a term loan of USD 1 billion extended by the State Bank of India…
Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘RD’ (restricted default) from ‘C’. Fitch typically does not assign modifiers for sovereigns with a rating of ‘CCC’, or below. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS Grace Period Ends: The…
Reuters – The Group of Seven economic powers support efforts to provide debt relief for Sri Lanka, G7 finance chiefs said on Thursday in a draft communique from a meeting in Germany after the country defaulted on its sovereign debt. The once-booming island country has suspended debt payments as it grapples with its worst economic…
Reuters – An International Monetary Fund virtual mission to Sri Lanka is expected to conclude technical talks on a potential IMF loan program to the crisis-wracked South Asian country on May 24, Fund spokesman Gerry Rice said on Thursday. Rice, speaking to a virtual IMF briefing, said the IMF monitoring political and economic developments in…
Bloomberg – Sri Lanka fell into default for the first time in its history as the government struggles to halt an economic meltdown that prompted mass protests and a political crisis. Policy makers had flagged to creditors that the nation wouldn’t be able to make payments until the debt is restructured, and is therefore in…
Revenue up 56% to Rs 50 billion Records highest quarterly revenue since inception in Q4 FY 2021/22 India expansion complete, adds 20 tons a day Teejay Lanka PLC has reported a revenue milestone of Rs 50 billion at Group level for FY 2021-22, achieving its first annual sales of a quarter of a billion in…
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