TOKYO, Dec 2 (Reuters) – International Monetary Fund Managing Director Kristalina Georgieva flagged rising inflationary pressures and China’s economic slowdown as risks to Asia’s economic outlook, calling on policymakers to rebuild their buffers against future shocks. Asian Development Bank President Masatsugu Asakawa also urged Asia’s policymakers to be vigilant to signs of any abrupt capital…
Fitch Ratings – Hong Kong – 01 Dec 2022: Fitch Ratings has downgraded Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’, and has affirmed the Long-Term Foreign-Currency IDR at ‘RD’ (Restricted Default). Fitch typically does not assign Outlooks to ratings of ‘CCC+’ or below. Fitch has also removed the Long-Term Local-Currency…
Upholds five key policy reforms proposed by SLAEA as a sustainable path to achieving 2025 USD 8 Bn. target Supports government in key reforms aiding economic recovery and growth With the apparel industry aiming towards USD 8 billion in export revenue by 2025, Chairman of the Sri Lanka Apparel Exporters Association (SLAEA) Indika Liyanahewage highlighted…
The Commercial Bank of Ceylon has announced that its Rs 10 billion debenture issue closed within hours of opening after it was oversubscribed on opening day, Thursday 1st December 2022, in a noteworthy vote of confidence from investors. The debentures to the value of Rs 10 billion are being issued to further strengthen the Tier…
IFC has appointed Alejandro Alvarez de la Campa as the new Country Manager for Sri Lanka and Maldives. Based in Colombo, Alvarez de la Campa will lead IFC’s strategy in building a diversified portfolio and increasing impact in both countries, while helping strengthen sustainable private sector development to promote inclusive growth. A Spanish national, Alvarez…
Former President of the Peoples Republic of China (PRC) Jiang Zemin passed away on 30th November 2022 at the age of 97. He was in office from 1989 till 2002. President Jiang was once the Mayor of Shanghai. It is the international centre of China since the colonial days. When China planned to open its…
Hon. (Dr.) Harsha de Silva, Chairman of the Committee of Public Finance instructed official to the Ministry of Finance that an analytical report be submitted on the increase of export levy as per the Inland Revenue (Amendment) Bill which is expected to be passed in Parliament. The Chairman instructed the above at the Committee on…
The presence of SOEs in strategic sectors of Sri Lanka is proof of the significant value creation it can generate through spillover effects. The societal returns too are greater as it links to our day-to-day activities such as the water we drink, the electricity we use, or even the bus or train we ride. Therefore,…
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) decreased to 61.0% in November 2022 from 66.0% in October 2022. Following a similar trend, the Food inflation (Y-o-Y) decreased to 73.7% in November 2022 from 85.6% in October 2022, while the Non-Food inflation (Y-o-Y) decreased to 54.5%…
MUMBAI, Nov 30 (Reuters) – Sri Lanka aims to restore growth to pre-crisis levels in 2026, a state finance minister said on Wednesday, with policymakers intent on meeting a December deadline to present proposals that might help unlock an International Monetary Fund bail-out. Sri Lanka is suffering its worst financial turmoil since independence from Britain…
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