Global rating agency Standard and Poor’s (S&P) lowered Sri Lanka’s long-term foreign currency sovereign rating from “CCC” to “CC” to reflect looming default on some affected obligations. The rating action follows the troubled Island nation’s announcement on the suspension of normal external debt servicing. It has also lowered long-term local currency sovereign credit rating from…
Sri Lanka’s economic outlook is highly uncertain due to the fiscal and external imbalances. Urgent policy measures are needed to address the high levels of debt and debt service, reduce the fiscal deficit, restore external stability, and mitigate the adverse impacts on the poor and vulnerable, says the World Bank in its twice-a-year regional update….
Currently Sri Lanka is facing social, economic and financial distress creating hardships to its people due to the long lasting impact of the COVID-19 pandemic, global political imbalances and macroeconomic imbalances of the country. Although the authorities are taking measures to address the above situation of the country, including taking steps to actively manage its…
Fitch Ratings has placed the National Long-Term Ratings of 13 Sri Lankan banks on Rating Watch Negative (RWN). The banks are: -People’s Bank (Sri Lanka) (PB) -Commercial Bank of Ceylon PLC -Hatton National Bank PLC -Sampath Bank PLC -National Development Bank PLC -DFCC Bank PLC -Seylan Bank PLC -Nations Trust Bank PLC -Pan Asia Banking…
Reuters – Sri Lanka’s central bank said on Tuesday it had become “challenging and impossible” to repay external debt, as it tries to use its dwindling foreign exchange reserves to import essentials like fuel. The island nation’s reserves have slumped more than two-thirds in the past two years, as tax cuts and the COVID-19 pandemic…
Shanta Devarajan, Professor at Georgetown University, and also a member of Sri Lanka’s Presidential Advisory Group on Multilateral Engagement and Debt Sustainability, discusses steps that the country should take to avoid a hard default. He speaks with Shery Ahn and Paul Allen on “Bloomberg Daybreak: Asia”. (Source: Bloomberg)
Immediately donates lifesaving medical supplies to Castle Street Hospital Responding to a desperate plea by the medical fraternity, Hemas Hospitals immediately donated 500 Endotracheal (ET) tubes to the neo-natal unit of the Castle Street Hospital for Women. The gesture was in immediate response to a recorded voice message in circulation by Dr Saman Kumara, Consultant…
The Monetary Board of the Central Bank of Sri Lanka decided to remove caps imposed on lending interest rates applicable to credit cards, pre-arranged temporary overdrafts, and pawning facilities to facilitate the effective transmission of the policy adjustment. The Board noted that such policy and regulatory actions, upon quick transmission, would raise the cost of funds, thereby…
The Ministry of Foreign Affairs notes that attention has been focused on the revision of the U.S. Travel Advisory on Sri Lanka as at 6 April 2022. The Ministry recalls that since June 2021, with the COVID-19 pandemic, the U.S. Travel Advisory for Sri Lanka has remained at Level 3, and as such has not…
The Women Corporate Directors, Sri Lanka call on politicians of ALL parties to act urgently and cohesively to take the following IMMEDIATE ACTIONS to prevent an economic catastrophe. 1. Support the appointment and functioning of a cabinet including Finance Minister to negotiate and implement IMF programme. 2. Support the independent functionality of the Central Bank…
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