Minister of Foreign Affairs, Ali Sabry, met with Presidents, Secretaries General, senior officials and business leaders representing a large number of export oriented organizations and chambers of commerce on 12 October, 2022 to discuss and to expound the opportunities and potential for exporters as well as the challenges that they confront in exporting goods and…
Reuters – The International Monetary Fund warned on Tuesday that colliding pressures from inflation, war-driven energy and food crises and sharply higher interest rates were pushing the world to the brink of recession and threatening financial market stability. In gloomy reports issued at the start of the first in-person International Monetary Fund and World Bank…
Sri Lanka Crisis: IMF had earlier announced that it will provide the island nation with a loan of about USD 2.9 billion over four years, under a preliminary agreement to help the bankrupt island nation tide over its worst economic crisis. IMF’s Deputy Managing Director Gita Gopinath has met Sri Lanka’s junior minister of finance…
The Monetary Board, with the concurrence of the Hon. Minister of Finance, has promoted Mrs. K M A N Daulagala, Assistant Governor and the Secretary to the Monetary Board, to the post of Deputy Governor of the Central Bank of Sri Lanka (CBSL) with effect from 07 October 2022. Mrs. K M A N Daulagala…
WindForce PLC, the leading renewable energy producer in Sri Lanka marks yet again another commemorable milestone with the 10MW agrovoltaic plant, Solar Universe. The plant was commissioned on the 28th of September and was officially opened by Hon. Kanchana Wijesekera, Minister of Power and Energy, Sri Lanka, on the 11th of October. The construction of…
Reuters – Sri Lanka will remain a middle-income country but request the World Bank to grant it some loans generally offered to poorer nations, the president’s office said on Tuesday, clarifying a cabinet spokesperson’s earlier comments on the matter. The island nation of 22 million is facing its worst economic crisis in more than seven…
The government stated that Sri Lanka will remain a middle-income country. Sri Lanka no longer qualifies for International Bank for Reconstruction and Development (IBRD) loans due to a downgrade of the country’s credit rating. Therefore, the Cabinet approved a proposal yesterday (10) to request the World Bank to grant the country eligibility to obtain loans…
Reuters – Sri Lanka’s cabinet has approved a proposal to downgrade the island nation’s economic status to “low income country”, in order to get access to concessional funding from international organisations, the cabinet spokesman said on Tuesday. Sri Lanka’s economy is in a deep slump, shrinking at an annual 8.4% in the June quarter in one of…
As Sri Lanka begins the monumental task of laying the groundwork for economic revival, the Sri Lanka Economic Summit (SLES) 2022 organised by the Ceylon Chamber of Commerce, will kick-start the conversation on the work that lies ahead, under the theme ‘Resetting from Turmoil to Opportunity’, on December 5th and 6th at the Shangri-La, Colombo….
Reuters – The annual IMF/World Bank meetings in Washington D.C. from Monday to Saturday will include talks on a number of emerging markets squeezed by rising inflation and borrowing costs against a backdrop of slowing global growth. The economic hit from Russia’s invasion of Ukraine has added to pressures that surfaced during the COVID-19 pandemic…
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