Fitch Ratings-Hong Kong-02 September 2022: The IMF staff-level agreement with Sri Lanka on a USD2.9 billion programme, confirmed on 1 September, appears to signal a sharp change in policy settings in order to achieve macroeconomic stability, including through large fiscal adjustment, greater exchange-rate flexibility and more central bank autonomy, says Fitch Ratings. This should facilitate…
Money should be set aside for social safety nets to protect low-income earners. Imports should be restricted and essential things like petroleum, medicine and gas should be purchased. Government revenue should be increased to a level of 14/15%. The hardship caused by the economic crisis should be shared not only among the low-income parties but…
During the first four months of 2022 the cumulative loss of State-Owned Enterprises (SOEs) amounted to LKR 860 BN. This figure outweighs the annual loss of SOEs in 2021. The top 3 contributors to the increase of the loss were (1) Ceylon Petroleum Corporation (CPC) (2) Sri Lankan Airlines and the (3) Ceylon Electricity Board. …
The Information and Communication Technology Agency (ICTA), announces that Professor Malik Ranasinghe has assumed duties as Chairman, ICTA. Professor Malik Ranasinghe is a Senior Professor in Civil Engineering at the University of Moratuwa (UoM) He is a Chartered Engineer, International Professional Engineer and Fellow of the Institution of Engineers, Sri Lanka, Fellow of the National…
Sri Lanka an integral part of the Company’s manufacturing Strategy Large fashion brands typically need several manufacturing bases, especially to reduce the business risk of disruptions stemming from production being concentrated in one location. In selecting geographical locations for such bases, multiple criteria need to be considered. Shipping lead time is one such and countries…
The Ceylon Chamber of Commerce congratulates the Government led by the President, the Governor of the Central Bank of Sri Lanka, Secretary to the Treasury and other key officials on reaching a staff-level agreement with the IMF for a 4-year Extended-Fund Facility program (EFF). We hope that the next steps in gaining IMF board approval…
IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about US$2.9 billion. The objectives of Sri Lanka’s new Fund-supported program are to restore macroeconomic stability and debt sustainability, while safeguarding financial stability, protecting the vulnerable, and stepping…
Ambassador Dr. Palitha Kohona addressing the Jilin Green Agriculture Forum highlighted the need for policy makers to take serious note of the harm that industrial agricultural practices have caused the environment and to human health. However, he readily acknowledged the need to feed eight billion humans in the world today. According to the UN World…
The Securities and Exchange Commission of Sri Lanka (SEC), the Colombo Stock Exchange (CSE) and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently signed a Memorandum of Understanding (MoU) to encourage and advance non-financial reporting in Sri Lanka. Through the MoU, the three institutions aim to capitalize on mutual interests and…
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) increased to 64.3% in August 2022 from 60.8% in July 2022. This increase in Y-o-Y inflation was mainly driven by the monthly increases of both Food and Non-Food categories. Accordingly, Food inflation (Y-o-Y) increased to 93.7% in August 2022 from 90.9% in July 2022, while Non-Food inflation…
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