The Asian Development Bank (ADB) approved a $200 million emergency assistance loan for Sri Lanka, with funds repurposed from other ongoing ADB projects, to improve food security and protect the livelihoods of the poor and vulnerable, especially women and children. “Food insecurity has severely affected the people of Sri Lanka amid the current economic difficulties….
(Bloomberg) – Sri Lanka’s bonds headed for the biggest single-day gain after a report that the debt-ridden nation has reached a preliminary agreement with the International Monetary Fund for an emergency loan. Securities due March 2030 rose as many as 3.6 cents to 34.73 cents on the dollar, posting a second day of gains. The Reuters…
“Divesting shares to the public tremendously helped us to reduce our interest cost “– Chrissworld PLC’s Chairman Chrissworld PLC has set an example for other SMEs by showing the achievement the company gained by listing on the CSE – CSE’s Chairman Chrissworld PLC rang the opening bell to commence trading at the Colombo Stock Exchange…
Elevates Sri Lanka’s standing as a sustainable apparel sourcing destination First to receive Eco Dye Standard certificate With a commitment to practising responsible use of chemicals within their value chain, Noyon Lanka (Pvt) Ltd (Noyon) has introduced ‘Planetones,’ a 100% natural dye solution for lace, the first of its kind to be certified by the…
The SDG Impact Standards were also introduced to the Sri Lankan market to guide investors and enterprises on integrating sustainability and the SDGs into management practices The Government of Sri Lanka and UNDP in Sri Lanka today announced the launch of the Sri Lanka SDG Investor Map (the Map), a market intelligence tool that seeks…
(Reuters) – Sri Lanka and the International Monetary Fund (IMF) have reached a preliminary agreement on an emergency loan to the crisis-hit country and a formal announcement will be made on Thursday, four sources with direct knowledge of the matter said. The island nation, struggling with its worst economic crisis in more than seven decades, had sought up to $3 billion from…
Dominating Sri Lanka’s tile manufacturing sector, Macktiles Lanka (Pvt.) Ltd recently commenced operations of its third manufacturing facility at its state-of-the-art plant in Bandaragama, a major step for the company in fulfilling the country’s tile requirement while achieving self-sufficiency within the industry. With the induction of the newest production line, it will be able to…
The Ceylon Chamber of Commerce views the interim budget for 2022 delivered by President Ranil Wickremesinghe in his capacity as Minister of Finance, as a positive step towards rebuilding the macroeconomic framework of the country. The Budget provides an estimate of the expected revenue and expenditure of the Government for 2022 within an environment of…
Handover of equipment to SLTDA and the Central Province Tourism Department, and presenting studies on Sigiriya and Knuckles-Riverston Sri Lanka’s tourism sector has been subject to a series of challenges since 2019, followed by the protracted impacts of the COVID-19 pandemic, and now, the economic crisis. The impacts of these crises have brought to light…
COLOMBO, Aug 30 (Reuters) – Crisis-hit Sri Lanka unveiled fresh measures on Tuesday in an interim budget aimed at clinching a bailout package from the International Monetary Fund, talks for which, the president said, had reached the “final stage”. The budget revised up the island nation’s deficit projection for 2022 to 9.8% of the gross…
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