The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Sri Lanka. Sri Lanka has been hit hard by COVID-19. On the eve of the pandemic, the country was highly vulnerable to external shocks owing to inadequate external buffers and high risks to public debt sustainability, exacerbated by the Easter Sunday terrorist attacks…
Sri Lanka’s credit rating has been downgraded 7 times over the course of 7 years (May 2015 – May 2022). 5 of those downgrades occurred since April 2020. In contrast, its regional peers have maintained their credit ratings. The recent downgrade to RD (Restricted Default) on the 19th of May 2022 was immediately after…
Vows to slash expenditure to ‘bare bones’ to meet conditions To seek debt restructuring from China after agreeing IMF deal Bloomberg – Sri Lanka is looking to fast-track talks with the International Monetary Fund and agree on a loan by mid-June so that it can then approach other lenders for urgently needed funds. The bankrupt…
The lower levels of the Sri Lankan social pyramid are prone towards conflicts but are resilient as per many researches done over the decades. Since 1948 they energized conflicts triggered by a few with political (and hidden financial) agendas and underwent countless hardships due their own shortsighted acts and personality worshiping. The present financial crisis…
The Central Bank of Sri Lanka, considering the prevailing macroeconomic conditions and its impact on the banking sector, has decided to implement the following regulatory measures to support the banking sector to facilitate effective financial intermediation and the flow of credit to the economy, whilst ensuring the soundness of the banking sector. Sri Lankan banking…
Reuters -Sri Lanka’s Prime Minister Ranil Wickremesinghe will hold dual charge as finance minister, the president’s office announced on Wednesday, and will lead talks with the International Monetary Fund (IMF) as the crisis-hit nation seeks a bailout. “Prime Minister Ranil Wickremesinghe was sworn in as finance, economic stabilisation and national policies minister before President Gotabaya…
STF Corporate Advisory has successfully managed to source and secure US$ 15 Million dollar loan from Washington based United States International Development Finance Corporation (US DFC), America’s development finance institution and agency of the United States federal government, for Sri Lanka based Colombo Stock Exchange listed company BPPL Holdings PLC. BPPL Holdings PLC is one of Sri Lanka’s leading…
Info Edge, which joins lead investor Goldman Sachs Asset Management in the Series E, provides a strategic contribution to WSO2’s accelerated business expansion across India WSO2, the leader in digital transformation technology, today announced that the company has completed its Series E funding round with the addition of RedStart Labs (India), a subsidiary of Info…
The Minister of Foreign Affairs Prof. G. L. Peiris met the UN Resident Coordinator in Colombo, Hanaa Singer- Hamdy on 23 May, 2022 to discuss multiple impacts arising out of the current economic situation in the country such as supply of essential items, concerns regarding food security and livelihood matters. The Minister underscored that the Government…
On the second day of the Huawei Asia Pacific Digital Innovation Congress, the keynote of “Diving into Digital in Industries ” was successfully held. More than 1,000 business elites from various industries and government officers in the Asia Pacific region attended the event, sharing the challenges and practices in using innovative technologies to tackle challenges…
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