Reuters – The International Monetary Fund (IMF) said on Wednesday Sri Lanka needs to tighten its monetary policy to contain rising inflation, put its high debt repayments on track and reverse one of the worst financial crises the country has faced in years. In a so-called Article IV review, the first since 2018, the IMF…
Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Sri Lanka on February 25, 2022. 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,…
Miss. Evanjelin Elchmanar, Miss UK International who was on a brief visit to Sri Lanka in order to proceed with her charity projects, has enthusiastically involved herself promoting Sri Lanka among the UK travelers by visiting and showcasing the local attractions, culture and cuisine and most of all, the hospitality and the welcoming smile of…
Seylan Bank PLC recently entered into a memorandum of understanding with National Chamber of Exporters of Sri Lanka (NCE), reviving a strategic partnership with the NCE to boost Sri Lankan exports in global markets. Taking the first step towards a long standing journey, the agreement was exchanged on 10th February 2022, at Seylan Bank Head…
The Ceylon Chamber of Commerce notes with serious concern the adverse effects brought on its members and all sectors of the economy in general as a result of the ongoing interruptions to the supply of electricity coupled with frequent disruptions to the availability of fuel. The Chamber is of the view that these issues are…
COLOMBO, March 2 (Reuters) – The Central Bank of Sri Lanka (CBSL) is expected to raise rates for the second time this year on Friday as a sharp surge in domestic inflation and a continuing foreign exchange crisis threaten to further derail the domestic economy. Sri Lanka’s forex reserves dropped to $2.36 billion as of…
The Silk Road Journal by Mahika Ming Sri Lanka is entangled in an energy crisis due to many reasons as of now. While the forex inflow mechanisms are not yet fully operational after the COVID pandemic, forex reserves are largely used to purchase fossil fuel for transport and energy. Thus the public experience long queues…
The Chamber confirms current shortages in essential medicines Notes that unrealistic price regulations have hindered the importation of drugs Dollar shortages in banks have further delayed imports At a press conference held on today (02) , the Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) addressed concerns over the shortage of essential medicines amidst the…
First Sri Lankan conglomerate to be awarded member status Aims to mainstream stringent reporting on ESG standards across the entire Hayleys Group Marking a key milestone in its efforts to engage in sustainable development and drive excellence in ESG reporting, Hayleys PLC officially signed on as a Member of the Global Reporting Initiative (GRI) South…
INSEE Ecocycle, Sri Lanka’s pioneer in industrial waste management, has inaugurated a state-of-the-art Pyrolysis Plant at its Puttalam Cement Plant, to convert industrial waste into valuable resources, thus supporting a Circular Economy. The newly opened, fully-capable Pyrolysis plant, which is equipped with cutting-edge technologies, marks an important milestone in INSEE Ecocycle’s sustainable waste management journey,…
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