The second international sea port in Sri Lanka, Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota has received 100 vessels since it opened for berthing in November 2010, Sri Lanka Ports Authority (SLPA) said.
All members of the South Asian Free Trade Area (SAFTA) representing approximately 1.6 billion people aim to push for the reduction of their sensitive lists substantially, and for the first time the entire bloc is openly calling for stronger private sector involvement in moving forward.
Sri Lanka’s June trade deficit expanded 25 percent Year-onYear (YoY) to US $ 829.1 million amid a sharp increase in import expenditure, though trade gap for the first six months narrowed 7.1 percent YoY to US $ 4.55 billion.
Sri Lanka’s Treasury yields edged down at yesterday’s Treasury bill auction with bids for 3-month bills were rejected, a press statement issued by the Public Debt Department of the Central Bank showed.
Fitch Ratings in a report yesterday said Sri Lanka’s strong economic growth is attracting foreign capital but foreign direct investment inflows remain modest compared with rated peers, leading to rising external indebtedness.
While observing the economic imbalances building up in Sri Lanka with the pickup in growth in private sector credit, a global rating agency, Standard & Poor’s Rating Services (S&P) identified the country’s banking sector as having a very high risk in the South and South East Asian region, slightly better than only Vietnam and Cambodia.
Central Bank said the country has received US $ 537 million worth Foreign Direct Investments (FDIs) in the first half of 2013.
Loose regulatory guidelines with regard to gold-backed loans have been identified a key contributor to a ‘runaway growth’ in pawning loans, exposing the Sri Lankan banking industry to higher loan defaults, international credit agency Standard & Poor’s (S&P) said in a special report.
The Central Bank is expected to keep key monetary policy rates steady, a Reuters poll showed, as it reviews the impact of policy easing in recent months.
The capital adequacy of the Sri Lankan banking sector to withstand sudden solvency risks is not as healthy as reported statistics, a top Fitch Ratings official told a recent forum in Colombo.
International Monetary Fund (IMF) said they were very concerned about the aggressive monetary policy easing pursued by the Lankan authorities to spur growth amid looming inflationary pressures.
Sri Lanka’s construction industry must look to secure contracts overseas in order to ensure longterm sustainability, according to University of Moratuwa Vice Chancellor Professor Ananda Jayawardena.
Belarus, a former Russian Federation country with an industry-driven economy has expressed interest in assembling agro-automotives such as tractors and other heavy duty automobiles in Sri Lanka.
President Mahinda Rajapaksa yesterday officially opened South Asia’s only container terminal that can handle Triple-E vessels and the new breakwater of Colombo Port stretching 400 metres to the sea.
Sri Lanka’s banking, finance, insurance and real estate sector (financial sector) will have a bleak outlook for 2013 on the back of low credit growth and deteriorating asset quality, an equities research report by a leading securities trading firm said.
A US $ 500 million Chinese-built port opens today in Colombo, giving Beijing a vital foothold on the world’s busiest international shipping lane as it seeks to secure maritime supply routes.
The growth in the Sri Lankan economy happens without the expansion of the private sector and the country does not see the private sector participation in the economy, according to a leading economist in the country.
Marking the end of the first fiveyear port development plan, the Sri Lanka Ports Authority (SLPA) has announced a seven-year corporate plan with the vision to achieve ‘logistics excellence in the silk route’, a vision established in line with Mahinda Chinthana Vision for the Future.
President Mahinda Rajapaksa who is also the country’s Finance Minister has declared Sri Lanka’s four main ports, Colombo, Hambantota, Trincomalee and Galle as ‘Free Ports’.
Similar to the banking industry embracing capital adequacy requirements under BASEL regulations, Sri Lanka’s insurance industry too is currently working towards a Risk-Based Capital (RBC) model and is set to become the next country in Asia to fully embrace the regulatory requirement, according to an international insurance professional.
Authorities must continue to take steps towards securing GSP+ facilities to Sri Lanka in order to re-energize the country’s export sector, according to outgoing Exporters Association of Sri Lanka (EASL) Chairperson, Dawn Austin.
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