Last Updated : 2021-03-08 12:28:00
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Mon, 08 Mar 2021 Today's Paper
23 Dec 2020
The government yesterday reaffirmed its commitment to reach a final decision on the East Container Terminal (ECT) of Colombo Port after scientifically analysing all factors related to the terminal from an international business perspective.
22 Dec 2020
Despite the recent rating downgrades on elevated debt repayment risks, Sri Lanka has significantly cut down its reliance on foreign debt to fund budgets as the government’s balance sheet showed a net repayment of such debt.
21 Dec 2020
The government revenue declined in the nine months to September as the economic toll of COVID-19 took hold on businesses and consumption, which generate tax income, as economic activities contained to a greater degree in the period.
19 Dec 2020
Sluggish economic activity, external and domestic vulnerabilities, muted private credit growth and the sovereign’s weakened credit profile are significant downside risks to the operating environment for Sri Lankan banks, Fitch Ratings said in a new report.
18 Dec 2020
Despite the doom and gloom forecasts by global rating agencies and the second wave of COVID-19 reaching community level, the government is optimistic that the best is within reach.
17 Dec 2020
16 Dec 2020
Hit by COVID-19, Sri Lanka’s economic growth contracted by a whopping 16.3 percent in the second quarter (April-June) of this year, recording the largest ever drop recorded in the country’s history but recovered to a growth of 1.5 percent in the third quarter (July-September), the Department of Census and Statistics (DCS) yesterday said.
15 Dec 2020
Improvement in Sri Lanka’s external sector performance continued in October as well with the trade deficit narrowing further largely due to restrictions imposed on non-essential imports, and the lower oil bill.
14 Dec 2020
Sri Lanka’s foreign reserves buffer fell over US$ 300 million to US$ 5,549.3 million by the end-November, from US$ 5,855.7 million by end-October, while the Central Bank continues to remain a net buyer of foreign exchange to prop up reserves as well as to prevent the rupee from overly appreciating.
12 Dec 2020
The Finance Ministry this week announced the immediate implementation of a range of loan schemes proposed in Budget 2021, targeted at state and private sector employees, small and medium enterprises (SMEs) and dairy farmers.
11 Dec 2020
An International Monetary Fund (IMF)-backed deal is inevitable for Sri Lanka’s government that is in denial of the looming debt crisis, the research arm of Citibank, Citi Research said.
10 Dec 2020
Sri Lanka could manage the upcoming US $ 1 billion international sovereign bond (ISB) settlement in July, next year and current account deficit in the first half of the year, with US $ 500 million in net bilateral or multilateral funding while keeping reserve losses at manageable levels, according to the Institute of International Finance (IIF), a Washington-based global association of the financial services industry.
09 Dec 2020
The Cabinet of Ministers has cleared tax holidays to the tune of US$300 million for the proposed tyre plant by China’s Shandong Haohua Tire Co. Limited in the industrial park within the Hambantota International Port.
08 Dec 2020
As Sri Lanka is cautiously gearing up to welcome tourists come January, with the government planning to relax the border control measures, the Sri Lanka Tourism Development Authority (SLTDA) yesterday asserted the importance to impose strict health protocols, to ensure the safety of citizens as well as the international travellers.
07 Dec 2020
The decision to cap mortgage-backed housing loan interest rates at 7.0 percent for salaried employees in both private and public sectors is now given life as the Monetary Board has instructed all licensed banks to disburse such loans from December 10.
05 Dec 2020
Severe long-term effects of the COVID-19 pandemic could push an additional 207 million people into extreme poverty on top of the current pandemic trajectory, bringing the total to over 1 billion by 2030, according to United Nations Development Programme (UNDP) latest findings.
04 Dec 2020
Central Bank Governor Professor W.D. Lakshman this week called out to the doomsayers, who fail to understand the alternative policy platform unleashed by the government and Central Bank, which is already showing some encouraging results.
03 Dec 2020
The local tourism sector yesterday was presented with the harsh reality that it simply isn’t doing enough to reach its aspirations as planned and to make any real progress it is essential for the authorities to smartly relook at the industry’s marketing mix.
02 Dec 2020
As Sri Lanka explores avenues for greater economic prosperity amid pressing challenges that stem from the global front, in addition to those locally inherited, President Gotabaya Rajapaksa called for an enabling private sector, one that is bold and has high-risk tolerance to take the country to the next level.
01 Dec 2020
Moody’s Investors Service, in a report issued on the emerging market banks and insurance companies said yesterday that Sri Lankan banks would experience large capital declines without new capital injections over the next two years, due to asset quality concerns, lower profitability due to muted credit growth and thin margins.
28 Nov 2020
Fitch Ratings yesterday downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC’ from ‘B-‘ with ‘Negative’ outlook.
27 Nov 2020
The Monetary Board of the Central Bank left its key policy rates unchanged yesterday, continuing with its dovish monetary policy stance by slapping interest caps on mortgage-backed housing loans and said lending targets would be introduced to licensed banks to channel funds into areas with high growth and earning potential.
26 Nov 2020
Purchasing Managers’ Index (PMI), a key barometer of the vibrancy of the economic activities across both manufacturing and services sectors, contracted in October, as the resurgence of COVID-19 in the country affected production.
25 Nov 2020
First Capital Research (FCR) expects the Central Bank (CB) to maintain the current policy rates unchanged at the monetary policy review tomorrow amid recent improvements in private sector credit, rock bottom market interest rates and excess liquidity in the system, while retaining the monetary policy stance at “accommodative”.
24 Nov 2020
Moody’s Investors Service in a report issued yesterday said, “Sri Lanka’s 2021 budget highlights the ongoing fiscal challenges and is unlikely to significantly boost growth,”indicating that the change of opinion between the government and the rating agencies at large over the country’s growth path, will continue post budget.
23 Nov 2020
The temporary payment holiday on tourism sector loans granted in view of the loss of business due to coronavirus is likely to be extended till September 30, 2021 from an earlier timeline of March 31, 2021.
21 Nov 2020
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) organised the Annual Budget Seminar on November 19th which brought together a host of eminent speakers and panelists who shared their insights on the government’s National Budget for next year.
20 Nov 2020
Shandong Haohua Tire Co. Ltd, a leading Chinese tyre manufacturer, is slated to invest US$ 300 million to set up a tyre manufacturing plant in Sri Lanka to cater to the export market.
19 Nov 2020
The government plans to present the proposed legal framework of Colombo Port City to Parliament in January, next year, with the tourism, foreign and commercial activities of the first phase of the project are scheduled to commence within the year.
18 Nov 2020
The maiden budget of President Gotabaya Rajapaksa’s government presented yesterday in Parliament by Prime Minister Mahinda Rajapaksa, who is also the country’s Finance Minister, broadly aligned with the policies spelt out in the government’s policy framework ‘Vistas of Prosperity and Splendeour.’
3 hours ago