The International Monetary Fund (IMF) this week commended Sri Lanka for going forward and being successful to a great extent to implement the “ambitious” programme; however, it cautioned that the road ahead is till bumpy. IMF Director Asia and Pacific Department Krishna Srinivasan asserted that the programme is bearing fruit. When Sri Lanka embarked on this adjustment programme, it had its back to the wall but now signs of early recovery are see
Possible delays in reaching an agreement (in principle) with private bondholders is unlikely to impact the disbursement of the third tranche under IMF’s US$ 3billion bailout package, given negotiations are moving ahead in good faith, Former Governor of Central Bank (CB) and renowned economist, Dr. Indrajit Coomaraswamy said.
The mounting tensions in the Middle East that are becoming increasingly unpredictable are likely to impact the Ceylon Tea cuppa, the industry stakeholders said, especially since over 50 percent of the island nation’s tea is exported to that region.
Sri Lanka’s celebrity chocolatier, chef and agriculture enthusiast Gerard Mendis faces an uphill battle in his bid to take single-origin Sri Lankan chocolates global. This is primarily due to the shortage of cocoa beans and absence of active cooperation of authorities.
Sri Lanka’s tourism sector is expecting a multiplier effect across all key source markets following United Kingdom’s recent update on the travel advisory for Sri Lanka, which will immediately result in a significant boost in tourist arrivals in the upcoming summer season.
It is essential for the reforms planned for the government owned entities to go ahead without further disruptions, else it is the general public that will continue to take on the burden, State Owned Enterprises Restructuring Unit (SOERU) Head Suresh Shah said.
The Asian Development Bank (ADB) yesterday pledged its support to help Sri Lanka steer through the ongoing reform process; however, it noted that there needs to be “realistic expectations”. Acknowledging that Sri Lanka is at the initial stages of implementing challenging reforms within a tight time-frame, the ADB emphasised the need for a more sustainable approach to their implementation. “There needs to be a realistic expect
As Sri Lanka is looking to leave behind the effects of the crisis and move towards development, sustained reform implementation is essential for Sri Lanka to have a stronger and more resilient economy, the World Bank said yesterday.
The Central Bank has been caught off guard by the break in the months-long expansion seen in the private sector credit in January and considered it to be a one-off development and attributed it to the appreciation of the rupee and after-season settlement of facilities by the borrowers.
While Sri Lanka is gearing up for elections this year, which could result in uncertainties, the International Monetary Fund (IMF) cautioned that it is absolutely key that the programme objectives are achieved, because with those, Sri Lanka has a chance of emerging from the crisis. “The path is a knife-edge path. We have to remember that. So, yes, we acknowledge in our press report the green shoots that we see for the economy and that’s the beginn
The senior representatives of the financial sector yesterday raised significant concerns about the government’s commitment to enacting the necessary legislation for the introduction of a central bank digital currency (CBDC) in Sri Lanka.
Sri Lanka’s economy surged in the fourth quarter, marking a swift recovery from the prolonged recession that began 18 months ago. The growth rate exceeded expectations, outpacing third quarter’s performance. Sri Lanka’s full-year contraction narrowed to 2.3 percent, a significant improvement from the steeper 7.3 percent contraction recorded in 2022. According to the Census and Statistics Department which released the national accounts data for t
Sri Lanka this week took a progressive step towards tackling period poverty, with the Selyn Foundation stepping up efforts to redefine access to menstrual hygiene and support for women across Sri Lanka. The Selyn Foundation this week unveiled its flagship #BleedGood initiative, which marked a pivotal moment in the fight against period poverty while championing sexual and reproductive health rights. #BleedGood encompasses an ecosystem of collecti
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