Fitch Ratings upgraded Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CCC-‘ from ‘RD’ (Restricted Default), in its latest report.Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below. The Long-Term Foreign-Currency IDR has been affirmed at ‘RD’ and the Country Ceiling at ‘B-‘. ...

The International Monetary Fund did not reach a staff-level agreement with Sri Lanka in its first review under a $2.9bn bailout package, due to a potential shortfall in government revenue generation, Al Jazeera has reported, quoting the lender. Speaking after a two-week visit to the country, IMF delegation head Peter Breuer on Wednesday said a […]

President Ranil Wickremesinghe delivering the opening speech at the ‘Berlin Global’ Dialogue in Berlin, Germany, today (28), expressed the need for a comprehensive dialogue between Western nations and China, the United States of America and China and the European Union and China, as a critical component of a robust international plan capable of addressing the […]

Over 200 corporate leaders attended the second Economic Forum sponsored by HSBC recently which was to discuss and share insights into the latest global trends and opportunities emerging for economic growth in Sri Lanka. Frederic Neumann, HSBC’s Chief Asia Economist and Co-Head of Global Research for HSBC Asia along with Aayushi Chaudhary, HSBC Economist for […]

By Sanath Nanayakkare The Global CEO Forum Sri Lanka held at the Galadari Hotel on Thursday showed a clear shift of discussion topics by Sri Lankan business leaders compared to what they were talking about just a year ago. Completely deviating from airing worries about how to run their businesses amid economic turmoil, business leaders […]

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Acting Finance Minister Ranjith Siyambalapitiya during a press conference held today (21) at the Presidential Media Center, focusing on the theme of ‘Collective Path to a Stable Country’ said that over the past year, the government successfully increased the country’s foreign reserves from 1.8 billion dollars to 3.8 billion dollars. He added that in August […]

Recognises Bank for highest number of transactions in country’s trade and supply chain finance domain between 1 July 2022 and 30 June 2023 The Commercial Bank of Ceylon has once again been declared the Asian Development Bank’s (ADB’s) ‘Leading Partner Bank’ in Sri Lanka for trade and finance transactions, in a significant reaffirmation of the […]

-State Minister of Finance by PRIYAN DE SILVA State Minister of Finance, Ranjith Siyambalapitiya says the interest rate of 9% per annum the Employees Trust Fund has guaranteed for its members until 2026 is reasonable; the Central Bank may reduce interest rates further. Siyambalapitiya said that the interest rates offered by the ETF were 9% […]

By Sanath Nanayakkare If Sri Lanka cannot arrive at an agreement with the foreign bond holders to restructure the foreign currency debt owed to them by Sep 27, even World Bank aid given to Sri Lanka to import fertilizer and medicine will cease, Patali Champika Ranawaka, Member of Parliament from Colombo District said. “This month […]

Former State Minister Dr. Nalaka Godahewa, MP yesterday pointed out that a careful look at the Central Bank’s 2023 data revealed that the much-touted promise to build a thriving export-oriented economy under the current government was only a pipedream. Addressing the media at the Nidahasa office at Nawala where he dealt with economic issues, the dissident SLPP MP said that […]

By Shihar Aneez ECONOMYNEXT –The Central Bank of Sri Lanka (CBSL) informed the members of the EPF, the country’s largest pension scheme, that it has opted for the government’s domestic debt optimization (DDO) option with a long-term view in the best interest of the members. It said the two options given to the EPF under […]

Global rating agency, Fitch, in its latest report downgraded Sri Lanka’s Long-Term Local-Currency (LTLFC) Issuer Default Rating (IDR) to ‘RD’ (Restricted Default) from ‘C’. In a press release Fitch said the ratings on its local-currency bonds tendered in the domestic debt exchange have been downgraded to ‘D’ from ‘C’ while its other four local-currency bonds […]

The Employees Provident Fund (EPF) has submitted an offer to exchange the portfolio of their Treasury Bonds under the Domestic Debt Optimisation (DDO) programme, the Central Bank of Sri Lanka (CBSL) reported today (13 Sep.).