With an aim to boost FDI flows into the country while fostering inter-regional trade among SAARC nations, Sri Lanka’s Board of Investment (BOI) is exploring the creation of country-specific industrial parks tailored to the needs of SAARC nations.
As Sri Lanka stands on the cusp of a potential tourism boom, industry leaders are calling for a unified approach to drive demand for the destination while preserving its unique, authentic edge over competing markets.
Sri Lanka along with Pakistan is poised to lead South Asian frontier markets with strong performances extending current market rally to next year amidst continuous progress in both economic and political reforms and prevailing low valuations, much anticipated recovery in earnings and possibility of a greater political stability, according to AFC Asia Frontier Fund.
Inflation in Sri Lanka’s Colombo district fell further in October, marking the third consecutive month of easing, with both food and non-food prices declining amid the improved supply conditions and reduced administrative costs, according to the data from the Census and Statistics Department.
Sri Lanka’s export earnings for September 2024 fell by 3.49 percent to US$ 937.95 million compared to a year earlier, with weaker demand for tea, rubber products, electronics, and seafood weighing on performance, according to data released by Sri Lanka Customs.
As Sri Lanka prepares to resume repayment of its significant sovereign debt by 2028, a leading economist has called for a strategic shift towards trade-oriented production, to secure a primary surplus essential for debt management, once the International Monetary Fund (IMF) programme concludes.
The government could potentially cut off two-thirds of its public sector workforce expenses by strategically implementing the correct technology to streamline public services, according to former ICTA chairman.
The International Monetary Fund (IMF) has acknowledged that Sri Lanka has made significant progress in implementing reforms but emphasised that the “next big step forward” is for the island nation to reach a formal agreement with all creditors.
Sri Lanka has overtaken Malaysia to become the second largest transnational education (TNE) partner for United Kingdom (UK)- based universities by accounting for a whopping 10 percent of overall UK TNE enrollments last year.
Sri Lanka’s tourism sector is poised for transformation as it seeks to balance the preservation of the country’s authenticity with the exploration of sustainable tourism and niche markets, such as culinary tourism, according to a senior official.
Sri Lanka’s debt relief from its recent agreement is expected to be 19.8 percent in net present value (NPV) terms, based on a 5 percent discount rate, lower than the 30 percent NPV reduction projected in the government’s baseline scenario, Verité Research said.
Sri Lanka’s labour market has seen an unexpected shift with unemployment rates decreasing slightly over the years despite the country undergoing a series of crises since 2019, according to research conducted by the Institute of Policy Studies (IPS).
The Purchasing Managers’ Index (PMI) for both manufacturing and services activities pointed to persistent expansion in the economic activities in the respective sectors through September 2024, albeit there has been some softening in both from a month earlier.
The Indian government’s ability to promote investments in Sri Lanka among Indian investors depends on the creation of a welcoming and conducive ecosystem, along with legal and regulatory stability, according to Indian High Commissioner to Sri Lanka, Santosh Jha.
Sri Lanka’s micro, small and medium enterprises (MSMEs) have called on the new administration to implement key reforms in MSME financing within the next 60 days, including waivers on interest for the struggling businesses.
Sri Lanka’s financial system is poised for improvement, with asset quality expected to rise and capital buffers to strengthen, while risks are prudently managed, the Central Bank of Sri Lanka (CBSL) said in its Financial Stability Review 2024.
Fitch Ratings has signalled that it may move Sri Lanka’s Issuer Default Rating (IDR) out of ‘Restricted Default’ (RD), once the country completes its commercial debt restructuring, which the agency believes would restore its relationship with the international financial community.
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