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.
The prices of the confectionery items in Sri Lanka, which have gradually decreased following the economic downturn, are now facing the risk of rising again, due to the potential supply chain disruptions caused by the developments in the Red Sea, the Lanka Confectionery Manufacturers Association (LCMA) said.
The International Monetary Fund (IMF) emphasised that Sri Lanka must maintain its reform trajectory, warning that “important vulnerabilities” and “uncertainties” remain, despite the significant progress in key macroeconomic indicators.
Sri Lanka’s shipping sector has called on the newly elected government, led by President Anura Kumara Dissanayake, to introduce regulatory reforms focused on digitalisation and transparency, to strengthen the country’s position as a leading maritime hub in the Indian Ocean.
Sri Lanka’s exports reached the highest levels so far this year, buttressed by the recovery seen in garment exports as of late but the deficit in the merchandise trade account expanded due to the faster increase in imports.
The Central Bank left the key policy rates unchanged yesterday at its fifth monetary policy review for the year, as inflation remains well below its medium-term target of 5.0 percent, while the previous rate cuts are doing their job by way of converting into lower lending rates and credit, helping to further support the economic growth.
President Anura Kumara Dissanayake in his inaugural address to the nation last evening pledged to prioritise economic stability and restore confidence in the country’s recovery. Dissanayake announced that his government would immediately initiate negotiations with the International Monetary Fund (IMF) to proceed with the activities under the extended credit facility programme. As the island nation continues to recover from the severe economic cri
Sri Lanka’s construction industry, still struggling to regain momentum despite modest growth, said the newly elected president faces the challenging task of steering the sector’s recovery and reshaping its development path. In a congratulatory message to President Anura Kumara Dissanayake, the Chamber of Construction Industry of Sri Lanka (CCI) outlined key areas requiring urgent intervention to make the local construction industry more efficient
Sri Lanka’s capital market is expected to adopt a cautious approach as it anticipates President-elect Anura Kumara Dissanayake’s inaugural speech, with investors seeking clarity on the future policy direction under his leadership.
Sri Lanka managed to make a significant breakthrough just days before the presidential election as it reached an agreement inSri Lanka managed to make a significant breakthrough just days before the presidential election as it reached an agreement in principle with the bondholders principle with the bondholders.
Sri Lanka’s economy is experiencing a ‘Goldilocks’ moment, with growth accelerating while inflation remaining subdued and the external sector strengthening. Robust inflows from exports, tourism, and remittances have bolstered the country’s economic recovery.
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