Fitch downgrades SL’s rating over COVID-19 impact

Fitch Ratings yesterday downgraded Sri Lanka’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) to ‘B-’, from ‘B’ with a Negative Outlook, saying that the shocks from the coronavirus pandemic will aggravate the risks associated with the country’s debt sustainability.

Rent-free concession assured for all imported containers

Sri Lanka Ports Authority (SLPA) assures that all imported containers at Colombo Port are free of any terminal rent from March 16, 2020 to April 9 and in addition SLPA-operated Jaya Container Terminal has also exempted their imported containers from penal charges up to April 30.

Manning Market in Pettah remains closed

A Colombo Municipal Council worker sprays disinfectant at the Manning Market in Pettah, which now remains closed, in order to prevent the spread of COVID-19. Sri Lanka has so far reported over 320 confirmed coronavirus positive patients -Pic by Pradeep Pathirana

Tourism sector to embark on COVID-19 recovery plan

As tourism sector stakeholders are adopting measures to stay afloat, authorities have been capitalising on the time available to chart out comprehensive plans that aim at redefining the industry in the face of the COVID-19 outbreak that has dealt a crippling blow to the travel and tourism sector globally.

Over 50,000 migrant workers awaiting to return to country

Over 50,000 Sri Lankan migrant workers stranded mainly in the Gulf countries are anxiously awaiting to return to the country amid health risks, job losses and pay cuts caused by the coronavirus (COVID-19) pandemic, according to the latest reports.

CCC calls for broad economic recovery plan

The Ceylon Chamber of Commerce (CCC) has called for a broad economic recovery plan based on a shared vision of public and private sectors aimed at an accelerated post-COVID-19 recovery of the country’s economy.

RPCs remain wary of plantation sector outlook despite improved tea prices

Sri Lanka’s Regional Plantation Companies (RPCs) remain wary of the sector’s outlook due to whopping crop losses which has led to increased cost of production despite recently improved tea auction prices.

“Let’s be realistic on way forward,” says EDB chief

COVID-19 could alter SL’s strategic economic focus to food security & agriculture: Report

As Sri Lanka’s early but extreme actions to contain the spread of the new coronavirus is bearing fruit and the government is contemplating on reopening the economy by at least from May or even before, the pandemic could easily alter the country’s strategic economic focus to food security and agriculture and such sectors would attract revived attention in the coming decade, according to Softlogic Capital PLC.

Supply lines continue uninterrupted

Essential goods being taken to wholesalers in Pettah during curfew hours yesterday. The government announced that the curfew in Colombo, Gampaha, Kalutara, Puttalam and Kandy districts will continue to be in effect until further notice. Pic by Pradeep Pathirana

Extended curfew leads apparel sector to crumble further!

Sri Lanka’s apparel sector is crumbling further as the prolonged curfew in place to contain the coronavirus outbreak, has placed the industry at a disadvantage with buyers choosing to divert orders to competitors due to lack of clarity as to when operations would resume.

Govt. urged to negotiate fresh loan facility with IMF

Sri Lanka should engage with the International Monetary Fund (IMF) and explore other debt inflows to the country to retain the investor confidence on the economy as the selling rate of the US dollar crossed Rs.200 for the first time in the country’s history, leading economists in the country urge the government.

First-ever online tea auction sees high demand for all teas

The Colombo Tea Auction saw high demand for teas in its first-ever online auction kicked off last Saturday with prices soaring across all types of teas amid an uptick in global tea consumption.

CB Governor still hopeful of 3% growth

Despite the negative growth largely expected for the first quarter, the Central Bank does not think the coronavirus pandemic will completely decimate the economy beset by the lockdowns and would still be able to register at least 3.0 percent growth for 2020.

CB warns banks of stern action

In what could be termed as the most blunt message issued so far, the Central Bank Governor Prof. W.D. Lakshman today asked banks to pass on the announced relief measures to their customers forthwith or face legal action.

CB cuts policy rates by further 25bps

The Monetary Board of the Central Bank has decided to further reduce its key policy interest rates by 25 basis points (bps) in a bid to cushion the impact of COVID-19 to the island nation’s economy.

Stock investors on margins to get relief till end-June

The Securities and Exchange Commission (SEC) yesterday asked brokers and margin providers to refrain from charging interest and to provide a moratorium for the investors who have purchased stocks on margin facilities.

Banks gear up to push digital transactions to allow easy purchasing

The banking and financial services industry will kick off a number of efforts starting this week to push the country towards embracing digital transaction methods, a decision that was collectively taken by the sector together with the Central Bank to allow citizens to have easy and improved access to goods and services during curfew.

Colombo Tea Auction to be conducted on e-platform for first time

The Colombo Tea Auction, the world’s oldest operational and largest single-origin tea auction, plans to conduct its next auction for the first time on an e-platform, aiming to avoid public gathering, to slow the spread of the coronavirus (COVID-19) in the country.

January-February merchandise export earnings down 3.6%

Sri Lanka’s merchandise export earnings for the months of January and February was US$ 1.93 billion, a 3.6 percent decline from the same period last year, according to an Export Development Board (EDB) statement relea

Govt. requests BOI firms to pay March and April salaries of workers

The government has requested all Board of Investment (BOI) companies to pay the March and April salaries of their employees despite measures taken to shut down some idling factories and send their workers who were stranded since curfew was imposed, home. The government and the BOI later this week decided to temporarily close down the idling factories of the zones, whose businesses had been totally disrupted but permitted others to continue to en

Emirates ground crews give emotional send-off to last flights

Emirates ground crews around the world have bid farewell to their last operating flights back to Dubai. EK 005 to London Heathrow, which departed at 1605hrs on March 24 was the last flight to take off from Dubai. EK 262 from Sao Paulo, which landed at 2235hrs (local time) was the last flight to arrive on March 25 into Dubai.

Rubber industry calls for govt. assistance

The rubber exporters call the government to make it an essential service as the sector provides its products to the medical industry and agriculture sector.

No scarcity of essential items

The government has notified the public not to unnecessarily stock goods during the period the curfew is lifted, as there are ample stocks available in the market. Picture shows essential food items being unloaded at Sathosa outlets in Gampaha yesterday. Pic by Kushan S. Pathiraja

People first, economy next, says top economist

As Sri Lanka is witnessing its economy coming to an almost stagnant state due to the unavoidable measures taken by the government to contain the coronavirus (COVID-19) outbreak, a leading economist in the country stressed the priorities of the political leadership should be ensuring the best for the people over all other things.

Sri Lanka to receive US $ 500mn Chinese concessional loan

Sri Lanka yesterday signed agreements to receive a US $ 500 million concessional loan from China Development Bank (CDB).

CB Governor urges markets to remain calm

Central Bank, Governor, Prof. W. D. Lakshman requests the financial institutions not to overreact to current disruptions to the economy amid the spread of the COVID-19 pandemic, while urging the banking sector to pass the benefit of the recent policy rate cuts to their customers.

As the government declared yesterday a public holiday with a view of preventing the spread of coronavirus across the country

As the government declared yesterday a public holiday with a view of preventing the spread of coronavirus across the country

Navy rehearses to fight COVID-19

In preparation to prevent coronavirus (COVID-19) entering the country from ships at ports, Sri Lanka Navy conducted a drill at the Colombo port on Friday. The Navy conducted the drill to rehearse the Standard Operational Procedure that could be adopted in the event of transferring a suspected COVID-19 contracted patient from a ship to the relevant hospital ashore and quarantining a particular area on land

ADB provides assistance to combat covid-19 in Sri Lanka

The Asian Development Bank (ADB) has allocated a US$ 600,000 grant from the Health System Enhancement Project to the Government of Sri Lanka to finance preventive and response efforts to fight a potential