Author Archive for Economy

India, Sri Lanka hold talks on Colombo’s debt repayment

Tuesday, June 30th, 2020

Courtesy DNA The matter was raised at the leadership level during Prime Minister Narendra Modi’s telephonic conversation with Sri Lankan President Gotabaya Rajapaksa on May 23. Indian and Sri Lankan authorities held talks over two days this week on rescheduling Colombo’s repayment of loans and the country’s $1.1 billion currency swap request to abate the […]

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Central Bank approves Rs. 28 billion loans for businesses affected by COVID-19

Wednesday, June 24th, 2020

Courtesy Adaderana Having identified the urgent need of reviving the businesses adversely affected by the COVID-19 outbreak and thereby to promote economic activity in the country, the Central Bank and the Government of Sri Lanka launched a novel refinance facility under the Saubagya (Prosperity) Loan Scheme, as announced today (24). The Central Bank has approved […]

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Economic recovery of COVID-hit South Asia calls for hard choices

Wednesday, June 17th, 2020

By P.K.Balachandran/Daily Mirror Courtesy NewsIn.Asia Sri Lanka should open up to Bangladeshi investments to reciprocate the welcome accorded to Sri Lankan investments in Bangladesh says Bangladesh envoy Riaz Hamidullah Colombo, June 16: The lockdowns and barriers imposed in countries across the globe following the outbreak of COVID-19 have crippled economies. But COVID or no COVID, […]

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Government to raise a Foreign Currency Term Financing Facility up to USD 500 million in 2020

Wednesday, June 17th, 2020

Courtesy Hiru News Government intends to raise a Foreign Currency Term Financing Facility up to a limit of USD 500 million in 2020, to finance the budget according to the Finance Ministry. The Government of Sri Lanka (GOSL) intends to raise a Foreign Currency Term Financing Facility (FTFF) denominated in United State Dollars (USD) up […]

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Central Bank Implements New Credit Schemes to Support the Revival of the Economy

Tuesday, June 16th, 2020

Courtesy Adaderana Growth of the Sri Lankan economy has fallen to dismal levels over the past few years, and the impact of the COVID-19 pandemic may result in severe stress on economic and financial system stability in the period ahead unless immediate remedial actions are taken. In this context, in support of the government’s efforts […]

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CBSL reduces Statutory Reserve Ratio to 2%

Tuesday, June 16th, 2020

Courtesy Adaderana The Monetary Board of the Central Bank of Sri Lanka (CBSL), at its meeting held today (16), decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks (LCBs) by 200 basis points to 2.00 per cent, with effect from the reserve maintenance period that commenced […]

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The Central Bank of Sri Lanka Implements New Credit Schemes to Support the Revival of the Economy

Tuesday, June 16th, 2020

Courtesy Hiru News – Growth of the Sri Lankan economy has fallen to dismal levels over the past few years, and the impact of the COVID-19 pandemic may result in severe stress on economic and financial system stability in the period ahead unless immediate remedial actions are taken. In this context, in support of the […]

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CBSL should take responsibility for collapse of The Finance – PM

Wednesday, June 3rd, 2020

Courtesy Adaderana The Central Bank of Sri Lanka (CBSL) should take the responsibility for the downfall of a financial entity under its purview, says Prime Minister Mahinda Rajapaksa. He made this remark during a meeting held at the Temple Trees to discuss the current status of The Finance Company PLC. The meeting was attended by […]

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ආර්ථිකය ගොඩගන්න සත් වැදෑරුම් සැලැස්මක්

Saturday, May 23rd, 2020

සාකච්ඡා කළේ චමින්ද මුණසිංහ උපුටාගැණීම ලංකාදීප කොරෝනා වසංගතයත් සමඟ ලෝක ආර්ථිකය මෙන්ම ලංකාවේ ආර්ථිකයත් බරපතළ අර්බුදවලට මුහුණ දෙමින් තිබේ. මෙවන් ප්‍රශ්න සම්බන්ධයෙන් ඔබ පුවත්පත සමග මා කතා කර තිබෙන්නේ 2002 වසරේ පටන්ය. දැවෙන ආර්ථික ප්‍රශ්න නමින් තීරු ලිපියකින්ද අපි නොයෙක් විග්‍රහ කළෙමු. අඛණ්ඩව වසර  18 ක් මෙවන් විග්‍රහ හරහා ආර්ථිකයට නිවැරැදි මඟ පෙන්වීමට උත්සාහ කළෙමු. […]

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Special Deposit Account (SDA) with Sri Lankan Banks

Thursday, May 21st, 2020

Embassy of Sri Lanka  Washington D.C. The Government of Sri Lanka has introduced a new bank account termed ‘Special Deposit Account (SDA)’ for all Sri Lankans living in and outside the country to remit their foreign currency earnings, savings and investments to any bank of their preference in Sri Lanka. It is in the form […]

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Roadmap to reopen BIA soon

Thursday, May 14th, 2020

Kelum Bandara Courtesy The Daily Mirror The government has worked out a roadmap for reopening the Bandaranaike International Airport for inbound and outbound passengers with guidelines that include the setting up of a laboratory to test them for COVID-19, Civil Aviation Minister Prasanna Ranatunga said today. He made these remarks regarding the inauguration of a […]

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Lankan President confident economy can be re-built on a solid basis

Thursday, May 7th, 2020

Courtesy NewsIn.Asia Orders formulation of detailed plans for every sector including tourism. Colombo, May 7 (newsin.asia): Sri Lankan President Gotabaya Rajapaksa is optimistic that the economy adversely affected by the COVID – 19 pandemic, could be re-built on a solid basis, a Presidential press statement said on Thursday. The Presidential Task Force in charge of […]

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Focus on attracting investments instead of loans, President tells Min. Secretaries

Wednesday, May 6th, 2020

Courtesy Adaderana President Gotabaya Rajapaksa states that he is optimistic that the economy adversely affected by the COVID-19 pandemic could be re-built on a solid basis. The Presidential Task Force in charge of the Economic Revival and Poverty Eradication has been entrusted with the responsibility of formulating a new economic model to achieve this objective. President […]

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China re-affirms support for Sri Lanka’s post-COVID-19 economic revival

Wednesday, April 29th, 2020

Courtesy Adaderana The Chinese government has re-affirmed its support to the Sri Lankan government to revive the economic in the post-COVID–19 period, the President’s Media Division said. Sri Lanka is a special friend of China.  We have long standing and cordial relations between the two countries.  When we faced COVID- 19 disaster recently, Sri Lanka […]

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Sri Lanka to seek $400 million debt swap facility from RBI to meet short term financial needs

Friday, April 24th, 2020

By: PTI | Courtesy Financial Epress Tourism is the third-largest earner of foreign exchange in Sri Lanka. The decline in tourist arrivals has hit the island nation’s tourism industry in a big way. Sri Lanka is set to enter into an agreement with the Reserve Bank of India for a currency swap worth USD 400 million […]

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Presidential Task Force on Economic Revival and Poverty Eradication established

Wednesday, April 22nd, 2020

Courtesy The Daily Mirror President Gotabaya Rajapaksa has appointed a Presidential Task Force in charge of Economic Revival and Poverty Eradication, the President’s Media Division said. It said the new Task Force has been established under the powers vested in the President by the Constitution. “The Task Force is responsible for reviving the economy and […]

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India and Sri Lanka seek substantial collective effort for post-COVID 19 revival

Monday, April 20th, 2020

Courtesy NewsIn.Asia Lankan Foreign Minister requests help to bring back Lankan students from India Colombo, April 20 (newsin.asia): The Acting High Commissioner of India to Sri Lanka Vinod K. Jacob called on Foreign Minister of Sri Lanka Dinesh Gunawardena in Colombo on Monday. During the meeting, the Acting High Commissioner briefed the Lankan Foreign Minister […]

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COVID-19 outbreak a good economic opportunity – President

Monday, April 20th, 2020

Courtesy Adaderana The COVID-19 outbreak is a good economic opportunity for the country, says President Gotabaya Rajapaksa. He mentioned this at a special discussion held with Chief Advisor to the President Lalith Weeratunga this evening (20), on the effects of COVID-19 outbreak in the country. With the halt of the industries that generate foreign exchange, […]

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Economy should be revived prioritizing agro sector – President

Monday, April 20th, 2020

Courtesy Adaderana President Gotabaya Rajapaksa is considering the idea of creating a new mechanism to purchase, store and distribute agro products by combining all districts in the country, stated President’s Media Division. Making observations during a meeting with the District Secretaries held at the Presidential Secretariat today (20), the President emphasized that government agents should […]

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IMF reviews Sri Lanka’s request for Rapid Credit Facility

Friday, April 17th, 2020

Courtesy Adaderana The International Monetary Fund (IMF) says it is reviewing a request from the Sri Lankan government regarding a Rapid Credit Facility and is discussing whether Sri Lanka wants to switch to the new RCF program. We received a letter from Sri Lanka government about our Rapid Credit Facility, you know, the program, RCF […]

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Lankan Prez wants immediate resumption of economic activity where health situation is favorable

Friday, April 17th, 2020

Courtesy NewsIn.Asia Provincial health authorities said that the measures taken to combat the coronavirus have been effective Colombo, April 15 (newsin.asia): Sri Lankan President Gotabaya Rajapaksa on Wednesday explored the possibility of an immediate resumption of day-to-day economic activities at the provincial level to sustain the national economy. Several representatives of the health sector including […]

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President envisions robust new economy amidst COVID-19

Thursday, April 16th, 2020

Courtesy Adaderana Meeting with the secretaries to ministries yesterday (15) at the Presidential Secretariat, President Gotabaya Rajapaksa discussed rebuilding the economy in the face of the current challenges. Returning to normalcy without compromising safety  A focal point of the discussion was on returning to normalcy, stated president’s Media Division. Thereby, the President emphasized the need […]

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Pathfinder sets up eminent panel to prepare post-COVID Economic Strategy for Sri Lanka

Wednesday, April 15th, 2020

Gamini Sarath Godakanda The Pathfinder Foundation has set up a study group chaired by Pathfinder Senior Fellow and former Central Bank Governor, Dr. Indrajit Coomaraswamy to prepare a set of action-oriented recommendations aimed at steering the Sri Lankan economy into the post-COVID-19 era. Dr. Sisira Pinnawala, Department of Sociology University of Peradeniya and Dr. Ganeshan […]

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Attracting Expats to invest in Sri Lanka to help the Economy – Answering a call from the President

Saturday, April 11th, 2020

Anjalika Silva USA A new category of foreign investor…. What Sri Lanka can do…. The recent Covid19 Pandemic has devastated economies, lives and lifestyles worldwide. However, for Sri Lanka, it comes at a time when recovery from endless misfortunes affecting the financial strength of the country was barely turning around.  This has struck another blow […]

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Sri Lanka and World Bank sign deal on $128.6M financial assistance to battle Covid-19

Friday, April 3rd, 2020

Courtesy Adaderana The International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) of the World Bank Group agreed to provide financing assistance amounting to United States Dollars (USD) 128.6 million to the Sri Lankan effort to battle against Covid 19 outbreak. These funds will be mobilized through the Government Budget during […]

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Import Substitution is the way to rejuvenate our economy

Thursday, April 2nd, 2020

By Garvin Karunaratne

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Lanka’s economy can’t recover until the global economy recovers from the COVID-19 trauma

Monday, March 30th, 2020

By Shiran Illanperuma courtesy Xinhua COLOMBO, March 28 (Xinhua) — Global communities and financial institutions must unite to put the world economy back in order amid the COVID-19 pandemic, a senior Sri Lankan economic expert said here Saturday. Ajith Nivard Cabraal, Senior Economic Advisor to Prime Minister Mahinda Rajapaksa told Xinhua that developing countries like […]

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Series of Strategies for Reviving the Economy in the ‘post-Covid-19’ era

Sunday, March 29th, 2020

By Ajith Nivard Cabraal, Courtesy The Island March 29, 2020, 6:29 pm Former Governor, Central Bank of Sri Lanka, andPrime Minister’s Senior Advisor on Economic Affairs Strategy 1: Return approximately 20% of the balances amounting to around Rs.500 billion of the Employees Provident Fund, lying to the credit of members, directly to the Members. As […]

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Cabinet allocates Rs.75Bn to settle ’Red bills’ of former Govt.

Friday, March 20th, 2020

Sandun A. Jayasekera Courtesy The Daily News The cabinet gave the nod on Wednesday (18) to allocate a massive Rs. 75 billion to settle unpaid bills of the Yahapalana government to small and middle-level development projects, fertiliser companies, banks and many other investors, goods and services suppliers, cabinet spokesman, Minister Bandula Gunawardana said yesterday. Addressing […]

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Sri Lanka, China sign USD 500 Mn agreement for development funding

Wednesday, March 18th, 2020

Courtesy Adaderana Sri Lanka and China Development Bank have signed an agreement for a financing facility of US$ 500 million for development efforts. Earlier, Senior Deputy Governor of Central Bank of Sri Lanka, Nandalal Weerasinghe stated that the Government is in the middle of negotiating a loan from the China Development Bank, which could be […]

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