Development and Economic News
India expedites the 4000 housing project for Sri Lanka plantation workers.
India and Sri Lanka has agreed to expedite the completion of the housing project for the benefit of workers living in plantation areas.
High Commissioner of India Gopal Baglay and Minister of Water Supply and Estate Infrastructure Development, . Jeevan Thondaman exchanged diplomatic notes, paving way for a three-fold increase in unit cost of a house under Phase-3 of Indian Housing Project (IHP).
Sri Lanka foreign worker remittances record US$800 million in two months this year
Sri Lanka is targeting US$1 billion monthly foreign inflow from worker remittance by end-2023 following its achievement of $800 million foreign inflows with more people leaving the island nation for offshore jobs and due to a sending money by expatriates via formal channels, Foreign Employment and Labour Minister Manusha Nanayakkara said.
Sri Lanka Banks lift overseas spending limits imposed on credit cards
Several credit card issuers have lifted the limits that hitherto had on overseas use, as they saw their foreign currency conditions improving substantially in the recent times, providing them a lot more room to allow their cardholders with higher spending thresholds when they travel overseas.
Prime lending rate falls sharply
The prime rate fell sharply, despite the Central Bank half-heartedly raising the key policy rates by 100 basis points, reflecting that the most recent policy move is entirely symbolic and has no real impact on the markets.
Banks lift overseas spending limits imposed on credit cards as dollar liquidity improves
Several credit card issuers have lifted the limits that hitherto had on overseas use, as they saw their foreign currency conditions improving substantially in the recent times, providing them a lot more room to allow their cardholders with higher spending thresholds when they travel overseas.
India eyes Hambantota Port for electric vehicle transshipments
With India looking very positively at becoming a manufacturing hub for electric vehicles (EV), joint venture partners are looking very closely at Hambantota International Port (HIP) as the key transshipment point for their markets in the east and west of the island.
SL’s worker remittances double to US$ 407.4 million in Feb 2023
Sri Lanka is taking every possible step to restore worker renitences to the national annual average of US$ 7 billion which will help the island nation to come out of the ‘economic abyss’ faster than the unlocking of IMF’s four year $ 2.9 billion bail out loan by March 20, finance ministry sources said.
State-owned gem industry institutes to merge under SOE reforms
The Sri Lanka government is to expeditiously explore the export potential of gems and jewelry by consolidating the Gem and Jewellery Research and Training Institute and National Gem and Jewellery Authority which are not performing up to expectations at present, Finance Ministry sources confirmed.
Standard Chartered provides insights on global and Sri Lankan economic outlook
Sri Lanka, March 11 -- From left: Standard Chartered Sri Lanka CEO Bingumal Thewarathanthri, Global Head Fixed Income Research and Head Asia Research Kaushik Rudra, Economist South Asia Saurav Anand and Head of ASA FX Research Divya Devesh
Sri Lanka to unveil debt-restructuring strategy next month
Sri Lanka aims to announce a debt-restructuring strategy in April and step up talks with commercial creditors ahead of an International Monetary Fund review of a bailout package in six months, Central Bank Governor Nandalal Weerasinghe said.