Development and Economic News
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.
Sri Lanka needs institutional changes for debt sustainability:economic expert
Sri Lanka needs institutional reforms in order to achieve long-term debt sustainability, said Steve Hanke, who played a key role in establishing new currency regimes in emerging markets like Argentina and Montenegro.
Sri Lanka negotiates with India to extend a US$1 billon credit line spending 2/3of it
Sri Lanka is negotiating with India to extend a US$1 billon credit line by a few months, two sources told Reuters, as the island nation tries to line up funds for the rest of the year while the IMF looks set to approve a US$2.9 billion loan for it soon.
Sri Lanka economic reform program to get IMF board approval by March 20
The Managing Director of the International Monetary Fund (IMF) has welcomed the progress made by the Sri Lankan authorities in taking decisive policy actions and obtaining financial assurances from all major creditors including China, India and the Paris Club.
Dollars stashed finding their way back to market– CB
The Central Bank said it was overserving a trend where large amounts of foreign currency, which had been stashed away, now being released, further increasing the supply of dollars to the market and thereby strengthening the rupee.
Govt to receive IMF US$ 2.9 billion bail out loan with bilateral debt restructure
Sri Lanka’s central bank has raised interest rates to tackle inflation and said it would relax its currency band to move towards a market-determined exchange rate as it seeks to secure a bailout from the International Monetary Fund.
CB to do away with forex trading band, mandatory sell down rule
As the liquidity in the foreign exchange market is improving steadily, the Central Bank said it would fully lift the trading band introduced in last May along with the complete removal of the foreign currency sell-down rule imposed on exporters from next week onwards.