Development and Economic News
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.
IMF defends tax hike in Sri Lanka
The International Monetary Fund (IMF) has defended the tax reforms which has drawn strong public opposition in Sri Lanka.
USAID, and FAO to boost Sri Lanka rice-based ecosystem productivity
FAO, USAID, and the Ministry of Agriculture’s Department of Agriculture are developing a plan of action to increase the paddy productivity of the Dry and Intermediate Zones.
Depth of crisis affirms SL needs new economic development model: WB
As the economic collapse and political instability have devastated the lives and livelihood of the people of Sri Lanka, the island nation is in dire need of a new development model, the World Bank (WB) said.
China tells IMF willing to take constructive part in debt talks
Premier Li Keqiang told the head of the International Monetary Fund that China is open to participating in multilateral efforts to help heavily indebted nations “in a constructive manner,” China Central Television reported.
Final agreement with IMF to be signed in March
Sri Lankan government will sign the final agreement with IMF on the latter's bailout package for the country next month after which assistance would come from multinational donors and a few countries, two presidential advisors said yesterday.
Rupee appreciates after almost a year into free float
Sri Lankan rupee appreciated yesterday on improved sentiments over the current and future foreign exchange
CB calls for tenders to renovate holiday home in Nuwara Eliya
The Central Bank of Sri Lanka has called for tenders to renovate roof of its holiday home in Nuwara Eliya.
World Bank’s IFC extends US $ 400mn financing to three Sri Lankan banks
To support Sri Lanka amid an ongoing economic crisis, the International Finance Corporation (IFC), the investment arm of the World Bank, is providing a cross-currency swap facility to three of Sri Lanka’s leading national banks that deal with over 30 percent of Sri Lanka’s remittances and exports.
Sri Lanka to adhere IMF debt restructure frame work
The International Monetary Fund (IMF) on Saturday called for ‘timely and orderly processes’ under a common framework with regards to Sri Lanka’s debt resolution. The island nation faced a severe economic crisis which resulted in high debt.