All Stories in Economic

Push ahead with Vision 2025 objectives

Push ahead with Vision 2025 objectives

  Revenue mobilization can make space for social spending while reducing public debt. Reforms of state-owned enterprises are critical to minimize fiscal risks. Greater exchange rate flexibility and reserve buffers …

Sri Lanka to push ahead with Reforms

Sri Lanka to push ahead with Reforms

Sri Lanka will continue to press ahead with reforms and revenue for the start of the year is on target, junior finance minister Eran Wickramaratne said in an interview. “We are more or less on track” with the reform program, said Wickramaratne, who represents the …

World Bank warns of slowdown

World Bank warns of slowdown

A development success story in many ways, Sri Lanka still faces critical challenges as it strives to become an upper middle-income country. The World Bank Group supports Sri Lanka’s transition …

Central Bank cuts rates amid slow growth, political uncertainty

Central Bank cuts rates amid slow growth, political uncertainty

Sri Lanka’s central bank unexpectedly cut its key lending rates by 25 basis points on Wednesday, as policy makers sought to revitalise an economy battling weak growth and political uncertainty. The move comes as investors worry about political instability in the country after the ruling …

PM wants Cash to Balance China

PM wants Cash to Balance China

Prime Minister Ranil Wickremesinghe said Sri Lanka is seeking foreign investment from India, Japan and others amid criticism over his country’s reliance on Chinese loans for infrastructure projects. In an …

IMF discusses progress of Economic Reform Program

IMF discusses progress of Economic Reform Program

An IMF staff team led by Manuela Goretti visited Colombo from February 27 – March 9 to hold discussions for the 2018 Article IV consultation and advance the technical work …

Operating below potential

Operating below potential

Sri Lanka’s central bank kept its benchmark interest rates unchanged to help bolster an economy that’s been hit by bad weather across the South Asian island. Governor Indrajit Coomaraswamy held the standing lending facility rate at 8.75 percent and the standing deposit facility rate at …

Economic nationalism backfires

Economic nationalism backfires

Classical liberal economists have long argued that free trade leads to peace, and economic nationalism and protectionism (which usually also involves minority oppression and ethno religion fascism) lead to soured international relations and war. Russian tactics to block the import of Sri Lanka tea over …

China leads Sri Lanka’s FDI

China leads Sri Lanka’s FDI

Sri Lanka attracted $1.63 billion in foreign direct investments (FDI) in 2017, a record high, according to data released by Sri Lanka’s Board of Investment on Monday, with about 35% of it coming from China, making China the country’s largest source of FDI. Malik Samarawickrama, …

Tea exports to China witnesses a boom

Tea exports to China witnesses a boom

Sri Lanka’s tea exports to China surged 30 percent to 9.9 million kilos in 2017 from the year before, making it the eighth biggest market for Ceylon tea, local media, quoting the Sri Lanka Tea Board said here Thursday. Minister of Plantation Industries Naveen Dissanayake …