All Stories in Economic

China’s One Belt One Road Initiative: Implications for Sri Lanka

China’s One Belt One Road Initiative: Implications for Sri Lanka

Nipuni Perera.                                                                       Trade along the Ancient Silk Road can be …

IMF Executive Board Concludes Fourth Post-Program Monitoring on Sri Lanka

IMF Executive Board Concludes Fourth Post-Program Monitoring on Sri Lanka

The International Monetary Fund (IMF) said on 14 June that Sri Lanka’s economic outlook is facing risks from the government’s inaction on key policies and a significant deterioration in the external …

Sri Lanka to Reboot Economic Policies

Sri Lanka to Reboot Economic Policies

The IMF approved on June 3 a three-year, $1.5 billion loan for Sri Lanka under the Extended Fund Facility (EFF) to support the country’s economic reform agenda. Sri Lanka has gone through a significant political transition against the backdrop of an increasingly difficult external environment. …

Plans to lift restrictions on foreign exchange

Plans to lift restrictions on foreign exchange

Sri Lanka on Thursday announced plans to lift six-decade-old restrictions on foreign exchange flows and allow free transfer of money in and out of the island, to encourage investment in the struggling economy. The island tightly controls foreign currency transactions under a 1953 law that …

IMF approves 36-month EFF facility

IMF approves 36-month EFF facility

The Executive Board of the International Monetary Fund (IMF) today approved a 36-month extended arrangement under the Extended Fund Facility (EFF) with Sri Lanka for an amount equivalent to SDR 1.1 billion (about US$1.5 billion, or 185 percent of quota) to support the country’s economic …

Responding to Sri Lanka’s economic crisis

Responding to Sri Lanka’s economic crisis

  By Iromi Dharmawardhane.                                                  Sri Lanka’s balance of payments is in dire straits. The country’s mounting foreign and domestic public debt, a …

New taxes to curb usage, lower profits

New taxes to curb usage, lower profits

New taxes imposed by Sri Lanka’s government will result in stagnant revenue growth this year as well as lower profitability, Fitch Ratings forecasts. The regulatory risks have risen for telcos since the new government assumed office last year. It increased taxes on telecoms operators in …

Overseas investments on hold to avoid BOP crisis

Overseas investments on hold to avoid BOP crisis

Sri Lankan Central Bank Governor Arjuna Mahendran said he was delaying giving approval to proposals for overseas investments by local firms to prevent a balance of payments crisis. . Sri Lankan companies want to invest abroad because domestic returns were low, Mahendran said. The Central …

Upper limit for Bank leasing to be imposed

Upper limit for Bank leasing to be imposed

Several changes to Sri Lanka’s financial services will be enacted soon such as leasing services offered by banks, Finance Minister Ravi Karunanayake said, speaking at a forum in Colombo. A proposal in the budget that banks should stop leasing from June 1 will be modified, …

Beyoncé clothing range is made by ‘sweat shop labourers

Beyoncé clothing range is made by ‘sweat shop labourers

Beyoncé’s new range of women’s sportswear is made using sweat shop labourers who earn as little as £4.30 a day, it has been reported. The American pop star’s Ivy Park gym gear is sold by Top Shop, the high street fashion retailer owned by Sir Philip …