All Stories in Economic

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 …

Sri Lankan rupee steady

Sri Lankan rupee steady

The Sri Lankan rupee was steady in dull trade on Tuesday, dealers said, adding that expected fund inflows in the near future would likely help ease the downward pressure on the local currency. A loan deal with the International Monetary Fund and a likely $1.5-billion …

HSBC shuffles frontier market, picks Sri Lanka

HSBC shuffles frontier market, picks Sri Lanka

HSBC is turning positive on Sri Lanka as a frontier market pick, but it’s lowering exposure to Vietnam after the recent rally. HSBC’s upgrade of Sri Lanka’s upgrade to “positive” from “negative” may surprise some. The country only reached an agreement with the International Monetary …

IMF agreement faces implementation risks: Fitch

IMF agreement faces implementation risks: Fitch

Sri Lanka’s 1.5 billion US dollar three-year IMF programme eases near-term balance-of-payments risks but will require sustained commitment from the authorities to address long-standing weaknesses in external and public finances, Fitch Ratings said. The ratings agency said the IMF support therefore has no immediate impact …

Why Sri Lanka’s economic outlook is looking less rosy

Why Sri Lanka’s economic outlook is looking less rosy

Sri Lanka’s deal with the International Monetary Fund (IMF) may have averted a crisis, but the bailout may undermine a key source of strength: the country’s impressive economic growth rate. The deeply indebted country inked an agreement for a $1.5 billion bailout, announced Friday, as …

IMF announces $1.5 bn loan

IMF announces $1.5 bn loan

The IMF has agreed a $1.5 billion loan for Sri Lanka in support of economic reforms aimed at reversing a two-decade decline in tax revenue and reviving growth, it said Friday. The International Monetary Fund’s chief for Sri Lanka, Todd Schneider, said a staff-level agreement …

Sri Lanka expects to reach IMF agreement for loan

Sri Lanka expects to reach IMF agreement for loan

Sri Lanka is expected to reach a staff level agreement with the International Monetary Fund (IMF) for a loan as early as this week, the central bank deputy governor said on Tuesday. “On the technical level we have come to an agreement on the fiscal …

Investing in Sri Lanka offers opportunities and pitfalls

Investing in Sri Lanka offers opportunities and pitfalls

After the end of a long-running civil war and the beginning of a fresh government, Sri Lanka’s market offers both opportunities and pitfalls for investors. The market certainly has its …

Shares rise for the second straight session

Shares rise for the second straight session

Sri Lankan shares rose for the second straight session on Wednesday as investors bought diversified shares such as market heavyweight John Keells Holdings Plc, brokers said. However, trading was dull as investors turned cautious ahead of an imminent loan deal with the International Monetary Fund …