Even the World Bank cannot predict Sri Lanka’s future
Amidst a crisis of economic uncertainty the World Bank has pulled out Sri Lanka from any growth forecasts for the next year alongside Afghanistan as the country is currently between a “rock and a hard place.” There is no forecast that can be made for Sri Lanka, World Bank South Asia Region Chief Economist Hans [...]
No butter to serve hotel guests
Sri Lanka has no butter and hotels are depending on margarine to serve their guests. Hotel menus are trimmed and as cancellations rise, bookings too have slowed and the tourism industry fears this could adversely impact next winter. It’s not going to affect the summer, but the fear is that ‘we’ might get affected for [...]
SL to raise $ 8 bln by selling valuable assets
The Government is hoping to raise US$8 billion from the lease or sale of valuable public assets to bolster rapidly dwindling foreign reserves, the report of a newly-appointed economic advisory committee has revealed. Among the main items in the list were the long term leases of Katunayake International Airport for $2 billion, Mattala Airport for [...]
PM’s subsidy offer makes no sense, experts say
Government moves to provide chemical fertiliser at subsidised rates doesn’t mean everything is rosy and results in a bumper harvest; on the contrary Sri Lanka still does not have money to buy it and even if it does time is running out as the next cultivation season ends in August. “Saying sorry” is not going [...]
Apparel industry to buy direct from fuel agents
Sri Lanka’s apparel industry is willing to purchase fuel from bunkering agents and Lanka IOC in a bid to ensure orders stay intact for the next three to four months, according to JAAF Deputy Chairman and Omega Line Group Director Felix Fernando. He noted that they were attempting to purchase fuel through the JAAF (apparel [...]
Running out of options
A few days before the Government is due to repay (tomorrow-Monday) part of a Chinese loan, the Central Bank together with the Treasury on Tuesday declared (near) bankruptcy saying the administration has decided to temporarily halt all foreign debt repayments until a debt restructuring process with new dates for repayment is discussed during negotiations with [...]
Squeezing breath and default
It was about a year ago, that many started talking about and sometimes asked me (this issue) as well: “What does it mean for a country to go bankrupt? What does it look like?” In fact, it was since mid-2018, that I (through this column) drew parallels from the bankrupt economies like Greece, Venezuela and [...]
Tough times ahead for Sri Lanka’s economy
Sri Lanka, as a beaten-up economy, has taken a crucial turn for the better with fresh appointments and fresh approaches to the forex and economic crisis. The new Central Bank Governor, Dr. Nandalal Weerasinghe’s announcements to increase interest rates and seek donor agency assistance while restructuring the country’s unsustainable debt were welcome by most stakeholders [...]
IMF sits down with Sri Lanka to discuss a bailout package
Sri Lanka will negotiate with the International Monetary Fund (IMF) next week on a bailout package of US$ 3 -4 billion while garnering foreign support to secure bridge financing and temporally suspending foreign debt payment, official sources said. The Government delegation headed by Finance Minister Ali Sabri would be in Washington tomorrow to attend the [...]
Sri Lanka’s farmers and farming stakeholders seek urgent support
The Sri Lanka Agripreneurs’ Forum (SLAF), as a professional agribusiness organisation representing approximately 30 per cent of the country’s population, this week presented a set of recommendations to address the challenges stemming from foreign exchange shortages, fuel crisis, and subsequent electricity shortages. In a statement, it said agripreneurs and agribusiness at all scales are grinding [...]
Hemas Hospitals responds to national medical emergency
Responding to a desperate plea by the medical fraternity, Hemas Hospitals has donated 500 Endotracheal (ET) tubes to the neo-natal unit of the Castle Street Hospital for Women. The gesture was in immediate response to a recorded voice message in circulation by Dr. Saman Kumara, Consultant Neonatal Paediatrician of Castle Street Hospital, appealing for ET [...]
HNB’s environmental efforts get ISO 14064 endorsement
Marking a key milestone in its sustainability journey, HNB PLC has been awarded the ISO 14064 certification by the Sri Lanka Climate Fund, recognising the country’s leading private bank’s commitment to quantify, report and reduce its greenhouse gas (GHG) emissions. This follows an independent assessment of the entire organisation, including the head office of HNB [...]
SLID: Corruption has ruined nations, businesses
The Sri Lanka Institute of Directors (SLID) said this week it recognises the unified and collective voice of the people in their call for good governance and against corruption at every level. “Corruption has ruined nations, economies, and businesses. It takes a giver and a taker for corruption to flourish. Corruption runs against good professional [...]
SMEs near bankruptcy after interest rate hike
The sudden interest rate hike excessively by the Central Bank would hit COVID-19 affected small and medium enterprises (SMEs) hard compelling them to declare bankruptcy under the present economic downturn, SME associations warned. Banks and financial institutions have already activated all types of recovery actions, including parate execution and forced repossession of leased assets, they [...]
HIP partners INSEE
An agreement was signed between Siam City Cement (Lanka) Ltd (INSEE Cement) and Hambantota International Port Group (HIPG) for the construction of the largest warehouse facility in Sri Lanka for dry bulk cargo inside a port. The warehouse which will store raw materials used in the production of cement, will have a capacity of 45,000m3. [...]
CCC discusses investment promotion meeting with Bangladesh business
With the nation of Bangladesh poised to become an economic powerhouse in the South Asian region, the Ceylon Chamber of Commerce recently hosted a meeting with a high-level delegation representing the Bangladesh Export Processing Zones Authority (BEPZA) aimed at enhancing trade relations between Sri Lanka and Bangladesh. Welcoming the delegation from BEPZA, Chairman of the [...]
CA Sri Lanka launches online directory of board-ready female members
In continuing to play a lead role in helping bridge the gender gap at board level, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently launched the Online Directory of Board-Ready Female Members of CA Sri Lanka, under the patronage of Ms. Coralie Pietersz, Independent Non-Executive Director of several listed companies. The [...]
Good time for expats to invest in SL properties: LankaPropertyWeb
According to the recently released House Price Index of LankaPropertyWeb that is based on ‘asking (offered)’ prices for Q1 of 2022, the overall selling prices of apartments have soared by 36.08 per cent from Q1 of 2021 while the overall residential land prices of Sri Lanka have reduced by 29.77 per cent. Further analysis of [...]