Economic recovery
World Bank Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos speaking on Sri Lanka’s new country partnership with the bank at an event organised by the Sri Lanka Press Institute at the Hilton Colombo on Tuesday. Pic by Indika Handuwala
Removal of SLT chief raises more questions than answers
In a move towards accomplishing state economic policy reforms and for the proper corporate governance of the majority Treasury-owned Sri Lanka Telecom (SLT), its chairman Rohan Fernando has been removed by a board resolution approved on Thursday, informed official sources said. But Mr Fernando told a hurriedly arranged media conference in Colombo later on Thursday [...]
SOE advisors in town for discussions
The financial transaction advisors, advising on the State Owned Enterprises (SOEs) restructuring are in town for the next two weeks, officials said. International Finance Corporation (for SriLankan Airlines, Sri Lanka Telecom and Lanka Hospital Corporation), Alvarez and Marsal (on Sri Lanka Insurance) and Deloitte India (on Canwill Holdings Pvt Ltd, and Litro Gas Lanka) and [...]
No final decision by EU on GSP+
The European Union will make its final decision on the continuation of the GSP + concessions for Sri Lanka when their review for this year concludes. Until a final announcement from the EU is made the bloc has allowed for the existing concessions to be continued temporarily for another four years. Once the final decision [...]
Keen interest in banking stocks after DDO
With interest rates coming down, cash that was packed, in fixed-income securities will now move to equities in the Colombo Stock Exchange, stock market analysts say. “High-interest rates will not do any good for the equities market. We see inflation coming down, which is also a positive,” Ruchir Desai, Co-manager of the AFC Asia Frontier [...]
Getting the right price
Thursday morning. The trio is waiting outside the gate for Aldoris, the choon-paan karaya. He arrives on time at 8 a.m. “Mata honda kontharathuwak labuna giya sumaney. Eka thama pastry sapayanna videshikayan ena podi aganthuka nivasayakata (I got a good contract last week. I will be supplying pastries to a small guest house for tourists),” [...]
“Big global default” and Sri Lanka’s recovery
Some time ago a friend of mine was worried about his child who had been attracted to a new group of friends in the school. At the same time, the father has noticed that the child had distanced himself somewhat from some of his good old friends. As the child had not done well at [...]
In memory of Merrill J. Fernando
Surrounded by his sons and grandchildren, iconic Teamaker, Disrupter and Servant Merrill J. Fernando passed away in Colombo on Thursday. The greatness of the visionary Founder of Dilmah, was in his invincible faith, his integrity and love for tea and humanity. With devotion and urgency, he pursued his desire for integrity and quality with humility [...]
Sri Lanka now in an economic recovery phase
While Sri Lanka has made good progress in addressing serious challenges facing the economy in a year, the country is now in an economic recovery phase. Some difficult reforms have been implemented and economic recovery has started, says World Bank, Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad- Zervos. Mr. Hadad- Zervos made [...]
Everything is a luxury in the current economic condition
While affordability plays a significant role in the lives of a common man when purchasing consumer products as prices of products have soared with the economic crisis, paying back bank loans and credit card facilities have also become unaffordable with the high interest rates. Peoples’ lifestyles, needs and wants have drastically shifted from the situation [...]
SL tapping ADB and AIIB for SME support
Sri Lanka is tapping the Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB) to support the local small and medium enterprises (SME) sector with loans worth a total of US$300 million. State Minister of Finance Shehan Semasinghe on Tuesday said that Sri Lanka is discussing with ADB for a credit guarantee scheme worth [...]
NDB Bank crowned ‘Best Corporate Bank’ in Sri Lanka at Asiamoney awards
NDB Bank has emerged as the ‘Best Corporate Bank in Sri Lanka’ for 2023 at the recently concluded Asiamoney Awards programme. NDB secured this prestigious award for the second consecutive year in recognition of its stable financial and operational performance during the past year. In a media release Dimantha Seneviratne, CEO of NDB, credited his [...]
FACETS Sri Lanka exhibition in January 2024
Asia’s premier Gem and Jewellery show is back for the 30th consecutive year and scheduled to be held in January 2024 in Colombo. The 2024 FACETS Sri Lanka edition is showcasing to the world the wonders of Sri Lanka, tracing the historic roots of the island’s gem and jewellery culture. Sri Lanka is renowned across [...]
Sri Lanka’s DDR roadmap: Following the evidence
Debt restructuring is fundamentally about allocating the associated economic costs to someone. The onus is typically on the debtor country to secure participation from its creditors, applying comparable treatment to all. As with all negotiations, the level and modalities of relief will always be subject to some degree of controversy. Sri Lanka’s recently gazetted domestic [...]
Colombo Port City on revival mode, post-economic collapse
The Colombo Port City Development project faced unfavourable times as talks with investors slowed down as a result of the pandemic and the more recent economic crisis. “The unfortunate occurrence of the pandemic and subsequent economic crisis created unfavourable conditions for Sri Lanka as a whole,” prior to which “positive discussions with potential investors from [...]
Awarding of certificates for SLPI-related course
The Centre for Banking Studies of the Central Bank of Sri Lanka and the Sri Lanka Press Institute (SLPI) held its Certificate Awarding Ceremony for the course on ‘Macroeconomics for Journalists’ 2022 programme on Friday at the Central Bank in Colombo. Here is Sunday Times Deputy Editor Ms. Namini Wijedasa receiving her certificate after completing [...]
SL to harness Thailand FTA for agri sector modernisation
The Thailand Free Trade Agreement (FTA) with Sri Lanka is mainly focused on agricultural sector cooperation in addition to capacity building, top officials said. The State Minister of Finance Shehan Semasinghe on Tuesday told the Business Times that the FTA, to be finalised by year-end, will especially focus on modernising the agricultural sector. “Sri Lanka [...]
Second DDO ‘if’ current one fails
There will likely be another Domestic Debt Optimisation (DDO) if the targets of the current one are not achieved, Central Bank (CB) Governor Dr. Nandalal Weerasinghe told a top forum on Friday morning. “Someone asked me this morning if there will be another DDO. There could be if we deviate from the current DDO,” he [...]