Economic
Sri Lanka’s premier connectivity provider, Dialog Axiata PLC (Dialog), is set to expand and improve broadband connectivity across the country with International Finance Corporation’s (IFC) support. IFC’s loan of up to $ 150 million will help Dialog expand and improve its network capacity through the upgrading of existing sites and the construction of new 4G sites. Dialog also seeks to increase its fibre optic network footprint and implement upgrades to increase both capacities and efficiencies in core network operations.
The Colombo stock market began a fresh week on a negative note with lacklustre investor interest mirroring fresh concerns over macro situation and outlook.
Fitch Ratings said yesterday SriLankan Airlines’ (SLA) payment of $ 6.125 million interest on its Government-guaranteed $ 175 million unsecured notes within the 30-day grace period has no impact on the notes’ long-term rating of ‘C’.
ඉකුත් ජූනි මාසයේදී වෙළඳ භාණ්ඩ අපනයනයෙන් ශ්රී ලංකාව අමෙරිකානු ඩොලර් බිලියන 1.2 ක ආදායමක් උපයා තිබෙනවා. ශ්රී ලංකා රේගුවේ දත්තවලට අනුව එය සියයට 20 ක වැඩිවීමක්. මෙම වැඩිවීමට ප්රධාන හේතුව වී ඇත්තේ ඇගළුම් හා රෙදිපිළි, රබර් ආශ්රිත නිෂ්පාදන, පොල් ආශ්රිත නිෂ්පාදන, ආහාරපාන සහ මුහුදු ආහාර අපනයන ඉපැයුම් ඉහළ යාමයි.
Sri Lanka Gem & Jewellery Association (SLGJA) is putting forward a number of solutions that can uplift and boost the industry further.
June nets over half- a-billion $ in exports
Up 39.45% YoY to $ 537 m, highest ever for any month
Exports to US up 67.6% and EU by 24%
Industry reverts to and outperforms
pre-COVID resilience
1H exports up 20% at $ 2.8 b as against $ 2.6 b in 2019 1H
Power and Energy Ministry calls for Expressions of Interest by 16 August
Pre-proposal conference on 5 August
Request for proposals after shortlisting
Select firm will have to enter into long-term contract with CPC whilst engaging in business using existing fuel stations owned or to be opened by CPC and using CPC storage terminal
Govt. will facilitate development of new fuel stations and storage terminal depending on the requirement of successful party
Industry sources say global and regional players keen to explore new opportunity in Sri Lanka’s $ 4 b market
CPC commands 85% market share and Lanka IOC 15%
Former Central Bank Chief forecasts crisis to force contraction of economy by 8-10%
Reveals around 750,000 people have slipped into poverty
Data suggests half the population could fall below poverty line by end-2022
Suggests Govt. to strengthen safety net by enhancing cash transfers going to poor and vulnerable
Opines given toxic populist politics and entitlement culture, economic recovery will require painful treatment
Predicts IMF conditions will be ‘onerous’
Opines Sri Lankans now recognise that sacrifice is necessary and inevitable
Lists SOE reforms, divestment of State assets, independence of Central Bank and improving business climate as immediate priorities
SriLankan Airlines’ payment of US$ 6.125 million interest on its government-guaranteed US$ 175 million unsecured notes within the 30-day grace period has no impact on the bond’s long-term rating of ‘C’, Fitch Ratings said yesterday.
The Colombo stock market remained bearish yesterday though it finished the week on the up as investor sentiment was dampened by the latest attack on anti-Government protesters.
The Central Bank has issued fresh guidelines to the non-bank lenders stipulating how they must go about providing concessions to borrowers affected by the current economic crisis which is sending shockwaves across almost every sector.
The popular beer brand Lion has managed to garner more sips globally as its exports have more than doubled in the past two years to cross the Rs. 2 billion mark.
Total arrivals for year ending on July 19 reach 440,110
UK, India and Germany emerge as largest tourist traffic generators for Sri Lanka for July thus far
India, UK and Russian Federation rank as top three markets for Jan. 01-Jul. 19 period
Tourist arrivals likely to decrease in coming weeks as govt. reimposed state of emergency
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