Economic

Sri Lanka will continue engagement with the International Monetary Fund (IMF), newly appointed Central Bank Governor, Professor W D Lakshman told a media conference in Colombo on Friday

Sri Lanka’s expressway system has generated sizable revenue by collecting toll from motorists for using the expressways, Road Development authority sources said.

The Government let the Central Bank spend the weekend as well as the new working day today with an Acting CEO appointment delaying a permanent announcement.

උපයනවිට ගෙවීමේ බද්ද ඉවත් කිරීමේ සහනය ලබන මස පළමු වැනි දා සිට ක්‍රියාත්මක බව මුදල් අමාත්‍යාංශය සදහන් කරයි.

Says Monetary Board should consider easing policy when it meets tomorrow
Opines loosening rates will align with stimulus package
Argues for stronger growth while keeping tabs on inflation
Keen to continue IMF program but with changes on achieving targets
Investors likely to return to markets after parliamentary polls
Believes SMEs benefiting from moratorium should still pay interest
Says Govt. can take its time on MCC agreement

Sri Lankan SME sector rejoiced the latest initiative by the new government to suspend recovery of loans obtained by them and the action to halt the auction of the small entrepreneurs property kept as surety from auctioning.

මෙතෙක් කළක් මාසයකට රුපියල් ලක්ෂයකට වඩා වැඩි මාසික ආදායමක් ලැබූ අය‍ ගෙවූ උපයන විට ගෙවීම් බද්ද ජනවාරියේ සිට ගෙවිය යුත්තේ ලක්ෂ 2 1/2කට වැඩි මාසික ආදායමක් ලබන අය පමණි

Compensation is to be paid to depositors of now defunct Central Investment and Finance PLC (CIFL) and The Standard Credit Finance Limited (TSCFL).

The government at the last Cabinet meeting has decided to award a series of concessions to tea smallholders and tea factories to bail them out.

With State Engineering Corporation (SEC) being a key player in Sri Lanka’s construction space for decades, it took the leap to build on its capacities and looked at avenues to raise capital.

Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100)1 decreased to 4.1 per cent in November 2019 from 5.6 per cent in October 2019 contributed by the statistical effect of the high base prevailed in October 2018, Central Bank announced.

The Colombo stock market ended yet another week on a negative note despite higher turnover and active foreign buying.

During the primary and secondary market transactions using EPF funds in connection with Treasury bonds, the Forensic Audit Report of the Central Bank reveals that the government has incurred billions of rupees pertaining to 19 leading companies in the country, according to Central Bank sources.

Colombo Dockyard PLC (CDPLC) yesterday delivered two pilot launches as per an agreement signed with Sri Lanka Ports Authority (SLPA) on 1 February.

Sri Lanka’s Gross Domestic Product (GDP) grew by 2.7 per cent in real terms in the third quarter of 2019, recovering somewhat from the Easter Sunday attacks on April 21 2019.

The special commodity levy on imported potatoes has been reduced from Rs.50 to Rs.25 with effect from midnight today, the Finance Ministry said.

Fitch Ratings has revised the Outlook on Sri Lanka Telecom PLC’s (SLT) National Long-Term Rating to Negative from Stable and affirmed the rating at ‘AA+(lka)’. It has also affirmed the National Ratings on SLT’s outstanding senior unsecured debentures at ‘AA+(lka)’.

The quest to revive the loss making national carrier SriLankan Airlines commenced week with Aviation Services Minister Prasanna Ranatunga directing officials to draft necessary proposals.