Economic

A draft policy framework to promote artificial intelligence (AI) in Sri Lanka was unveiled yesterday by the Sri Lanka Association of Software and Services Companies (SLASSCOM). AI, a market which is expected to exceed more than $ 191 billion by 2024, will be introduced as a new pillar on top of the two predominantly-relied pillars which steered the IT/BPM sector’s growth over the last few years – software development and finance and accounting outsourcing (FAO).

Prime Minister Ranil Wickremesinghe yesterday assured he would lead the charge for stronger investment in the future to fast track economic growth and create new jobs outlining ambitious plans for a host of new investment projects including a renewable power cable to India.

Sri Lankans are now being caught up with vicious economic cycle triggered by political standoff between President Maithripala Sirisena and Prime Minister Ranil Wickremasinghe who pushed citizens from frying pan in to fire.

The Securities and Exchange Commission of Sri Lanka (SEC) has filed action in the Magistrate’s Court Colombo Fort against two investors on charges of having committed the offence of market/price manipulation with regard to the shares of E-Channelling PLC. The action was filed on the basis of evidence elicited during the course of an investigation conducted by the SEC and upon receiving the formal opinion of the Attorney General.

The Central Bank together with LankaClear Ltd., ( LCPL) achieved a significant milestone in the country’s payment landscape by launching the National Card Scheme (NCS).

Reuters: Sri Lankan shares fell for the second straight session yesterday to hit a more than one-week low, due to continued foreign fund outflows, while the rupee ended steady as dollar demand from importers offset exporters' greenback sales.

A green garden,consisting of valuable trees and plants, developed in commemoration of the people who have lost their lives by the terrorist attack on 21st April 2019, was declared opened by., the Minister of Maweli Development and Environment Ajith Manapperuma on 11th June 2019, in Diwulapitiya, Pinnakele, under the name, “ManudamUyana”.

Micro Cars Ltd., the sole agents in Sri Lanka for SsangYong Motors since 2006, revealed the latest fourth-generation C300 Korando for the Sri Lankan market.

Sri Lanka depends on Foreign Financing Commitments for the Public Investment Program (PIP), to achieve Medium Term Fiscal Framework and the envisaged public debt management targets.

In a move that is set to revolutionise the telecom industry, Airtel Lanka yesterday introduced a new product offering unlimited voice calls.

Despite allegations of privatisation of state owned banks by opposition political parties, Sri Lanka’s people’s bank is set to be restructured soon with the aim of strengthening the financial stability and effectiveness of its operations, banking sector sources divulged.

Sri Lankan banks now face a moment of truth as customers default loans and the growth in new loans has slowed after the Central Bank tightened monetary conditions.

Finance Ministry has set the stage to activate Electronic Government Procurement (e-GP) system, with the aim of improving transparency and competitiveness while saving public funds when goods and services are purchased by the Government.

Sri Lanka has instituted a comprehensive domestic regulatory and supervisory regime for banks and non-bank financial institutions and other financial agencies that provide formal or informal services for the transmission of money or value and other bodies particularly susceptible to money-laundering.

As the first Sri Lankan Company to receive the Global Gender Equality Certification from the assessment body Economic Dividends for Gender Equality (EDGE), NDB has taken massive as well as to become the employer of choice to both women and men that for NDB.

Heavily debt ridden Sri Lanka has returned to the U.S. dollar bond markets, successfully pricing a new issuance of U.S.$500 million 5-year and $1.5 billion long 10-year Senior Unsecured Fixed Rate Bonds (the “Bonds”) with maturity dates of June 28th, 2024 and March 28th , 2030, respectively.

Sri Lanka’s intellectual property protection initiatives are set be further strengthened for the benefits of local inventors, artistes, and authors for their creative efforts; as well as to encourage research and innovation and start new businesses.

The government could face risks in refinancing its debt obligations in the next five years due to various domestic and external obstacles, especially if investor sentiment changes, Moody’s Investors Service said in a new report yesterday.