Sri Lanka’s private sector credit expanded by Rs. 60 billion in July 2024, following a Rs. 74 billion rise in June, according to official data. Meanwhile, credit to state-owned enterprises (SOEs) decreased during the same period. In July, banks extended Rs. 82.7 billion in loans to the government, with much of this being interest roll-overs,
Fitch Ratings has downgraded the Maldives’ credit rating from CCC+ to CC, citing a decline in foreign reserves and the upcoming repayment of foreign debt and sukuk bonds starting next year. As of July, the country’s gross foreign reserves had fallen to 395 million USD, down from 492 million USD earlier. Domestic reports highlight growing
President Ranil Wickremesinghe has announced that a new bill will be introduced to address business bankruptcies, as it is not feasible to indefinitely maintain the temporarily suspended Parate law. The bill will include provisions for restructuring loans for Micro, Small, and Medium Enterprises (MSMEs) and establish a new institution, “Enterprise Sri Lanka,” to support these