Sri Lanka is expecting a mission from the International Monetary Fund (IMF) in two weeks, President Ranil Wickremesinghe announced at a campaign rally in Homagama on Wednesday. “In two weeks when the IMF team comes, we must either confirm that we will implement the agreement and receive the next installment, or inform them of any
Sri Lanka’s ongoing economic recovery program is showing positive results, according to an International Monetary Fund (IMF) spokesperson. The IMF’s next program review and discussions will take place after the formation of a new government following upcoming elections, spokesperson Julie Kozack stated. Kozack noted key economic improvements, including a revival in growth, declining inflation, better
On Monday, September 9, 2024, Sri Lankan dollar bonds experienced a sharp sell-off, which may attract bargain hunters as investors reassess their positions ahead of the upcoming presidential elections, market experts suggest. According to Bloomberg, the decline in Sri Lankan dollar bonds intensified as investors reduced their exposure due to rising political uncertainties ahead of
Sri Lanka’s banking sector outlook has stabilized, with the Central Bank’s decision to prevent dividend repatriation playing a key role in the sector’s recovery. According to Maninda Wickramasinghe, Managing Director and CEO of Fitch Ratings Lanka Ltd., Sri Lanka can expect a sovereign rating upgrade immediately after the completion of its debt restructuring. At an
Sri Lanka’s economic growth is anticipated to slow down in the second half of 2024, with a projected overall growth of 3.2%, according to Bloomberg Intelligence. The research arm of Bloomberg attributes the slowdown to tight fiscal policies and weak consumer sentiment, which are expected to limit the pace of recovery. Despite these challenges, Sri
The Asian Development Bank (ADB) has expressed confidence in Sri Lanka’s macroeconomic indicators, with Country Director Takafumi Kadono noting positive developments during a media briefing in Colombo yesterday. “Inflation has been controlled, primary and current balance figures are positive, the currency has stabilized, and reserves have increased. We observe significant progress since the economic crisis,
Sri Lanka’s President Ranil Wickremesinghe met with International Monetary Fund (IMF) Mission Chief Peter Breuer and his team on Thursday to evaluate the progress of the ongoing economic program. State Minister of Finance Shehan Semasinghe highlighted that the discussion focused on identifying areas that need additional attention to ensure the successful completion of the 3rd
The Government of Japan has officially decided to resume disbursement for Yen Loan Projects in Sri Lanka, which were suspended following the country’s default in 2022. This decision was announced at a joint press conference by the Sri Lankan Finance Ministry, the Embassy of Japan, and the Japan International Cooperation Agency (JICA) Sri Lanka Office.
Sri Lanka and Japan have discussed new funding strategies to reduce carbon emissions and revive halted projects during a meeting with President Ranil Wickremesinghe, according to his media office. With Sri Lanka reaching an agreement with official creditors to restructure bilateral debt, Japan is now able to provide new loans and resume previously suspended projects.
Sri Lanka and its sovereign bondholders have come to an agreement to exchange $14.43 billion in defaulted bonds and overdue interest for new instruments tied to future GDP growth, governance, and standard fixed interest bonds. Bondholders have consented to an 11% haircut on $1.889 billion of overdue interest, as opposed to an earlier proposal, according