Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) has reported a steep decline in profits for the first half of 2024, with net earnings plummeting by 70.2% to 20.7 billion rupees compared to 69.5 billion rupees in the same period last year. According to a Finance Ministry report, the decrease in profits is attributed to a
Former President and United National Party (UNP) leader Ranil Wickremesinghe has urged the government to update the public in the coming days on the progress of its ongoing discussions with the International Monetary Fund (IMF). Speaking at a rally in Athurugiriya on October 28, he underscored the importance of transparency in significant decisions related to
The International Monetary Fund (IMF) is actively engaging with Sri Lanka’s new administration to discuss priorities as it works toward the next review of its Extended Fund Facility (EFF) program. This review aims to continue Sri Lanka’s economic recovery and reform initiatives. A Sri Lankan delegation, led by the Central Bank Governor, Finance Ministry Secretary,
Sri Lanka’s economy is on the path to recovery, with the World Bank projecting a growth rate of 4.4% for 2024, surpassing previous estimates. This forecast follows four consecutive quarters of growth, largely driven by the industrial and tourism sectors, alongside crucial structural and policy reforms. David Sislen, the World Bank’s Regional Country Director for
Fitch Ratings has noted that political risks to Sri Lanka’s debt restructuring process have reduced following the authorities’ endorsement of the IMF programme targets and agreement to proceed with debt restructuring terms established with international bondholders in September. The election of Anura Kumara Dissanayake as president in September had initially caused uncertainty, raising concerns over
As Sri Lanka approaches the completion of its debt restructuring process, optimism is rising for the resumption of long-stalled development initiatives. Eleven Japanese-funded projects, previously halted due to the country’s economic and political turmoil, are set to restart. Economists stress that while ongoing projects will be reinstated, any new ventures will depend on Sri Lanka’s
The International Monetary Fund (IMF) is set to announce the dates for the third review under the Extended Fund Facility (EFF) program for Sri Lanka, as stated by Ms. Julie Kozack, Director of the Communications Department at the IMF, during a recent press briefing. Ms. Kozack noted the progress made since the IMF Executive Board
Sri Lanka’s economic stability is closely tied to its International Monetary Fund (IMF) program, with reviews conducted every six months to assess the country’s progress on key economic reforms and performance criteria. These reviews determine whether Sri Lanka can access the next tranche of funds from the IMF, critical for the country’s recovery. As Sri
A delegation from the International Monetary Fund (IMF) is set to visit Sri Lanka this week to meet with President Anura Kumara Dissanayake, a senior official announced. The team’s visit is described as a courtesy call, according to Anil Jayantha, head of the Economic Council of the President’s National People’s Power (NPP) party. In his
The Ceylon Chamber of Commerce (CCC) has congratulated newly elected President Anura Kumara Dissanayake and pledged its commitment to collaborate with stakeholders on growth strategies. In a statement, the CCC highlighted 10 economic priorities for President Dissanayake to focus on in the first six months of his term: The CCC reaffirmed its support for transforming