Private sector credit demand showed signs of slowing in September, falling short of the recent high recorded in August, according to data from the Central Bank. In October, credit to the private sector increased by Rs. 89 billion, reflecting an 8.9% year-on-year growth. This was a decrease compared to the Rs. 135 billion growth seen
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
Fitch Ratings announced that Sri Lanka’s ongoing economic recovery, combined with moderating inflation and lower interest rates, is set to drive the growth of finance and leasing companies (FLCs) in the financial year ending March 2025 (FY25). The positive outlook is also supported by the potential relaxation of vehicle import restrictions, which have been in
Sri Lanka’s financial system is on the path to recovery, with expectations of improved asset quality and strengthened capital buffers, according to the Central Bank of Sri Lanka (CBSL) in its Financial Stability Review 2024. This positive outlook emerges as the economy stabilizes despite ongoing challenges stemming from previous macrofinancial imbalances, which are gradually being
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
Consumer spending via credit cards has shown signs of growth, with the total outstanding credit card debt in licensed commercial banks rising by nearly one billion rupees in August, reflecting a broader surge in private sector credit during the same month. According to the latest data for August 2024, outstanding credit card debt increased by
Sri Lanka’s tourism sector continues to show positive momentum as of September 2024, with both visitor arrivals and earnings on the rise, despite a slight dip from the previous month. Recent data reveals that the country generated US$ 181 million in tourism revenue in September, a significant increase from the US$ 152.2 million earned in
President Anura Kumara Dissanayake met with an IMF delegation yesterday, including Asia Pacific Department Director Krishna Srinivasan and Senior Mission Chief Dr. Peter Breuer, to discuss the status of Sri Lanka’s ongoing IMF programme. Accompanied by key officials, such as Central Bank Governor Dr. Nandalal Weerasinghe, Treasury Secretary Mr. Mahinda Siriwardena, Dr. Harshana Sooriyapperuma, and