The Export and Import (Exim) Bank of Korea has agreed to resume financial support for Sri Lanka’s development projects, according to the President’s Media Division (PMD). The decision was announced during a meeting between Exim Bank of Korea officials and Secretary to the President Nandika Sanath Kumanayake at the Presidential Secretariat on Thursday (03). Financial
The Netherlands’ Foreign Affairs Ministry has invested €300,000 in a cluster project aimed at enhancing the sustainability and growth of local batik SMEs in Gampaha, Sri Lanka. This initiative, titled “Healthy Socio-Economic Recovery of the Apparel Sector, Micro and Small Enterprises in Severely COVID-19 Impacted Gampaha District of Sri Lanka,” focuses on equipping these businesses
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
The World Bank Group has reaffirmed its commitment to support Sri Lanka in a letter addressed to the newly elected President, Anura Dissanayake. The letter, signed by senior regional officers overseeing the country, emphasized the institution’s readiness to assist the new administration in its efforts to drive economic recovery. The World Bank has been providing
Sri Lanka’s rupee strengthened on Monday, closing at 304.25/75 against the US dollar, recovering from its previous close of 305.25/306.00 on Friday, according to market dealers. Bond yields also saw a positive rally. A bond maturing on May 1, 2027, ended at 12.70/90 percent, a drop from the previous 12.90/13.10 percent. Similarly, a bond maturing
The International Monetary Fund (IMF) has welcomed Sri Lanka’s recent agreement with international sovereign bondholders but emphasized that the deal still requires approval from the Official Creditor Committee (OCC) of bilateral lenders. “We welcome the agreement in principle between Sri Lanka and the representatives of international bondholders, pending confirmation on the comparability of treatment by
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
The ongoing crisis in Sri Lanka’s business visa issuance is jeopardizing the nation’s economic recovery, as foreign buyers, suppliers, and technical experts struggle to obtain the necessary visas to enter the country, according to a statement from the Joint Apparel Association Forum (JAAF). The Department of Immigration has failed to re-activate the online visa system
The Joint Apparel Association Forum (JAAF) has called on the Sri Lankan government to urgently address the challenges surrounding the issuance of short-term business visas, which have been suspended since August 2, 2024. JAAF highlighted that foreign business visitors—including buyers, machinery suppliers, and technical service providers—are encountering significant obstacles when attempting to enter Sri Lanka
The National Savings Bank (NSB) has reported an impressive profit-before-tax (PBT) of Rs. 15 billion for the first half of 2024, surpassing the previous year’s profit-after-tax (PAT) of Rs. 7.21 billion for the same period. NSB Chairperson Dr. Harsha Cabral commented on the strong financial performance, stating, “Our profitability in the first six months reflects