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Issues revised instructions to banks asking them to use forecasts and projections published by them This move will effectively shun forecasts of IMF, WB and the likes  The Central Bank of Sri Lanka (CBSL) has issued revised instructions to banks on projecting losses on their loans and other financial assets, which will effectively shun forecasts of the International … [Read more...] about Daily Mirror – CB wants banks’ credit loss provisioning to reflect more credible economic forecasts

 Sri Lanka is identified as one of the most vulnerable middle-income countries to the economic fallout from the COVID-19 pandemic. A key channel through which vulnerabilities are heightened relates to a country’s export earnings. While Sri Lanka is not highly exposed to global supply chain disruptions, its dependence on a limited basket of exports and export … [Read more...] about Daily Mirror – COVID-19: Wake-up call for Sri Lanka’s tea industry

Acknowledges that revenue raising amid pandemic’s effects remains challenging  But says constraints to cut spending make a more compelling case for bolstering revenues  Says Sri Lanka among those who already struggled to raise tax intake before pandemic  Data shows Sri Lanka’s tax revenues on the up with Aug. revenues nearly at 2019 levels  The pandemic-induced … [Read more...] about Daily Mirror – Higher tax revenue likely to be crucial rating driver over next few years: Moody’s

 It was reported that the trade deficit to end-August 2020 was US $ 3.8 billion, compared with US $ 4.8 billion to end-August 2019. There is no doubt that the current reforms will provide solutions to some of the structural issues in the economy. Yet, there is a need to address the country’s emerging macroeconomic vulnerabilities.While improving trade balance with … [Read more...] about Daily Mirror – Urgent need to raise foreign currency funding

2Q unemployment rate down to 5.4% from 5.7 in 1Q Labour force participation rate down to 50.2% from 51% in 1Q Sri Lankan businesses added jobs at a faster pace in May through June, signaling a recovery in the job market from the temporary downturn caused by the coronavirus-induced lockdowns and the resultant business closures. Sri Lanka’s unemployment rate fell to 5.4 … [Read more...] about Daily Mirror – Sri Lanka creates jobs in 2Q as unemployment rate falls from 1Q

The Commonwealth Enterprise and Investment Council (CWEIC) announced this month the appointment of Niro Cooke to its Board. Cooke, a Sri Lankan professional, is at present the youngest Board member appointed to the statutory board of the CWEIC.Niro Cooke CWEIC is the Commonwealth’s business network. Founded in 2014, it has over 90 business and government … [Read more...] about Daily Mirror – Niro Cooke appointed to CWEIC Board