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But says adequate capital buffers built over last 3 years to help withstand near term risks  Says temporary restrictions on declaring cash dividends to help banks’ capitalisation levels in near term The adequate capital buffers built, specially during the last three years, will soften the negative impacts on the banking sector stemming from the new coronavirus-driven … [Read more...] about Daily Mirror – COVID-19 compounds stress on Sri Lankan banks: Fitch Ratings

Central Bank’s top researcher recently revealed how external agencies, including that of the World Bank, International Monetary Fund (IMF) and rating agencies project doomsday scenarios for the Sri Lankan economy even when the country is rapidly returning to normalcy after the COVID-19 outbreak.Earlier this week the World Bank projected a deeper recession for the Sri … [Read more...] about Daily Mirror – CB’s top researcher reveals how external agencies forecast doomsday scenarios

The Sri Lankan gig platforms are at a disadvantage over their foreign counterparts, who have their operations here, as the former comes under regulatory scrutiny and local tax laws while the latter is not, says the Central Bank.While the issue has come under some scrutiny in the past, regulatory or policy redress did not come about either due to authorities’ … [Read more...] about Daily Mirror – Lankan gig economy lacks level playing field as foreign players not subject to local regulations and tax laws

President Gotabaya Rajapaksa  Says multilateral and bilateral official creditors have “special responsibility” to be innovative to create such space Stresses that leading agencies and leaders should act fast “without” placing conditionalities Tells intl. community such support will help restore confidence, re-energise growth and investments  By Shabiya Ali … [Read more...] about Daily Mirror – President appeals for “unconditional” budget support from intl. lenders to revive economy

 COVID-19 is dealing an unprecedented blow to economies around the globe and the health risk is only the tip of the iceberg. Among the many impending crises resulting from the pandemic, rising food insecurity, due to the lockdown measures, is one of the most critical. The 2020 Global Report on Food Crises highlights that the pandemic is likely to limit access to … [Read more...] about Daily Mirror – New face of hunger: Building a resilient food system in Sri Lanka in an age of pandemic

Sampath Bank’s interim results released for the March quarter (1Q20) showed that the economy was gathering steam from the lower interest rates and tax cuts, as the loans had begun to rise and earnings got a boost before it hit a wall when the country went to lockdown to prevent the spread of China-originated COVID-19. Sampath Bank, the third largest private lender by … [Read more...] about Daily Mirror – Sampath Bank 1Q20 indicates economy was gathering steam before pandemic

 Says has enough cash reserves and bank facilities to sustain operations  Group’s flagship project Cinnamon Life expects slowdown in sales momentum Retail business to bolster online operations to tackle new normal in consumer behaviour  Sri Lanka’s largest listed firm, John Keells Holdings PLC (JKH) expects the COVID-19 pandemic to overshadow its first and second … [Read more...] about Daily Mirror – JKH expects economic fallout from COVID-19 to overshadow first half

By Shayanika Fernando & Nadeeka WataliyaddaCOVID-19 is causing catastrophic damage globally and the world is in lockdown. Without even a missile being fired it seems like the world is at war. People are violently sick, dying, healthcare systems are stretched to the maximum and even first world countries seem unable to cope with the speed at which the virus is … [Read more...] about Daily Mirror – Post COVID-19 tourism and Sri Lanka’s readiness, is this the time for female entrepreneurs to enter the homestay market?

Says pressure on rupee likely to continue  Recommends govt. to secure adequate funding lines to manage short-term pressure on LKR Proposes tax-free status for export industries to drive  post-COVID-19 recovery Stresses need for establishing employer grants to ensure employee salaries   PricewaterhouseCoopers (PwC) expects Sri Lanka’s economic growth to fall below … [Read more...] about Daily Mirror – PwC forecasts Sri Lanka’s economic growth to fall below 2% this year

Contraction in economic growth for first time in 19 years Blowout budget deficit of close to 10% of GDP Economy set to go through “extremely bumpy ride” Extreme austerity appears to be need of the hour  Sri Lanka’s economy is not spared by the massive shocks delivered by the coronavirus (COVID-19) pandemic, and due to the current multifaceted vulnerabilities, the … [Read more...] about Daily Mirror – Sri Lanka likely to record negative economic growth this year