According to the Consumer Affairs Authority (CAA), the prices of egg-based bakery products should also decrease in line with the reduction in the price of eggs in the market. He further emphasized that steps should be taken to pass this benefit on to consumers. The Chairman of the CAA, Thusitha Indrajith, stated that the price of an egg, which was …
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K.M.M. Siriwardena, who was re-appointed as the Secretary to the Ministry of Finance, Economic Development, Policy Formulation, Planning, and Tourism, resumed his duties today (25). Deputy Secretaries of the Treasury, heads of departments under the Ministry of Finance, and other senior officials attended the event.
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Fitch Ratings has affirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘RD’ (Restricted Default) and Long-Term Local-Currency IDR at ‘CCC-‘. Fitch typically does not assign Outlooks to issuers with a rating of ‘CCC+’ or below. A full list of rating actions is at the end of this rating action commentary. Key Rating Drivers Restructuring Negotiations Ongoing: The sovereign remains …
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International Monetary Fund Chief Kristalina Georgieva in a congratulatory letter to Sri Lankan President Anura Kumara Dissanayake, reiterated the IMF’s readiness to assist the country through its future development and reform goals. “We at the IMF greatly value the excellent engagement that we have had with Sri Lanka over the years. I would like to take this opportunity to assure …
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President Ranil Wickremesinghe emphasized that discussions with private bondholders have successfully concluded, marking a significant step in freeing the country from bankruptcy. He further stated that an official acknowledgment of Sri Lanka’s recovery from bankruptcy is expected soon, along with the swift implementation of plans to advance the country. The President made these remarks during a meeting with the Executive …
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President Ranil Wickremesinghe emphasized that discussions with private bondholders have successfully concluded, marking a significant step in freeing the country from bankruptcy. He further stated that an official acknowledgment of Sri Lanka’s recovery from bankruptcy is expected soon, along with the swift implementation of plans to advance the country. The President made these remarks during a meeting with the Executive …
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Purchasing Managers’ Indices indicate expansions in both Manufacturing and Services activities in August 2024. Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 55.5 in August 2024. This indicates an expansion in manufacturing activities,yet at a slower rate compared to the previous month. All the sub-indices, except for Employment, remained above the neutral threshold …
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On the 19th of September 2024, Sri Lanka announced that it has reached Agreements in Principle on the restructuring of approximately USD$ 17.5 billion of external commercial debt (as of end 2023). These agreements have been reached with holders of its International Sovereign Bonds, following negotiations with the Ad Hoc Group of Bondholders (“AHGB”), a representative group of international investors, …
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A delegation from the Canton Fair Operations Department of China visited Sri Lanka Export Development Board (EDB) on 30th August 2024 to scale up trade relationship between the two countries through participating at trade promotional events such as Canton Fair 2024. China is the 10th export destination for Sri Lanka in 2023. The total export value from Sri Lanka …
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A high-level delegation from Mirai Consulting Group, Japan, recently visited Sri Lanka to explore potential investment opportunities in various sectors. The delegation, led by Okada Atsushi, COO of Mirai Consulting Group, met with the EDB Chairman at the EDB headquarters. The purpose of the visit was to identify industries that aligned with the investment interests of Japanese companies and to …
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