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” - 1 Shehan Cooray - 1 Cooray - 1 Uditha - 1 John Stonestreet - 1 Susan Fenton - 1
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COLOMBO Sri Lanka's Sri Sri Lanka
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Statistics Department - 1 Sri - 1 International Monetary Fund - 1 Thomson - 1

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2 mentions found


☆ Sri Lanka's economy shrinks 11.5% in first quarter as financial crisis continues
  + stars: | 2023-06-15 | by ( Uditha Jayasinghe | ) www.reuters.com   time to read: +2 min
COLOMBO, June 15 (Reuters) - Sri Lanka's economy (LKGDP=ECI) shrank 11.5% in the first three months of 2023, official data showed on Thursday, as the country remained in the grip of its worst financial crisis in decades. Sri Lanka's central bank projects that GDP will shrink by 2% this year while the International Monetary Fund (IMF) estimates a contraction of 3%. "A pickup in private sector credit will be a growth positive and credit growth will increase over the next six to nine months," Cooray added. Sri Lanka's economy contracted by a record 7.8% last year after its foreign exchange reserves hit record lows, plunging the island into the worst financial crisis since it gained Independence from the British in 1948. But Sri Lanka still needs to complete debt restructuring talks by September in time for the first IMF review.
Persons: ”, Shehan Cooray, Cooray, Uditha, John Stonestreet, Susan Fenton Organizations: Statistics Department, Sri, International Monetary Fund, Thomson Locations: COLOMBO, Sri Lanka's, Sri, Sri Lanka
☆ Sri Lanka c.bank to hold rates as inflation stays high
  + stars: | 2023-05-30 | by ( Uditha Jayasinghe | ) www.reuters.com   time to read: +2 min
COLOMBO, May 30 (Reuters) - Sri Lanka's central bank is expected to keep rates unchanged at its policy meeting this week as it continues to support the debt-laden economy amid persistently high inflation. Sri Lanka secured a $2.9 billion bailout from the International Monetary Fund (IMF) in March and aims to complete restructuring debt talks by September. Thirteen out of the fifteen analysts and economists polled by Reuters expect the Central Bank of Sri Lanka (CBSL) to hold benchmark rates steady on Thursday, at its fourth policy rate announcement this year. The central bank raised rates by a record 950 basis points last year to tame inflation and by 100 bps on March 3. The first review of its IMF programme is expected in September and Sri Lanka plans for it to coincide with the completion of debt restructuring talks with creditors.
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