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Dinuka - 2 Udeeshan Jonas - 2 Uditha Jayasinghe - 2 Swati Bhat - 2 CBSL - 1 Thilina Panduwawala - 1 Sam Holmes - 1 Sudipto Ganguly - 1
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Colombo Sri Lanka Lanka's Central Bank of Sri Lanka Sri Lanka
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Sri - 2 REUTERS - 2 Central Bank of Sri - 2 CAL - 2 Central Bank - 1 Rights - 1 International Monetary Fund - 1 IMF - 1

Search resuls for: "Udeeshan Jonas"


5 mentions found


☆ Sri Lanka resumes rate cuts to boost growth as inflation cools
  + stars: | 2023-10-05 | by ( Uditha Jayasinghe Swati Bhat | Uditha Jayasinghe | Swati Bhat | ) www.reuters.com   time to read: +3 min
People walk past the main entrance of the Sri Lanka's Central Bank in Colombo, Sri Lanka March 24, 2017. The Central Bank of Sri Lanka (CBSL) lowered the standing deposit facility rate and the standing lending facility rate by 100 basis points each to 10% and 11%, respectively, it said in a statement. Sri Lanka, however, failed to reach an agreement with the IMF in its first review of the bailout package last month, due to a potential shortfall in government revenue. Even with policy loosening Sri Lanka could find it difficult to post (a 2% contraction) this year," said Udeeshan Jonas, chief strategist at equity research firm CAL Group. The central bank reiterated that it would like to see market interest rates come down further.
Persons: Dinuka, CBSL, Udeeshan Jonas, Thilina Panduwawala, Uditha Jayasinghe, Swati Bhat, Sam Holmes, Sudipto Ganguly Organizations: Sri, Central Bank, REUTERS, Rights, International Monetary Fund, Central Bank of Sri, IMF, CAL, Frontier Research, Bank Locations: Colombo, Sri Lanka, Lanka's, Central Bank of Sri Lanka, Sri, Lanka
☆ Sri Lanka cuts rates by 250 bps, signals rebound from crisis
  + stars: | 2023-06-01 | by ( Uditha Jayasinghe Swati Bhat | Uditha Jayasinghe | Swati Bhat | ) www.reuters.com   time to read: +3 min
[1/2] Staff members work at a packing section at a garment factory in Colombo after the International Monetary Fund's executive board approved a $3 billion bailout for Sri Lanka. The Central Bank of Sri Lanka (CBSL) cut its standing deposit facility rate and standing lending facility rate to 13% and 14%, respectively, from 15.5% and 16.5% previously. The central bank raised rates by a record 950 basis points last year to tame inflation and by 100 bps on March 3 this year. "There is a need to bring the interest rates down because the cost of government financing is high," said Udeeshan Jonas, chief strategist at equity research firm CAL. Sri Lanka secured a $2.9 billion bailout from the IMF in March and aims to complete restructuring debt talks by September, coinciding with the first review by the lender.
Persons: Dinuka, Udeeshan Jonas, Uditha Jayasinghe, Swati Bhat, Shri Navaratnam, Raju Gopalakrishnan Organizations: Staff, Monetary Fund's, Sri, REUTERS, Central Bank of Sri, Colombo, Monetary Fund, Reuters, CAL, Thomson Locations: Colombo, Sri Lanka, Lanka's, Central Bank of Sri Lanka
☆ Sri Lanka's economy to shrink by 2% in 2023, central bank says
  + stars: | 2023-04-27 | by ( Uditha Jayasinghe | ) www.reuters.com   time to read: +1 min
NEW DELHI, April 27 (Reuters) - Sri Lanka's economy is expected to shrink by 2% in 2023, its central bank said in an annual report on Thursday, as the country struggled to emerge from its worst financial crisis in decades. The central bank projected Sri Lanka's economy would grow by 3.3% in 2024, according to the report. The World Bank estimates Sri Lanka's economy will contract by 4.3% in 2023. "Sri Lanka's economy has been gradually stabilising since mid-2022. Sri Lanka, which defaulted on its foreign debt a year ago, is currently negotiating its debt repayments with bondholders and bilateral creditors.
☆ Sri Lanka expects approval of $2.9 billion IMF deal after China support
  + stars: | 2023-03-07 | by ( Uditha Jayasinghe | ) www.reuters.com   time to read: +4 min
"Sri Lanka has completed all prior actions that were required by the IMF," Wickremesinghe said. It was not clear what new support China, the world's biggest sovereign creditor, extended to Sri Lanka on Monday. By end-2020, Sri Lanka owed the Export-Import Bank of China $2.83 billion or 3.5% of the island's external debt, according to IMF data. Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe said. Sri Lanka has been waiting for about 187 days to finalise a bailout after reaching a staff-level deal with the IMF.
☆ With China's support, Sri Lanka expects nod for $2.9 bln IMF deal
  + stars: | 2023-03-07 | by ( Uditha Jayasinghe | ) www.reuters.com   time to read: +4 min
"Sri Lanka has completed all prior actions that were required by the IMF," Wickremesinghe said. It was not clear what new support China, the world's biggest sovereign creditor, extended to Sri Lanka on Monday. By end-2020, Sri Lanka owed the China EximBank $2.83 billion or 3.5% of the island's external debt, according to IMF data. Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe added. Sri Lanka has been waiting for about 187 days to finalise a bailout after reaching a staff-level deal with the IMF.
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