News

World Bank’s IFC to grant SL $400 mn. cross-currency swap facility

Published

1 year ago

February 27, 2023

editor

World Bank’s IFC to grant SL $400 mn. cross-currency swap facility

The International Finance Corporation (IFC), the World Bank’s investment arm, said it will provide Sri Lanka a $400 million cross-currency swap facility to help fund essential imports.
Three private banks, which together deal with over 30% of Sri Lanka’s remittances and exports, will receive the facility to fund essential imports, including medicine, food and fertiliser, the IFC said in a statement on Monday.

The funds will provide a much needed foreign exchange cushion for Sri Lanka, which is grappling with its worst financial crisis in over seven decades partly triggered by a severe shortage of dollars.

The island nation’s economy is estimated to have contracted by 9.2% in 2022 and is expected to shrink a further 4.2% in 2023, according to World Bank data.

“We expect this financing to boost confidence in the investor community, attract fresh capital inflows to support the Sri Lankan economy,” said Joon Young Park, IFC’s Portfolio Manager, Financial Institutions Group for South Asia.

IFC is also working on further plans to support client banks with other long-term funding and advisory services in the future, the statement added.

Sri Lanka signed a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout last September but has to put its debt on a sustainable repayment track before the funds can be disbursed.

(Reuters)

News

Damitha files complaint with HRCSL

Published

2 mins ago

May 3, 2024

nipuni

Sri Lankan actress Damitha Abeyratne has filed a complaint with the Human Rights Commission of Sri Lanka (HRCSL), alleging that her human rights were violated during an unlawful arrest.

On April 04, she and her husband were arrested by the Criminal Investigation Department (CID), over their involvement in an alleged financial scam of Rs. 03 million, promising employment in South Korea.

They were later granted bail on April 24, following an order issued by the Colombo Fort Magistrate’s Court.

BIZ

Litro gas prices reduced with effect from midnight

Published

6 mins ago

May 3, 2024

nipuni

Litro Gas Lanka has reduced the prices of domestic LP gas cylinders with effect from midnight today (May 03).

According to Chairman of Litro Gas Lanka – Muditha Peiris, the price of the 12.5 kg cylinder has been slashed by Rs. 175 to Rs. 3,940 while the price of the 5 kg cylinder has been reduced by Rs. 70 to Rs. 1,582. The price of the 2.3 kg cylinder has been reduced by Rs.32 to Rs.740.

BIZ

CBSL updates pyramid scheme entity list

Published

14 mins ago

May 3, 2024

nipuni

The CID has yesterday (02) informed the Colombo Chief Magistrate that the Central Bank of Sri Lanka (CBSL) has banned 04 entities as entities that have conducted prohibited pyramid schemes.
The entities mentioned in court are : Beecoin App/Sunbird Foundation, Fast Win (Pvt) Ltd, Fruugo Online App/ Fruugo Online (Pvt) Ltd Genesis Business School/ Era Miracle (Pvt) Ltd.

In a recent public release, the CBSL previously named 08 entities including the 04 aforementioned ones, as ones that conduct / conducted prohibited pyramid schemes.

Since then, they have added the entity- Windex Trading to the list.