Radi

Sri Lanka market rates on longer-term government debt - bonds and treasury bills - are about twice as high as the high policy rates for overnight money, increasing the government's burden in covering its budget deficit and refinancing maturing debt, several economic analysts said.

Fitch Ratings has downgraded the National Long-Term Ratings of 10 Sri Lankan banks following the recent sovereign downgrade and recalibration of the agency’s Sri Lankan national rating scale.

The prospect of receiving International Monetary Fund ‘Extended Fund Facility (IFF) facility in January and the first quarter of this year is vanishing as the government is still grappling to get assurance from its external creditors for debt restructuring, international analytical reports highlighted.

Initiating the long overdue system change in governance, administration and state machinery the Government is set to launch the new reform program for the next 25 years at the Diamond Jubilee celebration of Independence Day on February 04.

Sri Lanka government has embarked on streamlining of the Samurdhi (poverty alleviation relief) payment scheme confining only to the eligible poorest of the poor people countrywide strictly identifying the needy in the wake of World Bank concerns on irregularities in the system.