Sri Lanka’s heightened fiscal, external, and financial sector imbalances and its fluid political situation pose significant uncertainty for the country’s economic outlook, says the World Bank in its twice-a-year update.
The Sri Lankan government is seeking Russian cooperation in multiple sectors, namely, tourism, air traffic, and locomotive construction, besides eyeing crude from Moscow.
The Monetary Board of the Central Bank of Sri Lanka decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 15.50 per cent and 16.50 per cent, respectively.
Sri Lanka’s exports of clothing totaled US $ 778.4 million in January–February 2023, a decline of 16.8 percent from the US $ 935.6 million in exports during the same period of the previous year. Due to the global economic recession in February 2023, its exports of clothing fell by 14.7 per cent.
