An Echelon Media Company
Monday September 25th, 2023

Sri Lanka expects billion dollar credit line as Finance Minister meets Modi, Jaishankar

ECONOMYNEXT – Sri Lanka’s Finance Minister Basil Rajapaksa has met Prime Minister Narendra Modi and External Affairs Minister S Jaishankar as expectations rise that a billion US dollar credit line will be given after conditions are fulfilled.

Minister Rajapaksa has thanked Prime Minister Modi for its help, Sri Lanka’s High Commission in India said.

“The areas of discussion included agriculture, renewable energy, digitalization, tourism and fisheries among others,” the statement said.

“The two dignitaries also agreed that cooperation in development of renewable energy in Sri Lanka is mutually beneficial and that it should be pursued with vigour.

“With reference to India’s expertise in unique digital identity and the proposal for bilateral cooperation for Government of Sri Lanka’s similar programme, it was stressed that such identity could serve as a platform for providing common people with access to various services.”

The digital identity schemes, which allow authoritarian administrations in Sri Lanka to track citizens closely has been point of contention with civil liberties groups.

Reports in Sri Lanka said India’s Adani group will set up a renewable energy project in the North of Sri Lanka and another two power projects will be done by India in the North.

India had earlier opposed two projects being given to China which were awarded after international competitive tenders, over security concerns.

Sri Lanka last week also signed a joint venture solar project in Trincomallee in the same location where a joint venture coal plant was cancelled by former President Maithripala Sirisena.

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Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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