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Analysis

Bond yields on the Colombo Stock Exchange expected to be bullish over medium term
OBG
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Ahead of a $1bn sovereign bond maturing in January 2019, Sri Lanka went through a major political crisis during the fourth quarter of 2018, which led to an extensive legal battle. Despite economic data indicating no serious threat to inflation and private sector credit, the heavy liquidity shortage in the market and the uncertain political environment resulted in a spike in domestic yields…

Analysis

Sri Lanka approves key liquefied natural gas projects
OBG
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In pursuit of greater energy security, Sri Lankan policymakers have signed three major liquefied natural gas (LNG) deals with the governments of China, India and Japan. Expected to add 1400 MW to installed capacity, the transnational agreements will play a key role in mitigating unreliability in hydropower supply while bolstering foreign capital inflows. Plant Agreements On the back of an…

Analysis

Sri Lanka seeks to resolve trade imbalances by expanding oil-refining capabilities
OBG
plus

In an effort to meet rising energy demand and achieve economic objectives, the state-owned oil company Ceylon Petroleum Corporation (CPC) has invited bids to both build a new refinery and modernise existing facilities at the Sapugaskanda plant. Capacity Following a legacy of limited infrastructure investment, Sri Lanka’s sole refinery and primary port-to-refinery pipeline require development.…

Analysis

Sri Lankan exports take off with reinstated Generalised Scheme of Preferences Plus status
OBG
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Export industries received a welcome boost in May 2017, when the EU reinstated Sri Lanka’s Generalised Scheme of Preferences Plus (GSP+) status, which had previously been rescinded over human rights concerns in 2010. GSP+ status removes the majority of import duties on Sri Lankan goods entering the European single market, providing access to over 500m potential consumers. The move has been…

Analysis

Sri Lanka's free trade deal with Singapore has yet to be implemented
OBG
plus

With a key geostrategic location in the Indian Ocean, international trade is a natural focus for Sri Lanka. The country has signed on to a variety of bilateral and multilateral free trade agreements (FTAs) over the years, with the most recent being the Sri Lanka-Singapore FTA (SLSFTA) in January 2018. Yet, as 2019 began, the SLSFTA ran into a number of challenges, shedding light on the pros…

Analysis

Sri Lanka Vision 2025 seeks to attain upper-middle-income status
OBG
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In September 2017 the Sri Lankan government launched an ambitious development plan, Vision 2025. The eight-year strategy aims to turn the country into an upper-middle-income one “by transforming Sri Lanka into the hub of the Indian Ocean, with a knowledge-based, highly competitive, social market economy”. While the government and the country as a whole have since gone through many tribulations,…

Overview

Sri Lanka's new trade agreements to kick-start fiscal reform
OBG
plus

After years of internal conflict, Sri Lanka is enacting political and economic reforms to exert its renewed influence in the region and become an independent, global player. As political tensions continue following the constitutional crisis in 2018, it remains to be seen whether the authorities will be able to implement its programme of reforms and position the nation on the international stage. History Sri…

Overview

Sri Lanka has more to offer than just beautiful landscapes
OBG
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Sri Lanka has long served as an important strategic destination in the Indian Ocean, catering to merchants and travellers from South-east Asia, India, the Middle East and East Africa. Formerly known as Ceylon, the island was visited and admired by the likes of Marco Polo, who called it “the finest island of its size in the world” well before the arrival of imperialist nations. A diverse…

Overview

Sri Lanka to achieve economic recovery through trade and policy reforms
OBG
plus

As the country moves forward with an ambitious development programme, while also navigating a series of internal political challenges, 2019 is set to be an important year for Sri Lanka. The economy has been making progress in recent years, which should place it in good standing during the potentially difficult time ahead. Major efforts have been made to instil greater fiscal discipline, and…

Overview

Including emerging economies' capital markets in global indices has positive effects
OBG
plus

The period of easily raising funds from abroad seems to be coming to an end for emerging markets around the world. Amid rising interest rates in the US and increased competition for capital flows, portfolio managers are becoming more selective with where they invest. One way for developing nations to ensure that their financial markets can continue to attract foreign funds and remain sustainably…