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Cancellation of the licence of 'The Finance Company PLC'

The Finance Company PLC (TFC), is a Finance Company, carried its finance business activities under the Finance Business Act No. 42 of 2011 (FBA) and was severely impacted by the failure of a number of financial institutions within the Ceylinco Group in 2008. Since then, the financial status of the company deteriorated gradually, leading to a severe liquidity crisis.

NCPI based Inflation decreased further in April 2020

Headline inflation as measured by the yearon- year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100) decreased to 5.9 per cent in April 2020 from 7.0 per cent in March 2020. This was driven by the monthly decline of prices of the items in the Food category and the statistical effect of the high base prevailed in April 2019. Accordingly, Food inflation (Y-o-Y) declined to 12.2 per cent in April 2020 from 14.1 per cent in March 2020. Meanwhile, Non-food inflation (Y-o-Y) also declined to 1.1 per cent in April 2020 from 1.8 per cent in March 2020.

Sri Lanka Reiterates its Commitment to Meeting all its Financial Obligations

The Government of Sri Lanka finds inferences in recent media reports questioning its ability to honour its debt service obligations. The Government notes with dismay such inferences made by certain media to imply that Sri Lanka is at risk of falling into a sovereign debt crisis by comparing Sri Lanka with other sovereigns which are said to be in similar situations. The Government wishes to categorically deny all such baseless claims, and would like to reiterate to all stakeholders that Sri Lanka will duly honour all its debt service obligations in the period ahead.

Sri Lanka Purchasing Managers’ Index - April 2020

The COVID-19 induced downturn in the Sri Lankan manufacturing sector deepened during April as reflected by further contraction in Manufacturing PMI, which recorded at an index value of 24.2 with a fall of 5.8 index points from the previous month, reaching the lowest level since the beginning of the survey. This decline in index was mainly driven by New Orders, Production and Employment sub-indices which declined at record rates.