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IMF Executive Board Approves US$3 Billion Under the Extended Fund Facility (EFF) Arrangement for Sri Lanka

The IMF Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of SDR 2.286 billion (about US$3 billion) to support Sri Lanka’s economic policies and reforms. 

The objectives of the EFF-supported program are to restore macroeconomic stability and debt sustainability, safeguarding financial stability, and stepping up structural reforms to unlock Sri Lanka’s growth potential. All program measures are mindful of the need to protect the most vulnerable and improving governance. 

Close collaboration between Sri Lanka and all its creditors will be critical to expedite a debt treatment that will restore debt sustainability consistent with program parameters. 


Sri Lanka Purchasing Managers’ Index - February 2023

Purchasing Managers’ Indices for both Manufacturing and Services activities contracted in February 2023.

Manufacturing PMI recorded an index value of 42.3 in February, indicating a continued setback in manufacturing activities on a month-on-month basis.

Services sector PMI dropped to an index value of 48.7 in February 2023 indicating a deterioration across the services sector.

Public Lecture on the “Central Bank of Sri Lanka Bill” by Dr. P Nandalal Weerasinghe, Governor of Central Bank of Sri Lanka (Sinhala Medium)

The Central Bank of Sri Lanka Bill, which will be the governing legislation of the Central Bank of Sri Lanka (CBSL) once it is enacted, has been presented to Parliament. Further, it is in the public domain for comments.

In this regard, the Governor of the CBSL, Dr. P Nandalal Weerasinghe will deliver a public lecture in Sinhala medium on the proposed Bill followed by a discussion with a panel of resource persons where the audience will be given an opportunity to clarify concerns, if any.

The event, which is orgainsed by the Centre for Banking Studies of CBSL, will be held on 16 March 2023 from 02.30pm to 4.30pm at the Auditorium of Centre for Banking Studies, No 58, Sri Jayawardenepura Mawatha, Rajagiriya.

Interested parties are invited to attend the event. The lecture will also be livestreamed via official YouTube channel and Facebook page of CBSL.

Sale of the Commemorative Coin issued to Mark the 75th Independence Celebration of Sri Lanka

A limited number of uncirculated commemorative coin issued to mark the 75th Independence Day Celebration of Sri Lanka will be available for sale at Rs.6,000 per coin from 09.03.2023 onwards, on first come, first served basis, upon obtaining personal identification details and limiting sales to one coin per person, at the following Central Bank sales outlets.


Concessionary Measures to Micro, Small and Medium Enterprises (MSMEs) and Individuals affected by the Present Macroeconomic Conditions

The Central Bank of Sri Lanka (CBSL) has implemented several schemes of debt moratoria and concessions to assist the borrowers affected by the COVID-19 outbreak and subsequent macroeconomic developments, through Financial Institutions (FIs) supervised by CBSL. These schemes included extended repayment periods, concessionary rates of interest, working capital loans, debt moratoria and restructuring/rescheduling of credit facilities for affected borrowers.

These concessions greatly assisted the small and medium enterprises of many affected sectors including tourism, apparel, plantation, information technology, logistic service providers, transportation, operators of school vans, lorries, small goods transport vehicles and buses, and private sector employees. The last phase of the moratoria granted to COVID-19 affected borrowers of the banking sector and Non-Banking Financial Institutions (NBFIs) Sector ended on 30.06.2022 & 31.03.2022, respectively.

Former Governor of the Central Bank, Mr. H.B. Dissanayake, Passes Away

It is with deep sorrow that we announce the demise of former Governor of the Central Bank of Sri Lanka (CBSL), Mr. H.B. Dissanayake.

He passed away at the age of 85 on the 05th of March 2023.

Mr. Dissanayake functioned as the 09th Governor of the CBSL from 1 July 1992 to 15 November 1995. Prior to assuming duties as Governor, he served as Director General of Customs and after retiring from the CBSL, he served as Alternate Executive Director at the International Monetary Fund (IMF) from 1996 -1998.

Mr. H.B. Dissanayake’s remains lie at his home (No. 2/84, Mihiri Uyana, Old Kottawa Road, Mirihana, Nugegoda) until 01.00 p.m. on 07th of March (today) and the cremation will be at the Public Cemetery, Mirihana.