Sri Lanka’s economic growth in 2018 will bounce back between 5 to 5.5% from a less than 4% growth in 2017, says the Central Bank.

The weather affected economy is expected to turnaround with global economic recovery and domestic and foreign direct investment in 2018. However, the Central bank said “it will be cautious”.

Dr. Indrajit Coomaraswamy -the Central Bank Governor- said “the economy is stabilizing and is on the right track”

The Central Bank also said:

• It expects larger foreign direct investment to flow in this year (2018), especially to the industrial zone in Hambantota and the financial city in Colombo.
• The Board of Investment expects FDI to reach $1.5 Billion (USD) in 2018
• In the medium term Sri Lanka needs FDI of 2 to 3 Billion (USD) a year to reach a higher growth envisaged in the Vision 2020 policy document.
• CBSL expects pricing formula to ease losses at State Owned Enterprises of Ceylon Petroleum Corporation and the Ceylon Electricity Board.

Non-bank financial institutions

According to the Governor, CBSL is “looking to enforce stringent regulatory mechanisms in the interest of depositors and that it has advised governments in the past not to allocate public funds to bail out financial institutions in distress.”

• Vaccination program for children with congenital disorders underway
• 79 COVID Deaths confirmed for Friday (24); Total Fatalities increased to 12,609
• Quad leaders pledge for a free ‘Indo-Pacific’ amid China tensions
• Country likely to reopen on 1st Oct., subject to restrictions – Keheliya
• Deadline for applications for FCTF, extended