According to the latest data released by the Export Development Board (EDB), Merchandise export earnings recorded USD 9.5 billion for the eight months to October this year, showing substantial increases compared to USD 8.6 billion last year. Estimates in the services exports sector suggest an overall growth of 5.9% during the first eight months of the year, bringing total exports to USD 12.5 billion.
The Central Bank of Sri Lanka (CBSL) disclosed that Prosperity, measured by the Sri Lanka Prosperity Index (SLPI), which is a composite indicator that measures and compares the level of prosperity of the country and across its provinces, improved to 0.746 in 2016 from 0.685 in the previous year. In analyzing the movements of the sub-indices of SLPI, for the period of 2015 to 2016, the Economy and Business Climate and Well-being of the People sub-indices have improved, while there is a moderation in Socio-Economic Infrastructure sub-index.
A framework arrangement (FA) was signed yesterday between the Government of Sri Lanka and Government of Korea in the presence of the Presidents of the two countries. The commitment amount of the FA was increased from USD 300 million to USD 500 million to celebrate the 40th anniversary of diplomatic ties between Sri Lanka and Korea. This FA will now enable the GoSL to obtain bilateral concessional loans up to USD 500 million as means of Official Development Assistance (ODA) from EDCF (Economic Development Cooperation Fund) entrusted with Korea Exim bank. The EDCF loans with 0%~0.15% interest rate and up to 40-year repayment period (including up to 10-year grace period) are so concessional that Sri Lankan government’s shoulder to finance for infrastructure development projects will be lightened.