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Fitch keeps Lanka’s Long-Term Foreign-Currency Issuer Default Rating at ‘Restricted Default’

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Fitch Ratings, on Friday, reaffirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating at ‘Restricted Default’, or RD.Fitch said that the country’s reserves levels will influence the rating only once they have moved it out of ‘RD’.

” Despite an increase in reserves over the last nine months to around 3.8 billion U.S dollars in July 2023, they remain well below the 7.3 billion dollar average over 2014-2019,” Fitch said in a statement.

Reserve dynamics among Asia Pacific countries appear to be diverging, with potential implications for their credit profiles, Fitch Ratings said.

“Some central banks have been able to accumulate reserves on current account improvements or investment inflows, while others still see their currencies under pressure from US Fed tightening prospects,” it said.

The rating agency said that official reserves among Fitch-rated countries in Asia Pacific increased by almost 170 billion dollars in the first half of 2023, mostly driven by growth among those with already large reserve buffers, including China (A+/Stable), Singapore (AAA/Stable), India (BBB-/Stable), Japan (A/Stable) and Taiwan (AA/Stable).



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Voting commences to elect members for 339 local government authorities

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Voting commenced at 7.00am to elect members to 339 local councils in the island.

Voting is being held at 13,579 polling centers and will end at 4.00 p.m.

 

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President holds talks with Vietnamese President

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Vietnamese President Luong Cuong warmly welcomed President Anura Kumara Disanayake during an official ceremony held in Hanoi on Monday (05) morning

President Anura Kumara Dissanayake was accorded a ceremonial welcome with full military honours upon his arrival at the Presidential Palace of Vietnam.  He also took part in the inspection of the Tri-Forces Guard of Honour and the playing of the national anthems of Vietnam and Sri Lanka. The two leaders then introduced members of their respective delegations before proceeding for bilateral discussions during  which both nation assessed their progress, explored avenues for future collaboration and signed Memoranda of Understanding.

Vietnam and Sri Lanka have upheld robust and enduring ties since they established diplomatic relations in 1970. and this visit aims to strengthen political trust and foster effective collaboration across multiple sectors between the two nations.

Sri Lanka and Vietnam engage in annual bilateral trade, primarily in exports, totalling around US$200 million. Both nations aspire to elevate this trade to US$1 billion in the near future.

President Dissanayake’s visit highlights Sri Lanka’s deep commitment to its longstanding friendship with Vietnam and demonstrates a mutual resolve to enhance collaboration in traditional sectors while exploring new opportunities in digital transformation, the digital economy, energy transition, artificial intelligence and connectivity.

[PMD]

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Heat index is likely to increase up to ‘Caution level’ at some places in Eastern, Northern, North-western, and North-central provinces and Monaragala district

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Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre of the Department of Meteorology At 3.30 p.m. 05 May 2025, valid for 06 May 2025

The public are warned that the Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in Eastern, Northern, North-western, and North-central provinces and Monaragala district

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED

Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

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