March export earnings exceed US $ one billion

Stable credit value to improve ratings:

Charumini de Silva

Export earnings in March has exceeded US $ one billion for the first time in history. This was the highest export earning of any given month. The first quarter export earnings recorded a growth of around 54 percent compared to the same period last year. Central Bank Deputy Governor Dharma Dheerasinghe said there is significant improvement in all sectors increasing their exports.

“The export prices and commodity prices have increased, hence export earnings have passed the US $ one billion milestone,” he said.

He said the country’s economic outlook is improving gradually as predicted by the Central Bank and the government. The high returns and export earnings growth will have a positive impact on the country’s balance-of-payments (BOP) position.

“We expect a surplus in the BOP by the end of the year with revenues generated by exports continuing to grow,” he said.

The sovereign credit rating of Sri Lanka will be reviewed by Standard and Poor’s Ratings Services (S and P), Fitch Ratings and Moody’s Ratings within the next three weeks and the results of the reviews could be expected by end June or early July. It is noteworthy that the country has been rated by all three international rating agencies.

Dheerasinghe said: “The country has a stable credit value and it is definitely better than what it was last year. The performance of credit this year is better in all aspects. We are confident that the country’s ratings will continue to improve in time to come.”

Sri Lanka is geared up in easing the procedure of doing businesses and the doing business position in the country is steadily improving. Country recorded low rankings in dealing with construction permits, registering a property and enforcing contracts last year.

A high-level committee headed by Economic Development Minister Basil Rajapaksa is taking measures on elevate these three low ranked sectors.

During the last meeting the committee decided that further improvements especially in the levels of efficiency at the Colombo Municipal Council (CMC), from individuals and private entities in attesting deeds at the Land Registrar are required.