Business and Economics
Sri Lanka, 54th out of 117 on Budget Transparency

Sri Lanka has been ranked 54th out of 117 countries on the Open Budget Survey (OBS).

OBS is a global metric measuring the reporting on the use of public funds. The survey was carried out by the International Budget Partnership. Verite Research compiled the figures relevant to Sri Lanka. The survey is conducted every two years.

In 2019 Sri Lanka failed on its Mid-Year Fiscal Position Report of the Ministry of Finance to meet international standards. The National Audit Office was deemed to have provided adequate levels of oversight.

Parliamentary oversight of the budget for the year 2019 was deemed weak and given a score of 36 out of 100.


Emirates offers flights for passengers to 29 cities and resumes transits through its Dubai hub

Following the UAE Federal Government’s announcement to lift restrictions on transit passengers services, from 15th June Emirates will offer passenger services to 16 more cities on its Boeing 777-300ER aircraft. With travel restrictions remaining in place in most countries, customers are reminded to check entry and exit requirements before their journeys.

Flights to the following cities will be available for booking on emirates.com or via travel agents: Bahrain, Manchester, Zurich, Vienna, Amsterdam, Copenhagen, Dublin, New York JFK, Seoul, Kuala Lumpur, Singapore, Jakarta, Taipei, Hong Kong, Perth and Brisbane.

In addition, from 8th June Emirates will offer flights from Karachi, Lahore and Islamabad for travellers from Pakistan who wish to connect onwards to other Emirates destinations.

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Fitch Revises Three Sri Lankan Non-Financial Corporates’ Ratings on National Rating Scale Revision

Fitch Ratings has taken rating action on non-financial corporates following the recalibration of its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country's issuers following the downgrade of the sovereign rating to 'B-' from 'B' on 24 April 2020.

The Outlook on Sri Lanka's Long-Term Issuer Default Rating (IDR) is Negative. For details, see "Fitch Recalibrates Sri Lanka National Rating Scale", dated 28 May 2020, at www.fitchratings.com/site/pr/10124103.

Fitch has revised the National Long-Term Ratings of three Sri Lankan corporates:

- Hemas Holdings PLC revised to 'AAA(lka)'/Stable from 'AA-(lka)/Stable;

- Lion Brewery (Ceylon) PLC revised to 'AAA(lka)'/Stable from 'AA-(lka)'/Stable; and

- Sunshine Holdings PLC revised to 'A(lka)'/Stable from 'A-(lka)'/Stable.

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