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Sri Lanka’s Stock Market Emerges as a Leading Performer

The Colombo Stock Exchange (CSE) has become a top-performing equity market in Asia. It showcases Sri Lanka’s economic strength and draws global investors. The CSE’s impressive returns and growth prospects make it a regional leader.

Sri Lanka's Stock Market Emerges as a Leading Performer in Asia with

As of October 25, 2024, the CSE’s All Share Price Index (ASPI) showed a 29.65% return in USD terms. This performance ranked it second best in Asia, according to Bloomberg.com.

Sri Lanka’s capital market is attracting both local and international investors. The country’s economy shows resilience and potential for growth through regional integration.

Colombo Stock Exchange Ranks Second Best in Asia

The Colombo Stock Exchange (CSE) has secured the second-best performing equity index in Asia. This achievement, as of October 25, 2024, showcases Sri Lanka’s thriving capital market. Both local and international investors find the CSE increasingly appealing.

Impressive Year-to-Date Return of 29.65% in USD

The CSE’s All Share Price Index (ASPI) boasts a 29.65% year-to-date return in USD. Bloomberg.com data reveals this exceptional performance. This success highlights the strength and potential of Sri Lanka’s stock market.

Resilience and Growing Appeal to Local and International Investors

The CSE has shown remarkable resilience despite global economic challenges. Its strong performance reflects investor confidence in the Sri Lankan market. The country’s stable economic growth averages 4.6% annually over the past decade.

Sri Lanka’s progress in achieving UN Millennium Development Goals has boosted investor interest. The CSE attracts foreign investment due to its diverse industries and robust financial sector. Strong corporate governance and transparency create an ideal environment for investors.

Strong Daily Average Turnover and Record-Breaking Performance

The Colombo Stock Exchange (CSE) is showing impressive daily turnover and performance. For the week ending October 25, 2024, daily average turnover hit Rs. 3.058 billion. This reflects strong market activity and investor trust.

The CSE saw two straight days with turnover over Rs. 4.7 billion. This happened on Thursday and Friday. It shows rising interest from local and global investors in Sri Lanka’s market.

ASPI Closes Near Year’s Record High

The All Share Price Index (ASPI) ended at 12,517.58 points. This was just one point shy of the year’s record high. It proves the market’s strength despite global economic issues.

The S&P SL20 index also gained, closing at 3,759.30 points. This index tracks the top 20 stocks on the CSE. Strong performance across indices shows the market’s overall health.

CSE’s record-breaking run highlights Sri Lanka’s appeal to investors. With high turnover days and ASPI near its peak, the market looks set for growth. This trend suggests stability and potential in the coming months.

Sri Lanka’s Stock Market Emerges as a Leading Performer in Asia with

Sri Lanka’s stock market shines as Asia’s top performer. The country’s strong economy and financial sector fuel this success. Smart economic policies have boosted regional growth and investment opportunities.

Resilient Economy and Robust Financial Sector

Sri Lanka’s economy drives its stock market’s success. The financial sector’s strength builds investor trust. The central bank’s smart policies and government reforms ensure economic stability.

Investor Confidence Boosted by Strong Corporate Governance

Sri Lanka’s commitment to good business practices attracts investors. Rules ensure companies are open and fair. This builds trust, leading to more stock market activity.

Diversified Industries Attract Foreign Investment Inflows

Sri Lanka’s varied economy draws foreign investors. Thriving sectors like tourism and IT catch global attention. The government’s friendly policies encourage more foreign investment.

This boosts the stock market’s energy. Investors see growth chances in many industries.

Sri Lanka’s Healthcare on Verge of Collapse in Economic Crisis

Sri Lanka is facing a severe economic crisis. This has led to a major healthcare system crisis. Most of the country’s medical supplies are imported, making up about 85%. Now, these supplies are critically low.

The lack of essential drugs like atracurium and fentanyl is alarming. Some critical antibiotics are also “out of stock.” Hospitals are urgently calling for life-saving drugs and equipment. Due to this shortage, non-essential surgeries have been stopped. There’s a cry for help to get overseas donations of antibiotics and ET tubes for newborns.

The impact of the economic crisis on healthcare is severe. Healthcare workers are facing salary cuts and less overtime pay. The cost of living is going up too. This makes it hard for staff and patients to get the healthcare they need. Without quick help, Sri Lanka’s healthcare system might collapse. This crisis is affecting the entire nation deeply.

Sri Lanka’s Healthcare on Verge of Collapse in Economic Crisis

In the midst of tough times, Sri Lanka faces big challenges with its healthcare system. Conditions keep getting worse. A huge inflation rate of 73 percent in late 2022 made healthcare worse. Essential medical items are missing, and many healthcare workers are leaving for better jobs abroad.

The healthcare situation in Sri Lanka is getting critical. Over the last two years, about 1,700 doctors have left. This is almost 10% of all healthcare workers on the island. This loss affects hospitals everywhere. For example, the District General Hospital in Embilipitiya had to stop emergency surgeries when two anaesthesiologists left. Also, the paediatric ward at the Anuradhapura Teaching Hospital closed temporarily after losing all its paediatricians.

Money problems make the crisis worse. The Health Minister, Ramesh Pathirana, was warned by the Government Medical Officers’ Association. They said nearly 100 rural hospitals might shut down because healthcare workers are leaving. Hospitals are not just losing staff. They also lack over 90 basic medicines.

Even though USD 114 million was set aside for medicine, only USD 68.5 million was spent on buying them. Also, 80% of drugs from an Indian credit line were unregistered and untested in Sri Lanka. This raises concerns about patient safety and trust in healthcare.

The salary difference for doctors is also a big problem. In Sri Lanka, a middle-grade doctor makes about $508 a month. That’s much less than the $3,800 they could earn in the UK. This pay gap is why more doctors are moving to countries like the UK. A doctor could even pay off a big loan in a year after moving.

The OMP Sri Lanka highlights these serious challenges facing Sri Lanka’s healthcare system. It’s crucial for both local and global support to step up. This will help prevent a total collapse of the system, keep essential health services going, and stabilize healthcare in Sri Lanka.

Supply Shortages Deepening the Healthcare Crisis

Sri Lanka’s healthcare is in crisis due to a lack of medical supplies and essential drugs. The economy’s struggle, marked by a 70% inflation rate and a falling currency, has hit healthcare hard. Hospitals now use supplies from months ago, risking a complete system failure.

Severely Depleted Medical Supplies and Essential Drugs

The shortage of medicines is serious. Sri Lanka relies on imports for about 90% of its essential medicines, mainly from nearby countries. Now, even basic items like antibiotics and painkillers are hard to find. Some pharmacies can’t fill over 30% of their orders, affecting patient care deeply.

Reliance on International Aid and Donations

Sri Lanka’s healthcare leans heavily on international help because of the economy. Aid and donations from Sri Lankans abroad and global groups are crucial. They provide much-needed medical supplies and financial support to keep healthcare running.

Impact of Supply Shortages on Life-Saving Treatments

The shortage also affects life-saving treatments. Many surgeries are delayed or canceled because supplies are too low. This situation not only limits access to healthcare but increases the risk of deaths for those needing urgent care.

A closer look at the crisis reveals that inflation hit 70% in 2022. This made things even harder for the healthcare system. Learn more here.

Medicine/Supply Type	Availability Before Crisis (%)	Current Availability (%)
General Medicines	80	40
Painkillers	75	25
Antibiotics	70	20
Surgical Supplies	85	30

Sri Lanka’s healthcare crisis shows the urgent need for help and the ongoing strain on a once-strong system. The current economic troubles challenge the sector’s strength, highlighting the need for sustainable solutions and help from outside.

Widespread Economic Hardship Affecting Healthcare Accessibility

Sri Lanka’s healthcare struggles under economic pressure are huge. Proposed funds include $50 million for healthcare improvements and $100 million in loans. This is to help in these challenging times. As the economy falls, the need for improved healthcare grows. The swift drop in stability stresses the healthcare support needs.

A project aims to boost Primary Healthcare (PHC) with a $150 million budget by 2028. It plans to enhance services with an extra $90 million. Plus, $50 million will improve the quality of care. The focus is on better services and care at healthcare centers.

Since 2009, Sri Lanka grew economically post-civil war. But recent financial troubles have increased poverty and hurt sectors like agriculture. Over 5.7 million people, or 26% of Sri Lankans, now need aid. This crisis has worsened food security, leading to health risks. The fall in the economy makes getting to medical facilities hard for many.

The UNFPA calls for funds to keep providing key health services. They need $10.7 million to help over 2 million women and girls. This effort shows the severe health challenges faced.

UNFPA’s support is crucial, with plans to assist 145,000 pregnant women. They will also give health supplies to 1.2 million people. Aid includes support for 37,000 women, help for rape survivors, and menstrual hygiene aids. Yet, these initiatives are up against a major economic downturn. A UN plan needs $47 million to help 1.7 million Sri Lankans until September 2022. Sri Lanka also faces a critical paper shortage, affecting students and threatening healthcare facilities. The government and global partners are working hard to tackle these issues. A crisis in education hints at larger healthcare.

Kamindu Mendis Wins ICC Player of the Month – October 2024

Sri Lankan cricket is shining brightly thanks to Kamindu Mendis. He just won the ICC Men’s Player of the Month for October 2024. This isn’t new for him; he also won it in March 2024. He really dominated, scoring 451 runs in four Tests at an average of 90.20 during October. This shows his incredible skill and helps Sri Lanka shine in cricket.

Mendis set new standards in cricket. He is the first man to score fifty or more in his first eight Test matches. He tied a 75-year-old record, reaching 1,000 Test runs in just 13 innings. This matched the legendary Don Bradman. With his standout performances, including an undefeated 182 against New Zealand, Mendis led Sri Lanka to a series victory.

Despite tough competition, Mendis’ skill was unmatched. He stood out even with nominees like Travis Head of Australia and Prabath Jayasuriya. His success isn’t just his own. It also highlights the strength of Sri Lankan cricket. His achievements inspire a country that loves cricket.

Key Takeaways

Kamindu Mendis named ICC Men’s Player of the Month for October 2024.
Mendis’ stellar performances include amassing 451 runs at a 90.20 average in October 2024.
He has received the ICC Men’s Player of the Month accolade twice in the same year.
Mendis set a record by scoring fifty or more in his first eight Test matches.
Equaled Don Bradman’s record by reaching 1,000 Test runs in just 13 innings.
A pivotal figure in Sri Lanka’s Test series victory over New Zealand.
The success of Mendis signifies a promising future for Sri Lankan cricket.

Sri Lanka’s Kamindu Mendis Named ICC Men’s Player of the Month in October 2024

October 2024 was a huge moment for Sri Lankan cricketer Kamindu Mendis. He won the ICC Men’s Player of the Month award. This honor shows his cricketing excellence and his big role in international cricket. Mendis did great not just with the bat but also helped his team a lot. This uplifted Sri Lanka’s name in world cricket.

The Record-Breaking Achievements of Kamindu Mendis

Kamindu Mendis was amazing in October, breaking records. He scored 451 runs in four Test matches, with an average of 90.20. This consistency made him the first man to hit over fifty in his first eight Test matches. His success reminds people of the great Don Bradman.

Mendis’ Impact on Sri Lanka’s International Cricket Success

Mendis has changed Sri Lankan cricket with his performances. He not only boosted the team’s spirit but also made Sri Lanka stronger in international cricket. A key moment was his double century against New Zealand in Galle. This innings was vital in winning matches and improving Sri Lanka’s world rank.

A Comparison of Mendis’ Performance with Other Nominees

Looking at the October 2024 ICC awards nominees, Mendis stood out more than others. Travis Head and Prabath Jayasuriya were impressive too. Jayasuriya took 21 wickets in September, and Head’s batting helped Australia win series. But Mendis’s achievements were on another level. His performance helped him win this honor for the second time in 2024. He also won it back in March.

This award for Mendis isn’t just about his talent. It also shows how Sri Lanka is rising in international cricket. Their hard work and big performances are getting recognized all over the cricket world.

Kamindu Mendis: A Profile of Sri Lankan Cricketing Excellence

Kamindu Mendis has made a big impact in international cricket. His hard work and skill show his important role in Sri Lankan cricket. Mendis has set records and proven he’s a key player on the cricket field.

Exploring Mendis’ Journey to International Cricket Stardom

Kamindu Mendis made a strong start in cricket, signaling a bright future ahead. He’s the first to score fifty or more in his first eight Test matches. This achievement put him ahead of legends like India’s Sunil Gavaskar and Pakistan’s Saud Shakeel.

Key Performances That Elevated Mendis in October 2024

Spectacular Knock: Mendis scored an unbeaten 182 against New Zealand, leading Sri Lanka to a strong position.
Record-Breaking Series: His scores, like 114 and 51* against New Zealand, show he’s great under pressure and crucial to team wins.
Achievement of Milestones: Mendis set new records in debut series test matches, showing his intense focus and effort.

Through his games, Kamindu Mendis has not only shown his skill but also inspired others. He shows that hard work and dedication lead to success in cricket.

A Glance at the ICC Awards: Understanding the Prestige

The International Cricket Council (ICC) awards are key in recognizing cricketing excellence worldwide. These awards showcase a cricketer’s consistent high-level performance. Among them, the ICC Men’s Player of the Month highlights players like Kamindu Mendis for their exceptional skill and performance.

These awards shine a light beyond individual success, highlighting the cricketer’s home country. When players like Mendis win, they boost Sri Lanka’s image in world cricket. Their achievements elevate the sport, showing how one player can influence cricket’s global reputation.

The ICC awards also reflect cricket’s growing economy. For instance, the T20 World Cup 2024 will have a record prize of USD 11.25 million. Prize money ranges from USD 2.45 million for the winners to USD 225,000 for lower-ranked teams. These awards celebrate the sport’s success and its increasing financial opportunities for players and countries.

Sri Lanka’s September 2024 Merchandise Exports Decline by 3.5%

Sri Lanka’s merchandise exports in September 2024 reached $937.95 million. This marks a 3.49% drop from the same month last year. The decline stems from the ongoing economic recession and global market contraction.

These factors have hurt the country’s export trade. The export slump has widened the trade deficit. This highlights the need for policy reforms to boost export competitiveness and diversify products.

Sri Lanka's September 2024 Merchandise Exports Decline by 3.5%

Services exports showed a positive trend in September 2024. They increased by 6.08% to $329.89 million compared to 2023. However, the total value of merchandise and services exports fell by 1.17% from last year.

The export sector is vital for Sri Lanka’s economy. It generates foreign exchange and creates jobs. In 2023, Sri Lanka’s GDP was $84.36 billion in nominal terms.

The GDP in purchasing power parity terms was $318.55 billion. Forecasts predict a growth rate of 4.4% for the fiscal year 2024.

Export Performance in September 2024

Sri Lanka’s exports faced hurdles in September 2024. Merchandise exports fell by 3.49% to $937.95 million. The apparel and textile sectors slowed, while logistics and currency issues added to the decline.

Services exports grew by 6.08% to $329.89 million compared to September 2023. This growth helped balance some merchandise sector losses. It shows the value of diversifying exports.

Total Exports Decline by 1.17%

Total exports reached $1,267.84 million in September 2024. This marks a 1.17% drop from 2023. The fall in merchandise exports caused this overall decline.

Lower earnings from tea, rubber products, electronics, and seafood contributed to the decrease. The government introduced the Export Development Reward Scheme to tackle these issues.

This scheme rewards exporters for increasing their export volumes. Large exporters get a 2% reward, while SMEs receive 3.5%. The aim is to boost export earnings by $600 million.

These initiatives offer hope for a stronger export sector. They encourage value addition and product diversity. This approach could help Sri Lanka navigate current challenges and build a more resilient future.

Major Exports with Positive Growth

Several key sectors in Sri Lanka showed growth despite overall export decline in September 2024. Apparel and textile exports rose 15.71% to $418.68 million. This was mainly due to a 36.87% increase in exports to the US market.

Coconut-based products grew 10.36% compared to last year. Coconut kernel products increased by 9.29%, while fiber products rose 9.39%. Remarkably, coconut shell products surged by 814.8%.

Spices and Concentrates Exports Soar

Spices and concentrates exports grew 26.39% to $48.04 million. Pepper exports increased by 43.91%, while cinnamon rose 16.34%. Food and beverages exports also grew 8.78% to $33.21 million.

Processed food showed significant growth of 69.41%. This sector’s performance contributed to the overall positive trend in exports.

ICT Exports and Logistics Services Poised for Growth

The ICT sector is expected to grow despite economic challenges. ICT exports may increase 28.66% to $150.28 million in September 2024.

Logistics and transport services could grow 24.94% to $158.4 million. These sectors show resilience and potential in current economic conditions.

Major Exports with Negative Growth

Key sectors of Sri Lanka’s export economy saw negative growth in September 2024. Tea exports fell 2.44% to $117.03 million. Bulk tea exports dropped by 10.26%.

Rubber and rubber finished products exports decreased 4.1% to $79.5 million. Pneumatic and retreated rubber tires and tubes declined 12.19%. The electrical and electronics components sector plummeted 27.73% to $28.1 million.

Seafood exports plunged 42.18% to $14.83 million. Frozen fish, fresh fish, and shrimps all performed poorly. Ornamental fish exports fell 14.23% to $2.17 million. Other export crops declined 73.57%.

These declines contributed to a 3.5% decrease in Sri Lanka’s merchandise exports. The country has an untapped export potential of $10 billion annually. This could create about 142,500 new jobs.

Global economic challenges have impacted Sri Lanka’s export performance. Despite this, the country still has significant growth opportunities in various sectors.

Cumulative Export Performance from January to September 2024

Sri Lanka’s merchandise exports grew 5.07% from January to September 2024. The total value reached $9,437.11 million, surpassing the same period in 2023. Apparel, tea, rubber, coconut, and spice sectors drove this growth.

Services exports also increased by 8.03%, totaling $2,577.22 million. The combined merchandise and services exports rose to $12,014.33 million. This marked a 73.24% increase compared to the previous year.

However, some sectors faced declines. Electrical components, seafood, and ornamental fish exports showed negative growth during this period.

Sri Lanka’s export performance showed resilience in key sectors despite global challenges. The apparel and textile industry played a crucial role in driving merchandise exports growth.

Moving forward, maintaining momentum in thriving sectors is crucial. Addressing challenges in declining industries will help sustain overall export growth. This strategy will strengthen Sri Lanka’s trade balance in the coming months.

Sri Lanka’s Healthcare System Struggles Amidst Economic Turmoil

Sri Lanka faces tough times with its economic woes hitting hard. Its healthcare system is under strain from a critical crisis. Medical supplies are low, and there’s a big shortage of local doctors. Inflation soared to 73 percent by the end of 2022. This made living costs shoot up, forcing many doctors, about 1,700, to move abroad for better jobs and stability. They make up nearly 10 percent of the country’s doctors. This leaves about 100 rural hospitals at risk of shutting down.

The loss of doctors has real consequences. For instance, the Anuradhapura Teaching Hospital’s paediatric ward had to close temporarily because all its paediatricians left. This problem goes beyond just one hospital, affecting the whole healthcare system of Sri Lanka. The risk is high that emergency surgeries might stop, and specialty care might not be available. The Government Medical Officers Association (GMOA) warns of a worsening public health crisis.

The economic problems do more than just push doctors to leave. They also lower the quality of healthcare services inside the country. Most inpatient and outpatient care is given by the public sector, which is now pressured more than ever. Doctors’ pay and incentives in rural areas do not meet the needs of the profession or the high cost of living. This forces many healthcare workers to look for better opportunities elsewhere. This situation is weakening the healthcare system precisely when the country can least afford it due to its economic challenges.

Overview of Economic Collapse Impact on Sri Lanka’s Healthcare

The economic collapse impact is hitting Sri Lanka hard, especially its healthcare sector. This sector used to work well with little money. Now, it’s struggling. Political instability, economic issues, and not having enough foreign exchange are big problems.

Sri Lanka’s health crisis is getting worse with not enough drugs. This is stopping many surgeries and medical services. Drugs like atracurium and fentanyl are hard to find now. Also, Sri Lanka buys about 85% of its medical supplies from other countries. This makes it harder to get what is needed when the economy is not doing well.

The largest doctor group, the GMOA, is asking for help. They need medicines like antibiotics and paracetamol, and blood pressure drugs badly. Doctors are having to do less surgery and use less of things like fuel. This makes it hard to take care of patients.

Doctors from around the world are trying to help. They are sending supplies Sri Lanka really needs. This includes ET tubes for babies. Even with these efforts, doctors in Sri Lanka are getting paid less. They are also facing other money problems.

Key Challenge	Current Status	Immediate Needs
Medication Supplies	Only a few weeks’ supplies left for critical drugs	Urgent international aid for medications like antibiotics and pain relievers
Medical Equipment	Severe shortage impacting surgeries and treatment	Supply of surgical tools and routine medical devices
Operational Capacity	Non-essential surgeries suspended	Increased funding and resource allocation

The economic crisis has caused big protests about higher costs for food and fuel. Doctors are protesting too. It shows how the crisis affects everything in Sri Lanka. There are plans to fix the economy. They include focusing on industries and tourism. You can learn more in the OMPSriLanka report.

Sri Lanka is trying to overcome these big problems in healthcare. Help from the world is very important now. It’s needed to rebuild the healthcare system. This way, the economic problems won’t cause long-term harm to people’s health.

The Plight of Healthcare Professionals in Sri Lanka

Sri Lanka’s healthcare system is in a deep crisis. This is due to a healthcare worker exodus and big staffing shortages. Factors like healthcare funding limits, low salaries, and tough working conditions are driving this trend. These problems make healthcare professionals think about moving abroad. They seek better career opportunities and a more stable life.

Doctor Exodus and Staffing Shortages

Recently, many healthcare professionals in Sri Lanka have been moving abroad. They’re applying for Good Standing certificates, which they need to work overseas. This move is making the staffing shortages even worse. With more doctors leaving, the workload on remaining staff gets heavier. This risks lowering patient care standards significantly.

Worsening Conditions for Remaining Medical Staff

Working conditions are getting worse for those who stay. Economic problems and high inflation, about 55%, are raising living costs. This worsens the salary discontent among medical staff. Also, the lack of essential drugs and old medical gear hurts their ability to care for patients. This speeds up the public healthcare collapse.

The Personal Stories Behind the Medical Migration

The healthcare struggle in Sri Lanka affects many deeply. For instance, Lahiru Prabodha Gamage and Eranda Ranasinghe Arachchi have shared their stories. They talk about the hard choices they had to make due to low pay, high debt, and little respect. Their stories add to the discussion on whether the healthcare profession can survive these tough conditions.

The ongoing loss of medical talent dramatically impacts the care the Sri Lankan people receive. It raises big questions about the future of the healthcare system. It shows the need for immediate action from government and international groups. To learn how global partnerships can help in crises like this, check out the FAO-Norway project enhancing fisheries resilience.

International Aid and the Future of Healthcare in Sri Lanka

Sri Lanka is facing a tough economic crisis that’s hitting healthcare hard. Disruptions are common, and the quality of care is dropping. The International Development Association (IDA) is stepping up with a plan. They have a credit initiative of US$50 million plus a loan of US$100 million. Total IDA support comes to US$150 million. This money aims to improve healthcare everywhere. It’s about filling in the gaps where services are missing and keeping healthcare workers from leaving.

The Toll on Patient Care and Treatment Accessibility

As medicines become more expensive and hospitals face problems, people rely more on public healthcare. This is especially true for those with little money. The public sector handles nearly all in-patient care and half of the out-patient care. Hence, most of Sri Lanka’s 22 million people use government healthcare. The loss of over 1,700 medical officers in two years has made access worse. This has hurt medical tourism too. It shows how crucial international support is for the healthcare system’s recovery.

Hospital Shutdowns and Service Interruptions

The difference in healthcare between rich and poor is clear when wards and hospitals close. This is a big problem right now. Over 4,284 doctors are looking to work overseas. This means Sri Lanka faces big disruptions in healthcare services. Experts say this shortage of medical professionals will hurt student training. It could also mean fewer specialists in the future, which is bad news for healthcare.

Impact on Rural and Underserved Communities

Rural areas feel the loss of doctors the most. They already struggle to get healthcare. These communities depend a lot on government support, especially when there’s a shortage of supplies. Two million Sri Lankans have left the country. The doctor-to-population ratio is just 1.2 per 1,000 people. The government needs to keep doctors from leaving. The IDA’s support is a big help. It’s a step towards solving healthcare issues and making the system stronger.