☀️ Bright Spot #16
Sri Lanka’s Recovery | Mongolia’s Emerging Track Record | On the Move: Milbank Advises Salim Group on Eastroc JV | Caroline Oosterbaan | Augustine Wong, Chin Kwang Tay and Kelvin Kong Launch Novarche
🌻 Sri Lanka’s Recovery
Chandranath Amarasekara, Deputy Governor of Central Bank of Sri Lanka, wrote a piece for ODI Trade and Economic Development that captured Sri Lanka’s journey out of its economic crisis in 2022.
“Daily life was defined by fuel queues, shortages of essentials and prolonged power cuts. With policy credibility eroded, the country had little choice but to turn to the International Monetary Fund (IMF), relying on its stabilisation programme to restore confidence at a time when recovery seemed distant and uncertain.”
“Today, tourism has surpassed previous records and remittances from overseas workers have reached historic highs. Three consecutive years of current account surpluses have allowed the Central Bank to rebuild reserves through market purchases. Fiscal consolidation has advanced steadily, with revenues rising above 15% of GDP and three consecutive years of primary surpluses replacing deficits.”
“Debt restructuring, meanwhile, has neared completion, and sovereign ratings are finally beginning to improve – reflecting renewed investor confidence.”
Acrostics Asia Coverage
🌻 Mongolia’s Emerging Track Record
Mongolia’s government is selling its first USD bond this year, which should anchor the benchmark funding curve for other issuers that are planning to tap the offshore markets.
Mongolia’s credit profile is supported by solid economic growth prospects underpinned by strong demand for key mineral exports, such as copper, alongside an “emerging track record of effective debt and fiscal management,” Moody’s said in its 23 February statement.
However, I wrote that the frontier economy may have to balance the traditional lifestyle of its farmers and nomadic herders with a more rapid pace of development. While mining is a big contributor to Mongolia’s GDP, the local labour is still concentrated in sectors such as agriculture and livestock herding.
Acrostics Asia Coverage
⏩ On the Move
🔸 Milbank Advises Salim Group on USD 300 Million Joint Venture with Eastroc
Milbank has advised Rich Stream Investment, an affiliate of Indonesian conglomerate Salim Group, in connection with the formation of a joint venture with Eastroc Beverage Group, a Chinese beverage producer listed on the Shanghai Stock Exchange.
Under the shareholders agreement signed on 30 January 2026, Rich Stream and Eastroc will jointly invest in Eastroc Vitamin Energy Indonesia, which will establish a production base and sell beverages in Indonesia. The total investment in the project is expected to reach USD 300 million.
🔸 Rabobank Appoints Caroline Oosterbaan as Australian CEO
Rabobank has announced the appointment of Caroline Oosterbaan as Chief Executive Officer of Rabobank Australia and Regional Manager for Australia and New Zealand.
Most recently, she has served as Global Head of Clients & Portfolio Management for Rabobank’s international Wholesale & Rural Business.
🔸 Augustine Wong, Chin Kwang Tay and Kelvin Kong Launch Novarche
Augustine Wong, Chin Kwang Tay and Kelvin Kong have set up Novarche, an advisory firm focused on complex situations across the mid-market segment in Southeast Asia.
Novarche supports mid-market corporates and investors including private equity, lenders and credit funds, and family offices.