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The 20th Communist Party Congress of China may put a hold on the Chinese restructuring talks with Sri Lanka to secure the $2.9 billion facility to revive the ailing economy. The deadline was set for December, but it may be extended to January, according to the Central Bank of Sri Lanka. China is the main […]
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By Ramesh Khan At the beginning of the year 2022, none in Sri Lanka would have thought that the end of the pandemic would not signal the end of misery. Instead, it signaled the advent of misery in forms that had been unknown to the Sri Lankans until now. A country filled with tourist spots, […]
Sri Lanka unveils a budget on Monday attempting to put the South Asian government's finances in order, with reforms to advance a $2.9 global billion bailout from the island's worst financial crisis since independence in 1948.The post Sri Lanka budget to seek recovery for crisis-hit economy appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
By Amal Jayasinghe Dozens of state-owned Sri Lankan companies employing tens of thousands of people could be restructured or closed as part of an IMF bailout of the bankrupt country, with the country’s airline top of the list for reform.With nearly 6,000 staff, SriLankan Airlines is the biggest and most expensive of the cash-haemorrhaging, sclerotic […]
By MAHADIYA HAMZA ECONOMYNEXT – Sri Lanka’s tourism revival is facing a challenge in bringing in more high spending foreign visitors due to increasing protests locally while monetary tightening, impacts of Russian invasion into Ukraine, and rising inflation globally.The move is likely to slow the island nation’s recovery from the unprecedented economic crisis as it is […]
Dozens of state-owned Sri Lankan companies employing tens of thousands of people could be restructured or closed as part of an IMF bailout of the bankrupt country, with the country's airline top of the list for reform.The post Turbulence ahead: Airline on the block in Sri Lanka reforms appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
At least 5.7 million people (26% of the population) in Sri Lanka require humanitarian assistance at the moment, the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) says.The post At least 5.7 Million people in Sri Lanka require humanitarian assistance – UN agency appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Trincomalee District Strategic Development Plan is not targeting elections, but a project that has been initiated to benefit future generations, Sri Lankan President Ranil Wickremesinghe said.The post Trincomalee District Strategic Development Plan not targeting elections, but a project to benefit future generations – President appeared first on Sri Lanka News - Latest Breaking News in Sri L...
Sri Lanka is to work with India to make Trincomalee an energy hub, President Ranil Wickremesinghe said. President Wickremesinghe said that the Trincomalee District Strategic Development Plan is not targeting elections, but a project that has been initiated to benefit future generations. He said that Sri Lanka values India’s assistance in implementing the Trincomalee District […]
Former People’s Alliance lawmaker M. M. Zuhair, PC has said that Western powers will exploit an invitation to probe 2019 Easter Sunday attacks to delve into wartime accountability issues. The following is the text of the statement issued by one-time State Counsel close on the heels of the conclusion of the 51 session of the […]
Sri Lanka will remain a middle-income country but request the World Bank to grant it some loans generally offered to poorer nations, the president's office said on Tuesday, clarifying a cabinet spokesperson's earlier comments on the matter.The post Sri Lanka to keep ‘middle-income’ status but seek concessional loans appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka -...
The people of Jammu and Kashmir (J&K) are rejoicing the new land laws by the government geared towards the development and progress of the Union Territory (UT). The central government took a historic step in revamping the agriculture and allied sectors in the UT. Key amendments were made to four major state laws that governed […]
The Dialog Axiata said it had partnered with Sampath Bank to launch a US dollar pre-paid fuel card to tourists which can top up to a maximum of 300 US dollars and use to pump fuel as the country grapples with a severe currency crisis.Sri Lanka is suffering the worst bout of monetary instability
Sri Lanka tourism is yet to see large foreign visitors after political crisis ended.
Sri Lanka has launched the Tourist Fuel Pass, Prepaid Card system yesterday (October 05), allowing foreign tourists coming to Sri Lanka to be able to get fuel according to their needs, outside the QR Code system.The post Sri Lanka introduces Tourists Fuel Pass for foreign travelers appeared
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 05 October 2022, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 14.50 percent and 15.50 percent, respectively.The post Central Bank of Sri Lanka maintains policy interest rates unchanged appeared first on Sri Lanka N...
The card can be topped up in increments of 50 US dollars up to US$300
A high probability that inflation will peak around 75-pct and start to fall
A look at global debt statistics would show that almost all countries, irrespective of their economic status, obtain loans. The USA, the second richest country on the basis of PPP index, has a debt burden of more than 100% of their GDP, which is much more than some of the developing countries such as Brunei […]
September tourist arrivals have plunged to lowest in 11 months.
“The cabinet of ministers discussed whether new laws should be brought in to protect such rights."
[…]The post Human Rights Compliant Recovery Measures Critical To Stop Spiraling Hunger & Poverty In Sri Lanka: Amnesty International appeared first on Colombo Telegraph.
The Sri Lanka Institute of Marketing (SLIM) says that nation branding will be the solution for the prevailing economic crisis.SLIM President Nuwan Gamage addressing a press conference in Colombo yesterday said that the country could face the challenges of the economic crisis by paving the way for a knowledge-driven economy. Gamage said that Sri Lanka, […]
By Ifham Nizam Instead of offers on debt cancellation, the Asian Development Bank (ADB) President Masatsugu Asakawa assured that they would provide more support to Sri Lanka to get out of the economic crisis.The ADB chief was responding to Hemantha Withanage, who was representing the Centre for Environmental Justice (ECJ) on behalf of the NGO Forum on ADB and other civil […]
The country has lost several hundred thousand jobs to Covid-19. The impact of the agrochemical ban on agriculture, the mismanagement of the exchange rate, a highly accommodative monetary policy, and the use of foreign exchange reserves for debt repayment thwarted the country’s ability to recover from the initial shock of COVID-19, an ILO study titled, […]
Japan, one of Sri Lanka's main creditors, will back the South Asian nation as it seeks to restructure about $30 billion of its foreign debt and find a way out of a crippling economic crisis, Tokyo's envoy to the country said on Friday.The post Japan to support Sri Lanka’s debt restructuring negotiations appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Japan, one of Sri Lanka’s main creditors, will back the South Asian nation as it seeks to restructure about $30 billion of its foreign debt and find a way out of a crippling economic crisis, Tokyo’s envoy to the country said on Friday. Reaching an agreement with creditors is key to Sri Lanka securing a […]
Crisis-hit Sri Lanka is desperately looking for tourism earning to finance its imports