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Friday 15th September, 2023 Nobody dared trifle with Gotabaya Rajapaksa when he was the Defence Secretary. It was jokingly said then that he exercised 50% of President Mahinda Rjapaksa’s executive powers! Many a true word is said to be spoken in jest. Even senior Cabinet ministers used to bow and scrape before him. Never did […]
The first review of the International Monetary Fund’s Extended Fund Facility (EFF) for Sri Lanka is slated to commence today (September 14).The post First review of IMF’s Extended Fund Facility for Sri Lanka to commence today appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka has accepted offers to exchange about $10 billion worth of defaulted local debt for new bonds, the Finance Ministry said on Tuesday, taking it a step towards meeting debt restructuring requirements ahead of an International Monetary Fund (IMF) review.The post Sri Lanka announces $10 billion local bond swap deal ahead of IMF visit appeared first on ONLANKA - Sri Lanka Latest Breaking News...
[…]The post System Change Happening In Wrong Direction appeared first on Colombo Telegraph.
The G20 joint declaration in Delhi is being described as a significant diplomatic win for India. The agreement of a joint statement looked almost impossible a few days ago, given how sharply divided the group was over Russia’s invasion of Ukraine. In the end, we had a declaration that garnered unanimous support from all G20 […]
By HIMAL KOTELAWALA ECONOMYNEXT – If Sri Lanka allows elections to distract from the path of recovery, stabilization and growth, the country will be hit by a fresh crisis far worse than any before, former central bank governor Indrajit Coomaraswamy said. Speaking at a forum organized by Cal
[…]The post Channel 4’s Easter Sunday: The IMF Descends Amid An Over The Horizon Operation Staring ‘Sonic-Sonic’? appeared first on Colombo Telegraph.
World leaders have been gathering in India ahead of a G20 summit between nations that are divided on many issues, the biggest being the war in Ukraine following Russia’s invasion. On Friday evening US President Joe Biden met his host, Indian Prime Minister Narendra Modi, with the leaders pledging cooperation in a raft of areas. […]
[…]The post Taxation Without Accountability Is Not Sustainable appeared first on Colombo Telegraph.
Tuesday 5th September, 2023 A poor man who recently walked along a road, carrying a jackfruit, in Gampola, while President Ranil Wickremesinghe’s motorcade was passing through the area is reportedly in trouble. Media reports say the police have initiated an investigation, claiming that he did so by way of protest. Even if he had protested […]
by Jehan Perera The increase in the price of petrol and diesel has been accompanied by the removal of the QR Code quota system for the purchase of fuel. The elimination of long lines of vehicles, and people, outside of the fuel stations that existed a year ago is one of the signs of normalisation […]
India has been greatly sensitive to the needs of its valued neighbour, Sri Lanka, during their tough times, Indian Prime Minister Narendra Modi said. In an exclusive interview with PTI late last week, the PM said the Global Sovereign Debt Roundtable, a joint initiative of the IMF, World Bank and the G20 Presidency was launched […]
Indian Prime Minister Narendra Modi stated that India has been greatly sensitive to the needs of Sri Lanka, during the tough times faced by the island nation.The post India has been greatly sensitive to the needs of Sri Lanka – Modi appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Indian Prime Minister Narendra Modi says India has been greatly sensitive to Sri Lanka’s needs. He also said that Sri Lanka is a “valued neighbour” of India. “We have also been greatly sensitive to the needs of our valued neighbour, Sri Lanka, during their tough times,” Modi said in an interview with PTI. Modi called […]
Sri Lanka’s troubled construction industry remains depressed with hardly any new work and companies are shedding employees at a higher rate, according to the latest figures released by the Central Bank. However, a gradual decline in raw material costs provided a “conducive environment for the limited ongoing projects,” the bank said while releasing its Purchasing […]
Sri Lanka has repaid another US$100 million of the $200 million loan it took from Bangladesh in a currency swap agreement two years ago. “Sri Lanka has paid back $100 million to us on Thursday (31 August). Now they are expected to return the remaining $50 million in due course,” said Bangladesh Bank (BB) Spokesperson […]
Sri Lanka's key inflation rate eased to 4% in August from 6.3% a month ago, the statistics department said on Thursday, marking continued stabilisation for the crisis-ridden economy.The post Sri Lanka’s key inflation rate eases to 4% in August appeared first on ONLANKA - Sri Lanka
MANILA, PHILIPPINES (29 May 2023) —The Asian Development Bank (ADB) approved a $350 million special policy-based loan to provide budget support to Sri Lanka for economic stabilization. The program is part of a broader package of financial assistance anchored by the International Monetary Fund’s Extended Fund Facility for the country, which aims to stabilize the […]
By Shamindra Ferdinando Justice Minister Dr. Wijeyadasa Rajapakse, PC, declared in Parliament that the winners of LPL (Lanka Premier League) 2023 B-Love Kandy had been sponsored by an enterprise that was banned in the country. The statement was made in Parliament on 24th August. The one-time President of the Bar Association found fault with SLC […]
In July 2022, Sri Lanka witnessed the inauguration of President Ranil Wickremesinghe amidst a severe economic and political turmoil, marking one of the most challenging crises since gaining independence in 1948. Preceding him, former President Gotabaya Rajapakse had been compelled to step down following widespread protests triggered by extended 12-hour power outages and ongoing scarcities […...
Beijing [China], August 19 (ANI): Raising concerns regarding the financial crisis triggered by the downturn in China’s real estate market, Chinese investment firm Zhongrong Trust , which managed USD 87 billion worth of funds for corporate clients and wealthy individuals as of the end of 2022
by Laura He China has long been the engine of global growth. But in recent weeks, its economic slowdown has alarmed international leaders and investors who are no longer counting on it to be a bulwark against weakness elsewhere. In fact, for the first time in decades, the world’s second economy is itself the problem. Hong Kong’s Hang […]
H.J.M Seneviratne, 63, slices through yellowed paddy stems dried out by a drought that has destroyed over 95% of his crop and is threatening crisis-hit Sri Lanka's summer rice harvest.The post Drought dents Sri Lanka’s economic hopes, farmers’ livelihood appeared first on ONLANKA - Sri
Stating that multiple challenges confront the G20 grouping, External Affairs Minister S Jaishankar said that India adopted an unconventional approach to its Presidency, making it much more connected with people. A major highlight of the second day of the Think20 (T20) Summit in Mysuru on Tuesday was a virtual address by Jaishankar, followed by a […]
Sri Lanka is under pressure to show it is serious about eradicating corruption, as the bankrupt South Asian nation prepares for the first review of its International Monetary Fund bailout package in September.The post Sri Lanka’s looming IMF review spotlights anti-corruption drive appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka President Ranil Wickremesinghe has announced the swift implementation of a comprehensive plan to elevate the Arugam Bay tourist zone into a highly desirable destination for both local and international tourists, with the potential to generate substantial revenue.The post Sri Lanka President reveals strategic roadmap to transform ‘Arugam Bay’ into a high-income tourist destina...
By J. Edward Moreno Tremors in China’s real estate market are shaking the country’s economy, as well as the world, which has come to rely on China as a reliable engine of growth. Major developers are faltering as they face huge losses, struggle with mountains of debt and miss payments to lenders. A long-running building boom […]
[…]The post Debt Restructuring, Austerity & The IMF: A Panacea Or An Exacerbation? – Part V appeared first on Colombo Telegraph.
[…]The post Naked King & The Crumbling State: Seven Decades Of Fake Saviours appeared first on Colombo Telegraph.
By The Coca-Cola Company, Managing Director – Sri Lanka & the Maldives, Pankaj Sinha Coca-Cola, with its 62-year presence in Sri Lanka, has remained committed to supporting this beautiful country through its challenges. As someone who has made Sri Lanka his home since 2019, and seen the country grapple with natural disasters, acts of terrorism, and […]