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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 […...
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 Lanka Latest Breaking News and Top Stories.
JVP-led NPP leader Anura Kumara Dissanayake on Saturday said that Sri Lanka had lost its financial sovereignty to the International Monetary Fund (IMF), which, he said, was overriding Parliament’s power over taxation and fiscal policies. Addressing a seminar organised by JVP’s Bhikkhu wing
KARACHI: Pakistan’s total debt and liabilities rose by 29 percent to Rs77.1 trillion in the fiscal year that ended on June 30, the central bank said on Wednesday, as the government borrowed heavily to finance its spending requirements. At the end of the last fiscal year, the country’s debt and liabilities, including domestic and foreign, […]
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
Islamabad [Pakistan], August 17 (ANI): Pakistan’s total debt and liabilities have risen by 29 per cent to Rs 56.21 trillion in the fiscal year that ended on June 30, the country’s central bank said on Wednesday. This comes as the government borrowed heavily to finance its spending requirements, as per Dawn. Pakistan’s debt and liabilities […]
Sri Lanka stood pat on borrowing costs for the first time in three meetings, after slashing the cash ratio for banks to bolster domestic liquidity and growth.The post Sri Lanka Holds Rates After Bank Cash Ratio Cut for Growth appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka’s consumer inflation rate more than halved to 4.6% year-on-year in July, helped by falling food prices, the statistics department said on Monday.The post Sri Lanka’s July consumer inflation more than halves to 4.6% appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Government authorities must consult vehicle importers when making decisions on relaxing an ongoing import ban, President of the Vehicle Importers’ Association Indika Sampath Merinchige said. Welcoming a recent announcement by the government that it will scrap an import ban on several types of commercial vehicles, Merinchige told reporters on Monday August 14 that the authorities […]
[…]The post In Sri Lanka, Chaotic Social Security Reform Denies People’s Rights: “Aswesuma” Program Applies Complex & Arbitrary Targeting, Leaving Millions In Limbo appeared first on Colombo Telegraph.
. The International Monetary Fund (IMF) is set to conduct its first review […]
The United Kingdom (UK) says it will work with Sri Lanka to restore debt sustainability. Acting High Commissioner of the United Kingdom to Sri Lanka, Mrs. Lisa Whanstall said that the United Kingdom is happy to support Sri Lanka through multilateral organizations such as the International Monetary
The IMF will conduct the first review of the $2.9 billion bailout to Sri Lanka from September 11-19, state minister of finance Ranjith Siyambalapitiya said on Saturday and declared that the country has successfully fulfilled the nine conditions set by the global lender.The post IMF to conduct bailout review for Sri Lanka in September appeared first on ONLANKA - Sri Lanka Latest Breaking News and T...
Women’s rights groups in Sri Lanka yesterday (11) rejected the current debt restructuring solutions that place the burden of repayment on Sri Lanka’s working classes, particularly its women. Addressing a press conference, a number of women’s groups said they are demanding urgent and sustainable solutions to the ongoing debt crisis in Sri Lanka that respond […]
Monetary policy transmission to the real economy in Sri Lanka is still incomplete, the governor of the country's central bank, Nandalal Weerasinghe, said at a LSEG FX Community Event on Monday.The post Sri Lanka central bank chief: monetary policy transmission still incomplete appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
[…]The post Debt Restructuring, Austerity & The IMF: A Panacea Or An Exacerbation? appeared first on Colombo Telegraph.
India’s Finance Minister Nirmala Sitharaman has invited China, as a large creditor to Sri Lanka, to join Japan, India and France in their effort to help the country cope with its debt distress. She has also called upon the International Monetary Fund (IMF) and the World Bank to speed up relief
As a large creditor to Sri Lanka, China is welcome to join the effort steered by Japan, India and France to help the island nation cope with its debt distress, India’s Finance Minister Nirmala Sitharaman said on Saturday.The post Along with Japan and India, China can join debt relief effort for Sri Lanka – Nirmala Sitharaman appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top ...
As a large creditor to Sri Lanka, China is welcome to join the effort steered by Japan, India and France to help the island nation cope with its debt distress, Finance Minister Nirmala Sitharaman said. She also called upon the International Monetary Fund (IMF) and the World Bank to speed up relief
By Rathindra Kuruwita Annual elephant deaths have increased fourfold by this year, compared to 1969, according to official data, environmentalists say. Sajeewa Chamikara of the Movement for Land and Agricultural Reform (MONLAR) has said the number of elephants killed in the 19 years from 1951 to 1969 was 1,163. This works out to about 61 […]
Islamabad [Pakistan], July 19 (ANI): Beyond the upcoming election cycle and the current standby agreement, Pakistan needs another International Monetary Fund (IMF) program and assistance from other multilateral lenders, the lender stated in a report released on Tuesday, according to Dawn
Sri Lanka's parliament on Thursday (July 20) approved a new law to improve the independence of the country's central bank, the deputy speaker said, as part of reforms linked to a $2.9 billion International Monetary Fund bailout package.The post Sri Lanka parliament approves bill to boost central
Sri Lanka stands a strong chance of passing the first review of its $3 billion bailout given falling interest rates and a build-up of foreign reserves, according to the nation s representative on the International Monetary Fund executive board.
At first glance, life in Sri Lanka's financial capital Colombo looks deceptively normal.The post Is the worst over for Sri Lanka’s economic crisis? appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
U.S. Treasury Secretary Janet Yellen said on Sunday she was "eager" to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered.The post Yellen ‘eager’ to work with China on debt, other global challenges appeared first on ONLANKA - Sri Lanka Latest...
Debt restructuring is making progress in countries outside of the G20 common framework, such as Sri Lanka, the International Monetary Fund (IMF) says.The post Debt restructuring making progress in countries such as Sri Lanka – IMF appeared first on ONLANKA - Sri Lanka Latest Breaking News
There were about 105,000 registered limited liability companies in the country, but 82 percent of the tax revenue came from only 382 such firms, Chair of the Sectoral Oversight Committee on National Economic and Physical Plans Mahindananda Aluthgamage said. Referring to personnel income tax files, Aluthgamage said that though there were 500,000 personal income tax […]
As Sri Lanka embarks on debt restructuring negotiations with key lenders in parallel to the International Monetary Fund (IMF) initiatives, it is useful to consider China’s importance as one of Sri Lanka’s top lenders. China has so far not joined the common platform of negotiators on Sri Lanka’s
Udeni Kaluthantri, a 54-year-old port worker, became an overnight sensation last year for reasons that had nothing to do with his job. Days after protesters stormed the presidential palace in the Sri Lankan capital Colombo, a video surfaced of Mr Kaluthantri lounging on a bed draped with the presidential flag. Pictures of young men jumping […]
By NESHELLA PERERA ECONOMYNEXT –Sri Lankan citizens aged more than 18 years will have to open tax files because they chose the country’s leaders by voting, which influence country’s policies, State Minister of Higher Education Minister Suren Raghavan said. After the sovereign debt crisis hit island nation signed a $3 billion deal with the International Monetary […]