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The SJB has cautioned the Wickremesinghe-Rajapaksa government against counting loans received from the IMF, World Bank and ADB as external buffers as they have to be paid back. SJB MP Dr. Harsha de Silva said loans secured from whatever sources weren’t earned reserves. The former UNP State Minister and economist said so when we sought […]
Sri Lanka said on Wednesday it expects its foreign exchange reserves to rise above $4 billion this month, their highest level since the island nation plunged last year into its worst economic crisis since independence in 1948.The post Sri Lanka sees forex reserves exceeding $4 billion after fresh funding appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
The World Bank has released 250 million U.S. dollars as the second tranche of the Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation (DPO), the international lender said in a statement on Wednesday (20). In June, the World Bank announced 500 million dollars for the RESET Development Policy Operation, which supports reforms that improve […]
The World Bank released the second tranche of the US$ 500 million Sri Lanka Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation (DPO), considering the continued satisfactory progress made by the government with the reform program.The post World Bank releases additional USD 250 million for Sri Lanka to sustain economic reforms appeared first on ONLANKA - Sri Lanka Lat...
In actual fact the foundation for the current economic chaos was laid under the Yahapalana rule when they borrowed as much as USD 12 billion from the international bond market, at high interest rates, with them not even undertaking any developmental works, like the Rajapaksas, or, for that matter, any worthwhile economic activity. We certainly […]
[An article based on the Keynote Address delivered by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, recently at the Annual Research Symposium 2023 of the University of Colombo] Introduction Inflation affects every aspect of our lives; it is a force that shapes our purchasing power, influences our financial decisions, and […]
Sri Lanka President Ranil Wickremesinghe has urged all political leaders to exhibit responsibility in their approach to the International Monetary Fund (IMF) program.The post Sri Lanka President calls for proposals from opponents of IMF program to rescue country from financial crisis appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
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… explains how Parliament enacted harmful laws By Shamindra Ferdinando Veteran lawyer Kalyananda Thiranagama said that the ruling Sri Lanka Podujana Peremuna (SLPP) should be held responsible for backing President Ranil Wickremesinghe’s economic strategy meant to privatise the remaining state enterprises. Addressing a public gathering in Colombo, the liberal civil society activist emphasised that ...
Sri Lanka's economy grew by 1.6% in the quarter from July to September, official data showed on Friday, as the country claws its way back from its worst financial crisis in more than seven decades following a record fall in foreign exchange reserves.The post Sri Lanka’s economy returns
China s economy grew at a 5.2% pace in the first three quarters of the year and showed signs of improvement in November, with factory output and retail sales rising, the government said Friday.
The second review of Sri Lanka's $2.9 billion bailout with the IMF could be completed in the first half of 2024, provided it manages to meet debt restructuring and revenue targets set under the programme, an official said on Wednesday.The post Sri Lanka’s second review of $2.9 billion IMF bailout possible in first half of 2024 – official appeared first on ONLANKA - Sri Lanka Latest Bre...
By Shamindra Ferdinando Chairman of the Committee on Ways and Means Patali Champika Ranawaka on Tuesday (12) alleged that the Finance Ministry had allowed the operation of a distillery in spite of that company failing to pay taxes. The former minister said that the country lost millions for want of political will to recover what that company owed […]
By Rathindra Kuruwita IMF’s second review under the 48-month Extended Fund Facility (EFF) arrangement for Sri Lanka is expected to be completed by the end of the first half of 2024, IMF Senior Mission Chief for Sri Lanka, Peter Breuer, told journalists Wednesday morning. Addressing the IMF’s Virtual Press Briefing on the First Review of […]
President Ranil Wickremesinghe told Parliament yesterday that Sri Lanka was set to come out of bankruptcy by securing of the second tranche of the International Monetary Fund’s (IMF’s) Extended Fund Facility. “We will now focus on securing the foreign aid that was suspended after we declared bankruptcy,” the President said, making a special statement to Parliament […]
In a special statement to Parliament today (13), President Ranil Wickremesinghe emphasized the critical role of the government’s program, backed by assistance from the International Monetary Fund (IMF) and debt restructuring, in rebuilding the collapsed Sri Lankan economy. The President warned
The International Monetary Fund (IMF) said its executive board cleared the first review of Sri Lanka's about $3 billion bailout on Tuesday, providing about $337 million in funds to help tackle the fallout from the country's worst financial crisis in decades.The post IMF board approves first review of Sri Lanka’s nearly $3 billion bailout appeared first on ONLANKA - Sri Lanka Latest Breaking ...
The Executive Board of the International Monetary Fund (IMF) has approved the disbursement of approximately US$ 337 million to Sri Lanka as part of a bailout package. The IMF said the Executive Board completed the first review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with access to SDR 254 million […]
Two policy-based loans (PBLs) have been arranged following discussions between the Asian Development Bank (ADB) and the Sri Lankan government, the Ministry of Finance said. Accordingly, the PBLs are slated to be used for the implementation of the Financial Sector Stability and Reform Programme, in a bid to create a stable financial system that provides […]
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The Asian Development Bank (ADB) has approved a USD 200 million concessional loan for Sri Lanka to help stabilize the country’s finance sector following the sovereign debt and economic crises that started in April 2022 after it suspended its external debt payments.The post ADB approves $200 Million to sustain economic stabilization efforts in Sri Lanka appeared first on ONLANKA - Sri Lanka Latest ...
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By Rathindra Kuruwita Dissident Sri Lanka Freedom Party (SLFP) MP, Dayasiri Jayasekera, has expressed concern over a potential 50% drop in the revenue of the Ceylon Petroleum Corporation (CPC) due to the entry of foreign companies into the petroleum market. Jayasekera highlighted the adverse impact of the policies of successive governments on the CPC. “The […]
by Harim Peiris As we approach the end of 2023 and with about a year to go for the next presidential election due before end 2024, President Ranil Wickremesinghe’s frequent refrain and indeed the rationale for his administration is the revival of the national economy after it was spectacularly
Sri Lanka will get about $600 million, on a staggered basis, from the Asian Development Bank after the International Monetary Fund releases the second tranche of a $2.9 billion bailout for the crisis-hit country, an official said on Tuesday.The post Sri Lanka to receive about $600 million ADB funding post-IMF approval – official appeared first on ONLANKA - Sri Lanka Latest Breaking News and ...