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 […]

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 […]

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 […]

Yemen’s Houthi rebels say they launched a drone attack targeting two cargo vessels in the Red Sea, the latest in a series of assaults that have disrupted maritime trade as freight companies seek to avoid the area. Houthi spokesperson Yahya Sarea on Monday identified the vessels as the MSC Clara and Norwegian-owned Swan Atlantic, and […]

By MEERA SRINIVASAN As Sri Lanka tries to rebuild its battered economy after last year’s devastating crisis, the country’s political scene is gradually heating up, in the run up to two national elections scheduled next year — parliamentary and presidential — that will give citizens

The main opposition has voiced concerns about the imminent transfer of the burdens arising from corruption, fraud, financial misappropriations, and flawed politics of the Rajapaksas onto the general public, effective January 1 next year. During a press conference at the Opposition Leader’s Office in Colombo on Thursday, SJB MP Mayantha Dissanayake asserted that the recently […]

Kuwait’s Emir Sheikh Nawaf al-Ahmad al-Jaber al-Sabah has died at 86. “With great sadness and sorrow, we – the Kuwaiti people, the Arab and Islamic nations, and the friendly peoples of the world – mourn the late His Highness the emir, Sheikh Nawaf Al Ahmad Al Jaber Al Sabah, who passed away to his Lord […]

… 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 ...

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 […]

Celebrating diplomacy through development Celebrating the 75th anniversary of diplomatic relations between the United States and Sri Lanka, the U.S. Embassy has unveiled a special video chronicling the remarkable journey of development, with an emphasis on the pivotal role played by the United States Agency for International Development (USAID).  Whether it’s rebuilding after disasters and conflic...

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

President Ranil Wickremesinghe states that the conditions imposed by the International Monetary Fund (IMF) on Sri Lanka, can only be removed by continuing along the same path and strengthening the country s economy.

The International Monetary Fund (IMF) says increasing state revenue is of paramount importance for Sri Lanka as the South Asian island nation continues to be an economy with exceptionally low tax revenues.