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… corruption cited as one of the three issues faced by the country Japanese Ambassador Hideaki Mizukoshi Thursday (21) urged Sri Lanka to turn the continuing economic, political and social crisis into an opportunity to achieve success. The Ambassador said that the country should take advantage of the continuing external pressure to adopt reforms, build-up […]
Global investors and Sri Lankan officials expect to start negotiations aimed at restructuring $12 billion in defaulted global bonds next week, Bloomberg News reported on Thursday.The post Sri Lanka to start restructuring talks with investors next week, Bloomberg News reports appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Global investors and Sri Lankan officials expect to start negotiations aimed at restructuring $12 billion in defaulted global bonds next week, Bloomberg News reported on Thursday. A steering committee, comprising of bondholders, will begin talks as they weigh a proposal from the government to rework the overseas debt that has been in default since 2022, […]
Senior U.S. diplomat Richard Verma on Friday met Sri Lankan President Ranil Wickremesinghe and Foreign Minister Ali Sabry in Colombo, and discussed Sri Lanka's economic recovery and progress on its IMF program, the U.S. State Department said.The post Senior U.S. official discusses Sri Lanka’s IMF program in Colombo appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka expects to attract about US$5 billion in foreign funds in the next two years once it is able to finalise the restructuring of its overseas debt, the country’s foreign minister said on Monday (February 5).The post Sri Lanka eyes US$5 billion in foreign funds after debt restructure appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka expects to attract about US$5 billion in foreign funds in the next two years once it is able to finalise the restructuring of its overseas debt, the country’s foreign minister said on Monday (Feb 5). The nation defaulted on its overseas debt in May, 2022 after a severe shortage of foreign exchange reserves […]
India’s ban on the export of onions has driven up prices of the vegetable for Asian buyers, who are scrambling for cheaper alternatives, particularly as New Delhi is unlikely to lift the curbs before general elections next year.The post Asia feels the sting of India’s onion export ban appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
[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
Sri Lanka needs $100 billion to become a net zero emitter by 2040, President Ranil Wickremesinghe said on Tuesday, as the island also attempts to build climate change resilience while navigating its worst financial crisis in decades.The post Sri Lanka needs $100 billion to become net zero emitter
Sri Lanka and Argentina remain very vulnerable amid a worsening in global financial conditions while China has suffered a sharp deterioration in financial resilience since pre-COVID times, a think-tank study found on Wednesday.The post Sri Lanka, Argentina top list of most vulnerable economies -study appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka's private creditors have sent a proposal on how to restructure $12 billion of overseas debt, including a new type of bond designed to ease repayments in case of future economic pressure, said two sources with direct knowledge of the matter.The post Sri Lanka bondholders sent $12 billion debt rework proposal to government, sources say appeared first on ONLANKA - Sri Lanka Latest Breaking ...
By Shamindra Ferdinando Opposition MP Harshana Rajakaruna yesterday (25) said those who had defeated the no-confidence motion (NCM) against Health Minister Keheliya Rambukwella should peruse the latest State audit report on the Health Ministry. The Gampaha District SJB MP said the Committee on Public Accounts (COPA) at a recent meeting chaired by State Minister Lasantha Alagiyawanna had strongly [...
By Udari Abeyasinghe One of the principles of free education is to provide opportunities in higher education. In 2020, then-President Gotabaya Rajapaksa issued directives to the University Grants Commission (UGC) to increase university admissions by an additional 12,000 students, in line with his election manifesto. Subsequently, student enrollments were increased with inadequate resources allocat...
The Chinese spy ship ‘Shi Yan 6’ has entered the Malacca strait, bound for Colombo, amid confusion over whether Sri Lanka has granted access for the spy vessel to dock at Colombo. According to reports last month, the Sri Lankan Defence Ministry has granted Shi Yan 6 access to dock at Colombo port. However, the Sri Lankan […]
Talks between Sri Lanka and its international bondholders will seek common ground on how much of a hit should be incurred by domestic banks and holders of debt of the country's state-owned enterprises (SOEs), two sources with direct knowledge said.The post Sri Lanka bondholders talks focus on state enterprise debt, domestic banks – sources appeared first on ONLANKA - Sri Lanka Latest Breakin...
[…]The post System Change Happening In Wrong Direction appeared first on Colombo Telegraph.
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 Latest Breaking News and Top Stories.
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.
Sri Lanka expects the first review by the International Monetary Fund (IMF) in September to be successful. State Minister of Finance Shehan Semasinghe said that the IMF will assess the programme’s performance until the end of June. “We welcome the IMF team in Sri Lanka for the first review of the Extended Fund Facility (EFF) […]
An International Monetary Fund (IMF) staff team will visit Colombo in a month's time for the first review on Sri Lanka's loan programme, a spokesperson said on Tuesday.The post IMF staff to visit Sri Lanka in September for first programme review appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
is struggling with its worst financial crisis in over seven decades, […]
Sri Lanka is set to start bartering tea to Iran next month in lieu of $250 million owed for oil, a Sri Lankan official told Reuters on Friday, as the crisis-hit country tries to lift sales to a key market and protect its forex reserves.The post Sri Lanka set to start tea-for-oil barter with Iran next month appeared first on ONLANKA - Latest Breaking News updates on Sri Lanka.
Sri Lanka Government to relax existing import restrictions on about 300 to 400 items from next week.The post Sri Lanka Government to relax import restrictions on nearly 400 items appeared first on ONLANKA News - Sri Lanka Latest Breaking News and Live Updates - Sri Lanka News.
An International Monetary Fund (IMF) staff team will arrive in Sri Lanka on Thursday, a statement from the global lender said as the crisis-hit country prepares for the first review of a loan programme in September.The post IMF delegation to arrive in Sri Lanka on Thursday appeared first on ONLANKA News ::. Latest Sri Lanka News with Breaking News Alerts from Sri Lanka.
[…]The post Inflation, Interest Rate & Imperialism appeared first on Colombo Telegraph.
Sri Lanka's National Consumer Price Index (NCPI) (LKNCPI=ECI) eased to 49.2% year-on-year in March, after a 53.6% rise in February, the statistics department said on Friday.The post Sri Lanka consumer inflation dips to 49.2% year-on-year in March appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Sri Lanka’s sovereign lenders have yet to inform the government how they will engage with the country to restructure its $7.1 billion of debt and whether they will form an official committee or engage in bilateral talks, the central bank governor told Reuters in an interview on Tuesday.The post Sri Lanka central bank chief says sovereign lenders yet to outline debt talks plans appeared first on Sr...
Sri Lanka’s sovereign lenders have yet to inform the Government how they will engage with the country to restructure its $7.1 billion of debt and whether they will form an official committee or engage in bilateral talks, the Central Bank Governor told Reuters in an interview on Tuesday. The island nation aims to formally engage […]
The International Finance Corporation (IFC), the World Bank’s investment arm, said it will provide Sri Lanka with a $400 million cross-currency swap facility to help fund essential imports.The post World Bank’s IFC to provide Sri Lanka with $400 million financing appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.