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Reuters says that Sri Lanka has decided to transfer management of its $209 million Chinese-funded airport to two companies from India and Russia, according to a statement from the cabinet on Friday.The post Sri Lanka turns to Indian and Russian companies to manage Chinese-funded Airport appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
As a collective body of exporters, we have been at the forefront of sustaining employment and ensuring a steady flow of foreign exchange, even amidst the most severe economic downturns faced by our nation. Our membership covers the majority of merchandise exports, which account for some 13% of Sri Lanka’s GDP. Today, we stand united […]
The International Monetary Fund (IMF) stands ready to support Sri Lanka’s discussions with international bondholders and will provide a formal assessment after the parties reach a tentative agreement-in-principle, an IMF spokesperson said on Thursday. “We hope an agreement consistent with the parameters of the IMF-supported program and official creditors’ Comparability of Treatme...
According to Reuters, the International Monetary Fund (IMF) has expressed readiness to facilitate Sri Lanka's ongoing negotiations with international bondholders.The post IMF ready to support Sri Lanka’s discussions with bondholders appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Reuters reports that Sri Lanka has turned down a restructuring plan proposed by international bondholders to address its $12 billion debt, thereby endangering crucial International Monetary Fund (IMF) aid and further delaying the resolution of its ongoing two-year debt crisis.The post Sri Lanka debt restructuring stumbles as government rejects bondholders’ proposal appeared first on ONLANKA ...
Sri Lanka has failed to strike an agreement on restructuring about US$12 billion of debt with its bondholders, the Government said on Tuesday (Apr 16). “The steering committee did not agree to extension of restricted discussions,” it said in a regulatory filing. Following talks with bondholders on the sidelines of the International Monetary Fund and […]
[…]The post Nettles Needing To Be Grasped By Future Leaders Of Sri Lanka appeared first on Colombo Telegraph.
Money, exchange rates, and money printing are crucial components of a nation’s monetary policy framework, wielding significant influence over economic and financial stability. This intricate relationship between these fundamental factors directly affects financial and economic dynamics. I am going to examine the nexus between these factors, clarifying their roles in the financial system and ...
after its foreign exchange reserves dwindled to […]
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, […]
By Neville Ladduwahetty During President Ranil Wickremesinghe’s India visit in July 2023, five Memorandums of Understanding (MOU) were signed by India and Sri Lanka to establish physical connections between the two countries. This was followed more recently by the launch of the Unified Payments Interface (UPI) – a mechanism that claims to reduce the cost […]
Sri Lanka's President, Ranil Wickremesinghe, asserted that the nation’s economy is experiencing robust growth due to the government’s initiatives.The post Sri Lanka’s President says Government initiatives drive robust economic growth appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Pakistan must navigate challenges in the finance sector by diversifying its economic alliances, reducing dependence on singular partners, and negotiating funding arrangements that align with its long-term developmental objectives. The road ahead demands astute diplomatic manoeuvring, a commitment to economic resilience, and a proactive approach to curb corruption and inefficiencies of the Pakistan...
The Indian government is working on operationalizing Rupee investments in Sri Lanka in a move to boost Indian investments in its southern neighbor, two people aware of the matter told Mint.The post India to push rupee investments in Sri Lanka appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
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.
President Ranil Wickremesinghe said in Parliamenty yesterday he was aware that Value Added Tax (VAT) was a burden on the public. He said it would be possible to reduce VAT with the passage of time. Delivering the government policy statement at the commencement of the new session of Parliament, the President said: “The prior scarcity […]
Inaugurating the 5th session of the 9th Parliament of Sri Lanka President Ranil Wickremesinghe called upon all lawmakers to collaborate in nation building even though they would be contesting elections separately. “From ancient times to the present day, our world has encountered a myriad of crises, spanning nations and personal lives alike. While some crises […]
Sri Lanka President Ranil Wickremesinghe while presenting his Policy Statement in Parliament today (February 07), says the government was planning to reduce the tax burden as economic reforms continue to stabilize the economy.The post Sri Lanka President Ranil delivers Government’s policy statement in Parliament 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.
President Ranil Wickremesinghe extended an invitation to all political party leaders in the Parliament to engage in discussions with the Managing Director of the International Monetary Fund (IMF) on the implementation of the agreement with the IMF. Emphasizing the importance of unity in leading the country to success, he reiterated that withdrawing from the agreement […]
Sri Lanka's consumer price inflation rate jumped to 4.2% year-on-year in December driven by rising food prices, official data showed on Monday, although it remains well below record high levels seen at the height of the country's financial crisis.The post Rising food prices drive Sri Lanka inflation up to 4.2% in December appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
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
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 ...
Sri Lanka's in-principle pact with creditor nations to restructure its debt prepares the way for the International Monetary Fund (IMF) to consider clearing the first review of a bailout next month, the global lender said on Thursday.The post IMF says Sri Lanka debt deal could help board clear first bailout review appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
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 by 2040, president says appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Monday 27th November, 2023 The SJB has commenced collecting signatures for a public petition as part of a campaign to have those who are responsible for the current economic crisis stripped of their civic rights. Given public resentment, which is palpable, the SJB may be able to obtain hundreds of thousands of signatures for its […]
Sri Lanka's consumer price inflation rose to 1% in October year-on-year from 0.8% in September, the statistics department said on Tuesday.The post Sri Lankan inflation rises to 1% in October appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka’s central bank chief said the government has shared the terms of a $4.2 billion China debt deal with other creditors a key sticking point with countries like India paving the way for more loans from the International Monetary Fund.The post Sri Lanka gives China deal details, keeping IMF aid on track appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Weeks of mounting political tension have erupted into protests and bloodshed in Bangladesh, leaving the country on edge ahead of general elections due in January. Several senior opposition leaders were arrested last Sunday, a day after a massive rally against the government turned violent, resulting in the deaths of at least two opposition supporters. The rejuvenated […]