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Over the last few decades China has not only become Africa’s largest trading partner, but is its biggest bilateral lender. In the last 15 years, trade between China and African nations reached $282.1 billion (in 2023). Out of these numbers, most of the exports to China were supplied by South Africa, Angola and the Democratic […]
The International Monetary Fund (IMF) wants Sri Lanka to work on governance issues and to also stick to the IMF supported program. Krishna Srinivasan, IMF Director of the Asia and Pacific Department noted that Sri Lankans faced a very difficult challenge when they embarked on the IMF program. “And so far, what we’ve seen is […]
Cash-strapped Pakistan is poised to receive a $1.1bn loan tranche from the International Monetary Fund (IMF) after a key meeting of the international lender’s executive board on Monday, even as economists have warned that the country needs deep reforms to reduce its dependence on overseas financial assistance. Late on Monday night, Pakistan’s Ministry of Finance […]
The Annual Economic Review and Financial Statements and Operations of the Central Bank for the Year 2023 points out that backtracking from the implemented and planned critical reforms will tip the economy to a state of instability. Thus, continuing with the broader political and social consensus on economic reforms will be critical to avoid recurring […]
[…]The post Foreign Debt Restructuring: Too Late & Too Short To Get Out Of The Debt Trap appeared first on Colombo Telegraph.
Efforts to attract international players to invest in Sri Lanka’s Oil and Gas exploration in the Mannar Basin have once again been gridlocked by legal challenges in the Court of Appeal. A statement noted that Sri Lanka’s efforts to attract and leverage international investment into exploration and commercialisation two blocks adding to over 5,000 square […]
Sri Lanka’s efforts to attract and leverage international investment into exploration and commercialisation of two blocks adding to over 5,000 square kilometers with potential oil and gas resources in the Mannar Basin have once again been gridlocked by legal challenges in the Court of Appeal. According to the latest developments in the CA (Writ) Application […]
[…]The post American Chaos, Modi’s Heatwave & Ranil As Common Government Candidate appeared first on Colombo Telegraph.
By Rathindra Kuruwita The problems facing 17,000 families, affected by the negative environmental impacts of the Uma Oya project, have not yet been solved, Sajeewa Chamikara of the Movement for Land and Agricultural Reform (MONLAR) told The Island. In December 2014, a leak sprang up in its 15.2 km tunnel and due to that thousands of houses […]
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.
Iranian President Dr. Seyyed Ebrahim Raisi and President Ranil Wickremesinghe yesterday (24) inaugurated the Uma Oya Multipurpose Development Project (UOMDP). The Iranian leader arrived in Sri Lanka under tight security via the Mattala International Airport, where he was accorded a warm welcome by Prime Minister Dinesh Gunawardena. President Wickremesinghe invited Dr. Raisi though some interested ...
The Uma Oya multipurpose development project, marked as a significant irrigation initiative following the Mahaweli movement, was declared open by the Presidents of Iran and Sri Lanka. Iranian President Dr. Ibrahim Raisi and Sri Lankan President Ranil Wickremesingheunveiled a commemorative plaque and inaugurated the project, initiating the operation of electricity generators through digital technol...
The stock market serves as a nexus where millions of buyers and sellers converge to engage in transactions. At its core, each transaction represents an agreement between a buyer and a seller, with the central element being the price. This price is not static; it fluctuates continuously, reflecting the equilibrium between supply and demand. The […]
Iran and Sri Lanka are to sign five Memorandums of Understanding (MoUs) during Iranian President Ebrahim Raisi’s visit to Colombo. Raisi, is set to visit Sri Lanka, Wednesday, in response to a special invitation extended by President Ranil Wickremasinghe, marking the first visit of an Iranian President to Sri Lanka since former President Dr. Mahmoud […]
The International Monetary Fund (IMF) commended Sri Lanka on the hard-won economic gains. First Deputy Managing Director of the IMF, Gita Gopinath said that she really appreciated meeting Sri Lanka’s State Minister of Finance Shehan Semasinghe and Central Bank Governor Nandalal Weerasinghe. “I commended them on hard-won economic gains in the past year. The road ahead […]
ECONOMYNEXT –The International Finance Corporation (IFC), the World Bank’s investment arm emphasized the importance of the private sector engagement in the recovery of the crisis-hit Sri Lanka’s economic growth. Riccardo Puliti, the IFC’s Vice President for Asia and the Pacific said this when he met State Finance Minister Shehan Semasinghe and the island nation’s Central […]
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.
A year after India overtook China to become the world’s most populous country, its rapid upward economic trajectory and increasing diplomatic, scientific and military weight make it an emerging superpower of ever-growing importance to the United States and the world. Indian Prime Minister Narendra Modi addressed Newsweek’s written questions and followed up with a 90-minute […]
Sri Lanka informed the G-24 Finance Ministers and Central Bank Governors that the country’s economy has now stabilised. State Minister of Finance Shehan Semasinghe told the delegates during the IMF/WB Spring meetings in Washington that the growth momentum in Sri Lanka has commenced. “Highlighted the deep and wide ranging economic reform programme adopted to address […]
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 began the International Monetary Fund and World Bank Group (IMF/WBG) Spring Meetings with a productive bilateral discussion with Kenji Okamura, the Deputy Managing Director of the IMF, according to State Minister of Finance, Shehan Semasinghe.The post Sri Lanka commences IMF-World Bank Spring Meetings with positive bilateral talks appeared first on ONLANKA - Sri Lanka Latest Breaking New...
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 International Monetary Fund (IMF) and Sri Lanka discussed the next steps to finalize the 2nd Review of the IMF programme. The discussion took place between State Minister of Finance Shehan Semasinghe and IMF Executive Director for India and Sri Lanka Dr. Krishnamurthy Subramanian. “It is always a pleasure to meet with Dr. Krishnamurthy Subramanian, […]
The Deputy Managing Director of the International Monetary Fund (IMF), Kenji Okamura has commended the Sri Lankan authorities on the implementation of a strong program and excellent reform progress, says Finance State Minister Shehan Semasinghe.
[…]The post Excitement Unleashed – Slot Games and Betting Options on Melbet Sri Lanka appeared first on Colombo Telegraph.
[…]The post Nettles Needing To Be Grasped By Future Leaders Of Sri Lanka appeared first on Colombo Telegraph.
Sri Lanka is looking forward to making progress in ending the ongoing debt restructuring negotiations at the IMF and the World Bank’s spring meetings, scheduled to begin from Monday, in Washington, PTI has reported. Shehan Semasinghe, the State Minister for fFnance, will lead the government delegation, along with Central Bank Governor Nandalal Weerasinghe, and Treasury Secretary […]
The “uncertainty” over the impending elections in Sri Lanka will cause a possible downward trend in the country’s economic outlook, the Asian Development Bank (ADB) has said, according to a PTI dispatch. Sri Lanka is set to face a presidential election in the last quarter of this year, while the parliamentary election is due mid-next year. […]