Uncertainty facing the global economy next year will exacerbate challenges at home for China, economists in Beijing say, while urging swift support to help counter external headwinds. As the risk of global recession looms, China should stay alert to turbulence in international markets and the potential of another financial crisis, said former vice-finance minister Zhu […]

USD 4 mn available to stabilize food sector Against the backdrop of the country’s continuing financial crisis, the US has teamed with premier blue chip, John Keells Holdings, and the Hatton National Bank (HNB) to lend money to micro, small, and medium-sized enterprises (MSMEs) in the food sector. The US Embassy, in a statement dated […]

Four in every 10 households in Sri Lanka experienced a reduction in their incomes from June to December 2022, and one in every two households are currently relying on negative coping mechanisms to cope with the lack of food or money to buy it, a Food and Agriculture Organisation (FOA) report said. In its response […]

The Central Bank of Sri Lanka (CBSL) has directed Kanrich Finance Limited (KFL) to settle its public liabilities in full, by the end of February 2023.

Jagoda stands by accusations By Shamindra Ferdinando Health Minister Keheliya Rambukwella has revealed that in respect of funds that had been made available by the Asian Development Bank (ADB) to procure urgently needed medicine, the entire procurement process was handled by that organisation. The disclosure was made at a hastily arranged media briefing on Wednesday […]

An estimated 5.7 million people (26 per cent of the population) or more are now in need of humanitarian assistance, with at least 4.9 million (22 per cent) being food insecure, a situation report by International Federation of Red Cross And Red Crescent Societies (IFRC) said. The report issued on December 28 said the current […]

by Sanath Nanayakkare Making an interesting bet on the cost of borrowing money by entrepreneurs and businesses, Supul Wijesinghe, CEO of SMB Finance predicted a fall in interest rates in 2023 or in the foreseeable future. “Interest rates should come down next year or in the foreseeable future as a result of the measures being […]

The Monetary Board of the Central Bank of Sri Lanka (CBSL) has decided to cancel the Finance Business Licence issued to Swarnamahal Financial Services PLC (SFSP), effective from today (28 Dec.)

Wednesday 28th December, 2022 Reports that the Election Commission will have to hold the local government elections soon have upset government politicians beyond measure; they are delivering jeremiads against what they call unnecessary state expenditure amidst an economic crisis. Claiming that the mini polls will cost the country Rs. 10 billion, they would have the […]

Tuesday 27th December, 2022 The 18th anniversary of the Boxing Day tsunami was marked yesterday with a series of commemorative ceremonies. More than 35,000 lives were lost in this country because most Sri Lankans had not even heard the word, tsunami, despite being members of an island nation, and ignored the early warning signs of […]

By Dr Laksiri Fernando One mistake we normally make in analysing the situation or crisis in Sri Lanka is to do it in isolation. Sri Lanka is unfortunately only a part of a world system. Although this situation is valid to almost all other countries, smaller or weaker a country, larger are the effects of […]

By Meera Sirinivasan Sri Lanka is waiting for financing assurances from its bilateral creditors, including India and China, to tap support from the International Monetary Fund (IMF), according to Central Bank Governor P. Nandalal Weerasinghe. In September, the IMF reached a staff level agreement with Sri Lanka for a $2.9 billion package to help the island nation […]

by Nihal Jayawickrama From the best possible vantage point, Bernard Percival Peiris was a witness to the unfolding of history. In 1947, with the entering into force of the new Constitution under which Ceylon achieved self-government, he was instructed by Prime Minister D.S. Senanayake to take charge of the Cabinet Office as its Assistant Secretary. […]