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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 […]
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 ...
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.
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 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 ...
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 […]
The World Bank revised up its forecasts for Sri Lanka's economy on Tuesday, noting the crisis-hit nation had made strides in reducing inflation and had benefited from tourism revenue as well as an appreciation in its currency.The post World Bank boosts Sri Lanka economic forecasts after inflation progress appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka’s Minister of State for Tourism Diana Gamage announced plans to launch promotional campaigns aimed at attracting 1.5 million foreign tourists to Sri Lanka by the year’s end.The post Sri Lanka to launch campaigns to attract 1.5 million tourists – proposal to create non-sleeping cities appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka is to create cities that never sleep by revising certain regulations in an attempt to boost tourism. Minister of State for Tourism Diana Gamage said that the country has plans to launch promotional campaigns aimed at attracting 1.5 million foreign tourists to Sri Lanka by the end of this year. She emphasized the […]
Sri Lanka said that India will be one of the closest countries to enhance investments in Sri Lanka given its proximity to the Island nation and that it wants to have a very conducive environment for investors to come and invest. In an interaction with PTI, Sri Lankan Finance Minister Shehan Semasinghe also sounded optimistic […]
Expressing his gratitude to “trustworthy friend” India for saving Sri Lanka and preventing a “bloodbath” during its unprecedented economic crisis last year, Parliament Speaker Mahinda Yapa Abeywardena has said that not a single nation has extended that kind of assistance to Colombo as done by New Delhi.The post Sri Lanka’s Speaker thanks India, Indian Prime Minister Modi for help during fina...
The man charged with clawing Sri Lanka out of bankruptcy says he had warned about economic calamity years before it hit and was pressed into retirement for his troubles.The post ‘No second chance’ to save Sri Lanka, central banker warns appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
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.
By Y P Prakash The current state of Sri Lanka evokes memories of India’s experience in the 1990s, although India was able to rectify the situation before it escalated to a critical level akin to a Bastille-like crisis. By 1991, India found itself on the brink of sovereign default. The Gulf War exacerbated the situation […]
India and Sri Lanka are exploring the possibility of using the Indian Rupee for economic transactions in order to strengthen their partnership through trade and investment-led measures. Recently, the High Commission of India organized a discussion in Colombo, on the use of the Indian Rupee for transactions between the two countries. Representatives from the Bank […]
Sri Lanka's economy is expected to shrink by 2% in 2023, its central bank said in an annual report on Thursday, as the country struggled to emerge from its worst financial crisis in decades.The post Sri Lanka’s economy to shrink by 2% in 2023, Central Bank says appeared first on Sri Lanka Breaking News and Top Headlines - ONLANKA News.
When Sri Lanka slid into its worst economic crisis in seven decades leading to deadly riots and alarming shortages of fuel, food and medicines earlier this year, its giant northern neighbour stepped into the breach.The post India makes inroads into Sri Lanka under China’s long shadow appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Sri Lanka's central bank on Thursday threatened administrative intervention to control high market interest rates that it regarded as out of line with the inflation outlook.The post Central Bank of Sri Lanka threatens administrative measures over high market interest rates appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
The country has lost several hundred thousand jobs to Covid-19. The impact of the agrochemical ban on agriculture, the mismanagement of the exchange rate, a highly accommodative monetary policy, and the use of foreign exchange reserves for debt repayment thwarted the country’s ability
Sri Lanka's president is set to slash expenditure when he presents an interim budget on Tuesday to see the crisis-ridden country through the rest of the year, amid discussions with the International Monetary Fund on a bailout package.The post Sri Lanka’s president to cut spending in interim budget appeared first on ONLANKA News :. Sri Lanka Breaking News Updates - Latest News in Sri Lanka.
The 25th Annual General Meeting of the Sri Lanka – Singapore Business Council (SLSBC) of The Ceylon Chamber of Commerce was held on 27th July, 2022 via Zoom. The SLSBC was inaugurated in 1997 under the aegis of the Ceylon Chamber of Commerce with the objective of promoting trade, investments, tourism and services between Sri […]
[…]The post The Aragalaya & Morality appeared first on Colombo Telegraph.
After the collapse of the Sri Lankan economy, attention has turned to the state of affairs in other South Asian countries such as Pakistan, Bhutan and Bangladesh. All three countries have either curtailed imports or are planning to do so, to salvage their fast-depleting foreign exchange reserves
Developments in Sri Lanka underline the risk of destabilising social and labour unrest throughout Asia-Pacific because of rising living costs impacting the region, S&P Global Market Intelligence said. Countries with similarly weak economic fundamentals and/ or poor economic policies have reduced resilience to external shocks, such as the COVID-19 pandemic, the Russia-Ukraine conflict, high oil...
By Anjana Pasricha NEW DELHI — In Colombo, Sri Lanka’s capital, a sprawling port city showcased as a financial hub to rival Dubai is being set up on 269 hectares of land dredged from the sea. It is the latest of the huge Chinese-funded infrastructure projects in the island country that include a port and […]
[…]The post Why I Don’t Support The Aragalaya appeared first on Colombo Telegraph.
Sri Lanka may be compelled to buy more oil from Russia as the island nation hunts desperately for fuel amid an unprecedented economic crisis, the newly appointed Prime Minister said. Prime Minister Ranil Wickremesinghe said he would first look to other sources, but would be open to buying more crude from Moscow. Western nations largely […]