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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 Lankan tea prices that had been piping hot have cooled off as production in the world’s fourth-largest tea grower begins to recover.The post Sri Lanka tea prices dip 40% from record high on production rebound appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Debt-laden Sri Lanka will unveil its domestic debt restructuring strategy this week, central bank chief P Nandalal Weerasinghe said on Sunday (Jun 25), as the island navigates its worst financial crisis in decades. Sri Lanka will also likely obtain Cabinet and parliamentary approval for the debt restructuring strategy this week, Weerasinghe told local TV channels […]
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 Prabhat Patnaik After Sri Lanka and Pakistan, Bangladesh has become the third country in our neighbourhood to become afflicted by a serious economic crisis. It has asked for a $4.5 billion loan from the IMF, apart from $1 billion from the World Bank and $2.5-3 billion from multilateral agencies and donor nations. Though the […]
The World Bank is likely to approve $700 million in budgetary and welfare support for Sri Lanka at its next board meeting on June 28, sources told Reuters, the biggest funding tranche for the crisis-hit island nation since an IMF deal in March. The economy of the country of 22 million is expected to shrink […]
The World Bank is likely to approve $700 million in budgetary and welfare support for Sri Lanka at its next board meeting on June 28, sources told Reuters, the biggest funding tranche for the crisis-hit island nation since an IMF deal in March.The post World Bank set to approve $700 Million for Sri Lanka next week appeared first on ONLANKA News - Sri Lanka Latest Breaking News and Live Updates - S...
ලබන සතියේදී ශ්රී ලංකාව වෙනුවෙන් ඩොලර් මිලියන 700ක අරමුදලක් ලෝක බැංකුව විසින් අනුමත කිරීමට නියමිත බව රොයිටර්ස් පුවත් සේවය වාර්තා කර තිබෙනවා. “COLOMBO, June 19 (Reuters) – The WorldThe post ලෝක බැංකුවෙන් ඩොලර් මිලියන 700ක් ? appeared first on ITN News.
Pakistan Finance Minister Ishaq Dar claimed that geopolitics was behind a stalled loan programme as global institutions wanted Pakistan to default like Sri Lanka and then enter negotiations. Testifying before the Senate’s standing committee on finance, Ishaq Dar stressed that the country would meet its obligations with or without the IMF’s bailout package. He said […]
Sri Lanka's economy (LKGDP=ECI) shrank 11.5% in the first three months of 2023, official data showed on Thursday, as the country remained in the grip of its worst financial crisis in decades.The post Sri Lanka’s economy shrinks 11.5% in first quarter as financial crisis continues appeared first on ONLANKA News - Sri Lanka Latest Breaking News and Live Updates - Sri Lanka News.
Thursday 15th June, 2023 Sri Lanka Customs has reportedly informed the government that it will not be able to meet its revenue targets due to the existing ban on vehicle imports. It has suggested that a foreign credit line be opened for the import controls at issue to be eased. But the question is why […]
India’s forex kitty jumped $5.929 billion to $595.07 billion for the week ended June 2, the Reserve Bank said on Friday.The reserves had dropped for two consecutive weeks and declined by $4.34 billion to $589.14 billion in the previous reporting week. It can be noted that in October 2021, the country’s forex kitty had reached […]
Sri Lanka's President Ranil Wickremesinghe is likely to discuss the crisis-stricken nation's debt with Paris Club members on the sidelines of a trip to France next week, sources familiar with the matter told Reuters on Tuesday.The post Sri Lanka president to hold debt talks on France visit – sources appeared first on ONLANKA News - Sri Lanka Latest Breaking News and Live Updates - 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 […]
Sri Lanka President Ranil Wickremesinghe reiterated his commitment to prevent any regression of the country to its previous state, emphasizing his determination to transform Sri Lanka into a fully developed nation by 2048.The post Government’s objective is to develop Sri Lanka as a thriving nation by 2048 appeared first on ONLANKA News - Sri Lanka Latest Breaking News and Live Updates - Sri ...
[…]The post Special Statement Delivered By President Ranil Wickremesinghe: Full Text appeared first on Colombo Telegraph.
President Ranil Wickremesinghe making a special statement to the nation reiterated his commitment to prevent any regression of the country to its previous state and his determination to transform Sri Lanka into a fully developed nation by 2048. The President explained at length the measures taken by the government in the past nine months to […]
Thousands of Indians from across Australia on Tuesday accorded a rousing welcome to PM Modi at a diaspora event at the Qudos Bank Arena in Sydney, one of the country’s biggest indoor stadiums. The PM and his Australian counterpart addressed and interacted with a gathering of over 20,000 people, during which Anthony Albanese called Modi […]
By Hema Senanayake hemasenanayake@yahoo.com IMF has an ideology, a system of ideas and ideals which forms the basis of its decisions and policy prescriptions for which the recipient country of the loan claims as of its own. The most important idea does not originate from economic theory but international trade theories instead. The Great Recession […]
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 […]
Islamabad [Pakistan], April 28 (ANI): Amid a rise in inflation and a shortage of foreign exchange reserves, people in Pakistan have started to face difficulties in performing Haj, Pakistan vernacular media reported. The Haj quota is now available for the first time in Pakistani history, but fewer
Pakistan's anti-graft watchdog arrested former Prime Minister Imran Khan at Islamabad High Court on Tuesday, in a dramatic move that threatens fresh turmoil in the nuclear-armed country.The post Former Pakistan Prime Minister Imran Khan arrested, aides call for nationwide protest appeared first on Sri Lanka Breaking News and Top Headlines - ONLANKA News.
Sri Lanka's apparel export earnings could slump by $1 billion this year, a top industry expert said on Wednesday, as slowing global demand hits the crisis-hit South Asian country.The post Sri Lanka apparel exports to drop by $1 billion in 2023, trade body says appeared first on Sri Lanka Breaking News and Top Headlines - ONLANKA News.
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.
[…]The post Is State Owned Temasek A Useful Concept For Sri Lanka? appeared first on Colombo Telegraph.
Friday 21st April, 2023 Parliament is going to debate the government’s agreement with the IMF, which has approved USD 3 billion for Sri Lanka under the Extended Fund Facility Arrangement. The debate is scheduled to take place from 26 to 28 April, we are told. Public finance is the province of Parliament, which should scrutinise the […]
Japan, India and France are scheduled to hold a press briefing on Thursday (13 April) to announce the launch of the debt restructuring negotiation process on Sri Lanka.The post Japan, India and France to announce Sri Lanka’s debt restructuring negotiation process appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
India and Japan have jointly agreed to cooperate with Sri Lanka to bolster regional connectivity in the strategic Indo-Pacific, a media report said on Friday, amid China’s aggressive military manoeuvring in the resource-rich region.The post India, Japan join hands with Sri Lanka to bolster regional connectivity in Indo-Pacific region appeared first on Sri Lanka News - Latest Breaking News in Sri L...
The International Monetary Fund (IMF) bailout will help bring Sri Lanka’s depleted foreign exchange reserve to pre-crisis levels in four years, said the country’s central bank governor.The post With IMF bailout, Sri Lanka will have healthy dollar reserves in 4 years – Central Bank Governor appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Sri Lanka will kick off the next round of talks with creditors in the third week of April, President Ranil Wickremesinghe said on Wednesday, adding that the debt-stricken nation has started to receive funds from the International Monetary Fund.The post Sri Lanka to start next round of talks with creditors in April appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.