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People’s Bank recently entered into an agreement with the National Investment Industrial Bank in Russia to facilitate anovel remittance mechanism that enables efficient and convenient fund transfers from Russia to accounts in Sri Lanka. According to this arrangement, beneficiaries in Sri Lanka, especiallyservice providers, exporters etc. will be able to receive fundsquickly and cost effectively. [...
- Parliament approves appointment of Sri Lanka’s new HC to Maldives (Category: Breaking News)
- Singer secures 18th consecutive ‘People’s Brand of the Year’ Award at SLIM-KANTAR PEOPLE’S AWARD... (Category: Breaking News)
- Parliament approves appointment of new Foreign Secretary (Category: Breaking News)
- Prime Wins Gold in Land and Property Sector at TAGS Awards 2022 (Category: Breaking News)
By MAHADIYA HAMZA ECONOMYNEXT – Sri Lanka’s tourism revival is facing a challenge in bringing in more high spending foreign visitors due to increasing protests locally while monetary tightening, impacts of Russian invasion into Ukraine, and rising inflation globally.The move is likely to slow the island nation’s recovery from the unprecedented economic crisis as it is […]
- Developing plans and policies without young people is a futile exercise: UNICEF Sri Lanka (Category: Breaking News)
- Urgent measures needed to halt exodus of skilled personnel (Category: Breaking News)
- UNDP, EU assistance to equip tourism industry for sustainable future (Category: Breaking News)
- OPA panel discussion: The Role of Domestic Aviation in Sri Lanka Tourism (Category: Breaking News)
Bankrupt Sri Lanka is caught up in a China-US battle. The situation has been further complicated by India, Japan and Australia becoming part of the US-led military alliance meant to counter China. The US-led grouping is hell-bent on enhancing its influence in Colombo as both parties woo lawmakers. Recent declaration by the ruling party that […]
- Acting Canadian HC summoned over sanctions on ex-Presidents, others (Category: Breaking News)
- ‘War crimes’: Not only individuals but also entire fighting divisions ‘blacklisted’ – Foreign Mi... (Category: Breaking News)
- Westminster event declares support for Canadian action against Rajapaksa brothers (Category: Breaking News)
- Geneva challenge: Sabry needs to review ‘case’ anew (Category: Breaking News)
[…]The post Need To Restrain The Power Of Shadow Finance appeared first on Colombo Telegraph.
- End Casino Capitalism: Sri Lanka To Join The Global Minimum Tax Agreement (Category: Breaking News)
- Failed Economy: Bribery & Corruption To Maintain Power (Category: Breaking News)
- The Police & Aragalaya Activists In A Time Of Social Upheaval (Category: Breaking News)
- Debterioration Of Nations Social Security & Protection (Category: Breaking News)
The shrinking value of the currencies of most developing economies is driving up food and fuel prices in ways that could deepen the food and energy crises that many of them already face, according to the World Bank’s latest Commodity Markets Outlook report.The post Currency depreciations risk intensifying global food, energy crisis – World Bank appeared first on Sri Lanka News - Latest Break...
- Sri Lanka a ‘warning sign’ for countries with high debt levels and limited policy space – IMF (Category: Breaking News)
- No inflation respite for Asia despite fall in food, fuel prices (Category: Business)
- Recession risk unless oil prices fall further (Category: Business)
- World Bank’s Malpass, IMF’s Georgieva see rising risks of Global Recession (Category: Breaking News)
[…]The post ‘Make The Economy Scream’: Whither The Asian 21st Century? appeared first on Colombo Telegraph.
- Beyond The Myth Of TINA To The IMF: The New Development Bank In The Asian 21st Century (Category: Breaking News)
- The Paris Club, Dollar Debt Colonialism & Asia’s New “Donors”: Reforming The International Aid A... (Category: Breaking News)
- IMF, Sri Lanka’s Resource Curse & Privatization Of The Central Bank (Category: Breaking News)
- Channel 4’s Easter Sunday: The IMF Descends Amid An Over The Horizon Operation Staring ‘Sonic-So... (Category: Breaking News)
There are no price controls on bread
- Bakery owners in Sri Lanka lament the loss of business due to increased wheat flour prices (Category: Breaking News)
- Sri Lanka bakery owners shift price control drumbeat from eggs to wheat flour (Category: Breaking News)
- Bread Prices Increased (Category: Breaking News)
- Wheat Flour Prices Push Bakers Out Of Business (Category: Breaking News)
[…]The post Putin’s Last Stand appeared first on Colombo Telegraph.
- Russian Presidential Election Results (Category: Breaking News)
- NATO Expansion: The Untold Agreement & Its Role In The Ukraine War (Category: Breaking News)
- Vladimir Putin, Xi Jinping & Joe Biden (Category: Breaking News)
- Ancient Values Influence Behaviour Centuries Later (Category: Breaking News)
Western countries this week ratcheted up their criticism of China, the world's largest bilateral creditor, as the main obstacle to moving ahead with debt restructuring agreements for the growing number of countries unable to service their debts.The post Global finance leaders single out China as barrier to faster debt relief appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ON...
- Yellen ‘eager’ to work with China on debt, other global challenges (Category: Breaking News)
- Janet Yellen warns United States could run out of cash by June 1 (Category: Breaking News)
- Janet Yellen warns US could run out of cash by June 1 (Category: Breaking News)
- India a trusted trading partner in ‘friendshoring’ strategy: US Treasury Secretary Janet Yellen (Category: Breaking News)
[…]The post IMF Must Become More Than Just A Debt Collector For Private Creditors appeared first on Colombo Telegraph.
- Hedge funds holding up vital debt relief for Sri Lanka (Category: Breaking News)
- Some creditors want to restructure Sri Lanka’s debt without China (Category: Breaking News)
- The Paris Club, Dollar Debt Colonialism & Asia’s New “Donors”: Reforming The International Aid A... (Category: Breaking News)
- China holds key to Sri Lanka’s debt restructuring to ease economic crisis (Category: Breaking News)
[…]The post How We Came To This Pass: A Quest For Scapegoats appeared first on Colombo Telegraph.
- How We Came To This Pass – The Aragalaya Challenge (Category: Breaking News)
- How We Came To This Pass – On The “Non-Rule Of Law System” (Category: Breaking News)
- Two Challenges: Economic Recovery & Political Devolution – IV (Category: Breaking News)
- How We Came To This Pass – Waiting On IMF (Category: Breaking News)
India is considered one of the potential superpowers of the world. This possibility has been attributed to many indicators, mainly demographic trends and a rapidly growing economy and military. India became the fastest-growing economy in the world in 2015, with estimated GDP growth of approximately 5%. There is no stopping India which is celebrating eight […]
- India’s commitment to climate change an example to the world! (Category: Breaking News)
- India makes it happen, enters the multi-billion dollar defence market (Category: Breaking News)
- India will be a developed nation by 2047, its economic growth ‘natural by-product’ of 9 years of... (Category: Breaking News)
- Myanmar Ports key to China’s Strategy of Controlling Indian Ocean (Category: Breaking News)
The Central Bank of Sri Lanka (CBSL) today said that it is Ânot in a position to consider favorably to the request to operate Russia s MIR bankcards within the country s banking system due to the US sanctions on the payment system.
Sri Lanka today confirmed reports that it will not accept the MIR Russian card payment system. The Central Bank of Sri Lanka (CBSL) said that due to US sanctions on the MIR payment system, as confirmed by the Ministry of Foreign Affairs in Sri Lanka, the CBSL is not in a position to consider favorably, […]
- Air France and KLM to resume flights to Sri Lanka (Category: Breaking News)
- Channel 4 video on Sri Lanka not removed as claimed by Namal (Category: Breaking News)
- Fuel shipments scheduled to begin arriving from Friday (Category: Breaking News)
- Sri Lanka repatriates 19 Indian fishermen (Category: Breaking News)
A look at global debt statistics would show that almost all countries, irrespective of their economic status, obtain loans. The USA, the second richest country on the basis of PPP index, has a debt burden of more than 100% of their GDP, which is much more than some of the developing countries such as Brunei […]
- Forbes: Lanka, Pakistan and Maldives among biggest debt burdens to China (Category: Breaking News)
- Debt Trap Lessons (Category: Breaking News)
- Central Bank eyeing USD 8 -10 billion currency reserves in 3-4 years (Category: Breaking News)
- Ranawaka: It’s possible to prosecute those who bankrupted country (Category: Breaking News)
[…]The post The Paris Club, Dollar Debt Colonialism & Asia’s New “Donors”: Reforming The International Aid Architecture? appeared first on Colombo Telegraph.
- Debt Restructuring As Rocket Science: The IMF, Green, Blue & Pink-Washing BlackRock? (Category: Breaking News)
- ‘Make The Economy Scream’: Whither The Asian 21st Century? (Category: Breaking News)
- Gota Back In The USA & A Chilling Killing: Welcome To 2023 A (Virtual) Realty In A Post-Truth Wo... (Category: Breaking News)
- Alternatives To The IMF & The Future Of The Welfare State: Beyond The Blame Game Between Superpo... (Category: Breaking News)
Japan has placed preconditions in order to support Sri Lanka’s debt issue. Finance Minister Shunichi Suzuki said that Japan is prepared to “do its part” over Sri Lanka’s debt issue. However, he said that other creditors, such as China and India, should also be involved in efforts to resolve it. Suzuki made the remarks after […]
- Japanese Finance Minister Shunichi Suzuki to visit Sri Lanka (Category: Breaking News)
- Japan welcomes coordinated debt restructuring program for Sri Lanka (Category: Breaking News)
- Japanese Finance Minister calls for talks on Sri Lanka (Category: Breaking News)
- Japan calls for creditor nations’ talks on Sri Lanka debt restructuring (Category: Breaking News)
[…]The post Child’s Guide To Ranilnomics: Proposed Debt Restructuring Will Pose More Issues Than Answers appeared first on Colombo Telegraph.
- Child’s Guide To Debt Restructuring: Not A Cakewalk But A Task Entailing Hard Work (Category: Breaking News)
- Foreign Debt Restructuring: Too Late & Too Short To Get Out Of The Debt Trap (Category: Breaking News)
- A Child’s Guide To Demand Of 182 Academics For Cancelling Sri Lanka’s Foreign Debt (Category: Breaking News)
- Child’s Guide To Ranilnomics: Actual Tax Payment Is Not What One Pays Today (Category: Breaking News)
"We need to provide the right product and think out of the box in this segment. It's highly competitive."
- Bond Auction (Category: Business)
- ‘SL will implement home-grown solution’ (Category: Breaking News)
- Market Flavour (Category: Business)
- Seeking Direction (Category: Business)
By N Sathiya Moorthy President Ranil Wickremesinghe’s address at the first-ever graduation ceremony of the National Defence College (NDC) in capital Colombo reiterated four points. The first three have been repeated by successive governments and their leaders over the past three decades in particular. Initiated under the predecessor government of President Gotabaya Rajapaksa in the […]
- Can ‘National Security’ priorities wait for economic recovery? (Category: Breaking News)
- Sri Lanka President Ranil Wickremesinghe addresses 7th Indian Ocean Conference in Perth (Category: Breaking News)
- Fearing political pressure, Sri Lanka president wants to avoid trade integrations with India (Category: Breaking News)
- President Ranil Wickremesinghe calls for unified action to safeguard the Indian Ocean (Category: Breaking News)
Fear of a DDR/IFR event drive rates even higher
- Sri Lanka central bank US$4.0bn in debt by March 2022 (Category: Breaking News)
- Sri Lanka central bank busts US$9.8bn since Feb 2020 to suppress rates, for stimulus (Category: Breaking News)
- Sri Lanka’s Central Bank Governors should be restrained by law, not given independence (Category: Breaking News)
- Sri Lanka will have to print money unless taxes are raised: CB Governor (Category: Breaking News)
[…]The post How We Came To This Pass – On The “Non-Rule Of Law System” appeared first on Colombo Telegraph.
- How We Came To This Pass: A Quest For Scapegoats (Category: Breaking News)
- How We Came To This Pass – The Aragalaya Challenge (Category: Breaking News)
- Two Challenges: Economic Recovery & Political Devolution – IV (Category: Breaking News)
- How We Came To This Pass – Waiting On IMF (Category: Breaking News)
"If the ministry is able to sign a contract with a supplier now, we should have coal by the end of next month."
- Power cuts during today as well (Category: Breaking News)
- How long will power cuts be? (Category: Breaking News)
- Video: Election cuts (Category: Video)
- Sri Lanka says no more power cuts, until further notice (Category: Breaking News)
As calls are growing for the independence of Sri Lanka’s Central Bank, which was also clearly laid out in the staff-level agreement with the International Monetary Fund (IMF), there are growing concerns among certain sections whether total independence would mean lack of accountability for the actions the monetary authority takes to maintain price stability.The post Central Bank’s independen...
- Public Finance committee wants CBSL to defer pay hike (Category: Breaking News)
- Harsha s request to the Central Bank governor (Category: Breaking News)
- President calls Opposition Party Leaders for crucial meeting on IMF proposals (Category: Breaking News)
- Sri Lanka to introduce new central bank law, inflation target (Category: Breaking News)
By Stella Yifan Xie HONG KONG—The sharp slowdown in China’s growth in the past year is prompting many experts to reconsider when China will surpass the U.S. as the world’s largest economy—or even if it ever will. Until recently, many economists assumed China’s gross domestic product measured in U.S. dollars would surpass that of the […]
- Global IT spending on pace to surpass $3.6 trillion in 2012 – Gartner (Category: Business)
- Economic growth to surpass 6.5 percent (Category: Breaking News)
- India population to surpass China mid-year- U.N. estimates (Category: Breaking News)
- Vettel can surpass Schumacher – Lauda (Category: Business)
PUCSL warns of power cuts if coal imports stop
- Sri Lanka to call fresh tenders for coal: Minister (Category: Breaking News)
- Sri Lanka pays USD 295 per MT of coal while Russian companies sell it at USD160! (Category: Breaking News)
- Advance payment for coal cargo completed today (Category: Breaking News)
- Minister Kanchana says coal tender awarded to lowest bidder (Category: Breaking News)
By Uditha Devapriya Sri Lanka’s economic woes have not cast a shadow over its complex foreign relations. On August 16, the southern port of Hambantota welcomed the Yuan Wang 5, a research vessel from China. While Colombo had asked for a deferral of the visit, it eventually relented and allowed the ship to dock until […]
- Milinda pushes for Indo-Lanka strategic-level partnership (Category: Breaking News)
- “A friend in need is a friend indeed”: Sri Lanka’s praise for India (Category: Breaking News)
- Sri Lanka may allow Indian rupee to be used in local transactions (Category: Breaking News)
- First things first (Category: Breaking News)
Mikhail Sergeyevich Gorbachev who died last Tuesday was hardly known outside the Soviet Union when JR Jayewardene made himself Sri Lanka’s President in 1978. Seven years later, on March 11, 1985, Gorbachev would be become the General Secretary of the Soviet Communist Party. He was 54 years old and was the first leader of the […]
- The World After Mikhail Gorbachev & Sri Lanka After JR Jayewardene (Category: Breaking News)
- Gorbachev: The Mystery of Roads Taken & Not Taken (Category: Breaking News)
- Politics Devoid Of Doctrine Is Empty & Harmful In The Long-Run; Premadasa, RW & MR Are Examples (Category: Breaking News)
- A brave new world (Category: Breaking News)
[…]The post Lanka Adrift In Tempestuous Seas appeared first on Colombo Telegraph.
- Threats To The Hegemony Of The US Dollar (Category: Breaking News)
- Next Round: Ranil Versus The JVP (Category: Breaking News)
- A Meteor Shower Of Novel Terms (Category: Breaking News)
- Prospects For Global Capitalism: 2023 & After (Category: Breaking News)
[…]The post The World After Mikhail Gorbachev & Sri Lanka After JR Jayewardene appeared first on Colombo Telegraph.
- Gorbachev And Gotabaya (Category: Breaking News)
- 117th Birth Anniversary & Long Legacy Of JR Jayewardene (Category: Breaking News)
- Is The World, Hopelessly Divided Over Ukraine, Coming Together For Sri Lanka? (Category: Breaking News)
- Presidential Ambition & Abolition Betrayal (Category: Breaking News)
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