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BY Ajeyo Basu New Delhi: Since its creation in 1947, Pakistan has based the very purpose of its existance on establishing Muslim rule over ‘Hindu’ India. However, the setbacks in the wars of 1965 and 1971 made the Pakistan Army – the actual rulers of the impoverished country – realise the futility of direct military confrontation […]
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. [...
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 […]
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 […]
[…]The post Need To Restrain The Power Of Shadow Finance appeared first on Colombo Telegraph.
By Rebecca Bundhun India’s economy and equity markets are outperforming most of their global peers. Despite a slew of challenges including macroeconomic headwinds stemming from Russia’s war in Ukraine, elevated crude oil prices and tightening liquidity globally, the growth story of Asia’s third-largest economy remains intact. “The Indian economy and equity markets proved to be [&...
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...
[…]The post ‘Make The Economy Scream’: Whither The Asian 21st Century? appeared first on Colombo Telegraph.
There are no price controls on bread
[…]The post Putin’s Last Stand appeared first on Colombo Telegraph.
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...
[…]The post IMF Must Become More Than Just A Debt Collector For Private Creditors appeared first on Colombo Telegraph.
[…]The post How We Came To This Pass: A Quest For Scapegoats appeared first on Colombo Telegraph.
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 […]
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, […]
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 […]
[…]The post The Paris Club, Dollar Debt Colonialism & Asia’s New “Donors”: Reforming The International Aid Architecture? appeared first on Colombo Telegraph.
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 […]
[…]The post Child’s Guide To Ranilnomics: Proposed Debt Restructuring Will Pose More Issues Than Answers appeared first on Colombo Telegraph.
Nong Khai [Thailand], September 8 (ANI): The economic situation of Laos continues to worsen as the country is under a severe shortage of foreign reserves and owes a hefty sum of foreign debt to China as the country is suffering from twin deficits, a senior economist at Thailand’s Krungsri Research said in a statement. “The […]
"We need to provide the right product and think out of the box in this segment. It's highly competitive."
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 […]
Fear of a DDR/IFR event drive rates even higher
[…]The post How We Came To This Pass – On The “Non-Rule Of Law System” appeared first on Colombo Telegraph.
"If the ministry is able to sign a contract with a supplier now, we should have coal by the end of next month."
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...
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 […]
PUCSL warns of power cuts if coal imports stop
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 […]