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Victims of the soft-peg was placed under exchange and import controls, and not de-controlling interest rates
By Meera Sirinivasan As Sri Lankans continue braving their worst economic crisis since Independence, urban poverty on the island has tripled in the last year, from 5% to 15 %, according to a recent World Bank report.Sri Lanka is experiencing “its highest poverty rate since 2009 [when the civil war ended], and an erosion of […]
About 1500MW could be added over 2 years
By SHIHAR ANEEZ Leaving his family and relatives was the hardest decision for Suren. But he had no other option.He never wanted to go abroad for work. An accountant by profession, Suren even had the opportunity to be promoted for a higher post at the private firm he was working at in Colombo. But he was […]
[…]The post How Lanka Can Benefit From A Global Recession appeared first on Colombo Telegraph.
Rs5bn initial tranche to be followed by Rs2 and Rs3bn tranches if oversubscribed
Sri Lanka's National Consumer Price Index (NCPI) rose to a new high of 73.7% in September from a year earlier, quickening from 70.2% in August, the statistics department said.The post Sri Lanka consumer inflation hits record 73.7% in September appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Following appeals bans on 708 items had been lifted
We will give our storage facilities and pipelines for a fee.
By Ifham Nizam The Asian Development Bank had agreed to provide Rs.10 billion to assist paddy farmers during this Maha season, the Agriculture Ministry said yesterday.ADB funds will be utilised to import Muriate of Potash (MoP) fertiliser. This is the first time since the 2021 season MoP fertiliser will be provided to paddy cultivation. Officials […]
[…]The post Why Civil Society Is In Error appeared first on Colombo Telegraph.
Softlogic Finance PLC, a subsidiary of Softlogic Capital PLC, has revealed plans to go for a Rights Issue to raise over Rs. 850mn to infuse fresh capital for adherence with capital adequacy requirements as well as supporting its digitalization drive and business expansion of the Company. The rights issue will be implemented in the proportion […]
After running out of reserves, Sri Lanka intervened and sterilized to mis-target rates with borrowed dollars
Sri Lanka’s 70% inflation is hitting its peak as crippling shortages ease and bailout funds look within reach, yet it’s far from putting the central bank governor at ease.The post Sri Lanka Says Inflation Nears Peak, Easing Pressure on Economy appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Sri Lanka’s creditors have assured their fullest support to the country, State Minister of Finance Shehan Semasinghe said today. Speaking in Parliament today Semasinghe said that Sri Lanka’s creditors will support Sri Lanka to overcome the difficult situation by helping to restore stability in the economy. Semasinghe said that he had productive meetings on the […]
Food prices up 85-pct over year
Weekend power cuts reduced with rain
[…]The post “Saving” The Economy appeared first on Colombo Telegraph.
IMF asks Sri Lanka to complete prior actions early
Sri Lankan lawmakers began debating a proposed constitutional amendment on Thursday that would trim the powers of the president, a key demand of protesters who are seeking political reforms and solutions to the country’s dire economic crisis.The post Sri Lankan lawmakers debate bill to trim presidential powers appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
There is no alternative other than taking assistance from the International Monetary Fund (IMF) for reviving the country’s economy, The Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe said.The post Sri Lanka has no alternative other than IMF – CBSL chief appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
There is shrinkage in consumer spending and people are making choices
By Hiran H. Senewiratne The CSE’s business sentiment was impaired yesterday following the Central Bank raising Rs 16 billion out of a required Rs 75 billion via Treasury Bills at a weekly auction, which amounted to just 22 per cent of the total issued on the previous day. Besides, President Ranil Wickremesinghe’s public statement on […]
The Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe says that in present circumstances, there is no alternative other than the International Monetary Fund (IMF) to get assistance for reviving the country s economy.
[…]The post ‘Make The Economy Scream’: Whither The Asian 21st Century? appeared first on Colombo Telegraph.
President Ranil Wickremesinghe, in a televised statement yesterday (18), warned that Sri Lanka wouldn’t be able to obtain assistance of the IMF, or any other lending agencies, or countries, if tough new tax regime was not implemented. The President said: “If we withdraw from this programme, we will not receive assistance from the IMF. If […]
Say draconian powers drafted to be given to Inland Revenue Chief Calls for independent body to get a fair hearing By Sanath Nanayakkare The new tax bill is one that demotivates taxpayers from being compliant and one that restricts existing taxpayers from their legitimate deductions, Nisreen Rehmanjee, head of corporate finance, group tax and social […]
[…]The post Continuing Corruption: Begging IMF: Increasing Taxes appeared first on Colombo Telegraph.
Delivering a special statement on tax policy today (October 19), Sri Lankan President Ranil Wickremesinghe explained the cause of recent tax implementation and elaborated on the progress made with regard to debt restructuring.The post Sri Lankan President explains Government’s tax policy while revealing the cause of inflation appeared first on Sri Lanka News - Latest Breaking News in Sri Lan...
President Ranil Wickremesinghe says the Government has no choice but to increase taxes in line with the expectations of the International Monetary Fund (IMF). In an address to the nation, the President said that Government is ready to implement prudent economic management after successful debt restructuring. President Wickremesinghe further noted that it was not possible […]