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China’s efforts to gain the space it lost in Sri Lanka to India have hit yet another stumbling block after it vehemently opposed the invitation to Tibetan Buddhist spiritual guru Dalai Lama. Sri Lanka is a Buddhist-majority country and China’s record of treatment of religious minorities especially Tibetan Buddhists has not been good. China’s image […]
The International Monetary Fund (IMF) has approved loans of $4.7 billion to Bangladesh for disbursal starting immediately, making it the first to secure such funds out of three South Asian countries that applied last year amid economic trouble.The post Bangladesh secures $4.7 billion from IMF as other South Asian countries see delays appeared first on Sri Lanka News - Latest Breaking News in Sri L...
Sri Lanka's Central Bank Governor Dr. Nandalal Weerasinghe said regardless of the future elections, he wants to see a continuation of the economic reform path the country has embarked on, as it is the only way to come out of the current crisis.The post Sri Lanka’s Central Bank insists on staying on reform path regardless of election outcome appeared first on Sri Lanka News - Latest Breaking ...
Holders of Sri Lanka’s foreign bonds want more clarity on the nation’s local-currency debt before they sit down for formal restructuring talks, according to people familiar with the situation.The post Sri Lanka creditors seek clarity on local bonds for debt talks – report appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
A major crisis involving thousands of unfinished apartments across China awaits the government even as it tackles the severe Covid outbreak and tries to ward off an economic disaster owing to the strict lockdowns only recently lifted under people’s pressure. The property loan market in the country is experiencing rising bad debts. They stand at 29 per […]
[…]The post The Absurdity Of ‘Independence’ & The Myth Of ‘Public Mandate’ appeared first on Colombo Telegraph.
In my view, 2023 will be remembered for India’s emergence as the third pole of the world. A year ago, I predicted a stronger Xi Jinping and a weaker Joe Biden in my forecast for 2022. I was almost correct, but the reality turned out a little differently than I expected. Xi secured a third […]
Turkey’s Foreign Minister Mevlut Cavusoglu has revealed that China has refused to allow the Turkish ambassador to visit the Uyghur region in the north-western Xinjiang province, admitting it has strained ties between the two nations, reported MEMO (Middle East Monitor). Cavusoglu, holding a year-end press briefing in Turkey’s capital Ankara, said the Chinese government “said [...
By Easwaran Rutnam Former United Nations Secretary-General Ban Ki-moon will arrive in Sri Lanka next week to witness the signing of an agreement between the Global Green Growth Initiative (GGGI) and the Ministry of Environment, President’s Senior Adviser on Climate Change Ruwan Wijewardene told Daily Mirror. Wijewardene said that Ban Ki-moon is scheduled to arrive […]
Sri Lankan Minister of Foreign Affairs Ali Sabry has held talks with ministers and senior officials in Saudi Arabia, as the crisis-hit island nation seeks to boost cooperation with the Kingdom and other Gulf countries.The post Sri Lanka seeks to boost ties with Saudi Arabia and Gulf nations appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
A delegation from the embassy of the Republic of Côte d’Ivoire will be visiting Sri Lanka from 31 January to 7 February. His Excellency Eric Camille N’dry, the Ambassador designated of Cote d’Ivoire to Sri Lanka, will be presenting his credentials to the President of Sri Lanka, His Excellency Ranil Wickremesinghe, while the delegation will […]
Sri Lanka's economy could contract by -3.5 or -4.0% in 2023 after shrinking -11% last year, President Ranil Wickremesinghe said on Saturday.The post Sri Lanka economy could shrink by -3.5% to -4%, president says appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
ECONOMYNEXT –The United Kingdom is “ready to consider” financing assurances to Sri Lanka to secure a 2.9 billion US dollar extended fund facility (EFF) with the International Monetary Fund (IMF), a UK official said. Minister of State (Foreign, Commonwealth and Development Office) Anne-Marie Trevelyan told the British parliament on Tuesday January 24 that the UK […]
[…]The post Is The World, Hopelessly Divided Over Ukraine, Coming Together For Sri Lanka? appeared first on Colombo Telegraph.
By Easwaran Rutnam China’s offer to Sri Lanka of a two-year moratorium on its debt is not sufficient to clear the path for the International Monetary Fund (IMF) to approve a funding program, diplomatic sources told Daily Mirror. Sources said that the IMF requires more assurances from China in order to secure IMF board approval […]
[…]The post Continuing With Tight Monetary Policy: Is The Central Bank Making A Mistake? appeared first on Colombo Telegraph.
[…]The post Big Fishes In Little Ponds: The Government’s & Civil Society’s Rightward Tilt appeared first on Colombo Telegraph.
Pakistan is seeking $1.1bn from the fund, part of its $6bn bailout package, to avoid default.The Pakistani rupee has dived to a historic low against the United States dollar after an exchange cap was lifted as the cash-strapped country seeks to unlock a vital bailout from the IMF. The Washington-based lender has yet to approve […]
Sri Lanka is confident of reaching a deal with all its international creditors and securing financial support from the International Monetary Fund (IMF). State Minister of Finance Shehan Semasinghe said that the public have placed their trust on support from the IMF as it would create a foundation in finding solutions for the economic crisis […]
China’s Export-Import Bank of China (EXIM) has provided Sri Lanka with a debt extension, China’s Foreign Ministry said, confirming a Reuters report earlier this week. EXIM offered Sri Lanka a two-year moratorium on its debt and said it would support the country’s efforts to secure a $2.9 billion loan from the International Monetary Fund, according […]
Former State Minister Nalaka Godahewa and two others, the accused in a case filed against the alleged misappropriation of state funds were acquitted and released by the Colombo High Court today (January 26).The post Nalaka Godahewa acquitted and released from fund misappropriation case appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Debt-ridden Sri Lanka on Wednesday (January 25) thanked India for issuing the necessary guarantees sought by the IMF that would help Colombo to unlock the USD 2.9 billion bailout package.The post Sri Lanka thanks India for giving assurances to IMF for USD 2.9 Billion bailout package appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
While implementing complex programmes such as the International Monetary Fund (IMF), difficult decisions related to it should be implemented regardless of who is in power, Central Bank Governor Dr. Nandalal Weerasinghe said on Wednesday (January 25).The post IMF process should continue whoever is in power – Central Bank Governor appeared first on Sri Lanka News - Latest Breaking News in Sri ...
Economics primarily drive politics and this principle applies to Sri Lanka’s relations with almost the entirety of the world’s regions. The fact that economic interdependence is compelling this country to break new ground in its ties with the Middle East bears this out fully. Over the decades, Sri Lanka has prioritized the need to sustain […]
By Hiran H. Senewiratne The Central Bank did not contract the economy by hiking interest rates, but prevented a further contraction and possible hyper- inflation by stabilizing the external sector with high rates, Central Bank Governor Dr. Nandalal Weerasinghe said. “The Central Bank by tightening monetary policy, minimized the damage that was going to happen […]
By Sanath Nanayakkare Governor of the Central Bank Dr. Nandalal Weerasinghe said yesterday that the CBSL was not in any way connected to the matter of holding local government elections. Dr. Weerasinghe said so responding to a question from journalists as to how the Central Bank viewed the possibility of holding the local government elections […]
[…]The post Will India Be The Game Changer For RW? appeared first on Colombo Telegraph.
Sri Lanka’s gross official reserves stood at an estimated US dollars 1.9 billion by the end of 2022, the Central Bank of Sri Lanka said today. The bank said that the gradual improvement in workers’ remittances, together with the revitalisation of tourism, helped improve the external current account balance in recent months while easing excessive […]
by Rohana R. Wasala First of all, let me express my sincere respects to Mr. D. L. Sirimanne, the writer of the interesting article entitled ‘Celebrating 75th Anniversary of Independence’ (The Island/Opinion/January 18, 2023). He struck me as a venerable old man, who, at 103 years of age, still thinks about the welfare of his fellow Sri […]
By Saman Indrajith Interest rates could be relaxed with a cash infusion via the IMF, the Central Bank officials, including Governor Dr. Nandalal Weerasinghe, told the Committee on Public Finance (CoPF) recently. Dr. Weerasinghe said high interest rates had been adopted to limit growth to prevent the need for greater foreign exchange given the dwindling […]