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The International Monetary Fund (IMF) and Sri Lanka have reached a crucial staff-level agreement which is now subject to the approval by IMF management and the IMF Executive Board. After constructive discussions with the authorities in Colombo and during the Annual Meetings in Marrakech, IMF Senior Mission Chief for Sri Lanka Peter Breuer and Deputy […]
Sri Lanka's president on Wednesday said debt relief for low-income countries should be part of the green transition and inaction on debt could pose an existential threat to China's Belt and Road Initiative.The post Sri Lanka president urges debt relief to help green transition appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
An international consultant has been appointed to guide the restructuring process of SriLankan Airlines, Minister of Port, Shipping and Aviation Nimal Siripala de Silva said. The Minister said the consultant is expected to bring expertise and best practices to guide the restructuring efforts. Sri Lanka’s aviation sector has reported a substantial profit of Rs. 22 […]
[…]The post Misconceived Resilient Economy Needs Fixing By Restoring Broken Supply Chains appeared first on Colombo Telegraph.
President Ranil Wickremesinghe addressed the 5th Forum of Ministers & Environment Authorities of the Asia Pacific at the Shangri La Hotel in Colombo today (05), delivering a passionate speech that emphasized three crucial points: the urgency of the climate crisis, Sri Lanka’s ambitious climate plans and the dire state of global biodiversity. President Wickremesinghe opened […]
[…]The post Sri Lanka: IMF / World Bank – Systemic Reforms Needed appeared first on Colombo Telegraph.
[…]The post Has The Economy Been Assassinated & If So, Who Were The Assassins? appeared first on Colombo Telegraph.
Fitch Ratings upgraded Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CCC-‘ from ‘RD’ (Restricted Default), in its latest report.Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below. The Long-Term Foreign-Currency IDR has been affirmed at ‘RD’ and the Country Ceiling at ‘B-‘. ...
[…]The post Responsible Investment Of Borrowed Money: Could This Be A Way Forward? appeared first on Colombo Telegraph.
By N Sathiya Moorthy First, it was former Central Bank Governor Dr Indrajith Kumaraswamy. He was the chosen man of President Ranil Wickremesinghe, the then Prime Minister, for the job after his previous choice from Singapore, Arjuna Mahendran, scooted away in the light of the ‘bonds scam’ expose. The man is yet to be traced, for […]
By Sanath Nanayakkare The Global CEO Forum Sri Lanka held at the Galadari Hotel on Thursday showed a clear shift of discussion topics by Sri Lankan business leaders compared to what they were talking about just a year ago. Completely deviating from airing worries about how to run their businesses amid economic turmoil, business leaders […]
and eliminate fossil fuel-based electricity generation by […]
Monday 18th September, 2023 Some henchmen of the Rajapaksa family, which is responsible for ruining the economy, have taken upon themselves the task of investigating the causes of the country’s bankruptcy! They are all out to absolve their political masters of wrongdoing in a bid to shore up the latter’s chances of winning future elections. […]
[…]The post System Change Happening In Wrong Direction appeared first on Colombo Telegraph.
[…]The post Taxation Without Accountability Is Not Sustainable appeared first on Colombo Telegraph.
by Jehan Perera The increase in the price of petrol and diesel has been accompanied by the removal of the QR Code quota system for the purchase of fuel. The elimination of long lines of vehicles, and people, outside of the fuel stations that existed a year ago is one of the signs of normalisation
Sri Lanka's key inflation rate eased to 4% in August from 6.3% a month ago, the statistics department said on Thursday, marking continued stabilisation for the crisis-ridden economy.The post Sri Lanka’s key inflation rate eases to 4% in August appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sinopec Energy Lanka, a Beijing-based leading international petroleum company, has officially commenced its business operations in Sri Lanka by starting fuel supply at its first filling station in Sri Lanka established in Mattegoda, Colombo from yesterday (August 30).The post Sinopec officially
In July 2022, Sri Lanka witnessed the inauguration of President Ranil Wickremesinghe amidst a severe economic and political turmoil, marking one of the most challenging crises since gaining independence in 1948. Preceding him, former President Gotabaya Rajapakse had been compelled to step down following widespread protests triggered by extended 12-hour power outages and ongoing scarcities […...
[…]The post Debt Restructuring, Austerity & The IMF: A Panacea Or An Exacerbation? – Part V appeared first on Colombo Telegraph.
Sri Lanka’s consumer inflation rate more than halved to 4.6% year-on-year in July, helped by falling food prices, the statistics department said on Monday.The post Sri Lanka’s July consumer inflation more than halves to 4.6% appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
[…]The post In Sri Lanka, Chaotic Social Security Reform Denies People’s Rights: “Aswesuma” Program Applies Complex & Arbitrary Targeting, Leaving Millions In Limbo appeared first on Colombo Telegraph.
Sri Lanka’s largest bilateral creditor, China, has assured the island nation its help in effectively addressing the debt challenges as it has to finalise the external and domestic debt restructuring of a whopping USD 41 billion by September before the IMF’s first review. The International Monetary Fund (IMF) is set to conduct its first review […]
Chinese oil major Sinopec expects to start operations in Sri Lanka on Sept. 20 and will be allowed to sell fuel for less than the maximum retail price set by the government, Sri Lanka's power minister said on Tuesday.The post Sri Lanka says China’s Sinopec to start operations September 20
The IMF will conduct the first review of the $2.9 billion bailout to Sri Lanka from September 11-19, state minister of finance Ranjith Siyambalapitiya said on Saturday and declared that the country has successfully fulfilled the nine conditions set by the global lender.The post IMF to conduct bailout review for Sri Lanka in September appeared first on ONLANKA - Sri Lanka Latest Breaking News and T...
By Shamindra Ferdinando The Convenor of ‘Samagi Joint Trade Union Alliance’ Ananda Palitha yesterday (06) alleged that the bankrupt country was being exploited to the hilt by the powers that be and external powers. The one-time director of the Ceylon Petroleum Corporation (CPC) said that the Wickremesinghe-Rajapaksa government increased diesel and petrol prices on 30th […]
[…]The post Debt Restructuring, Austerity & The IMF: A Panacea Or An Exacerbation? appeared first on Colombo Telegraph.
[…]The post To Be Realistic, There Are Only Two Options appeared first on Colombo Telegraph.
by Y P Prakash The Sri Lankan government, led by Power & Energy Minister Kanchana Wijesekara, has placed significant emphasis on regional energy integration and grid connectivity between Sri Lanka and India. The target for implementing this initiative is 2030. Discussions regarding regional energy integration have been ongoing for more than two decades, and the […]
At first glance, life in Sri Lanka's financial capital Colombo looks deceptively normal.The post Is the worst over for Sri Lanka’s economic crisis? appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.