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“Our focus is on achieving 70% renewable energy by 2023. This includes 25% from solar panels, 15% from wind power, and 10% from natural gas. However, transitioning the energy mix is a gradual process, requiring meticulous planning and execution. We aim to reach 60% renewable energy by 2026 and eliminate fossil fuel-based electricity generation by […]
[…]The post System Change Happening In Wrong Direction appeared first on Colombo Telegraph.
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.
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.
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 appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
[…]The post To Be Realistic, There Are Only Two Options appeared first on Colombo Telegraph.
The visit of President Ranil Wickremesinghe to India has significance in a number of spheres from development to strategic partnership with Sri Lanka’s immediate neighbor. As India tries to move forward with stalled initiatives with its crisis-hit neighbour, Sri Lanka is keen on discussing energy, power and port projects according to Foreign Minister Ali Sabry. […]
A year after angry Sri Lankans stormed the president's residence and forced his ouster during a meltdown of the economy, the island's streets are calm, there are no serpentine queues at fuel stations and hours-long power cuts have ended.The post Analysis: A year later, Sri Lanka’s tentative economic recovery eludes the poor appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top S...
Sri Lankan tea prices that had been piping hot have cooled off as production in the world’s fourth-largest tea grower begins to recover.The post Sri Lanka tea prices dip 40% from record high on production rebound appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sinopec (600028.SS) has signed a contract to enter Sri Lanka’s retail fuel market, the President’s office said on Monday, as the crisis-hit country attempts to reduce pressure on its meagre dollar reserves. Under the new deal the Chinese firm will be given a 20-year licence to operate 150 fuel stations and will also be able […]
Sri Lanka's key inflation rate eased to 35.3% in April from 50.3% in March, the statistics department said on Friday, a sign of relief for the crisis-battered economy.The post Sri Lanka’s key inflation rate eases to 35.3% in April appeared first on Sri Lanka Breaking News and Top Headlines - ONLANKA News.
Sri Lanka's economy is expected to shrink by 2% in 2023, its central bank said in an annual report on Thursday, as the country struggled to emerge from its worst financial crisis in decades.The post Sri Lanka’s economy to shrink by 2% in 2023, Central Bank says appeared first on Sri Lanka
Sri Lanka's central bank kept interest rates steady on Tuesday and expressed optimism that prices would decelerate sharply in the coming months, in its first policy decision since securing a $3 billion bailout from the International Monetary Fund.The post Sri Lanka central bank holds rates, sees sharp drop in inflation appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA ...
India says under its ‘Neighbourhood First’ policy it has always come forward to help debt-ridden Sri Lanka, and in the latest instance New Delhi has distributed rations in Kalmunai. Taking to Twitter, the High Commission of India in Colombo said, “Support by @IndiainSL to needy sections continues!! Glimpses of ration distribution in Kalmunai.” The cash-strapped […]
Sri Lanka’s economy shrank 7.8% in 2022 from the previous year, government data showed on Wednesday, as the country struggled with its worst financial crisis in more than seven decades.The post Sri Lanka’s Economy suffers worst contraction in 2022 appeared first on Sri Lanka News
Sri Lanka needs institutional reforms in order to achieve long-term debt sustainability, said Steve Hanke, who played a key role in establishing new currency regimes in emerging markets like Argentina and Montenegro.The post Sri Lanka needs institutional changes for long-term debt sustainability, expert says appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
India had helped Sri Lanka more than any other country, especially, Sri Lanka’s Foreign Minister Ali Sabry said during Raisina Dialogue ‘Ideas Pod.’ While the Indian government took some bold decisions to help Sri Lanka face its economic crisis, even the Indian public came forward to support Sri Lanka, the country’s foreign minister said in […]
The International Monetary Fund (IMF) on Tuesday said Sri Lanka had secured financing assurances from all its major bilateral creditors, paving the way for the IMF board to consider approval of a long-awaited $2.9 billion four-year bailout.The post IMF board poised to approve $2.9 billion Sri Lanka bailout appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
President Ranil Wickremesinghe has said that India’s response to cash-strapped Sri Lanka’s request for debt restructuring is expected by the end of this month. Sri Lanka, which is trying to secure a USD 2.9 billion bridge loan from the International Monetary Fund (IMF), has been trying to to get financial assurances from its major creditors […]
By Dr. C. S. Weeraratna (csweera@sltnet.lk) Sri Lanka is facing an unprecedented crisis mainly due to economic mismanagement and corruption in the various development sectors. During the last few weeks, at various discussions related to the country’s economy, the need to take effective action on the present economic situation in the country has been highlighted. […]
Why did former President Sirisena vacate the Paget Road residence, having made it part of his ‘deal’ with the UNP? A three-judge bench of the Supreme Court, comprising Justices Priyantha Jayawardena, Gamini Amarasekara, and Kumuduni Wickremasinghe, having examined the arguments put forward by both the petitioner and respondent parties, issued an interim order on March […]
India has handed 75 passenger buses to Sri Lanka as part of its assistance towards strengthening public transport infrastructure in the cash-strapped country.The post India provides 75 buses to Sri Lanka to support public transport system appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Sri Lanka will restart negotiations on trade pacts with India, China and Thailand after a four-hear hiatus, an official said on Thursday, as the crisis-hit country races to seal deals to help it rebuild its economy.The post Sri Lanka to restart trade deal talks with India, China and Thailand – official appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
When Sri Lanka slid into its worst economic crisis in seven decades leading to deadly riots and alarming shortages of fuel, food and medicines earlier this year, its giant northern neighbour stepped into the breach.The post India makes inroads into Sri Lanka under China’s long shadow appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Sri Lanka's economy shrank 11.8% in the July-September quarter from a year ago, the second worst for the country, government data showed on Thursday, as it struggled with deep unrest sparked by its most severe financial crisis in decades.The post Sri Lanka’s economy shrinks 11.8
Global lenders including the World Bank, the Asian Development Bank and the IMF are planning coordinated assistance to help Sri Lanka recover from its economic crisis, the government said on Tuesday.The post Global lenders eye coordinated assistance for Sri Lanka – Government appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
The 20th Communist Party Congress of China may put a hold on the Chinese restructuring talks with Sri Lanka to secure the $2.9 billion facility to revive the ailing economy. The deadline was set for December, but it may be extended to January, according to the Central Bank of Sri Lanka. China is the main […]
[…]The post An Unstable & Unusual New World: Survival Strategies For Lanka appeared first on Colombo Telegraph.
Sri Lanka has postponed a round of debt restructuring talks initially expected to be held on Thursday to allow central bank and treasury officials to provide clarifications sought by the country's creditors, its state minister of finance said.The post Sri Lanka postpones debt restructuring talks, hopes for IMF deal in December appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ...
Sri Lanka unveils a budget on Monday attempting to put the South Asian government's finances in order, with reforms to advance a $2.9 global billion bailout from the island's worst financial crisis since independence in 1948.The post Sri Lanka budget to seek recovery for crisis-hit economy appeared