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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 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.
Beijing [China], August 19 (ANI): Raising concerns regarding the financial crisis triggered by the downturn in China’s real estate market, Chinese investment firm Zhongrong Trust , which managed USD 87 billion worth of funds for corporate clients and wealthy individuals as of the end of 2022, had failed to pay the interest and principal on […]
By Y P Prakash India’s Strategic Lunar Missions Contrast with Sri Lanka’s Costly Ventures and Underutilized Infrastructure, Highlighting Investment Priorities and Technological Futures Over the course of several years, the investment in India’s space exploration missions has seen both accomplishments and financial considerations. In 2008, the pioneering Chandrayaan-1 mission was ...
[…]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.
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...
[…]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.
Islamabad [Pakistan], July 19 (ANI): Beyond the upcoming election cycle and the current standby agreement, Pakistan needs another International Monetary Fund (IMF) program and assistance from other multilateral lenders, the lender stated in a report released on Tuesday, according to Dawn. “Resolving Pakistan’s structural challenges, including long-term BOP [balance of payments] pressures, will req...
India and Sri Lanka said on Friday that they had agreed to improve economic ties by increasing cooperation in renewable energy and studying the feasibility of building an oil pipeline and a land bridge between the two countries.The post India, Sri Lanka agree to boost ties through energy, power and port projects appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lankan President Ranil Wickremesinghe arrives in New Delhi on Thursday on a two-day visit hoping to strengthen economic ties between the South Asian countries.The post Infrastructure, energy and debt on agenda as Sri Lanka president arrives in India appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
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.
Sri Lanka born international economist Dr. Howard Nicholas of Erasmus University, Netherlands has categorically stated that Sri Lanka must not adopt the IMF recommendations on monetary policy for it has no rational basis and evidence of success anywhere in the world. Coming from a Western based economist that provides a lot of food for thought […]
[…]The post Towards A False Dawn appeared first on Colombo Telegraph.
Sri Lanka is likely to discuss energy, power and port projects during a presidential visit to New Delhi next week, the Foreign Minister said, as India tries to push forward stalled initiatives with its crisis-hit neighbour. India’s support was critical for Sri Lanka last year after it almost ran out of dollars and sank into […]
Sri Lanka is likely to discuss energy, power and port projects during a presidential visit to New Delhi next week, the foreign minister said on Monday, as India tries to push forward stalled initiatives with its crisis-hit neighbour.The post Sri Lanka to focus on energy, port projects with India during presidential visit appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Udeni Kaluthantri, a 54-year-old port worker, became an overnight sensation last year for reasons that had nothing to do with his job. Days after protesters stormed the presidential palace in the Sri Lankan capital Colombo, a video surfaced of Mr Kaluthantri lounging on a bed draped with the presidential flag. Pictures of young men jumping […]
When the five days long stretch of holidays ended last week and the Colombo bourse reopened for trading on Tuesday, the market surged 6.71 percent (633.69 points up) on the broad All Share Price Index (ASPI) while the Standard and Poor SL 20 index covering the 20 largest and more liquid companies quoted on the […]
The man charged with clawing Sri Lanka out of bankruptcy says he had warned about economic calamity years before it hit and was pressed into retirement for his troubles.The post ‘No second chance’ to save Sri Lanka, central banker warns appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
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
CP Chairman DEW G says lawmakers here should be aware of what is going on in the world. The Parliament cannot turn a blind eye to global developments, the former MP said, pointing out that the ongoing Ukrainian crisis underscored the need for greater understanding of international affairs as the rapid developments taking place with […]
Chinese Ambassador to Sri Lanka Qi Zhenhong says that many nations in the world, including China and Sri Lanka, are still suffering under the yoke of neo-colonialism and hegemonism. Speaking during a visit to the Muthiyangana Raja Maha Viharaya, AmbassadorQi said China firmly upholds international fair play and justice, advocates the practice of true multilateralism, takes […]
[…]The post The March Towards ‘Akhand Bharat’ appeared first on Colombo Telegraph.
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.
In a bid to address the foreign exchange crisis in Sri Lanka and ensure a steady supply of fuel, the Ministry of Power and Energy has taken decisive action.The post Sri Lanka signs agreement with RM Parks Inc to ensure uninterrupted fuel supply appeared first on ONLANKA News - Sri Lanka
In a bid to address the foreign exchange crisis in Sri Lanka and ensure a steady supply of fuel, the Ministry of Power and Energy has taken decisive action. Accordingly, an agreement was signed on Thursday (08) at the Presidential Secretariat, between the Government of Sri Lanka and RM Parks Inc