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Monday 31st July, 2023 French President Emmanuel Macron, who was here briefly, a few days ago, has reportedly pledged his country’s support for Sri Lanka’s debt restructuring process. Other creditor nations, too, have offered to help this country come out of the present economic crisis. Their assistance is to be greatly appreciated. President Ranil Wickremesinghe […]
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[…]The post Modi-Wickremesinghe Tamil Drama appeared first on Colombo Telegraph.
Sri Lanka's parliament on Thursday (July 20) approved a new law to improve the independence of the country's central bank, the deputy speaker said, as part of reforms linked to a $2.9 billion International Monetary Fund bailout package.The post Sri Lanka parliament approves bill to boost central bank independence 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 Debt Restructuring, Austerity, & The IMF: A Solution Or A Worsening Of The Problem? appeared first on Colombo Telegraph.
Monday 17th July, 2023 The Parliamentary Select Committee (PSC) appointed by Speaker Mahinda Yapa Abeywardena to investigate the causes of the country’s bankruptcy has come in for severe criticism, and understandably so. The Opposition has rightly pointed out that the PSC cannot be expected to act impartially under the chairmanship of General Secretary of the […]
The economic and political landscape of Nepal is currently facing a dual assault from its neighbor, China. As the country grapples with the aftermath of a devastating earthquake, the once-thriving Tatopani market stands as a somber reminder of the destructive power of nature. However, the decline of this border town is not solely due to […]
Expressing his gratitude to “trustworthy friend” India for saving Sri Lanka and preventing a “bloodbath” during its unprecedented economic crisis last year, Parliament Speaker Mahinda Yapa Abeywardena has said that not a single nation has extended that kind of assistance to Colombo as done by New Delhi.The post Sri Lanka’s Speaker thanks India, Indian Prime Minister Modi for help during fina...
As Sri Lanka embarks on debt restructuring negotiations with key lenders in parallel to the International Monetary Fund (IMF) initiatives, it is useful to consider China’s importance as one of Sri Lanka’s top lenders. China has so far not joined the common platform of negotiators on Sri Lanka’s debt restructuring, though it has joined as […]
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.
India plans to allow Sri Lanka up to 12 years to repay its debt to help ease the financial burden on the island nation, India’s Export Credit Guarantee Corporation (ECGC) Ltd’s chairman-cum-managing director M. Senthilnathan said.The post India to allow Sri Lanka to repay debt over 12 years 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
India plans to allow Sri Lanka up to 12 years to repay its debt to help ease the financial burden on the country, India’s Export Credit Guarantee Corporation (ECGC) Ltd’s Chairman-cum-Managing Director M. Senthilnathan said. Sri Lanka, facing its worst economic and political crisis in over seven decades, owes $7.1 billion to bilateral creditors— $3 […]
Friday 7th July, 2023 A Parliamentary Select Committee (PSC) has been set up to probe how the country became bankrupt. SLPP General Secretary and MP Sagara Kariyawasam, of all people, has been appointed its chairman! The Opposition yesterday let out a howl of protests, in Parliament, against Kariyawasam’s appointment, claiming that his party was responsible […]
Sri Lankan state can’t allow even a small bank to collapse because that will trigger a bank run with a devastating impact on the economy. Governor of the Central Bank of Sri Lanka CBSL) Dr. Nandalal Weerasinghe said, on Thursday night, taking part in a televised discussion. Dr. Weerasinghe
The muted, panicked voice came through the phone of a friend who croaked she was very confidentially warning Cassandra and advising her. Yours truly was immediately panic infected. With deep emphasis and concern the friend took her time to advise that Cass withdraws all money from banks. Cass was for once glad she was poor […]
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Sri Lanka and China’s EXIM Bank had talks on the debt restructuring exercise. Foreign Minister Ali Sabry had detailed discussions in Beijing with EXIM Bank of China Chairman Wu Fulin and a team of EXIM Bank. The Sri Lanka Embassy in China said that both sides expressed satisfaction at the conclusion of the talks. Earlier, Chinese […]
Debt-laden Sri Lanka will unveil its domestic debt restructuring strategy this week, central bank chief P Nandalal Weerasinghe said on Sunday (Jun 25), as the island navigates its worst financial crisis in decades. Sri Lanka will also likely obtain Cabinet and parliamentary approval for the debt restructuring strategy this week, Weerasinghe told local TV channels […]
by reforming the economy and also aiming at a ‘highly efficient […]
[…]The post Ranil’s Economic Strategy: Will His Prioritisation Of Targets Misfire? appeared first on Colombo Telegraph.
Sri Lanka is set to start bartering tea to Iran next month in lieu of $250 million owed for oil, a Sri Lankan official told Reuters on Friday, as the crisis-hit country tries to lift sales to a key market and protect its forex reserves.The post Sri Lanka set to start tea-for-oil barter with Iran next month appeared first on ONLANKA - Latest Breaking News updates on Sri Lanka.
Friday 23rd June, 2023 SriLankan Airlines came under a scathing attack in Parliament on Wednesday. In what turned out to be a rare moment of unity among warring political parties, both sides of the House joined forces to bash the so-called national carrier left, right and centre. Not that the beleaguered airline does not deserve […]
By Prabhat Patnaik After Sri Lanka and Pakistan, Bangladesh has become the third country in our neighbourhood to become afflicted by a serious economic crisis. It has asked for a $4.5 billion loan from the IMF, apart from $1 billion from the World Bank and $2.5-3 billion from multilateral agencies and donor nations. Though the […]
The Sri Lanka Government has not yet taken a final decision regarding the domestic debt optimization programme, Minister of State for Finance Shehan Semasinghe said.The post Sri Lanka Government has not taken a final decision yet regarding domestic credit optimization – Minister of State for Finance appeared first on ONLANKA News - Sri Lanka Latest Breaking News and Live Updates - Sri Lanka ...
The World Bank is likely to approve $700 million in budgetary and welfare support for Sri Lanka at its next board meeting on June 28, sources told Reuters, the biggest funding tranche for the crisis-hit island nation since an IMF deal in March. The economy of the country of 22 million is expected