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Some members on the committee of Sri Lanka’s official creditors are pushing to reach a deal to restructure the nation’s debt without the participation of China, Bloomberg News reported on Wednesday citing people familiar with the matter. The members want the group of major creditors, including the US, Japan and India, to sign a memorandum […]
The International Monetary Fund (IMF) mission team concluding its visit to Sri Lanka said that despite early signs of stabilization, full economic recovery is not yet assured.The post Despite signs of stabilization, full economic recovery not yet assured – IMF Mission appeared
The International Monetary Fund is concerned about a shortfall in revenue collection by Sri Lanka’s government this year, though that is unlikely to derail a $2.9 billion loan programme for the crisis-hit country, two Sri Lankan sources told Reuters.The post Sri Lanka’s revenue shortfall
[…]The post SL Debt Justice Collective Writes Open Letter To IMF On DDO appeared first on Colombo Telegraph.
[…]The post IMF & Global Debt Crises appeared first on Colombo Telegraph.
The Chinese spy ship ‘Shi Yan 6’ has entered the Malacca strait, bound for Colombo, amid confusion over whether Sri Lanka has granted access for the spy vessel to dock at Colombo. According to reports last month, the Sri Lankan Defence Ministry has granted Shi Yan 6 access to dock at Colombo port. However, the Sri Lankan […]
Manusha Nanayakkara, the Minister of Labour and Foreign Employment, confirmed that the existing 9% employee benefit related to the Employee Provident Fund will remain unchanged.The post No harm to the Employee Provident Fund – Manusha appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
The first review of the International Monetary Fund’s Extended Fund Facility (EFF) for Sri Lanka is slated to commence today (September 14).The post First review of IMF’s Extended Fund Facility for Sri Lanka to commence today appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka has accepted offers to exchange about $10 billion worth of defaulted local debt for new bonds, the Finance Ministry said on Tuesday, taking it a step towards meeting debt restructuring requirements ahead of an International Monetary Fund (IMF) review.The post Sri Lanka announces $10
[…]The post Channel 4’s Easter Sunday: The IMF Descends Amid An Over The Horizon Operation Staring ‘Sonic-Sonic’? appeared first on Colombo Telegraph.
Sri Lanka expects to forge major deals in its debt restructuring this month as the International Monetary Fund conducts the first review of its $3 billion loan program.The post Sri Lanka Expects Major Debt Restructuring Deals as IMF to Review Bailout appeared first on ONLANKA - Sri Lanka
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.
H.J.M Seneviratne, 63, slices through yellowed paddy stems dried out by a drought that has destroyed over 95% of his crop and is threatening crisis-hit Sri Lanka's summer rice harvest.The post Drought dents Sri Lanka’s economic hopes, farmers’ livelihood 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.
Government authorities must consult vehicle importers when making decisions on relaxing an ongoing import ban, President of the Vehicle Importers’ Association Indika Sampath Merinchige said. Welcoming a recent announcement by the government that it will scrap an import ban on several types of commercial vehicles, Merinchige told reporters on Monday August 14 that the authorities […]
. The International Monetary Fund (IMF) is set to conduct its first review […]
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...
Monetary policy transmission to the real economy in Sri Lanka is still incomplete, the governor of the country's central bank, Nandalal Weerasinghe, said at a LSEG FX Community Event on Monday.The post Sri Lanka central bank chief: monetary policy transmission still incomplete appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
[…]The post Debt Restructuring, Austerity & The IMF: A Panacea Or An Exacerbation? appeared first on Colombo Telegraph.
By Rathindra Kuruwita Annual elephant deaths have increased fourfold by this year, compared to 1969, according to official data, environmentalists say. Sajeewa Chamikara of the Movement for Land and Agricultural Reform (MONLAR) has said the number of elephants killed in the 19 years from 1951 to 1969 was 1,163. This works out to about 61 […]
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
Sri Lanka stands a strong chance of passing the first review of its $3 billion bailout given falling interest rates and a build-up of foreign reserves, according to the nation s representative on the International Monetary Fund executive board.
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.
There were about 105,000 registered limited liability companies in the country, but 82 percent of the tax revenue came from only 382 such firms, Chair of the Sectoral Oversight Committee on National Economic and Physical Plans Mahindananda Aluthgamage said. Referring to personnel income tax files, Aluthgamage said that though there were 500,000 personal income tax […]
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
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 […]
By NESHELLA PERERA ECONOMYNEXT –Sri Lankan citizens aged more than 18 years will have to open tax files because they chose the country’s leaders by voting, which influence country’s policies, State Minister of Higher Education Minister Suren Raghavan said. After the sovereign debt crisis hit island nation signed a $3 billion deal with the International Monetary […]
By SHIHAR ANEEZ ECONOMYNEXT –Sri Lanka will discuss its bilateral debt restructuring process separately with China, but Beijing will be treated equally as the other bilateral lenders, the island nation’s Foreign Minister Ali Sabry said. Sri Lanka has already started negotiations with its bilateral lenders through Paris Club members and non-Paris Club members. China, however, has […]
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.