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Sri Lanka is struggling to secure dollar earnings and that has threatened its fuel, gas imports.
[…]The post How We Came To This Pass – The Aragalaya Challenge appeared first on Colombo Telegraph.
Exporters' main challenge is meeting orders due to fuel and power shortages and policy uncertainties.
[…]The post Child’s Guide To Ranilnomics: Proposed Debt Restructuring Will Pose More Issues Than Answers appeared first on Colombo Telegraph.
The UK is providing urgent food and farming support to Sri Lankans hit hardest by the economic crisis, UK Minister of State for the Middle East, South Asia, and the UN, Lord Tariq Ahmad of Wimbledon said. More than one third of people are struggling to eat and are suffering shortages of fuel, power
The country has lost several hundred thousand jobs to Covid-19. The impact of the agrochemical ban on agriculture, the mismanagement of the exchange rate, a highly accommodative monetary policy, and the use of foreign exchange reserves for debt repayment thwarted the country’s ability to recover from the initial shock of COVID-19, an ILO study titled, […]
Japan, one of Sri Lanka's main creditors, will back the South Asian nation as it seeks to restructure about $30 billion of its foreign debt and find a way out of a crippling economic crisis, Tokyo's envoy to the country said on Friday.The post Japan to support Sri Lanka’s debt restructuring
Japan, one of Sri Lanka’s main creditors, will back the South Asian nation as it seeks to restructure about $30 billion of its foreign debt and find a way out of a crippling economic crisis, Tokyo’s envoy to the country said on Friday. Reaching an agreement with creditors is key to Sri Lanka
Crisis-hit Sri Lanka will begin on Friday the tricky task of debt renegotiation with a raft of private and bilateral creditors, including China, India and Japan, to restructure and repay nearly $30 billion that it owes.The post Sri Lanka set to begin talks to restructure debt of $30 Billion
Another Open Letter to the Minister of Agriculture Mr. Minister, It appears that you are being lobbied by various individuals with an eye of promoting toxins and fossil additives into agriculture with seemingly no concern to the well being of our population. The writer quotes, ‘This has been best put by Bombastus Paracelsus (1493 -1541), […]
Crisis-hit Sri Lanka is desperately looking for tourism earning to finance its imports
Wickremesinghe also met King Charles III on Sunday September 18.
India has emerged as the largest bilateral lender for Sri Lanka, overtaking China. India has provided a total of 968 million US dollars in loans to the island nation in four months of 2022. In the past five years from 2017-2021, China has been the largest bilateral lender to Sri Lanka. Asian Development Bank (ADB) has […]
(PTI) The Sri Lankan government will virtually brief all its external creditors, on September 23, on the deal agreed with the International Monetary Fund (IMF) for the economic recovery and the next steps in the debt restructuring process. On September 1, the IMF reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement […]
The Sri Lankan authorities continue negotiations with Russia on the provision of a loan to buy Russian fuel, Sri Lankan Minister of Transport and Highways and Minister of Mass Media Bandula Gunawardena said on Saturday in an interview with Sputnik.The post Sri Lanka, Russia continue talks on loan for Russian oil products appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANK...
Investor sentiment has turned buoyant after IMF comments
A food crisis in Sri Lanka looms as the island nation faces its worst economic disaster in decades. With food price inflation higher than 90%, even staples like rice have become almost unaffordable for many Sri Lankans. The World Food Programme (WFP) estimates that about 30% of the population
Services PMI goes above 50, manufacturing recovery seen in some sector
‘IMF won’t maintain ministers, excess staff’ By Shamindra Ferdinando Dissident SLPP MP Prof. G. L. Peiris has alleged that the failure on the part of Parliament to fulfil one of its primary obligations, namely the responsibility for public sector finance caused the current crisis. The incumbent
By Rathindra Kuruwita Those who claimed that privatisation was the panacea for Sri Lanka’s economic ills had to present information about privatise institutions first, Janatha Vimukthi Peramuna (JVP) leader Anura Kumara Dissanayake said on Wednesday at a conference on privatisation of state assets. Dissanayake said that the SLPP had campaigned in 2019 and 2020 on a […]
Shares have been on the rise mainly on positive sentiment after the IMF comments.
India does not plan to provide fresh financial support to Sri Lanka on top of the nearly $4 billion it has extended this year, two sources told Reuters, as the island's battered economy starts to stabilise after a preliminary loan agreement with the IMF.The post India plans no more funding for Sri Lanka as IMF talks progress appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ON...
[…]The post Downward Spiralling Economy: Increased Govt Spending & Reduced Revenue appeared first on Colombo Telegraph.
Market sees over 600 million rupees of net foreign inflow
"Sri Lanka needs to work collectively to solve the food issue in the face of the global food crisis."
Market saw net foreign inflow for the 18th session in the last 21.
Financial advisory group Lazard (LAZ.N) has started talks with India, China and Japan on restructuring Sri Lanka's debt, a spokesman for the Sri Lanka government said on Tuesday, as the crisis-hit island nation seeks an International Monetary Fund (IMF) bailout.The post Lazard in talks with China
Sri Lanka should improve human rights and strengthen institutions to tackle the humanitarian challenges that have sprung from its worst financial crisis in seven decades, a top U.N. Human Rights official said on Monday.The post U.N. presses Sri Lanka to advance human rights amid economic crisis
An estimated 6.3 million people in Sri Lanka are facing moderate to severe acute food insecurity and their situation is expected to worsen if adequate life-saving assistance and livelihood support is not provided, the Food and Agriculture Organization of the United Nations (FAO) and the United Nations World Food Programme (WFP) warned today in a […]
A visiting U.S. diplomat on Sunday urged Sri Lankan authorities to tackle corruption and introduce governance reforms alongside efforts to uplift the country’s economy as a way out of its worst crisis in recent memory.The post USAID head urges crisis-hit Sri Lanka to tackle corruption appeared