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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 […]
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 […]
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 economic recovery eludes the poor appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top S...
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 […]
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 […]
The World Bank approved $700 million in budgetary and welfare support for Sri Lanka on Thursday, the biggest funding tranche for the crisis-hit island nation since an International Monetary Fund (IMF) deal in March.The post World Bank approves $700 Million for crisis-hit Sri Lanka appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
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.
Actually LKI owed public an explanation as to why it never addressed the accountability issue and related matters in spite of it being the toughest foreign affairs challenge faced in post-independence era. There is no harm in addressing a variety of issues of interest but the failure on the part of the LKI to examine […]
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
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.
Sri Lanka's economy (LKGDP=ECI) shrank 11.5% in the first three months of 2023, official data showed on Thursday, as the country remained in the grip of its worst financial crisis in decades.The post Sri Lanka’s economy shrinks 11.5% in first quarter as financial crisis continues appeared
Sri Lanka's President Ranil Wickremesinghe is likely to discuss the crisis-stricken nation's debt with Paris Club members on the sidelines of a trip to France next week, sources familiar with the matter told Reuters on Tuesday.The post Sri Lanka president to hold debt talks on France visit – sources appeared first on ONLANKA News - Sri Lanka Latest Breaking News and Live Updates - Sri Lanka ...
Sri Lanka Government to relax existing import restrictions on about 300 to 400 items from next week.The post Sri Lanka Government to relax import restrictions on nearly 400 items appeared first on ONLANKA News - Sri Lanka Latest Breaking News and Live Updates - Sri Lanka News.
The Colombo Consumer Price Index (CCPI) indicates that Sri Lanka’s inflation rate had eased to 25.2 percent in May from 35.3 percent in April, the President’s Media Division (PMD) said on Wednesday. This reduction in inflation provides some relief to the crisis-hit economy, which has been severely impacted by a foreign exchange crisis, leading to […]
Sri Lanka's key inflation rate eased to 25.2% in May from 35.3% in April, the statistics department said on Wednesday, reducing some stress on the crisis-hit economy.The post Sri Lanka’s key inflation rate eases to 25.2% in May appeared first on ONLANKA News - Sri Lanka Latest Breaking News and Live Updates - Sri Lanka News.
Sri Lanka's central bank is expected to keep rates unchanged at its policy meeting this week as it continues to support the debt-laden economy amid persistently high inflation.The post Sri Lanka’s Central Bank to hold rates as inflation stays high appeared first on ONLANKA News - Sri Lanka Latest Breaking News and Live Updates - Sri Lanka News.
Crisis-stricken Sri Lanka should be able to conclude newly-launched debt restructuring talks by September, or November at the latest, its president said on Thursday, adding that the negotiations had made "remarkable" progress.The post Sri Lanka could wrap up debt restructure talks by Sept, president says appeared first on ONLANKA News | Sri Lanka Latest Breaking News and Top Stories - Sri Lanka Ne...
Japanese Prime Minister Fumio Kishida will meet Sri Lanka's president on Thursday as the South Asian nation looks to bolster efforts to restructure its debt and repair an economy deeply scarred by a severe financial crisis.The post Japan Prime Minister Kishida meets Sri Lanka president on debt repair talks appeared first on ONLANKA News | Sri Lanka Latest Breaking News and Top Stories - Sri Lanka ...
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 […]
[…]The post Central Banks Have A Critical Role To Play During Times Of Financial Crisis appeared first on Colombo Telegraph.
China should play a formal role in the common framework for creditor talks set up by India and the Paris Club that is aimed at facilitating Sri Lanka’s debt restructuring, a U.S. official said. Sri Lanka defaulted on its foreign debt for the first time in its history last April as its economy faced its […]
India and Sri Lanka are exploring the possibility of using the Indian Rupee for economic transactions in order to strengthen their partnership through trade and investment-led measures. Recently, the High Commission of India organized a discussion in Colombo, on the use of the Indian Rupee for transactions between the two countries. Representatives from the Bank […]
The Sri Lankan economy is expected to contract by 3% in 2023 given the weak external environment, Krishna Srinivasan, Director of the Asia Pacific Department at the International Monetary Fund, said on Monday.The post Sri Lankan economy expected to contract by 3% in 2023: IMF official appeared first on ONLANKA News | Sri Lanka Latest Breaking News and Top Stories - Sri Lanka News.
Cash-strapped Sri Lanka’s national airline announced a staggering US $ 525 million annual loss yesterday.The post Sri Lanka’s airline posts US $ 525 million annual loss appeared first on ONLANKA News ::. Latest Sri Lanka News with Breaking News Alerts from Sri Lanka.
An International Monetary Fund (IMF) staff team will arrive in Sri Lanka on Thursday, a statement from the global lender said as the crisis-hit country prepares for the first review of a loan programme in September.The post IMF delegation to arrive in Sri Lanka on Thursday appeared first on ONLANKA News ::. Latest Sri Lanka News with Breaking News Alerts from Sri Lanka.
[…]The post Inflation, Interest Rate & Imperialism appeared first on Colombo Telegraph.
[…]The post Domestic Debt Restructuring: Another Time Bomb Clicking Down? appeared first on Colombo Telegraph.
Sri Lanka's apparel export earnings could slump by $1 billion this year, a top industry expert said on Wednesday, as slowing global demand hits the crisis-hit South Asian country.The post Sri Lanka apparel exports to drop by $1 billion in 2023, trade body says appeared first on Sri Lanka Breaking News and Top Headlines - ONLANKA News.
[…]The post Restructuring The Economy: A Stock Take appeared first on Colombo Telegraph.