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As Sri Lanka sank deep into its economic crisis last year, dentist Lakmal Kulasekara watched many in his field pack up and leave. No matter how bad things became, he was determined to stay.The post Sri Lanka hit by record brain drain, but some stay to rebuild appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka President Ranil Wickremesinghe announced that the government will be unveiling a new tourist plan called ‘Visit Sri Lanka’ that will be released in the upcoming months.The post Sri Lanka Government to launch ‘Visit Sri Lanka’ new tourism plan 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 […]
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...
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 […]
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 […]
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.
By Rathindra Kuruwita The appreciation of Sri Lankan rupee against major foreign currencies alone was not an indication of economic stabilisation, H M C G Bandara, Senior Lecturer at the Sabaragamuwa University says.Bandara said that exchange rates, interest rate and inflation had become hot topics and the public used that to gauge the health of […]
By N Sathiya Moorthy Addressing a teacher-centric event at ‘Temple Trees’ the other day, President Ranil Wickremesinghe underscored the importance of English education and promised to ensure that teachers and necessary resources are provided for the purpose. In the same vein, he also highlighted that the opportunity should also be given to learn languages such as […]
[…]The post FDIs – BOIs & Exchange Crisis appeared first on Colombo Telegraph.
By Y P Prakash The current state of Sri Lanka evokes memories of India’s experience in the 1990s, although India was able to rectify the situation before it escalated to a critical level akin to a Bastille-like crisis. By 1991, India found itself on the brink of sovereign default. The Gulf War exacerbated the situation […]
Representing Sri Lanka at the 14th International Infrastructure Investment and Construction Forum (14th IIICF) Friday (02), Minister of Ports, Shipping and Aviation – Nimal Siripala de Silva said that under the leadership of President Ranil Wickremesinghe, the government was dedicated to driving the digitalization initiative forward under name ‘DIGIECON 2030’, signifying a pivotal step towards [&#...
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
Vietnam wants to develop its bilateral relations with Sri Lanka more effectively, Vietnam’s Deputy Prime Minister Tran Luu Quang said. Tran Luu Quang met with President Ranil Wickremesinghe in Tokyo. Talking to the Sri Lankan leader, Deputy PM Tran Luu Quang, who is paying a working visit to Japan, affirmed that Vietnam consistently attaches importance […]
By Harischandra Gunaratna Chairman of the Institute of Hospitality, Dr. Harsha Jayasinghe on Tuesday said the brain drain in the country had not only led to a serious loss of talent but also hampered the industry’s ability to provide high-quality services and meet the demands of national and international visitors. Speaking at the 31st AGM […]
The economic crisis has placed Sri Lanka among the 20 poorest countries in Asia. A report published on Insider Monkey noted that while Sri Lanka is classified as a developing country, it is currently facing an economic crisis characterized by the devaluation of its currency, increasing inflation, and a humanitarian emergency caused by a severe […]
Sri Lanka is among three South Asian governments that increased borrowing from domestic banks to finance their record debt, and, as a result, sovereign-bank nexus increased, heightening the financial sector’s vulnerability, according to a World Bank report. The other two countries are the Maldives and Pakistan, says a WB report, titled ‘A mixed bag for […]
tourists in 2023 for crisis-hit economy appeared first on Sri Lanka Breaking News and Top Headlines ...
Adventure tourism is playing a key role in helping Sri Lanka rebuild its economy after a turbulent few years for the South Asian nation.The post Sri Lanka looks to adventure travel to attract ‘quality’ tourists and help rebuild economy appeared first on Sri Lanka Breaking News and Top
Sri Lanka President Ranil Wickremesinghe addressed the United National Party (UNP) May Day celebrations held at the Sugathadasa Indoor Stadium in Colombo yesterday (May 01) through video technology.The post Sri Lanka President says Let 2048 be the year of development for Sri Lanka appeared first on Sri Lanka Breaking News and Top Headlines - ONLANKA News.
Sri Lanka's economy is expected to shrink by 2% in 2023, its central bank said in an annual report on Thursday, as the country struggled to emerge from its worst financial crisis in decades.The post Sri Lanka’s economy to shrink by 2% in 2023, Central Bank says appeared first on Sri Lanka
The Government of Sri Lanka has initiated a project to introduce a passenger ferry service between the port of Kankasanthurai in Sri Lanka and Pondicherry in India, aimed at providing an affordable and convenient mode of transportation between the two countries. The cost of a round trip scheduled to commence by the end of April […]
Bangladesh Prime Minister Sheikh Hasina says Bangladesh attaches high priority to its relations with its neighbours, particularly with Sri Lanka, which are based on historical bonds and a multitude of commonalities. Hasina said that Bangladesh and Sri Lanka can greatly enhance bilateral cooperation in the areas of investment, agriculture, fisheries, pharmaceuticals, maritime connectivity and highe...
IMF has shown the way and now Sri Lanka has to dig itself out of the mess, says Governor by Sanath Nanayakkare Central Bank Governor Dr. Nandalal Weerasinghe recently said that Sri Lanka needs to build and keep a ‘comfortable level’ of currency reserves in order to maintain the country’s balance-of-payments situation in the event […]