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By Easwaran Rutnam France, which is part of the Paris Club, is in talks with Sri Lanka’s creditors in an attempt to ensure a solution is reached for the financial crisis sooner than later. The newly appointed French Ambassador to Sri Lanka, Jean-François Pactet, told a select group of journalists
Regular revelations, pertaining to high profile scams that had undermined revenue collection, underline the pathetic failure on the part of Parliament to ensure financial discipline. The Central Bank, five-member Monetary Board, Cabinet of Ministers and Parliament as an institution should accept the responsibility for the current crisis. The likes of Bandula Gunawardena continue to pursue […...
[…]The post Machiavellians Tend To Be Demonic: Stuck Between A Rock & A Hard Place appeared first on Colombo Telegraph.
By R M M Lilani A significant shift in the chaotic foreign policy of the Sri Lankan government has raised the idea of Japan once more acquiring the East Container Terminal (ECT), as the International Monetary Fund works to ameliorate Sri Lanka’s current financial crisis. After signing a MoU
Global lenders including the World Bank, the Asian Development Bank and the IMF are planning coordinated assistance to help Sri Lanka recover from its economic crisis, the government said on Tuesday.The post Global lenders eye coordinated assistance for Sri Lanka – Government appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
The 20th Communist Party Congress of China may put a hold on the Chinese restructuring talks with Sri Lanka to secure the $2.9 billion facility to revive the ailing economy. The deadline was set for December, but it may be extended to January, according to the Central Bank of Sri Lanka. China is the main […]
The Paris Club creditor nations are proposing a 10-year moratorium on Sri Lankan debt and another 15 years of debt restructuring as a formula to resolve the current financial crisis in the Island nation. While the Paris Club is still to formally reach out to India and China, two of Sri Lanka’s
Putting equal onus on rich global north and developing global south, the Paris Club creditor nations are proposing a 10-year moratorium on Sri Lankan debt and another 15 years of debt restructuring as a formula to resolve the current financial crisis in the island nation, the Hindustan Times
ECONOMYNEXT —TNA Batticaloa District MP Shanakiyan Rasamanickam, who has been on the warpath with Beijing over an apparent lethargy in helping the crisis-hit Sri Lanka to restructure its debt, has warned of a “China, go home” protest campaign similar to the “Gota, go home” protests that unseated the country’s powerful former president in July. The […]
[…]The post The Latest IMF Condition – Make The Central Bank Independent appeared first on Colombo Telegraph.
Sri Lanka's central bank on Thursday threatened administrative intervention to control high market interest rates that it regarded as out of line with the inflation outlook.The post Central Bank of Sri Lanka threatens administrative measures over high market interest rates appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
The Overall rate of inflation as measured by the National Consumer Price Index (NCPI) on a Year-On-Year basis was 70.6% in October 2022, compared to 73.7% in September 2022.The post Sri Lanka’s inflation slows down to 70.6% in October 2022 appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Sri Lanka has postponed a round of debt restructuring talks initially expected to be held on Thursday to allow central bank and treasury officials to provide clarifications sought by the country's creditors, its state minister of finance said.The post Sri Lanka postpones debt restructuring talks, hopes for IMF deal in December appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ...
[…]The post Economic Bankruptcy & Political Instability appeared first on Colombo Telegraph.
Sri Lanka unveils a budget on Monday attempting to put the South Asian government's finances in order, with reforms to advance a $2.9 global billion bailout from the island's worst financial crisis since independence in 1948.The post Sri Lanka budget to seek recovery for crisis-hit economy appeared
By Amal Jayasinghe Dozens of state-owned Sri Lankan companies employing tens of thousands of people could be restructured or closed as part of an IMF bailout of the bankrupt country, with the country’s airline top of the list for reform.With nearly 6,000 staff, SriLankan Airlines is the biggest and most expensive of the cash-haemorrhaging, sclerotic […]
Sri Lanka's new government will release the 2023 budget on Monday focused on boosting revenue, implementing tax reforms and fiscal consolidation to secure an IMF bailout package to help the country recover from its worst financial crisis in decades.The post Sri Lanka’s 2023 budget aims
Dozens of state-owned Sri Lankan companies employing tens of thousands of people could be restructured or closed as part of an IMF bailout of the bankrupt country, with the country's airline top of the list for reform.The post Turbulence ahead: Airline on the block in Sri Lanka reforms appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
[…]The post Lack of Common Sense Of A Time-Expired President appeared first on Colombo Telegraph.
[…]The post Need To Restrain The Power Of Shadow Finance appeared first on Colombo Telegraph.
[…]The post Sri Lanka: Strategizing Economic Recovery appeared first on Colombo Telegraph.
Sri Lanka said it held a productive meeting with its bilateral creditors, which include India and China, on Thursday as the country looks to restructure its debt and carve a path out of its worst financial crisis in decades.The post Sri Lanka holds debt restructuring talks with bilateral creditors
[…]The post Corruption & Lack Of Common-Sense; Presidential Brutalities appeared first on Colombo Telegraph.
Hundreds of people marched in Sri Lanka's largest city Colombo on Wednesday protesting against higher taxes, inflation and alleged state-led repression as the country struggles to emerge from its worst financial crisis in seven decades.The post Hundreds march in crisis-hit Sri Lanka protesting tax
[…]The post Two Men, Two Cultures appeared first on Colombo Telegraph.
Tax evasion: By Shamindra Ferdinando SLPP MP Mahindananda Aluthgamage yesterday (25) said the Finance Ministry owed an explanation regarding its failure to regulate chartered accountants to increase state revenue. The former minister said so when The Island asked whether the Finance Ministry had cared to verify accusations he made in Parliament on 20 Sept., about […]
Sri Lanka approved legislation on Tuesday to let companies from oil-producing nations import and sell fuel as it attempts to cope with a steep oil bill that deepened its worst financial crisis in decades.The post Sri Lanka approves law to liberalize petroleum imports appeared first on Sri Lanka
[…]The post IMF Must Become More Than Just A Debt Collector For Private Creditors appeared first on Colombo Telegraph.
Sri Lanka's central bank is likely to maintain interest rates on Thursday in an effort to get a grip on inflation which has remained stubbornly high despite a sharp contraction in the crisis-hit economy.The post Sri Lanka Central Bank to hold rates as inflation worries persist appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
A key measure of Sri Lanka's consumer inflation surged to an annual record 69.8% in September, official data showed on Friday, highlighting the challenge for the central bank as the island reels under its worst financial crisis in seven decades.The post Sri Lanka’s key inflation rate surges