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Sri Lanka is taking an unfavorable view toward a proposal by foreign dollar bondholders for restructuring its debt, signaling possible complications in negotiations that are key for accessing further funding to support its economic recovery. “This proposal has not received a favorable response from Sri Lanka,” the Ministry of Finance said in an official statement, […]
Vietnam and Sri Lanka have agreed to formulate a comprehensive action plan to bolster the relationship between both countries. Vietnamese President Vo Van Thuong also expressed Vietnam’s willingness to serve as a bridge for enhancing relations between Southeast Asia and Sri Lanka. He emphasized that Vietnam is committed to taking the initiative in strengthening economic, […]
Let us set the record straight, officially Retired Rear Admiral Sarath Weerasekera recently declared that in his capacity as Chairman of the Sectoral Oversight Committee on National Security he would present to President Ranil Wickremesinghe a comprehensive report on how the war was conducted. The recent US denial of a visa to Adm. Weerasekera underlines […]
Chinese tech giant Huawei technologies has expressed its willingness to support an annual study programme aimed at nurturing software and hardware engineers in Sri Lanka.The post Sri Lanka President inked agreement with Huawei company for digitization of Sri Lanka’s schools appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
The United States recognizes Sri Lanka’s right to assert its own aspirations and objectives to be recognized as an equal on the world stage. The U.S. Embassy Colombo, together with the Regional Center for Strategic Studies (RCSS) and the United States Institute of Peace (USIP), brought together scholars from across the Indo-Pacific for the conference […]
This week, China is throwing a huge party to celebrate one of its biggest experiments in engaging with the world: its Belt and Road Initiative (BRI). Officials and leaders from all over the globe are in Beijing to attend a high-level summit marking the BRI’s 10th anniversary. Participants expected to show up range from Vladimir […]
Maria Fernanda Garza, the Chair of the International Chamber of Commerce (ICC), is set to visit Sri Lanka in October 2023. The ICC, representing 170 countries with a corporate membership of 45 million companies, is the largest and most influential business organisation globally. Only Chamber to represented in United Nations, WTO and WIPO. Her first […]
by M. Rizwan Muzzammil According to an article in ‘The Diplomat’ (2nd Oct., 23), the Sri Lankan government has committed to supplying 70% of its domestic electricity, with renewable energy sources, by 2030, with the longer-term goal of achieving a fully renewable electricity supply by 2050. The government is incentivised by “debt-for-renewables swap”, which enables […]
[…]The post RW’s Political Dilemma appeared first on Colombo Telegraph.
The Ad Hoc Group of Bondholders of Sri Lanka has taken note of the progress Sri Lanka has made with its official sector creditors towards reaching an agreement in principle on a debt treatment within the framework of its IMF Programme. Consistent with the Group’s February 3, 2023 statement of financing assurances, and in line with the objectives which have been […]
Private creditors in Sri Lanka have submitted a restructuring proposal for the country’s $12 billion overseas debt, aiming to include a novel bond-type designed to ease repayments in the face of potential economic pressures, Reuters reported on Friday. The proposal, sent on 02 October, outlines a write-down on both capital and interest, the international news […]
The 11th Galle Dialogue International Maritime Conference, organized by the Sri Lanka Navy in collaboration with the Ministry of Defence and Geopolitical Cartographer (GC), commenced on October 12 at the Jetwing Lighthouse in Galle. Under the patronage of President and Commander-in-Chief of the Armed Forces, Ranil Wickremesinghe, and Commander of the Navy, Vice Admiral Priyantha […]
Sri Lanka's private creditors have sent a proposal on how to restructure $12 billion of overseas debt, including a new type of bond designed to ease repayments in case of future economic pressure, said two sources with direct knowledge of the matter.The post Sri Lanka bondholders sent $12 billion debt rework proposal to government, sources say appeared first on ONLANKA - Sri Lanka Latest Breaking ...
By Uditha Devapriya One of Sri Lanka’s most distinguished yet underrated economists, S. B. D. de Silva died five years ago, on June 15. His magnum opus, The Political Economy of Underdevelopment, remains as underrated and under-read – one could say unread – as he. First published by Routledge
… asks for early cross-party consensus By Shamindra Ferdinando Former Governor of the Central Bank Dr. Indrajith Coomaraswamy yesterday (11) threw his weight behind the International Monetary Fund’s (IMF) call for far reaching measures meant to stabilize the economy. The Washington
The International Monetary Fund (IMF) says despite the early signs of stabilization, Sri Lanka s full economic recovery is not yet assured.
USD 73 mn down the drain? The US Embassy is on record as having said that USAID conducted a project at a cost of USD 73 mn during the Yahapalana administration (2015-2019) to enhance the efficiency of lawmakers and be responsive to the people they represent. In terms of this project, 50 Research Assistants of […]
Infinite Group, a global leader in the education sector with a presence in over ten countries worldwide, is leading the charge in revolutionising education services in Sri Lanka. Despite the economic downturn that saw the Sri Lankan economy shrink by 11.5% in the first quarter of 2023, Infinite
[…]The post New CBSL Act – Monetary Policy – Interest Rates Et Al. appeared first on Colombo Telegraph.
By Hiran H.Senewiratne A pioneer company in Sri Lanka’s herbal tea industry, Fadna Tea (Pvt.) Ltd., has taken the initiative to manufacture and market tea products that have been researched and developed by Sri Lankan universities. This also enables those universities to earn a 3 percent income out of the company’s total profits. ‘We are […]
[…]The post IMF Shows It Cares More Than Government appeared first on Colombo Telegraph.
An average of 43% of women contribute to the agriculture sector in developing countries, according to a survey. Farming enthusiast and founder of SHE GROWS IN THE WORLD, Farida Lukmajee has been supporting female farmers and entrepreneurs for the past five years. Farida’s passion for farming ignited her to connect with the women farmers from […]
by Saman Indrajith The SJB yesterday proposed that the government reduce taxes on professionals and compensate for the revenue loss by other means such as tackling the problem of counterfeit revenue stickers on liquor bottles. Addressing the media at the Opposition Leader’s Office in Colombo, SJB Colombo District MP and economist Dr. Harsha de Silva […]
By N Sathiya Moorthy While the recent exit of Mullaitivu district judge T Saravanarajah from the country, alleging threat to his life, is still making news in capital Colombo and also elsewhere, in northern Jaffna, his Tamil political parties’ call for a human-chain flopped, like many such protests before it. In turn, this is going […]
Former British Prime Minister David Cameron says Sri Lanka has a key role to play in the South Asia region. Cameron was speaking at the Port City Colombo UAE Road Show, a media release issued today said. The Road Show unveiled the potential of Port City Colombo (PCC) for all to see, drawing the attention […]
[…]The post Misconceived Resilient Economy Needs Fixing By Restoring Broken Supply Chains appeared first on Colombo Telegraph.
[…]The post Why The Shock Over IMF’s Diagnostic Report? appeared first on Colombo Telegraph.
to the collapse of the national economy. Alleging that the then Sirisena-Wickremesinghe […]
The Monetary Board of the Central Bank has decided to reduce the Standing Deposit Facility Rate and the Standing Lending Facility Rate by 200 basis points to 10.00 percent and 11.00 percent respectively, a statement from it said on Thursday. The central bank said it took this decision at the monetary board meeting held on […]
Friday 6th October, 2023 President Ranil Wickremesinghe’s recent interview with Deutsche Welle (DW), in Berlin, has been trending in the digital realm—not for all the right reasons, though. Thanks to it, the genre of interrogative interview has apparently taken on a whole new meaning, with the interviewee aggressively interrogating the interviewer! There was obviously much […]