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H.J.M Seneviratne, 63, slices through yellowed paddy stems dried out by a drought that has destroyed over 95% of his crop and is threatening crisis-hit Sri Lanka's summer rice harvest.The post Drought dents Sri Lanka’s economic hopes, farmers’ livelihood appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
China has requested permission for a research ship to dock in Sri Lanka, Colombo said Tuesday, following a visit by a spacecraft-tracking vessel last year that sparked security concerns from neighbouring India. Sri Lankan foreign ministry spokeswoman Priyanga Wickramasinghe said Beijing had sought permission for the Shi Yan 6 to dock, but that no date […]
Sri Lanka’s consumer inflation rate more than halved to 4.6% year-on-year in July, helped by falling food prices, the statistics department said on Monday.The post Sri Lanka’s July consumer inflation more than halves to 4.6% appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Registered tax files 500,000, only 31,000 pay personal tax Proposed amendments to Sri Lanka’s Inland Revenue Act will serve to address purported under performance of Inland Revenue Department (IRD) officials in a bid to enhance income tax collection, Government MP Mahindananda Aluthgamage said, noting that there is only one person in the country who pays […]
Government authorities must consult vehicle importers when making decisions on relaxing an ongoing import ban, President of the Vehicle Importers’ Association Indika Sampath Merinchige said. Welcoming a recent announcement by the government that it will scrap an import ban on several types of commercial vehicles, Merinchige told reporters on Monday August 14 that the authorities […]
Sri Lanka expects the first review by the International Monetary Fund (IMF) in September to be successful. State Minister of Finance Shehan Semasinghe said that the IMF will assess the programme’s performance until the end of June. “We welcome the IMF team in Sri Lanka
. The International Monetary Fund (IMF) is set to conduct its first review […]
An International Monetary Fund (IMF) staff team will visit Colombo in a month's time for the first review on Sri Lanka's loan programme, a spokesperson said on Tuesday.The post IMF staff to visit Sri Lanka in September for first programme review appeared first on ONLANKA - Sri Lanka Latest Breaking
An International Monetary Fund (IMF) staff team will visit Colombo in a month’s time for the first review on Sri Lanka’s loan programme, a spokesperson said. The Washington-based lender approved a nearly US$3 billion bailout for crisis-hit Sri Lanka in March. The Asian island
The IMF will conduct the first review of the $2.9 billion bailout to Sri Lanka from September 11-19, state minister of finance Ranjith Siyambalapitiya said on Saturday and declared that the country has successfully fulfilled the nine conditions set by the global lender.The post IMF to conduct bailout review for Sri Lanka in September appeared first on ONLANKA - Sri Lanka Latest Breaking News and T...
Monetary policy transmission to the real economy in Sri Lanka is still incomplete, the governor of the country's central bank, Nandalal Weerasinghe, said at a LSEG FX Community Event on Monday.The post Sri Lanka central bank chief: monetary policy transmission still incomplete appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
[…]The post Debt Restructuring, Austerity & The IMF: A Panacea Or An Exacerbation? appeared first on Colombo Telegraph.
Land connectivity is essential for the growth of ties between India and its neighbouring country, Sri Lankan high commissioner to India Milinda Moragoda has said in an interview with The Hindu posted online on July 31, pitching for connectivity projects resembling the “Channel tunnel” from the U.K. to Europe as a possible future initiative if […]
Sri Lanka on Saturday invited Japan to resume investment in projects including power, roads and ports as the Japanese foreign minister wrapped up the first high-level visit to the crisis-hit country in nearly four years.The post Crisis-hit Sri Lanka invites Japan to resume investment appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Minister of Foreign Affairs of Japan, HAYASHI Yoshimasa is to hold crucial discussions during an official visit to Sri Lanka from 28-29 July 2023. During the visit, the Japanese Foreign Minister is scheduled to have official discussions with Minister of Foreign Affairs Ali Sabry at the Ministry and pay courtesy calls on President Ranil Wickremesinghe […]
By Rathindra Kuruwita Annual elephant deaths have increased fourfold by this year, compared to 1969, according to official data, environmentalists say. Sajeewa Chamikara of the Movement for Land and Agricultural Reform (MONLAR) has said the number of elephants killed in the 19 years from 1951 to 1969 was 1,163. This works out to about 61 […]
Sri Lanka's parliament on Thursday (July 20) approved a new law to improve the independence of the country's central bank, the deputy speaker said, as part of reforms linked to a $2.9 billion International Monetary Fund bailout package.The post Sri Lanka parliament approves bill to boost central
There is bad news for Beijing from Colombo. President of Sri Lanka Ranil Wickremesinghe has announced that his government will not allow the island nation to be used as a base for threats against India. He has also emphasized that Sri Lanka is a neutral country and has no military agreements with China. In an […]
In response to a severe debt crisis, the Sri Lankan government is taking prompt action to address the situation. One of the key measures being taken is the expediting of Free Trade Agreement (FTA) negotiations with China. Alongside this, Sri Lanka has expressed a strong interest in joining the Regional Comprehensive Economic Partnership (RCEP), which […]
Sri Lanka stands a strong chance of passing the first review of its $3 billion bailout given falling interest rates and a build-up of foreign reserves, according to the nation s representative on the International Monetary Fund executive board.
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.
By Sanath Nanayakkare The government has decided to allow the importation of all goods except for motor vehicles from the first week of September, and it is going to consider how it would gradually ease the ban on vehicle imports according to a ‘strategic plan’. It is said that as a start, the government’s focus […]
There were about 105,000 registered limited liability companies in the country, but 82 percent of the tax revenue came from only 382 such firms, Chair of the Sectoral Oversight Committee on National Economic and Physical Plans Mahindananda Aluthgamage said. Referring to personnel income tax files, Aluthgamage said that though there were 500,000 personal income tax […]
India is seeking a “positive transformation” in its ties with Sri Lanka, Foreign Secretary Vinay Kwatra said, following a meeting with President Ranil Wickremesinghe in Colombo on Tuesday (July 11).The post India seeks ‘positive transformation’ in bilateral ties during Sri Lanka President’s upcoming visit appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
[…]The post Domestic Debt Restructuring: An Episode In Capital’s Attack On Working People appeared first on Colombo Telegraph.
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
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 […]
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 […]
By SHIHAR ANEEZ ECONOMYNEXT –Sri Lanka will discuss its bilateral debt restructuring process separately with China, but Beijing will be treated equally as the other bilateral lenders, the island nation’s Foreign Minister Ali Sabry said. Sri Lanka has already started negotiations with its bilateral lenders through Paris Club members and non-Paris Club members. China, however, has […]
By Amal JAYASINGHE The snaking queues for food and fuel that crisscrossed Sri Lanka last year have given way to a different kind of line — people scrambling for travel documents to flee their bankrupt island. “What we see as normalcy is a mirage,” customer care executive Gayan Jayewardena, 43, told AFP while queueing at […]