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Japan to expand FY2024/25 budget reserves for earthquake aid

Japan to expand FY2024/25 budget reserves for earthquake aid

Tue, Jan 09, 2024

Japan has urged Sri Lanka and its creditor nations to sign a Memorandum of Understanding on the island nation's debt restructuring following an agreement reached in principle late last year.

Sri Lanka needs to stick to IMF programme to overcome crisis: Central Bank Governor

Sri Lanka needs to stick to IMF programme to overcome crisis: Central Bank Governor

Sat, Dec 30, 2023

Weerasinghe was responding to queries if the island nation was open to renegotiating the terms of the four-year programme on the back of claims by opposition parties that they would renegotiate conditions for the IMF's USD 2.9 billion bailout package.

IMF completes Sri Lanka's first review, allowing for disbursement of $337 million

IMF completes Sri Lanka's first review, allowing for disbursement of $337 million

Wed, Dec 13, 2023

The Executive Board of the International Monetary Fund (IMF) has completed Sri Lanka's first review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the South Asian country to access about $337 million to support its economic policies and reforms.

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Sri Lanka records $1.8 billion tourism revenue till November

Sri Lanka records $1.8 billion tourism revenue till November

Sat, Dec 09, 2023

Sri Lanka recorded $1.8 billion tourism revenue till November this year, 78.3 per cent up from the corresponding period previous year, as per Central Bank of Sri Lanka (CBSL) data.

Ratan Tata denies claims about announcing reward for Cricketers

Ratan Tata denies claims about announcing reward for Cricketers

Mon, Oct 30, 2023

There were WhatsApp forwards and videos floating on social media that had fraudulently claimed that Ratan Tata had announced a Rs 10 crore reward for Afghanistan cricketer Rashid Khan after their win over Pakistan but the renowned industrialist has denied any such claims.

PM Modi launches ferry services between Nagapattinam and Kankesanthurai in Sri Lanka

PM Modi launches ferry services between Nagapattinam and Kankesanthurai in Sri Lanka

Sat, Oct 14, 2023

"India and Sri Lanka are embarking on a new chapter in diplomatic and economic relations. The Ferry service brings alive all historical and cultural connections," PM Modi said.

Sri Lanka Central bank resumes rate cuts to boost growth

Sri Lanka Central bank resumes rate cuts to boost growth

Thu, Oct 05, 2023

The central bank said the current benign prices outlook in the domestic economy would help stabilise inflation at 5 per cent in the medium-term and enable the economy to reach its potential growth.

Sri Lanka to relax import restrictions on transport vehicles

Sri Lanka to relax import restrictions on transport vehicles

Sun, Aug 13, 2023

Sri Lanka will relax restrictions on imports of vehicles required for transportation of goods and passengers this week, State Finance Minister Ranjith Siyambalapitiya said on Sunday.

IMF sets mid-September dates for Sri Lanka bailout review Colombo

IMF sets mid-September dates for Sri Lanka bailout review Colombo

Sat, Aug 12, 2023

The IMF is all set to conduct the first review of the USD 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.

Sri Lanka not averse to using Indian rupee as common currency: President Wickremesinghe

Sri Lanka not averse to using Indian rupee as common currency: President Wickremesinghe

Sat, Jul 15, 2023

“It makes no difference to us if India (the Indian rupee) becomes a common currency. We will have to figure out how to go about it. We must become more open to the outside world”, Wickremesinghe said.

Sri Lanka debt treatment: India to play 'constructive role' as co-chair of Creditors Committee

Sri Lanka debt treatment: India to play 'constructive role' as co-chair of Creditors Committee

Sun, Jul 09, 2023

The Deputy High Commissioner said that the past three years have demonstrated the close links between the people of India and Sri Lanka.

Sri Lanka receives $250 million as first tranche of World Bank budgetary support

Sri Lanka receives $250 million as first tranche of World Bank budgetary support

Tue, Jul 04, 2023

Sri Lanka has received USD 250 million as the first tranche out of a USD 500 million World Bank budgetary and welfare support, an official statement said on Tuesday, as part of the efforts to revive the bankrupt island nation's economy.

Sri Lanka's Domestic Debt Optimization passed in parliament

Sri Lanka's Domestic Debt Optimization passed in parliament

Sun, Jul 02, 2023

Discussions also took place with creditors, including banks, superannuation funds, and insurance funds.

World Bank approves $700mn to help Sri Lanka implement foundational reforms

World Bank approves $700mn to help Sri Lanka implement foundational reforms

Thu, Jun 29, 2023

The World Bank Group said it has approved $700 million in financing for two operations to help Sri Lanka implement foundational reforms as the island nation is trying to overcome its worst-ever economic crisis.

Sri Lanka cuts standing lending rate for first time in 3 years, cut to 14% from 16.5%

Sri Lanka cuts standing lending rate for first time in 3 years, cut to 14% from 16.5%

Thu, Jun 01, 2023

Sri Lanka lending rates: Sri Lanka's central bank cut its key interest rates by 250 basis points on Thursday as inflation eased, signalling that the South Asian nation was emerging from a devastating financial crisis and ready for a rebound in growth.

India extends USD 1 billion credit line to Sri Lanka for another year

India extends USD 1 billion credit line to Sri Lanka for another year

Tue, May 30, 2023

India on Tuesday extended its under-utilised USD 1 billion credit line to Sri Lanka for another year to help the island nation hit hard by an unprecedented economic crisis procure much-needed food, medicine and other essential items.

Sri Lanka to import 1 million eggs daily from India to meet market demand

Sri Lanka to import 1 million eggs daily from India to meet market demand

Tue, May 30, 2023

STC Chairman Walisundara said it has been decided to import one million eggs daily from five chicken farms in India. He said that permission was received to import eggs from three more farms according to the report given by the three officials of the Animal Production Department and the State Trading Corporation who visited poultry farms in India.

Sri Lanka to complete domestic and external debt reworking by September: President Wickremesinghe

Sri Lanka to complete domestic and external debt reworking by September: President Wickremesinghe

Mon, May 22, 2023

President Ranil Wickremesinghe has said that Sri Lanka's debt restructuring programme will be completed by September this year and its bankrupt economy will be brought to a stable level, a media report said on Monday.

Sri Lankan economy to grow in 2024 after contracting this year: IMF

Sri Lankan economy to grow in 2024 after contracting this year: IMF

Tue, May 16, 2023

The IMF official said the country's economic prospects hinge quite critically on the implementation of the economic reform program it had agreed in particular for five key areas

Sri Lanka warns of floods as water level of Gin Ganga increased after heavy rainfall

Sri Lanka warns of floods as water level of Gin Ganga increased after heavy rainfall

Mon, May 15, 2023

By analysing the current rainfall situation and river water levels at hydrological stations in Gin Ganga, a considerable flood possibility is likely to occur in low-lying areas of the Gin Ganga valley, the Irrigation Department added.

Sri Lanka Economic Crisis: India extends $1 billion credit line for Sri Lanka

Sri Lanka Economic Crisis: India extends $1 billion credit line for Sri Lanka

Tue, May 09, 2023

Sri Lanka's financial crisis last year prompted India to extend a $4bn emergency assistance package. Now, India has extended a $1bn credit line for Sri Lanka by one year. Find out why in this video!

Sri Lanka to seek $200 million from World Bank for social security programs

Sri Lanka to seek $200 million from World Bank for social security programs

Tue, May 09, 2023

Sri Lanka`s cabinet of ministers approved a proposal to start discussions with the World Bank to obtain $200 million for social security programs, a spokesperson said on Tuesday.

Sri Lanka to discuss debt restructuring with India, China & Paris Club separately: President Wickremesinghe

Sri Lanka to discuss debt restructuring with India, China & Paris Club separately: President Wickremesinghe

Wed, Apr 26, 2023

Sri Lanka secured a USD 2.9 billion bailout package from the International Monetary Fund (IMF) last month to tackle its huge debt burden. The Washington-based global lender had made Sri Lanka's debt restructuring a prerequisite for granting the USD 2.9 billion bailout.

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