Fibre2Fashion News Desk  INSIGHTS Indian  has committed to provide a grant of US$61.5 million for the comprehensive development of Sri Lanka’s Port of Kankesanthurai (KKS). The decision was ratified during a cabinet meeting, sanctioning acceptance of India’s financial assistance to revamp the KKS Port in Jaffna. This is as per media reports, which added initially […]

Courtesy Malay Mail Sri Lanka’s Central Bank governor P. Nandalal Weerasinghe speaks during the Central Bank of Sri Lanka Annual Report 2023 press conference in Colombo May 7, 2024. — AFP pic COLOMBO, May 7 — Sri Lanka’s tentative recovery from its worst economic crisis could be stalled by presidential elections due later this year, […]

Courtesy Adaderana Sri Lanka’s official reserve assets increased by 9.6% to USD 5.43 billion in April 2024, compared to USD 4.96 billion in March 2024, according to the Central Bank of Sri Lanka (CBSL).  However, this includes proceeds from the swap with People’s Bank of China (PBoC) equivalent to around USD 1.4 billion, which is […]

Courtesy CNA BENGALURU : Sri Lanka’s economy is expected to grow by 3 per cent in 2024 after it reduced interest rates amid easing inflation, its central bank said on Thursday, as the country navigates its escape from its worst financial crisis in decades. The island nation’s economy contracted 2.3 per cent in 2023 after […]

Courtesy Adaderana The overall rate of inflation as measured by the National Consumer Price Index (NCPI) on Year-on-Year basis has been decreased to 2.5% in March 2024, compared to 5.1% in February 2024, the Department of Census and Statistics (DCS) revealed in its latest report. Meanwhile, the contributions to the inflation rate of March 2024 from […]

Courtesy Adaderana The Asian Development Bank (ADB) says its annual flagship economic publication – the Asian Development Outlook (ADO) April 2024 – has projected Sri Lanka’s economy to record moderate growth of 1.9% in 2024 and 2.5% in 2025 following two consecutive years of contractions. According to the publication, Sri Lanka is showing signs of recovery, with […]

Courtesy Adaderana The overall rate of inflation as measured by the Colombo Consumer Price Index (CCPI) on year-on-year basis has recorded a significant decrease in the month of March 2024, according to the most recent figures published by the Department of Census and Statistics (DCS). The CCPI-based inflation was calculated as 5.9% for the month […]

By Pranjal Pandey Courtesy Eurais Review Sri Lanka’s economic crisis has worsened due to IMF deals, causing social unrest, unemployment, poverty, and food insecurity, and posing significant challenges for its people. The International Monetary Fund (IMF) announced on March 21, 2024, that it has reached a staff-level agreement with Sri Lanka regarding the next phase of […]

Courtesy Adaderana The Asian Development Bank (ADB) has launched a new country partnership strategy (CPS) for Sri Lanka covering the period 2024–2028. The strategy will focus on restoring the country’s macroeconomic stability, reviving growth, and establishing the foundation for sustainable recovery and resilience. This new partnership strategy will build on ADB’s ongoing assistance to support […]

Courtesy Bloomberg (Bloomberg) — Global investors and Sri Lanka officials expect to start negotiations aimed at restructuring $12 billion in defaulted global bonds next week, according to people familiar with the matter. A group of bondholders, known as a steering committee, will begin talks as they weigh a proposal from the government to rework the […]

Courtesy Adaderana The buying rate of the US Dollar has dropped below the Rs. 300 mark for the first time since July 05, 2023.  According to the official exchange rates announced today by the Central Bank of Sri Lanka (CBSL), the buying rate of the USD is Rs. 299.29 and the selling rate is Rs. […]

Courtesy Adaderana Tamil National Alliance (TNA) parliamentarian M.A. Sumanthiran says the opposition can only decide on whether to support the International Monetary Fund (IMF) programme after analyzing the IMF’s technical assistance reports which he says the government has now agreed to provide.  He made these remarks while speaking to reports following a meeting held at […]

උපුටා ගැන්ම ලංකා සී නිව්ස් ආණ්ඩුව පවත්වා ගැනීම සඳහා ප්‍රමාණවත් ආදායමක් නොලැබෙන බව ප‍්‍රවාහන, මහාමාර්ග හා ජනමාධ්‍ය අමාත්‍ය බන්ධුල ගුණවර්ධන මහතා සඳහන් කරයි. පසුගිය වසර පුරාම මහා භාණ්ඩාගාරයට ලැබී ඇත්තේ රුපියල් ත්‍රිලියන තුනක් පමණක් බවත් ඉන් ට‍්‍රිලියන දෙකකට වැඩි ප්‍රමාණයක් රාජ්‍ය සේවක වැටුප් ආදිය ගෙවීමට වැයවූ බවත් හෙතෙම පැවසීය. රට තුළ ගෙන ඇති ණය වලට […]

By DR. C. S. WEERARATNA Courtesy The Island A trade deficit typically occurs when a country does not produce enough goods for its citizens. When production cannot meet demand as in Sri Lanka, there is a need to import thereby widening the trade deficit.  A persistent trade deficit is detrimental to a country’s economy because […]

Courtesy Adaderana Sri Lanka’s spike in inflation is expected to be short-lived and will return to the targeted 5% in the medium term, a monetary policy report released by the central bank said on Thursday as the island nation’s economy stabilises from a crippling financial crisis. Sri Lanka’s economy is seeing glimmers of recovery, helped […]

Ada Derana

Courtesy Gulf Times Sri Lankan President Ranil Wickremesinghe (right) hoists the national flag during the Sri Lanka’s 76th Independence Day celebrations at the Galle Face Green in Colombo yesterday. Cash-strapped Sri Lanka is gradually” emerging from its worst economic crisis after the austerity of an IMF bailout, the president said yesterday in a speech to […]

Courtesy Adaderana The Central Bank of Sri Lanka (CBSL) says that the cumulative deficit in Sri Lanka’s trade account narrowed to USD 4.9 billion from USD 5.2 billion within last year, the lowest recorded since 2010.  However, the CBSL also stated that the country’s trade deficit widened in December 2023 compared to the trade deficit […]

Courtesy The Daily Mirror Colombo, Feb 02 (Daily Mirror) –  The Government of Sri Lanka has negotiated a financial assistance package of USD 150 million from the International Development Association (IDA) of the World Bank Group. The funds are earmarked for the implementation of the Financial Sector Safety Net Strengthening Project. The primary focus of […]

Courtesy Adaderana Sri Lanka’s total exports for the year 2023 reached USD 14.49 billion, the Export Development Bank (ED) reported, adding that it is only a minor decline of 0.39% compared to 2022. In a report issued in this regard, the EDB revealed that Sri Lanka had recorded a total of USD 14.99 billion in […]

Courtesy The News BENGALURU: Sri Lanka’s consumer price inflation rate jumped to 4.2 percent year-on-year in December driven by rising food prices, official data showed on Monday, although it remains well below record high levels seen at the height of the country’s financial crisis. Food prices rose 1.6 percent in December after falling 2.2 percent […]

Bangkok Post The World Bank’s Women, Business, and the Law Index has documented a persistent gender pension gap in rich and poor countries. This is partly because of gender-based legal disparities, such as lower mandatory… Please credit and share this article with others using this link:https://www.bangkokpost.com/opinion/opinion/2731005/. View our policies at http://goo.gl/9HgTd and http://goo.gl/ou6Ip. © Bangkok […]

උපුටා ගැන්ම  හිරු පුවත් රට ආර්ථික අර්බුදයකට ලක් වූයේ අවශ්‍ය අවස්ථාවේදී පාලකයින්ට නිවැරදි උපදෙස් ලබා නොදීම හේතුවෙන් බව මහ බැංකු අධිපති ආචාර්ය නන්දලාල් වීරසිංහ පවසනවා. රට ආර්ථික වශයෙන් බංකොළොත් වීමට හේතු සෙවීම සඳහා පත් කළ පාර්ලිමේන්තු තේරීම් කාරක සභාවට කැඳවූ අවස්ථාවේදී මහ බැංකු අධිපතිවරයා පැවසුවේ ශ්‍රේෂ්ඨාධිකරණය විසින් ප්‍රකාශ කළ රට බංකොලොත් වීමට බලපෑ ප්‍රධාන කරුණු […]

Courtesy Hiru News Sri Lanka’s consumer price inflation rate jumped to 4.2% year-on-year in December driven by rising food prices, official data showed on Monday, although it remains well below record high levels seen at the height of the country’s financial crisis. Food prices rose 1.6% in December after falling 2.2% in November on the […]

Courtesy Adaderana President Ranil Wickremesinghe addressing the 3rd South Summit today (21) in Kampala, Uganda, highlighted the numerous challenges the world faces, such as conflicts, pandemic repercussions, climate disasters and financial market uncertainties. The President also emphasized the disproportionate impact on vulnerable G77 economies. In his statement, President Wickremesinghe stressed the urgency of reforming the […]

Courtesy Adaderana The State Minister of Finance Shehan Semasinghe says that the Micro-Finance and Loan Regulation Act was submitted to Parliament in order to establish a proper, strong regulatory procedure as a government. Joining the FLi Diri Abhimani 2024” awards ceremony, organized to award women entrepreneurs in the Micro-Financial Sector, Semasinghe mentioned that the approval […]

Courtesy Adaderana Development projects are set to commence in February, following the finalization of agreements related to the debt restructuring and ongoing discussions with foreign creditors of Sri Lanka, according to Dr. Bandula Gunawardena, the Minister of Transport, Highways, and Mass Media. During a media briefing at the Presidential Media Centre on Friday (Jan.19), the […]

TALAL RAFI Courtesy ORF research and analyses Sri Lanka’s Budget 2024 has ambitious proposals that could push the country forward, however, it continues to stare at a long road to economic recovery The recently passed 2024 Budget has many promises but when judging Sri Lanka by its past, it falls short of the revenue needed […]

By  Shivanthi Ranasinghe Courtesy Ceylon Today A senior Japanese diplomat attached to the Japanese Embassy in Colombo, speaking to Ceylon Today in terms of anonymity, claimed that a homegrown solution will not help Sri Lanka overcome the present economic crisis. He pointed out that the Gotabaya Rajapaksa Administration’s attempt to resolve the then-developing catastrophe with […]

Courtesy The Island The impact of the US dollar’s dominance as the primary international currency, termed the US dollar trap,” on poor, developing, and emerging economies. The consequences encompass financial stability and dollarization, with monetary policy constrained by the dollar’s influence. A stronger dollar negatively affects trade and finance in emerging markets, causing a decline […]