Courtesy Adaderana Japan restated the importance for early completion of signing of a Memorandum of Understanding (MoU) between Sri Lanka and creditor nations on debt restructuring, after an agreement was reached in principle late last year. It also emphasised the need to ensure transparency and comparability in agreements with creditors outside the Official Creditor Committee […]

Courtesy Hiru News State Minister for Finance, Shehan Semasinghe, emphasized that the sustained single-digit inflation has significantly contributed to fostering business confidence within the country. During a press conference at the Presidential Media Centre (PMC) themed “Collective Path to a Stable Country,” held today (01) the State Minister disclosed that the state revenue accounted for […]

Courtesy NewsIn.Asia Dec 29 (AdaDerana) – The economic crisis has left a profound impact on household finances, influencing both income and expenditure significantly, a survey conducted by the Department of Census and Statistics (DCS) has found. The study titled Household Survey on Impact of Economic Crisis – 2023, also found challenges have prompted households to […]

Courtesy Adaderana Sri Lanka’s overall rate of inflation measured by Colombo Consumer Price Index (CCPI) on year-on-year basis has increased to 4.0% in December from 3.4% in November. Meanwhile, food inflation increased to 0.3% in December 2023 from -3.6% in November 2023, the Census & Statistics Department (DCS) said in its latest release. Meanwhile, the […]

Courtesy Adaderana Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandala Weerasinghe has emphasised the importance of the continuity of the Extended Fund Facility (EFF) agreement with the International Monetary Fund (IMF). Speaking at a special briefing held this afternoon (29 Dec.), Dr. Weerasinghe explained that the EFF programme should continue for the […]

CECILE FRUMAN Courtesy WorldBank Blogs Of my travels across South Asia this year, my visit to the living roots bridges in Meghalaya, India, stood out for its uniqueness. The roots of the rubber fig trees—planted on either side of the river— intertwine and are carefully crafted by the Khasi people into natural bridges. The more […]

By P.K.Balachandran Courtesy NewsIn.Asia Colombo, December 27: The International Debt Report 2023 of the World Bank has put Sri Lanka’s external debt in 2022 at US$ 58.7 billion. Bondholders and private creditors accounted for 72% of the external debt. The break-up is as follows: Bondholders (32%); Other Commercial Creditors (8%); Private Creditors (40%); Multilateral Creditors […]

Prof. Desmond Mallikarachchi Courtesy The Daily Mirror For the pledged loan of 2.9 billion dollars to be granted, the IMF laid down a condition that two of our main profit-generating institutions namely, the insurance cooperation and the Sri Lanka Telecom (Inset) may need to be sold to private entrepreneurs in the open market ‘Colonialism has […]

Courtesy Hiru News The Minister of Labour and Foreign Employment Manusha Nanayakkara, highlighted the significant improvement in the country’s foreign reserves under the leadership of President Ranil Wickremesinghe. According to Minister Nanayakkara, the foreign reserve was depleted when the current government assumed office, but it has successfully rebounded, reaching a noteworthy USD 3.6 billion. >Minister […]

Courtesy The Island Dr. Weerasinghe The government should do more to protect low-income earners, the Governor of the Central Bank, Dr. Nandalal Weerasinghe said on Thursday (21) during a televised interview. He said that during the economic crisis and due to high inflation, a lot of people in the SME sector lost their jobs. Who […]

Anna Bjerde  World Bank Managing Director of Operations Courtesy World Bank Blogs Last month, I visited Sri Lanka for the first time and saw a nation at a crossroads, emerging from a deep crisis and determined to make a real effort to implement changes. What struck me the most was the resilience of the Sri […]

Courtesy Adaderana The overall rate of inflation as measured by the National Consumer Price Index (NCPI) on Year-on-Year basis was recorded at 2.8% for the month of November 2023, the Department of Census and Statistics (DCS) revealed in its latest report.  This is an increase of 1.8% in comparison to the NCPI-based inflation of 1.0% recorded […]

Courtesy Hiru News Sri Lanka’s economy grew by 1.6% in the quarter from July to September, official data showed on Friday, as the country claws its way back from its worst financial crisis in more than seven decades following a record fall in foreign exchange reserves. The expansion was the first since the end of […]

Courtesy Adaderana Sri Lanka’s economy grew by 1.6% in the quarter from July to September, official data showed on Friday, as the country claws its way back from its worst financial crisis in more than seven decades following a record fall in foreign exchange reserves. The expansion was the first since the end of 2021, […]

Courtesy Adaderana State Minister of Finance Shehan Semasinghe declared that work on more than 200 development projects, initiated with foreign aid but halted midway, is set to recommence in the first quarter of the next year.  State Minister Semasinghe made this announcement in light of the bolstering of the country’s economy with the second tranche […]

Courtesy Adaderana Sri Lanka extended restrictions on outward remittances by six months to manage foreign exchange reserves, cabinet spokesperson and transport minister Bandula Gunawardane told reporters at a weekly cabinet briefing on Tuesday. The nation’s central bank suspended permission to remit funds for overseas investments by Sri Lankan residents from mid-2020 except under certain conditions. […]

Courtesy Borneo Bulletin COLOMBO (XINHUA) – Income generated by tourism in Sri Lanka from January to the end of November reached USD1.8 billion, which is a 78.3-per-cent hike from the same period in 2022, the latest data released by the Central Bank of Sri Lanka (CBSL) revealed. The revenue earned from tourism increased to USD205.3 […]

Courtesy Hiru News COLOMBO, Dec 5 – Sri Lanka will get about $600 million, on a staggered basis, from the Asian Development Bank after the International Monetary Fund releases the second tranche of a $2.9 billion bailout for the crisis-hit country, an official said on Tuesday. Sri Lanka is inching out of its worst financial […]

Courtesy Adaderana Minister of Justice, Prison Affairs and Constitutional Reform, Wijayadasa Rajapakse, unveiled plans to introduce a new legislative framework aimed at regulating microfinance institutions operating within the country. Expressing deep concern regarding the unregulated status of certain microfinance entities, Minister Rajapakse emphasized the necessity for decisive measures. He underscored the intention to establish an […]

 By AJITH SIRIWARDANA Courtesy The Daily Mirror Parliament, Dec. 2 (Daily Mirror)- The monthly income of the Excise Department has increased by Rs. 1 billion after checking fake stickers on liquor bottles, a Parliamentary committee revealed. This was revealed by the officials of the Excise Department to the Sectoral Oversight Committee on National Economic and Physical […]

Courtesy Adaderana Sri Lanka’s overall rate of inflation as measured by the Colombo Consumer Price Index (CCPI) on year-on-year (y-o-y) basis has increased to 3.4% in November, from 1.5% in October. The Department of Census and Statistics (DCS), in its latest report, said the year-on-year inflation of the food group increased to -3.6% in November […]

By Leonard Khafafa Courtesy The Standard (Kenya} A recent Daily Mirror editorial on Sri Lanka mentions that since independence, the country had implemented a number of welfare measures such as, subsidizing costs of food and fuel.” It adds that these measures were intended to gain electoral popularity, but they also led to a weakening of the economy.” […]

By Shamindra Ferdinando Courtesy The Island Dr. Rajapakshe and Dr. de Silva Top SJB spokesman Dr. Harsha de Silva on Monday (20) dismissed Justice Minister Dr. Wijeyadasa Rajapakshe’s claim that well over USD 56.5 bn had been parked overseas by some exporters. Dr. de Silva also contradicted claims made by rebel SLPP MPs Vasudeva Nanayakkara, […]

by Chandre Dharmawardana  Courtesy The Island The Supreme Court has ruled (with one dissenting against four assenting voices) on 14th November 2023 that three members of the Rajapaksa family, including two former Presidents and a coterie of their close officials were responsible for the country’s worst economic crisis that ended in bankruptcy. The petition by civil […]

Courtesy Adaderana The Monetary Policy Board of the Central Bank of Sri Lanka (CBSL) has decided to further reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points (bps) to 9.00% and 10.00%, respectively. At its meeting on Thursday (Nov.23), the Board arrived […]

AdaDerana

Courtesy Adaderana Minister of Foreign Affairs President’s Counsel Ali Sabry has emphasised the imperative need for a comprehensive, long-term targeted program as the primary solution to address the economic crisis facing the country. Minister Ali Sabry underscored the complexity of the economic challenges and stressed that short-term fixes would not suffice, highlighting the necessity for […]

Courtesy Adaderana The targets laid out in Sri Lanka’s budget for 2024 will be challenging to meet, even with the economic recovery that we expect to continue next year, says Fitch Ratings.  The fiscal deficit is set to be wider than our current forecast of 7.1% of GDP in 2024 in light of the new […]

Courtesy Gulf Today People walk along the Pettah Market in Colombo, Sri Lanka. ReuersSri Lanka’s government projected a lower-than-anticipated budget deficit for 2024 on Monday on the back of a significant jump in revenues which are crucial to keep its bailout programme from the International Monetary Fund afloat. The government set a fiscal deficit target […]

Courtesy Ceylon Today Let me start by congratulating the Governor, Deputy Governors, members of the former Monetary Board and members of the current Monetary Policy Board. Since April 2022 they have taken bold decisions and led the demanding technical work to stabilise the economy after the deepest economic crisis that Sri Lanka has suffered since […]