By Raj Gonsalkorale Sri Lanka has defaulted on a foreign loan interest component for the first time in its history. It is a day of shame for a country that boasts of such a rich and ancient cultural heritage, and which has produced so many people of eminence in so many fields of expertise over […]

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Courtesy NewsIn.Asia Colombo, May 21 (Newswire) – Minister of Power and Energy Kanchana Wijesekara says that the government has decided to supply fuel for electricity generation as a priority, to ensure uninterrupted electricity supply in the country. He said that with the Norachcholai power plant expected to be back in full operation by tomorrow after […]

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Anne-Marie Gulde  Courtesy IMF Bulgaria’s latest stabilization program, which included the introduction of a currency board, marked the end of a period of economic turmoil and near-hyperinflation. What accounts for its success? After several failed stabilization attempts, Bulgaria introduced a currency board on July 1, 1997. Controversial and difficult to implement because of Bulgaria’s serious […]

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IMF A currency board combines three elements: a fixed exchange rate between a country’s currency and an “anchor currency,” automatic convertibility, and a long-term commitment to the system, often made explicit in the central bank law. The main reason for countries to consider a currency board is to demonstrate that they are pursuing an anti-inflationary […]

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By Dilini Madushanki Courtesy Ceylon Today The Sri Lankan economy is in a death spiral”, says world-renowned economist Steve H. Hanke, a professor of applied economics, at Johns Hopkins University in Baltimore. He said in a Twitter message that this was the first time Sri Lanka had defaulted on a debt. Hanke pointed out that […]

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Courtesy Adaderana The World Bank, the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) have jointly decided to support Sri Lanka’s response to the ongoing economic crisis. The three institutions announced their decision in a statement issued after the first joint coordinated meeting held on the 19th of May. All three institutions […]

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Courtesy Adaderana China says it stands ready to work with relevant countries and international financial institutions and to continue to play a positive role in easing Sri Lanka’s debt burden. China fully relates to the difficulties and challenges facing Sri Lanka and stands ready to play a constructive role in its steady economic and social […]

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Courtesy Adaderana Sri Lanka Police has decided to begin island-wide raids from tomorrow (May 22) in search of people hoarding diesel or petrol for resale. Police spokesperson said such persons will be taken into custody.

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Courtesy RT West could be forced to ask Russia for grain in exchange for lifting sanctions © Getty Images / Thomas Barwick Wheat prices have surged to record highs over the past two months as major producers like Russia, Kazakhstan and India scrapped exports to protect their domestic markets. This has sparked fears of food insecurity and […]

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