Author Archive for Economy
Monday, March 11th, 2024
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 […]
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Friday, March 1st, 2024
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 […]
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Friday, February 16th, 2024
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 […]
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Thursday, February 15th, 2024
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 […]
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Wednesday, February 14th, 2024
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Sunday, February 4th, 2024
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 […]
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Saturday, February 3rd, 2024
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 […]
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Friday, February 2nd, 2024
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 […]
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Monday, January 29th, 2024
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 […]
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Friday, January 26th, 2024
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 […]
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Thursday, January 25th, 2024
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 […]
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Thursday, January 25th, 2024
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 […]
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Monday, January 22nd, 2024
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 […]
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Sunday, January 21st, 2024
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 […]
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Sunday, January 21st, 2024
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 […]
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Friday, January 19th, 2024
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 […]
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Wednesday, January 17th, 2024
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 […]
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Wednesday, January 17th, 2024
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 […]
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Tuesday, January 16th, 2024
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 […]
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Tuesday, January 16th, 2024
Courtesy Adaderana Addressing the Business Roundtable organized by BOI Sri Lanka and the Swiss-Asian Chamber of Commerce yesterday, during his official tour to Switzerland to attend the 54th Annual Meeting of the World Economic Forum, President Ranil Wickremesinghe highlighted significant strides in Sri Lanka’s economic recovery and outlined future growth prospects. President Wickremesinghe began by […]
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Sunday, January 14th, 2024
By YOHAN PERERA Courtesy The Daily Mirror Colombo, Jan 14 (Daily Mirror) – Japanese Minister of Finance Shun’ichi Suzuki and his delegation informed Opposition Leader Sajith Premadasa and SJB MPs that Sri Lanka should settle the amount which it has already spent on the initial part of the LRT project before its cancellation, SJB MP Harsha […]
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Wednesday, January 10th, 2024
Courtesy Adaderana The World Bank forecasts the Sri Lankan economy to grow by 1.7 percent in 2024 and by 2.4 percent in 2025, according to its report on global economic prospects made available to the local press on Wednesday. According to the World Bank, the country’s economy is estimated to have recorded a negative growth […]
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Tuesday, January 9th, 2024
By Arj Singh Courtesy inews.co.uk The Foreign Secretary said he was supporting Sri Lanka over Beijing-funded development Lord Cameron has said he has no regrets about backing a Beijing-funded development last autumn and dismissed concerns about his role as a senior figure in a mooted UK-China investment fund. The Foreign Secretary has faced criticism over his links […]
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Monday, January 8th, 2024
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 […]
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Tuesday, January 2nd, 2024
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 […]
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Friday, December 29th, 2023
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 […]
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Friday, December 29th, 2023
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 […]
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Friday, December 29th, 2023
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 […]
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Thursday, December 28th, 2023
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 […]
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Wednesday, December 27th, 2023
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 […]
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