Author Archive for Economy

Govt agreed to release IMF technical assistance reports to opposition – Sumanthiran

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 […]

More >

ආණ්ඩුවට සල්ලි නෑ.. ණයක් නැත්නම් දවසක්වත් දුවන්න බෑ…- බන්ධුල

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 […]

More >

Reducing Trade Deficit

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 […]

More >

Sri Lanka’s inflation expected to hit 5% in medium term, report says

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 […]

More >

ඉන්දියාව ගෝඨාභය බය කළ හැටි… “මට ගෝඨාභය පාවා දෙන්න බෑ”

Wednesday, February 14th, 2024

Ada Derana

More >

Financial crisis ‘gradually’ easing, says Sri Lanka

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 […]

More >

Sri Lanka’s trade deficit dropped to lowest in 2023 after 13 years – CBSL

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 […]

More >

Sri Lanka secures USD 150 million from World Bank

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 […]

More >

Sri Lanka’s total exports reach USD 14.49 bn in 2023

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 […]

More >

Sri Lanka inflation surges on food costs, IMF tax pressure

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 […]

More >

Sri Lanka debt overhaul harms older women

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 […]

More >

ආර්ථික අර්බුදයට හේතුව පාලකයින්ට නිවැරදි උපදෙස් ලබා නොදීම – මහ බැංකු අධිපති

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 […]

More >

Rising food prices drive Sri Lanka inflation up to 4.2% in December : CBSL

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 […]

More >

G77+China summit: President emphasizes immediate reforms in global financial structure

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 […]

More >

Sri Lanka will face a worse crisis, if deviate from current economic management plan – Semasinghe

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 […]

More >

All stalled development projects to commence in February – Bandula

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 […]

More >

Budget 2024: Sri Lanka’s road to economic recovery?

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 […]

More >

Can We Survive without a Homegrown Solution?

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 […]

More >

Dismantling US$ dominance: De-dollarization strategies

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 […]

More >

President discusses effective progress of debt restructuring at Business Roundtable in Switzerland

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 […]

More >

Japan wants Sri Lanka to settle initial part spent on LRT project

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 […]

More >

World Bank forecasts Sri Lankan economy to grow 1.7% in 2024

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 […]

More >

Cameron has ‘no regrets’ over Chinese investment links

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 […]

More >

Japan urges early signing of debt MoU between Sri Lanka and creditors

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 […]

More >

State revenue to be increased to 15% of GDP

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 […]

More >

60.5% of households in Sri Lanka reported decrease in monthly income due to crisis

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 […]

More >

Colombo’s consumer price inflation increases to 4% in Dec.

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 […]

More >

IMF agreement must be continued under any government – CBSL Governor

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 […]

More >

5 key takeaways on regional cooperation in South Asia in 2023

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 […]

More >

Sri Lanka’s external debt in 2022 was US$ 58.7 billion: Word Bank

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 […]

More >

Copyright © 2024 LankaWeb.com. All Rights Reserved. Powered by Wordpress