Author Archive for Economy

THE IMF IS NOT THE ONLY OPTION ON THE TABLE – CBSL GOVERNOR

Wednesday, July 28th, 2021

Courtesy Adaderana Central Bank Governor Professor W.D. Lakshman says that despite what the country’s many pundits believe, the International Monetary Fund may not be the only solution to balance Sri Lanka’s reserve position. Speaking to Indeewari Amuwatte on our current affairs program @HydePark on Ada Derana 24, Professor Lakshman added that although the country’s reserve […]

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Sri Lanka pays off USD 01 billion bond debt before deadline

Tuesday, July 27th, 2021

Courtesy Adaderana Sri Lanka has settled the scheduled debt of USD 01 billion International Sovereign Bond Issue yesterday (July 26), State Minister Ajith Nivard Cabraal said. Sri Lanka has transferred funds to repay the $1 billion bond by the Tuesday (July 27) deadline, keeping intact its reputation for honoring debt as concern mounts about the […]

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Importance of stability for Lanka’s economic recovery

Saturday, July 24th, 2021

By Sugeeswara Senadhira/Daily News Courtesy NewsIn.Asia Colombo, July 23: For steady progress and economic development of a country the two most important requirements are peace and political stability. Any uncertainty on the duration of a government adversely affects its policy implementation process as Sri Lanka witnessed many times during its post-independence history of seven decades, […]

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The Chinese ‘Debt Trap’ Is a Myth – The narrative wrongfully portrays both Beijing and the developing countries it deals with.

Friday, July 23rd, 2021

By Deborah Brautigam and Meg Rithmire Courtesy The Atlantic China, we are told, inveigles poorer countries into taking out loan after loan to build expensive infrastructure that they can’t afford and that will yield few benefits, all with the end goal of Beijing eventually taking control of these assets from its struggling borrowers. As states around the world […]

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SL hits back at Moody’s Investors Service

Monday, July 19th, 2021

Courtesy The Daily Mirror Hours after the Moody’s Investors Service has placed Sri Lanka’s rating ‘under review for downgrade,” the government hit back at the Moody’s Investors Service, stating that unwarranted announcement by Moody’s reemphasizes the need for the Sri Lankan Government to revisit its relationship with rating agencies. Issuing a statement by the Finance […]

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Sri Lanka on brink of severe economic crisis, claims BowerGroupAsia

Friday, July 16th, 2021

Courtesy The Daily FT BowerGroupAsia (BGA), a strategic advisory firm that specialises in Foreign Direct Investment throughout the Indo-Pacific, has cautioned its clients, claiming that Sri Lanka is on the brink of severe economic crisis.  BGA cited a host of recent developments to substantiate its warning. In a confidential commentary to its clients, BGA claims […]

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ශ‍්‍රී ලංකාව මහා සාගින්නක් ආසන්නයේ.. යුරෝපයේ BlackList වීමේ අවදානමක්..- Bower Group Asia සිය සාමාජිකයන්ට දන්වයි…

Friday, July 16th, 2021

උපුටා ගැනීම lanka C news වර්තමානයේ මුහුණ දී තිබෙන විදේශ සංචිත අර්බුදයල ජාත්‍යන්තර ණය ආපසු ගෙවීම් සහ දුර්වල රාජ්‍ය මූල්‍ය කළමනාකරණය හේතුවෙන් ශ්‍රි ලංකාවට රටේ ජනතාව සාගින්නෙන් පෙළීම වැළැක්වීමට හෝ ඔවුන්ට නිසි ආර්ථික උත්තේජනයක් ලබා දීමට නොහැකි වනු ඇති බවට රහස්‍ය අනතුරු ඇඟවීමක් ඉන්දු-පැසිෆික් කලාපයේ ප්‍රමුඛ පෙළේ ආයෝජන උපදේශන සමාගමක් සිය ගනුදෙනුකරුවන් වෙත සිදු කර […]

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Economic Crisis: Sri Lanka Cuts Back On Imports Amid Mounting Debt

Thursday, July 15th, 2021

Courtesy Outlook Shortages are pushing prices higher for many consumer goods, from bread to construction materials to gasoline, triggering protests among Sri Lankans fed up with the prolonged crisis. Sri Lanka needs to make foreign debt payments totaling $3.7 billion this yearAP Sri Lanka has cut back on imports of farm chemicals, cars and even […]

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Asia’s Highest Default Risk Spotlights Sri Lanka Debt Worry

Tuesday, July 6th, 2021

By Anusha Ondaatjie and Lilian Karunungan Courtesy bloomberg.com Nation has to service $1 billion of debt maturing in July  Sri Lanka says arrangements made to settle July bond Sri Lanka’s risk premium for a default jumped, reflecting concern that the pandemic is damaging the nation’s ability to fill its foreign-exchange coffers ahead of at least $2.5 billion in […]

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ආර්ථිකය වැටෙයිද ? : GSP+ අහිමි වේද?

Saturday, July 3rd, 2021

Department of Government Information

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Nine restrictions on outward remittances will be effective for 6 months from July in Sri Lanka

Saturday, July 3rd, 2021

Courtesy NewsIn.Asia Statement from Central Bank of Sri Lanka With a view to assist and maintain the financial system stability by minimizing the pressure on the exchange rate and preserving the foreign currency reserve position of the country, the Hon. Minister of Finance with the recommendation of the Monetary Board of the Central Bank of […]

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Govt rules out plan with IMF for debt restructuring

Saturday, July 3rd, 2021

Courtesy The Daily Mirror The government today ruled out any arrangement with the International Monetary Fund (IMF) for restructuring its debt servicing criterion, but asserted that there were alternatives for it. Addressing a press conference at the Government Information Department, Money, Capital Markets and Public Enterprise Reforms Ajith Nivard Cabraal said the economy was not […]

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Exclusive : මේ සතියේ ඩොලර් බිලියනයක ණය වාරිකය ගෙවිය යුතුයි.. නැතොත් ලංකාව බංකොලොත්…

Thursday, July 1st, 2021

උපුටා ගැන්ම ලංකා සී නිව්ස් ශ‍්‍රී ලංකාව ලබාගෙන ඇති ණය වෙනුවෙන් මෙම සතිය තුල ඩොලර් බිලියනයක ණය මුදලක් ගෙවිය යුතුව ඇති බව වෙලද ඇමති බන්දුල ගුණවර්ධන මහතා පවසයි. එම ණය මුදල මෙම සතියේදී නොගෙවුවහොත් ශ‍්‍රි ලංකාව බංකොලොත් වන බවත් ඔහු පැවසීය. කෙසේ වෙතත් ආණ්ඩුව එසේ වීමට ඉඩක් නොතබන බවත් ඒ මහතා සදහන් කරයි. ඔහු මෙම […]

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Restrictions to control foreign exchange remittances outside Sri Lanka further extended

Tuesday, June 29th, 2021

Courtesy Adaderana The Cabinet of Ministers approved the further extension of orders issued under the Foreign Exchange Act to control foreign exchange remittances outside the country. Previously, orders were issued under Section 22 of the Foreign Exchange Act No. 12 of 2017 to suspend external remittances related to certain transactions, taking into account the possible […]

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Pathfinder Beyond the Box: A New Economic Vision for Post – COVID Sri Lanka Time to Take Stock?

Tuesday, June 22nd, 2021

 Pathfinder The Pathfinder Foundation produced a Report Pathfinder Beyond the Box; a New Economic Vision for post-Covid Sri Lanka,” can read full text on https://bit.ly/3iSRx1L which was presented to senior policy makers and made available to the public in May 2020. 14 months on, it is time to take stock. The Report presented a policy […]

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යුරෝපා පාර්ලිමේන්තුවේ ලංකාවට එරෙහි ජීඑස්පී නැවැත්වීම සලකා බැලීමේ යෝජනාව – ඔක්සිජන් නැතිව ලෙඩ ඇදට වැටුණු ලංකා ආර්ථිකයේ අවසන් හුස්ම පොද සිර කරනු ඇත

Friday, June 11th, 2021

හිටපු ආණ්ඩුකාර රජිත් කීර්ති තෙන්නකෝන් ශ්‍රී ලංකාවට ලබා දෙන ජී.එස්.පී. පලස් සහනය ඉවත් කළ යුතු දැයි සළකා බැලීමට යුරෝපා පාර්ලිමේන්තුව ඊයේ යෝජනාවක් සම්මත කොට ගෙන ඇත.  ඒ අනුව, ජීඑස්පී සහනය තවදුරටත් ශ්‍රී ලංකාව වෙත ලබා දෙන්නේ දැයි සලකා බැලීමට යුරෝපා කොමිසම ඉදිරියේ දී කටයුතු කරනු ඇත. මන්ත්‍රීවරුන් 705 ක් සිටින යුරෝපා පාර්ලිමේන්තුවේ වැඩිම පිරිසක් ලංකාවට […]

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As Bangladesh Rises, Sri Lanka Finds India is Not the Only Neighbour With Deep Pockets

Thursday, June 10th, 2021

Courtesy The Wire The currency swap arrangement between Sri Lanka and Bangladesh seems to be the first time that any country other than India has provided macroeconomic support to another South Asian country. About two weeks ago, Bangladesh’s central bank approved, in principle, a $200 million currency swap deal for Sri Lanka, intended to bolster […]

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Top bankers confident govt has taken the right approach to repaying foreign debt

Friday, June 4th, 2021

by Sanath Nanayakkare Courtesy The Island The government has succeeded in its public debt management programme with several initiatives and it would meet its foreign debt repayment obligations in the future too, S. Renganathan, MD/ CEO, Commercial Bank of Ceylon PLC said on Wednesday at a virtual forum hosted by CT CLSA on the banking […]

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Colombo Port City to contribute US $ 4.5 billion to the economy

Saturday, May 29th, 2021

Courtesy Hiru News Ajith Nivard Cabraal, State Minister of Finance and Capital Markets and Public Enterprise Reforms stated that the Colombo Port City will contribute US $ 4.5 billion to the country’s GDP in the first few years. He was speaking at a media briefing held in Colombo yesterday to raise awareness about the port […]

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Sri Lanka’s biggest port commercial zone to be activated

Monday, May 24th, 2021

By Sugeeswara Senadhira Courtesy Ceylon Today The Colombo Port City Commission (CPCC) bill passed with several amendments proposed by the Government and opposition MPs and in accordance with the Sri Lankan Supreme Court (SC) determinations received by the Speaker of Parliament. After placing the SC determinations before Parliament on 18 May, a two-day lively debate […]

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Colombo Port City is a potential source and driver of Sri Lanka’s economic growth

Monday, April 26th, 2021

Courtesy NewsIn.Asia Colombo, April 23 (www.counterpoint.lk): The miracle of Shenzen” inspired governments globally to find ways and means out of adverse situations that plague countries in terms of their economic performance, especially in the post-second world war era. Shenzen was well-regarded the world over as the most judicious and prudent way of experimenting with fundamental […]

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China offers Sri Lanka a lifeline as critics question cost

Tuesday, April 20th, 2021

Courtesy Nikkei Asia Yearlong talks yield $500m loan thought to carry ‘geopolitical conditions’ Signs advertise Colombo Port City: The development is said to give Beijing sweeping powers to oversee projects for the financial hub worth $1.4 billion. (Photo by Yuji Kuronuma)MUNZA MUSHTAQ, Contributing WriterApril 20, 2021 16:42 JST COLOMBO — China appears to be tightening its strategic grip […]

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Rupee appreciates to Rs.191.97

Monday, April 19th, 2021

Courtesy The Daily News Sri Lankan rupee has further appreciated to Rs.191.97 against the US Dollar when compared with the previous selling rate of Rs 201.28. The buying rate of a rupee stood at Rs. 187.93 against the US Dollar

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Colombo Port City and Hambantota port are dual engines of Lanka’s economic growth: Chinese envoy

Monday, April 12th, 2021

Courtesy NewsIn.Asia Colombo, April 12 (newsin.asia): In his Sinhala-Tamil New Year message the Chinese Ambassador in Sri Lanka Qi Zhenhong has said that tangible outcomes have been constantly achieved in the development of the China-funded Colombo Port City and Hambantota International Port prjects. Qi described these two projects as the new duo engines of Sri […]

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China’s US$ 500 m New Year gift to Sri Lanka

Monday, April 12th, 2021

Courtesy NewsIn.Asia Colombo, April 12 (newsin.asia): On Monday a USD 500 Million Foreign Currency Term Financing Facility (FTFF) was signed in Beijing between the China Development Bank (CDB) and Sri Lankan Finance Ministry. This is the second tranche of the total RMB 2 billion plus (USD 1 billion) FTFF pledged by the Chinese side to […]

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Sri Lanka signs USD 500 mn loan agreement with China

Monday, April 12th, 2021

Courtesy Adaderana The Government of Sri Lanka has signed a loan agreement of USD 500 million with the China Development Bank (CDB). The Ministry of Finance stated that the relevant funds will be disbursed within this week. Ambassador Dr. Palitha Kohona, on behalf of the government of Sri Lanka, signed the loan agreement with the […]

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China in $1.5 Billion Swap Deal as Sri Lanka Seeks to Shun IMF

Monday, March 22nd, 2021

Bloomberg (Bloomberg) — China signed a currency swap agreement with Sri Lanka as the South Asian nation looks to reduce reliance on the International Monetary Fund before $3.7 billion of foreign debt matures this year. The Central Bank of Sri Lanka is entitled to a 10 billion yuan ($1.5 billion) swap facility from the People’s […]

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Sri Lanka and China sign US$ 1.5 billion currency swap deal

Monday, March 22nd, 2021

Courtesy The Daily Mirror The Central Bank of Sri Lanka (CBSL) and the People’s Bank of China (PBoC) have entered into a bilateral currency swap agreement with a view to promoting bilateral trade and direct investment for economic development of the two countries, and to be used for other purposes agreed upon by both parties, […]

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China approves US$1.5bn dollar swap with Sri Lanka

Thursday, March 11th, 2021

Courtesy NewsIn.Asia Colombo, March 11 (Economy Next): The People’s Bank of China has confirmed that a 1.5 billion dollar equivalent swap arrangement had been approved, State Minister for Capital Markets and Money, Nivard Cabraal said. He said Sri Lanka could draw down the swap at any time but it will be kept as a buffer.

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Chinese loan and currency swap arrangement on the way

Friday, March 5th, 2021

Courtesy The Daily Mirror China will endorse a US $ 500 million loan and a currency swap arrangement of two billion Yuan (around US $ 600 million) within the next couple of weeks, informed sources said. Sri Lankan ambassador to China Dr. Palitha Kohona held talks with Chinese Vice Foreign Minister Luo Zhaohui on Wednesday […]

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