Author Archive for Economy

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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Veemansa Initiatives’ discussion on ‘external debt situation in Sri Lanka;

Sunday, February 28th, 2021

Veemansa Initiative, Veemansa Initiatives’ discussion on ‘external debt situation in Sri Lanka; Are we heading for a resolution or crisis?’.  The Governor Central Bank is confident all debt obligations will be met.   –         The Central Bank Governor affirms the government’s commitment and ability to honor all debt obligations. –         Sri Lanka to mobilize domestic […]

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AIIB approves USD 180 mn loan to Sri Lanka

Friday, February 26th, 2021

Courtesy The Daily Mirror The Asian Infrastructure Investment Bank (AIIB) has approved Sri Lanka’s request for USD 180 million loan for the Covid-19 emergency and crisis response facility to be disbursed through the Bank of Ceylon (USD 90 million) and People’s Bank (USD 90 million), Sri Lankan Embassy in Beijing said. The loan application was […]

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We do not need loans from IMF – Ajith Nivard Cabraal (English)

Thursday, February 25th, 2021

Courtesy Adaderana

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India-Lanka trade gap has narrowed since 2018

Friday, February 12th, 2021

Courtesy NewsIn.Asia Colombo, February 12 (newsin.asia): India’s Deputy High Commissioner, Vinod K.Jacob, has said that India-Sri Lanka bilateral trade gap has narrowed since 2018. We have been able to reduce the trade gap in 2018 and 2019 and made our trade more balanced. According to the latest data from the Sri Lankan side, in 2020, […]

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India says further relief impossible without SL having an agreement with IMF

Friday, February 5th, 2021

Courtesy The Daily Mirror In response to internet media reports about India asking for the settlement of US $ 400 million currency swap as an act of retaliation for the cancellation of the port project, the Indian High Commission said a rollover facility for the settlement of had been granted for the Central Bank of […]

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The Consequences of Moving from Industrial to Financial Capitalism

Saturday, January 23rd, 2021

MICHAEL HUDSON AND PEPE ESCOBAR Courtesy UNZ Review High-ended retailer Saks Fifth Avenue added private security, fencing and barbed wire ahead of a Black Lives Matter protest in New York, June 7. 2020. (Anthony Quintano, CC BY 2.0, Wikimedia Commons) Michael Hudson and Pepe Escobar last month took a hard look at rent and rent-seeking at the […]

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Baseless US reasoning for the denial of US$ 480 mn MCC grant to Lanka

Monday, December 21st, 2020

By Sugeeswara Senadhira/Ceylon Today Colombo, December 21: In the final phase of the separatist war when the European Union threatened Sri Lanka with withdrawal of the GSP plus duty concessions, President Mahinda Rajapaksa called a meeting. Rajapaksa asked Minister G L Peiris how much the country would lose due to the withdrawal of GSP plus. […]

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Govt. to follow fair, consistent tax policy without killing the proverbial ‘golden goose’

Monday, December 21st, 2020

Courtesy Adaderana State Minister for Money, Capital Market & State Enterprise Reforms Ajith Nivard Cabraal stated that the Government intends to follow a fair and a consistent tax policy without killing the proverbial ‘golden goose.’ Speaking exclusively to Indeewari Amuwatte at the ‘@HydePark’ program on Ada Derana 24, the State Minister expressed the following: The most important thing […]

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Sri Lanka seeks Rs 10 billion World Bank loan to buy COVID-19 vaccine

Sunday, December 20th, 2020

Courtesy NewsIn.Asia Colombo, December 20 (Sunday Times) – The Government has started talks with the World Bank to secure a Rs. 10 billion loan for the purchase of a vaccine against COVID-19, The Sunday Times reported quoting a Senior Government official. The official said the Government was seeking a soft loan while also looking at […]

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Lanka will benefit by joining emerging multilateral trade blocs like RCEP

Saturday, December 19th, 2020

By Sugeeswara Senadhira   Courtesy NewsIn.Asia Colombo, December 18 (Daily News): Gone are the days of military blocs. The new-in is multilateral platforms for economic, trade and strategic cooperation. Sri Lanka became a founder member of the South Asian Association for Regional Cooperation (SAARC) with much hope of becoming a major economic beneficiary. Before long, these […]

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5.5% growth rate for 2021 is not an ambition, it’s an achievable goal: Cabraal

Saturday, December 19th, 2020

by Sanath Nanayakkare Courtesy The Island Growth rebounded to 1.5% in 3Q reflecting great recovery of the economy after the economic contraction in 1Q and 2Q of this year signaling a near normalcy, therefore, the predicted robust turnaround of 5.5% growth for next year is not an ambition, it is an achievable goal, State Minister […]

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Government’s program to raise money for budget concessions (video)

Friday, December 11th, 2020

Courtesy Hiru News According to the 2021 budget, the people of this country are to receive several concessions. Today (11) we inquired about the government’s plans to raise money to provide these concessions.

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‘Danish’ wind power and ‘Chinese’ tires to revive the economy

Wednesday, December 9th, 2020

by Melani Manel Perera Sri Lanka’s first state-owned wind farm is inaugurated. It is expected to generate 100 megawatts and save 20 billion litres of diesel in 20 years. A Chinese company will build a car tire factory near a port operated by a Chinese company. The country’s dependence on Beijing is growing. Colombo (AsiaNews) […]

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Sri Lankan shares rise for 11th session as financial, industrial stocks gain

Tuesday, December 8th, 2020

Reuters Dec 8 (Reuters) – Sri Lankan shares rose for an 11th straight session on Tuesday, riding on gains in financial and industrial stocks. * The benchmark stock index ended up 1.39% at 6,564, its highest closing level since Feb. 23, 2018. * Trading volume on the CSE All Share Index rose to 326.2 million […]

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Cabraal gives a lesson in finance to Opposition Leader

Monday, December 7th, 2020

By Saman Indrajith Courtesy The Island Opposition leader Sajith Premadasa’s questions on the management of the government reminded him of a person that drives recklessly knocks down a person and then queries from the latter what happened, State Minister of Money & Capital Market and State Enterprise Reforms Ajith Nivard Cabraal yesterday told Parliament. The […]

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Economic challenges need to be managed through fresh strategies – PM (Video)

Wednesday, December 2nd, 2020

Courtesy Hiru News Prime Minister Mahinda Rajapaksa says that challenges need to be managed through fresh strategies to strengthen the country’s economy in the next few years. The Prime Minister was addressing the Sri Lanka Economic Forum organized by the Sri Lanka Chamber of Commerce via video technology. The challenges facing our government in 2020 […]

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Sri Lanka decides not to obtain foreign loans for projects

Tuesday, December 1st, 2020

Courtesy Adaderana The Cabinet and the government have decided that Sri Lanka will no longer obtain foreign loans to implement projects, says Co-Cabinet Spokesman Minister Keheliya Rambukwella. He mentioned during the online press conference held to inform Cabinet decisions, earlier today (01). The Minister said that in the future, the government will use Build–operate–transfer (BOT), […]

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President says Sri Lanka’s over-reliance on loans must end

Tuesday, December 1st, 2020

Courtesy Adaderana President Gotabaya Rajapaksa, addressing the Sri Lanka Economic Summit 2020 today (01), said Sri Lanka’s over-reliance on loans must come to an end and insisted on attracting more foreign direct investments while encouraging local investment to drive the country’s economic growth. Sri Lanka Economic Summit 2020, themed Roadmap for Take-off: Driving a People-Centric […]

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Japan to invest in Eastern Container Terminal, not give a loan

Monday, November 30th, 2020

By P.K.Balachandran Courtesy NewsIn.Asia Earlier, a 40-year loan at an interest rate of 0.1% was expected from Japan to fund the project Colombo, November 30: Now that the Gotabaya Rajapaksa government has finally decided to get India, Japan and the Sri Lanka Ports Authority (SLPA) to jointly develop the Eastern Container Terminal (ECT) in Colombo […]

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Sri Lanka says Fitch downgrade based on uncorroborated facts

Saturday, November 28th, 2020

Xinhua COLOMBO, Nov. 27 (Xinhua) — Sri Lanka’s Ministry of Finance on Friday dismissed Fitch Ratings’ downgrade of the country’s sovereign rating as an assessment based on uncorroborated facts. “We do not accept this downgrade as it fails to recognize the robust policy framework of the new government for addressing the legacy issues, including the […]

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