Courtesy The Daily Mirror Sri Lanka’s crippling debt crisis and the long wait it had to endure until receiving a bailout from international creditors forced emerging markets to re-evaluate the existing global financial structure, according to economists and diplomats at the World Economic Forum on Wednesday. They also noted that the world needs a more […]

Courtesy The Daily Mirror The Central Bank on Wednesday presented possible domestic debt restructuring scenarios to the Cabinet of Ministers, which indicated that restructuring/optimization will apply only to Treasury bills held by the Central Bank and the bonds held by superannuation funds. Interestingly, it appears that banks have been excluded in the process.  However, the […]

Courtesy Adaderana The Cabinet of Ministers have approved the domestic debt restructuring programme. Accordingly, the proposed restructuring of the country’s local debts was approved at the special Cabinet meeting which concluded a short while ago. All Government MPs were notified a short while ago at the Presidential Secretariat, the Presidnet’s Media Division (PMD) reported, adding […]

Courtesy Nikkei Asia Funding would be biggest infusion for crisis-hit nation since IMF deal COLOMBO (Reuters) — Sri Lanka will enter into an agreement with the World Bank for $500 million in budgetary support after the cabinet approved it on Tuesday, the biggest funding tranche for the crisis-hit nation since an International Monetary Fund deal […]

Courtesy Adaderana Sri Lanka’s Minister of Foreign Affairs Ali Sabry has called for a ‘global debt restructuring architecture’, in a bid to prevent smaller countries and emerging economies from ‘embroiling in controversy forever’. Speaking to CNBC during his visit to China, Sabry spoke of several matters of concern, including the potential ways in which China […]

Courtesy NewsIn.Asia June 26 (AdaDerana) – The Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe states that an extended bank holiday was declared from June 29 to July 03, 2023, including June 30, in order to obtain necessary time required for the domestic debt optimization strategy of Sri Lanka. Making a […]

Courtesy Adaderana The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva has assured the institution’s commitment towards supporting Sri Lanka’s economic reforms.  Following her meeting with President Ranil Wickremesinghe, Georgieva assured that the IMF is committed to supporting the island nation’s economic reforms, in a bid to improve the living standards of Sri […]

Courtesy Adaderana Sri Lanka inflation, based on National Consumer Price Index (NCPI), for May 2023 was recorded at 22.1%, as measured by the year-on-year change, the Department of Census and Statistics (DCS) revealed in its latest report. This marks a slight drop in comparison to the headline inflation of 33.6% recorded in April 2023. In […]

Courtesy Adaderana The World Bank is likely to approve $700 million in budgetary and welfare support for Sri Lanka at its next board meeting on June 28, sources told Reuters, the biggest funding tranche for the crisis-hit island nation since an IMF deal in March. The economy of the country of 22 million is expected […]

Courtesy Adaderana The Sri Lankan Rupee has marginally appreciated today, based on the latest data regarding the buying and selling rates of the US Dollar released by the Central Bank of Sri Lanka (CBSL). Accordingly, today’s (June 19) buying rate of the US Dollar has been reported at Rs. 297.53, while the selling rate of […]

Courtesy Adaderana The Sri Lankan Rupee today (16 June) appreciated against the US Dollar, as per the reports of the Central Bank of Sri Lanka (CBSL). Accordingly, the buying rate was reported at Rs. 300.51, while the selling rate of the US Dollar was recorded at Rs. 319.66. The selling rate of the US Dollar […]

Courtesy Adaderana Sri Lanka’s economy shrank 11.5% in the first three months of 2023 from the previous year, government data showed on Thursday. The Department of Census and Statistics (DCS) today released the estimated Gross Domestic Product (GDP) at the current price and at constant (2015) price in the Production approach and the other macroeconomic indicators for […]

Chris Hamby BuzzFeed News Reporter Financial companies have figured out how to turn a controversial global legal system to their own very profitable advantage. Part three of a BuzzFeed News investigation. Posted on August 31, 2016 at 3:31 pm In 2006, near the height of Wall Street’s disastrous speculative frenzy, some of the world’s biggest […]

Lanka Lead News වර්තමානයේ රට තුළ මතුවී ඇති ආර්ථික අර්බුදයේ ස්වභාවය හෙළිකරමින් ආර්ථික විශ්ලේෂකයන් පෙන්වා දෙන්නේ විදෙස් රටවලින් ලබාගත් දැවැන්ත ණය ප්‍රමාණය හේතුවෙන් මෙම අර්බුදය නිර්මාණය වී ඇති බවය. විශේෂයෙන්ම 2015-2019 කාලයේ දී 6.8% – 7.2% වැනි ඉතා ඉහළ පොලියට ස්වෛරී බැඳුම්කර හෙවත් වාණිජ ණය යටතේ ඇමරිකන් ඩොලර් බිලියන 12.5 ක් ලබාගෙන තිබීම හේතුවෙන් විදේශ […]

– යසස් ධර්මදාස –Lanka Lead News ගෝඨාභය රාජපක්ෂ පාලන කාළය තුළ ආර්ථික අර්බුදයට පාදකවූ කරුණු ලෙස ප්‍රධාන වශයෙන් හඳුනා ගත හැක්කේ කොවිඩ් වසංගතය හේතුවෙන් ආර්ථිකය හැකිළෙන ලෙස රට වසා තැබීම, ගෙවීමට තිබූ විදේශ ණය නිසි කලට ගෙවීම, විදේශ ණය ලබා නොගැනීම, ආයෝජකයින් සහ අපනයන කටයුතු වල යෙදෙන වෙළඳුන් විදේශ විණිමය රටින් පිට රැඳවීම, උන්ඩියල් හවාලා […]

Courtesy Adaderana Food security in Sri Lanka is improving across all provinces, according to the Crop and Food Security Assessment Mission (CFSAM) report jointly carried out in February/March 2023 by the Food and Agriculture Organization of the United Nations (FAO) and the United Nations World Food Programme (WFP).  The report estimates 3.9 million people or […]

Courtesy The Daily Mirror Samagi Jana Balavegaya (SJB) National Organiser Tissa Attanayake said the current economic stability in the country is a temporary situation due to the imposition of restrictions on the import of goods and the suspension of foreign debt repayments. While speaking to the media at Hanwella on Saturday, he said he does […]

Courtesy Adaderana The Asian Development Bank (ADB) on Wednesday said it has approved Sri Lanka’s eligibility to access concessional financing. The availability of concessional assistance, offered at low interest rates, broadens Sri Lanka’s options to bridge its urgent development financing needs to restore economic stability and deliver essential services, particularly to the poor and vulnerable, […]

Courtesy The Daily Mirror Dr. Nandalal Weerasinghe The Central Bank yesterday delivered a surprise policy rate cut, bringing nearly two years long tightening cycle to a close and left open the door for further rate cuts in the next few months among other measures to ease remaining restrictions on imports to reverse the prolonged economic […]

Courtesy Adaderana The signing of the agreement to extend the USD$ 1,000 million assistance scheme from India for the import of essential materials for a further period of one year has been carried out today (May 30), says Minister of Finance Shehan Semasinghe. In a Twitter message, Minister Semasinghe has mentioned that the officials of […]

Courtesy The Daily News There has been a rapid appreciation of the LKR against the USD within the last week. Today (29 May) the buying rate of 1 USD was reported at LKR 289.89 and selling rate of 1 USD is 303.26 according to the CBSL exchange rates. These exchange rates are based on the […]

Courtesy Adaderana The Asian Development Bank (ADB) has approved a $350 million special policy-based loan to provide budget support to Sri Lanka for economic stabilization today (29). In a statement, the ADB said the program is part of a broader package of financial assistance anchored by the International Monetary Fund’s Extended Fund Facility for the […]

Courtesy The Daily Mirror Says with RCEP Sri Lanka aims to achieve higher level of economic liberalisation Ranil Wickremesinghe addressing the Nikkei Forum  In an effort to become more integrated in global trade, Sri Lanka will apply for membership to the Regional Comprehensive Economic Partnership (RCEP), President Ranil Wickremesinghe announced yesterday. By entering into a […]

Courtesy The Daily Mirror India has done more for Sri Lanka than the International Monetary Fund (IMF), Union Minister for External Affairs Dr S Jaishankar stressed on Saturday. The Modi government, he underlined, is working on developing an extended neighbourhood” that involves islands in the Indian Ocean, Gulf countries and nations in South-East Asia. What […]

Courtesy Adaderana Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe says that collective policy measures are painful for businesses and households and that such measures are imperative to prevent devastative impacts of the soaring inflation and economic instability, and to restore economic conditions that are essential for economic stakeholders. Speaking at […]

BY PAUL WISEMAN Courtesy The San Diego Union-Tribune  WASHINGTON —   If the debt crisis roiling Washington were eventually to send the United States crashing into recession, America’s economy would hardly sink alone. The repercussions of a first-ever default on the federal debt would quickly reverberate around the world. Orders for Chinese factories that sell electronics to the United […]

Courtesy Adaderana Sri Lanka’s National Consumer Price Index (NCPI) inflation eased to 33.6% year-on-year in April, after a 49.2% rise in March, the statistics department said on Monday. The NCPI captures broader retail price inflation and is released with a lag of 21 days every month. Food prices eased sharply to 27.1% in April from […]

Courtesy Ceylon Today Port City Colombo is set to reach its highest level of activity as the region’s first multi-currency, service export Special Economic Zone. The five-year roll-out plan envisages USD 5.6 billion in FDI which will fast-track Sri Lanka’s economic recovery, positioning both Port City and Sri Lanka as a leading player in the […]

Courtesy Hiru News Central Bank Governor Nandalal Weerasinghe said Sri Lanka’s public bank deposits and stability of the banking system will be safeguarded in any reorganization of domestic debt. Governor Weerasinghe told a public forum, There is speculation about the stability of public deposits and banking system stability. A key objective of the central bank […]

Courtesy Adaderana India has extended a $1 billion credit line for Sri Lanka by one year, a Sri Lankan official told Reuters on Tuesday, giving the crisis-hit country a backup funds to pay for essential imports. The credit line, part of about $4 billion in emergency assistance extended by India during the peak of Sri […]