Sugath Kulatunga Minister Kanchana Wijesekera insists on a CEB tariff hike in January of about 60% to 65%. Already there has been a steep increase of the electricity tariff and the proposed increase above the present increase will heap more burdens on the consumer who is finding it difficult to make ends meet. One cannot […]

Amanda Yee Courtesy Liberation News U.S. politicians and corporate media often promote the narrative that China lures developing countries into predatory, high-interest loans to build infrastructure projects as part of its Belt and Road Initiative. As the story goes, China anticipates that the borrowing country will default on that loan, so that it can then […]

Courtesy India Today On Friday, a senior Sri Lankan official indicated serious fiscal reforms that the country may take to revive its economy, which faces an unprecedented slump in decades. By Press Trust of India: Cash-strapped Sri Lanka will have to undertake serious fiscal reforms to revive the ailing economy as it has identified a […]

Courtesy Adaderana The Asian Development Bank (ADB) has granted Rs. 8 billion to Sri Lanka for the benefit of paddy farmers, the President’s Media Division (PMD) says. The grant comes at the request of President Ranil Wickremesinghe. Accordingly, small-scale paddy farmers cultivating lands to the extent of one hectare or less will receive an allowance […]

Courtesy Adaderana Headline inflation of Sri Lanka, as measured by the year-on-year (y-o-y) change in the National Consumer Price Index (NCPI) has dropped to 65% in November 2022 from 70.6% in October 2022. According to the Department of Census and Statistics, in comparison to November 2021, the reported inflation for the month of November 2022 […]

Courtesy NewsIn.Asia Colombo, December 15 (newsin.asia): The Deputy Chief of the Chinese Embassy Hu Wei paid a visit to the Eastern Province from 8th to 10th December, to follow up the distribution of China’s recent donations to the island in various ways, including 10.6 million litres of diesel to farmers and fishermen, 9,000 metric tons […]

Anusha Ondaatjie, Bloomberg News , (Bloomberg) — Sri Lanka’s economy likely fell deeper into recession, as tight monetary policy and Asia’s fastest inflation further dampened the nation’s economic health. Gross domestic product probably contracted about 10% between July and September compared to the same period last year, according to a Bloomberg survey of economists. That’s the […]

by Neville Ladduwahetty Courtesy The Island The headlines in the front page of the Daily News of December 7, 2022 states: GOVT. WILL FORMULATE LAWS TO REPATRIATE USD 53 BILLION”. Quoting Minister Dr. Wijedasa Rajapakse, the report states: Exporters who earn Dollars do not bring that earnings back to Sri Lanka but they deposit it in foreign banks. […]

Courtesy Adaderana The Department of Census and Statistics (DCS) Sri Lanka, has released the estimated Gross Domestic Product (GDP) at current price and at constant (2015) price in Production approach and the other macroeconomic indicators for the third quarter (July 01 – September 30) of 2022.  The Gross Domestic Product for Sri Lanka for the […]

Courtesy Adaderana Sri Lanka is expecting loans of up to USD 5 billion next year from multilateral agencies besides a deal with the IMF, Foreign Minister Ali Sabry told Reuters, adding that the government could raise up to USD 3 billion through the restructuring of state assets. Apart from what we get from the IMF, […]

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උපුටාගැණීම  මව්බිම වර්තමාන මහ බැංකු අධිපතිවරයා සහ මුදල් මණ්ඩලය ද සිදු කරනුයේ තමන් කළ ආකාරයෙන් ම ඩොලරයේ අගය ඉහළ යා නොදී පාලනය කිරීම බව හිටපු මහ බැංකු අධිපති අජිත් නිවාඩ් කබ්රාල් පවසයි.                    මහනුවරදී මල්වතු මහ නාහිමි අතිපූජ්‍ය තිබ්බටුවාවේ ශ්‍රී සුමංගල නාහිමි බැහැ දැකීමෙන් අනතුරුව ඒ මහතා මාධ්‍ය හමුවේ අදහස් දක්වමින් මේ බව සඳහන් කළේ […]

Courtesy Hiru News The Balance of Payments, (BOP) is what you get when take a country’s total foreign currency inflows and subtract its total foreign currency outflows. This has a direct effect on the value of that nation’s currency. In Sri Lanka, our BOP has been negative for decades, meaning that more foreign exchange flows […]

Courtesy The Daily Mirror Says wants to make it clear that based on Sept. and Oct. data, exporters are not keeping money abroad Points out 25% export proceeds not converted due to dollars being utilised for local purchases JAAF reiterates that its members strictly abide by CBSL laws on repatriating export income        […]

Courtesy Adaderana Earnings from merchandise exports declined in October 2022 – on a year-on-year basis – for the first time since March 2022 due to lower earnings from garments exports, the Central Bank of Sri Lanka (CBSL) says. The decline in import expenditure continued in October 2022, (y-o-y), for the eighth consecutive month, despite recording […]

Courtesy News18 President Ranil Wickremesinghe has acknowledged that there was no point in economic reforms in Sri Lanka because the cash-starved island nation didn’t have an economy, as he made a strong pitch for a new economic model. Sri Lanka is going through its worst economic crisis since its independence in 1948, triggered by a […]

Courtesy Adaderana Sri Lanka does not need economic reforms that offer no solutions to the ongoing crisis, but a strong new economic system that can face 2050, President Ranil Wickremesinghe says. Outdated economic systems cannot help rebuild Sri Lanka’s economy, the Head of State said, inaugurating the 2022 Economic Summit organized by the Ceylon Chamber […]

Courtesy Hiru News China hopes relevant countries & international financial institutions will work with China to play a positive role in helping Sri Lanka overcome the difficulties. Chinese FM Spokesperson said China attaches high importance to Sri Lanka’s challenges. China hopes relevant countries and international financial institutions will work with China to play a positive […]

Courtesy Hiru News The World Bank yesterday approved Sri Lanka’s request to access concessional financing from the International Development Association (IDA). This type of financing, which is offered at low-interest rates, will enable the country to implement its government-led reform program to stabilize the economy and protect the livelihood of millions of people facing poverty […]

Courtesy Hiru News Following a lengthy round table discussion with WB, ADB, IMF, AIIB in Colombo this morning, it was agreed that a coordinated assistance program supported by the multilateral financial institutions is vital for Sri Lanka to recover from the present economic difficulties. World Bank (WB), Asian Development Bank (ADB), International Monetary Fund (IMF) […]

by Arundathie Abeysinghe Courtesy PIME Asia News According to a recent study, China is Sri Lanka’s top international creditor with debt largely owed to two Chinese state-owned banks. Concerns remain over China’s geopolitical ambitions in the region. A US$ 2.9 billion IMF aid package to Sri Lanka is still pending. Colombo (AsiaNews) – China has […]

Courtesy Adaderana (Xinhua) — China hopes relevant countries and international financial institutions will work with China to play a positive role in helping Sri Lanka overcome the current difficulties. Chinese foreign ministry spokesperson Mao Ning made the remarks when asked to comment on media reports that an International Monetary Fund (IMF) team will travel to […]

Courtesy Adaderana Vice President of Asian Development Bank (ADB) Shixin Chen said international monetary agencies are highly impressed with the strength of the Sri Lankan leadership and its commitment to achieve speedy economic revival through reforms in monetary sectors, the PM’s Office reported. He stated this when he called on Prime Minister Dinesh Gunawardena today […]

Courtesy Hiru News Rumours in circulation that remittances of expatriates will be taxed or forcibly converted into Sri Lankan rupees, are completely false. Overseas remittances can be kept in expatriates’ bank accounts in foreign currency and be converted into Sri Lankan rupees at the expatriates’ discretion.

By Shamindra Ferdinando Courtesy The Island MP Gevindu Cumaratunga, who represents the SLPP dissidents, yesterday (27) alleged that the incumbent government was yet to bring enough pressure to bear on those who had parked as much as USD 36 billion overseas to bring the money back.Cumaratunga said the government’s failure to amend the Exchange Control […]

By Asiri Fernando The Sunday Morning Colombo, November 27 (The Sunday Morning): The Sri Lankan Government is planning to explore alternative funding means such as the announced $ 1 billion ‘Debt-for-Nature Swap’ (DNS) programme in late 2023, following the approval of the anticipated $ 2.9 billion Extended Fund Facility, The Sunday Morning learns. It is […]

The Hindu  Meera Srinivasan in Sri Lanka and Kanishkaa Balachandran in Bengaluru have put together a video report for The Hindu on the plight of the Malayaha Tamils or Hill Country Tamils who work on the tea plantations of Central Sri Lanka. As the poorest community in Sri Lanka, these workers of Indian origin have had to […]

Courtesy The Daily Mirror Both Cabinet and Parliament should question Central Bank officials about the recent decisions they have made with regards to the economy, Minister Bandula Gunawardena told Parliament yesterday. We will be able to question the decisions which Central Bank officials have made during the recent past if they are summoned to Parliament […]

Courtesy Adaderana The Committee on Public Accounts COPA revealed that the total arrears of taxes, penalties and interest in due to the Inland Revenue Department as at June 30th, 2022 is Rs. 773 billion. It was disclosed that an amount of Rs. 201 billion has been identified as income that can be collected without any […]

Courtesy Hiru News Earnings from merchandise exports have exceeded $11 bn from January to October 2022, indicating a growth of 9.33% in comparison to the same period in 2021: Export Development Board. This is a growth of 9.33% in comparison to the same period in 2021. The earnings from merchandise exports in the first ten […]