Courtesy Adaderana The Cabinet of Ministers has granted approval for the proposal to downgrade Sri Lanka’s status from a ‘middle-income country’ to a ‘low-income country’, the Cabinet Spokesman says. Joining the Cabinet press meeting held today, Minister Bandula Gunawardene stated that Sri Lanka was declared a middle-income country in accordance with international classification, adding that […]

Courtesy Adaderana The United Nations’ Development Programme (UNDP) joined on Tuesday the chorus of institutions and charities warning that a serious debt crisis is now taking hold in the poorest parts of the world. In a new report, the UNDP estimated that 54 countries, accounting for more than half of the world’s poorest people, now needed […]

Courtesy Adaderana World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem after Russia’s invasion of Ukraine. There’s a risk and real danger of a world recession next year,” Malpass said in a dialogue with […]

By Joe Rennison and Isabella Simonetti Courtesy Khaleej Times  Low-income countries, like Ghana and Pakistan, were already struggling during the pandemic. The dollar’s strength is adding to their woes The average household in Ghana is paying two-thirds more than it did last year for diesel, flour and other necessities. In Egypt, wheat is so expensive […]

නිලන්ත සත්සර ගමගේ 2020 රාජ්‍ය බදු ආදායම – 1,216,542 ( රු.මි ) ආදායම් බදු – 268,249 එකතු කල අගය මත බදු 233,786 නිෂ්පාදන / සුරා බදු – 321,932 ආනයන මත බදු 114,183 අනෙකුත් බදු 278,392   2021 රාජ්‍ය බදු ආදායම – 1,298,019 ( රු.මි) ආදායම් බදු – 302,115 එකතු කල අගය මත බදු 308,213 නිෂ්පාදන […]

Courtesy Adaderana President of the European Commission, Ms. Ursula von der Leyen congratulating Ranil Wickremesinghe on his election as the President of the Democratic of Socialist Republic of Sri Lanka has assured its support to the government of Sri Lanka for the efforts to overcome the crisis successfully. Issuing a statement, Ms. Ursula noted that […]

Courtesy Adaderana State Minister of Finance Shehan Semasinghe says the government’s initiative to revive the economy of the country was appreciated by the World Bank during a special discussion held with Mr. Faris Hadad-Zervos, the World Bank’s Country Director for Maldives, Nepal and Sri Lanka. The WB Country Director stated that the government is demonstrating […]

Courtesy Adaderana

Courtesy Adaderana Headline inflation of Sri Lanka, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index has increased to 69.8% in September 2022 from 64.3% in August 2022. According to the Department of Census and Statistics, this increase in Y-o-Y inflation was driven by the monthly increases of both Food and […]

By P.K.Balachandran/Daily Mirror Colombo, September 28: Reporting on the meeting between the Sri Lankan Foreign Minister Ali Sabry and his Chinese counterpart, Wang Yi, last Friday on the sidelines of the 71st UN General Assembly session in New York, the Chinese embassy in Colombo said that the two sides had agreed to speed up the negotiation […]

By P.K.Balachandran Courtesy NewsIn.Asia Colombo, September 28 (Counterpoint):  Sri Lankan President Ranil Wickremesinghe told Singapore’s Prime Minister Lee Hsien Loong in Tokyo on Tuesday, that Sri Lanka would give priority to reviving the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) of 2018. The SLSFTA, which was signed when Wickremesinghe was Prime Minister, became operational on May […]

Courtesy The Daily Mirror August merchandise exports income tops US$ 1.2bn Apparel & textile exports up 15% to US$ 565mn Jan-Aug. cumulative exports up 12% to US$ 8.85bn Cumulative apparel & textile up 19% to US$ 4.08bn Sri Lanka recorded its highest merchandise export income so far for this year in the month of August […]

Courtesy The Daily Mirror Although Sri Lanka tourism had to face some unprecedented challenges over the past couple of years, the industry is now back on track for recovery, said the Sri Lanka Tourism Development Authority (SLTDA).  Giving a positive message on World Tourism Day, the state agency highlighted that over the past couple of months, […]

Courtesy CNA MANILA/TOKYO: The Asian Development Bank (ADB) is ready to provide further financial support to Sri Lanka, a top official of the regional lender said on Tuesday (Sep 27), as the Indian Ocean nation battles its worst economic crisis in more than seven decades. The remarks came after an ADB pact this month for […]

Courtesy orinoco tribune The IMF released a report today on the Bolivian economy in which it recommends adopting drastic neoliberal measures, including; reducing workers’ salaries, cutting public investments, and ending currency controls. These policies have turned Bolivia from one of the poorest countries in the region into it’s fastest-growing economy. The report takes aim at […]

Courtesy Adaderana President Ranil Wickremesinghe says that discussion on restructuring Sri Lanka’s bilateral debt has already commenced with India and China at a lower level and that he is visiting Japan to discuss their role it the process. He stated that talks with China would go to a higher level probably after the National Congress […]

Courtesy The Daily Mirror Chinese State Councilor and Foreign Minister Wang Yi met with Sri Lankan Minister of Foreign Affairs Ali Sabry on the sidelines of the general debate of the UNGA 77 in New York on September 23.  Wang Yi said that China and Sri Lanka established the relations of strategic partnership of cooperation, […]

By Raj Moorthy Courtesy The Sunday times Audience. There are many debates these days as to why Sri Lanka must or must not reach out to the International Monetary Fund (IMF) for assistance in overcoming the current debilitating economic crisis. Looking at four things about today’s economic situation that is historically unprecedented for Sri Lanka […]

Courtesy Business Standard Amid the worst-ever economic crisis since the country gained independence in 1948, Sri Lanka’s inflation rate jumped to 70.2 per cent in August, official data revealed on Thursday.

by Arundathie Abeysinghe Courtesy AsiaNews Discussions are underway between central banks to allow Russian credit cards to operate in Sri Lanka. Last year almost 17,000 Russian tourists visited the island. The country is in economic recovery and also hopes to obtain a loan to buy fuel. Colombo (AsiaNews) – Sri Lankan authorities are considering joining […]

By Hu Weijia Courtesy Global Times Illustration: Chen Xia/Global TimesWith a total of $968 million in loans in four months of 2022, India “has emerged as Sri Lanka’s largest bilateral lender, overtaking China in the process,” India’s ANI news agency reported on Monday, citing Daily Financial Times. Sri Lanka has borrowed not only from China […]

Courtesy Adaderana Building on the USAID Administrator Samantha Powers’s recent visit, US Ambassador to Sri Lanka Julie Chung announced today that the United States, through USAID, will provide an additional estimated $65 million (more than 23 billion Sri Lankan rupees) in assistance to Sri Lanka over a five-year period.  The assistance falls under the Development […]

Courtesy Adaderana The Government of Japan has decided to extend additional Emergency Grant Aid of USD 3.5 million for Sri Lanka in response to the deterioration of the humanitarian situation. This Emergency Grant Aid will allow implementing humanitarian assistance activities delivering food worth USD 2 million through the World Food Programme (WFP), food, nutrition, health, […]

Courtesy Hiru News India does not plan to provide fresh financial support to Sri Lanka on top of the nearly $4 billion it has extended this year, two sources told Reuters, as the island’s battered economy starts to stabilise after a preliminary loan agreement with the IMF. India has been the biggest provider of aid […]

Hiru News

Courtesy Adaderana Ambassador of China to Sri Lanka, Qi Zhenhong has held a discussion with Asian Development Bank’s South Asian Department Director General Kenichi Yokoyama and its Sri Lanka Mission Director Chen Chen today (Sep. 13). According to the Chinese Embassy in Colombo, they have had exchanged views on Sri Lanka’s current economic situation and […]

Manusha Media  Labour and Foreign Employment Minister Manusha Nanayakkara said that the foreign exchange sent by expatriate workers to Sri Lanka has increased by 16.4 percent in August compared to July this year, and the number of workers who have registered with the Sri Lanka Bureau of Foreign Employment (SLBFE) to leave for foreign jobs […]

Courtesy Hiru News USAID Administrator Samantha Power announces an additional USD 40 million to Sri Lanka to help farmers purchase fertilizer and other vital agricultural inputs

Courtesy Adaderana The government of Sri Lanka today (Sep 09) signed an agreement for financial assistance of USD 203 million from the Asian Development Bank (ADB) and the Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR) to implement the Food Security and Livelihood Recovery Emergency Assistance Project. In a press release, the […]

INVESTING Company News News Wire 14h ago Fitch Warns of High Risk Sri Lanka May Default on Local Bonds Ronojoy Mazumdar and Asantha Sirimanne, Bloomberg News A worker with an empty two-wheeled cart makes his way to a wholesale market to find jobs in Colombo, Sri Lanka, on Tuesday, Aug. 9, 2022. Sri Lanka’s new President […]