Author Archive for Economy

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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Rating action by Fitch Ratings based on uncorroborated facts – Ministry of Finance

Friday, November 27th, 2020

Courtesy  Hiru News The Ministry of Finance has responded to Fitch Ratings downgrading Sri Lanka to ‘CCC’.  Issuing a statement the MoF states that Fitch Ratings have failed to recognize the robust policy framework of the new Government for addressing the legacy issues, including the concerns raised by Fitch Ratings, and ensuring ongoing economic recovery […]

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Fitch downgrades Sri Lanka as default fears loom

Friday, November 27th, 2020

Courtesy Reuters LONDON, Nov 27 (Reuters) – Ratings agency Fitch downgraded Sri Lanka’s sovereign debt to CCC” on Friday, warning that the country was at increasing risk of missing debt payments due to the coronavirus pandemic. Heavily reliant on tourism and garment exports for foreign exchange reserves, the island nation has been hit hard by […]

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Garden Agro-Engineering: Emerging Stronger After COVID-19

Wednesday, November 25th, 2020

By Dr. C. G. Ilangakoon Courtesy Ceylon Today It was with absolute pride and delight, the voters of Sri Lanka as a whole watched the address to the Nation, delivered by President Gotabaya Rajapaksa on 18 November 2020, certainly to the exclusion of few political hypocrites of opportunism, rejected by the people. He articulated the […]

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Pros and cons of increasing the retirement age in Sri Lanka’s private sector

Saturday, November 21st, 2020

By Gitanjali Marcelline Courtesy NewsIn.Asia Undoubtedly, increasing the retirement age has its merits, but one also wonders if, under the present trying economic circumstances, the Sri Lankan private can manage to keep employees for five extra years. Colombo, November 21(newsin.asia) : When presenting the budget for 2021 a few days ago, the Sri Lankan government […]

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Zero Based Budgeting and Covid19

Saturday, November 7th, 2020

Rohan Abeygunawardena ACMA, CGMA Financial & Management Consultant The Covid19 epidemic has disrupted the economies of almost all the countries in the world including Sri Lanka. The finance chiefs of both public and private sector should take a fresh look at the activities and projects under their purview when preparing budgets. The Zero Based concept […]

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State Minister Cabraal dispels undue fears on Sri Lanka’s debt service capacity

Saturday, October 31st, 2020

Courtesy Adaderana Following is a statement issued by the State Minister of Money & Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal on 30th October 2020 With the spread of the COVID-19 pandemic, all countries including Sri Lanka, observed a contraction in economic activity, reduction in foreign exchange earnings, decrease in revenue collection, and increase […]

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Sri Lanka’s bonds slump after US calls for ‘difficult’ choices over China ties

Saturday, October 24th, 2020

Courtesy Asia Times Pompeo to visit Delhi, Colombo, the Maldives and Jakarta in coming days; US wants Rajapaksa government to loosen ties with Beijing, but it has already proposed a free-trade agreement with China Sri Lanka’s government bonds fell heavily on Friday after the United States urged the country’s government to make difficult but necessary […]

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Sri Lanka’s Changing Relationship to Chinese Loans

Friday, October 23rd, 2020

By Umesh Moramudali Courtesy The Diplomat Both the share and the type of loans from China are changing as Sri Lanka wrestles with persistent balance of payment issues. The recent visit of Yang Jiechi, a Chinese Communist Party (CCP) Politburo member and previously China’s foreign minister, to Sri Lanka sparked interest among many. To begin with, Sri […]

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Sri Lanka to gain from Chinese trade, investment, says Ambassador-designate Dr.Palitha Kohona

Wednesday, October 21st, 2020

By Shiran Illanperuma Courtesy NewsIn.Asia On the “Chinese debt trap” Kohona said that 90% of Sri Lanka’s debt is owed to Western and multilateral financial institutions COLOMBO, Oct. 21 (Xinhua): Sri Lankan exporters should particularly take advantage of the annual China International Import Expo set to open next month to boost exports, Palitha Kohona, Sri […]

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Reform of State Enterprises in Sri Lanka – Revival through a Singapore model to stop the haemorrhaging?

Saturday, October 17th, 2020

By Raj Gonsalkorale 55 largest SOEs delivered net Return on Assets (ROA) of only 0.64% in 2017. The combined losses among the loss-making entities reached Rs.87bn in 2017 compared to Rs.42bn in 2016. Some are in deep trouble. The Petroleum Corporation carries a negative equity. Sheer incompetence and corruption have pushed Sri Lankan Airlines close […]

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Sustainability begins with conserving our ancient village water resources

Saturday, October 17th, 2020

By Suryamithra Vishwa/DailyFT-Harmony Page Courtesy NewsIn.Asia Sri Lankan development specialists have not concentrated enough on the indigenous hydraulic civilization which had been the envy of the world. One of the problems of modernity could be that we have approached the concept of development totally forgetting or denouncing and being apathetic to our ancient wisdom, indigenous […]

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Import tax on Dhal, Canned fish, B Onions & sugar removed

Tuesday, October 13th, 2020

Courtesy Hiru News The government has decided to remove import duties on several essential commodities. Accordingly, import duties on dhal, canned fish, onions and sugar have been removed. The government has taken this decision considering the current cost of living and the difficulties associated with Covid-19. Due to the tax exemption, canned fish (big) can […]

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Sri Lanka secures US$90 million grant from China amid ‘debt trap’ call

Monday, October 12th, 2020

Courtesy The South China Morning Post Island’s president asks Beijing for help to disprove that Chinese-funded megaprojects involved impossible repayments Financial injection follows visit to Colombo last week by Politburo member Yang Jiechi China announced Sunday that it was providing a US$90 million grant to Sri Lanka, two days after the island nation’s president sought help […]

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Sri Lanka turns to China rather than IMF to avoid default

Monday, October 12th, 2020

MARWAAN MACAN-MARKAR, Asia regional correspondent Courtesy Nikkei Asia Sri Lanka’s government led by President Gotabaya Rajapaksa desperately needs cash to service over $15 billion in foreign debt. (Source photos by Reuters)  COLOMBO — Sri Lanka’s ultranationalist government looks set to receive a financial lifeline from China rather than an International Monetary Fund bailout to avoid defaulting on foreign […]

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Negotiations underway for RMB 10Bn Currency Swap

Monday, October 12th, 2020

Courtesy The Daily Mirror Negotiations were underway for a 10 billion RMB (Renminbi) currency swap agreement between the Central Bank and the People’s Bank of China, a Minister said yesterday. He said the currency swap would boost liquidity in the country. Money, Capital Markets and Public Enterprise Reforms Minister Ajith Nivard Cabraal told Daily Mirror […]

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President says he wants to prove Hambantota port is not a Chinese ‘debt trap’

Friday, October 9th, 2020

Courtesy Adaderana The head of the high-level delegation from the People’s Republic of China, who is currently visiting Sri Lanka assures that China will continue to assist Sri Lanka for the success of the country’s development drive, the President’s Media Division said. The present status of bilateral relations between China and Sri Lanka is highly […]

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Moody’s downgrade ‘unwarranted, erroneous suggesting reckless reaction’

Sunday, October 4th, 2020

Courtesy The Island Government wades into battle with facts, figures and projections In an extraordinary hard-hitting rejoinder to Moody’s downgrade of their Sri Lanka rating from B2 to Caa1 with a stable outlook, the Ministry of Finance, State Ministry of Money, Capital Markets and Public Enterprise Reforms (headed by former Central Bank Governor Ajith Nivard […]

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CBSL successfully settles USD 1 billion maturing international sovereign bond

Friday, October 2nd, 2020

Courtesy Adaderana The Central Bank of Sri Lanka (CBSL) today (02) successfully completed the settlement of the maturing International Sovereign Bond of USD 1 billion along with the due coupon payments, on behalf of the Government of Sri Lanka. In a statement, the CBSL said this settlement reconfirms the Government’s unwavering commitment to honour its […]

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Export sector has grown – State Minister Ajith Nivard Cabraal (Video)

Wednesday, September 30th, 2020

Courtesy Hiru News State Minister Ajith Nivard Cabraal states that the export sector of the country has grown to the level that it was before the covid 19 epidemic. Meanwhile, the Leader of the Opposition Sajith Premadasa stated at a press conference that the country is in a difficult economic situation. State Minister Ajith Nivard […]

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Sri Lanka is planning to build Colombo Port City as the country’s first special economic zone for services

Saturday, September 26th, 2020

By Shiran Illanperuma Courtesy NewsIn.Asia “It will be the main income generator for the future of Sri Lanka,” Prime Minister Mahinda Rajapaksa said. COLOMBO, Sept. 26 (Xinhua) — In September 2014, Chinese President Xi Jinping and then Sri Lankan President Mahinda Rajapaksa jointly inaugurated cooperation project Colombo Port City, which planned to reclaim 269 hectares […]

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BRI a functional machinery in global economic recovery: Sri Lankan expert

Monday, September 21st, 2020

By Xian Jiangnan (People’s Daily Online)   The continuation of protectionism by America, the largest economy body in the world, will only result in further contraction of the world economy and aggravation of unemployment, poverty and deprivation, said Luxman Siriwardena, president of the Sri Lanka-based Pathfinder Foundation. In a recent interview with People’s Daily Online, Siriwardena said […]

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Mahinda Rajapaksa wants Colombo Port City project to be accelerated as it will be the main source of income in future

Friday, September 18th, 2020

Courtesy NewsIn.Asia The Lankan Prime Minister echoed the view of Forbes magazine which in 2018 listed the CPC as one of the “Five New Cities to Shake Up the Future.” Colombo, September 18: (Xinhua): Sri Lankan Prime Minister Mahinda Rajapaksa Thursday called for the construction of a multi-billion U.S. dollar Colombo Port City project to […]

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Govt took swift steps for economic recovery: Ajith Nivard Cabraal

Wednesday, September 16th, 2020

Courtesy Ceylon Today The present Government took three immediate steps to restore the economy which had been destroyed by the previous Government, and took steps to stabilize the rupee, reduce all taxes and reduce interest rates on bank loans, the Minister of State for Finance, Capital Markets and Public Enterprise Restructuring, Ajith Nivard Cabraal stated. […]

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Sri Lanka’s trade deficit narrows in July 2020 as imports decline and exports rise

Tuesday, September 15th, 2020

Courtesy Adaderana September, 15, 2020 According to the latest external trade data released by the Central Bank, country’s trade deficit narrowed in July 2020, with a more than expected rebound in merchandise exports and notable reduction in merchandise imports. Sri Lanka’s external sector recovered further in July 2020 supported by an increase in merchandise exports and increased […]

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ARTHIKA DUPATHA-Economic oasis

Wednesday, August 19th, 2020

Dr. Anton Balasuriya Abstract This paper details the concept of economic development to jump start the rural economy and alleviate poverty beyond COVID 19. The strategy is to combine the presently available infrastructure and administrative facilities and bring a new dimension of human motivation factors, as well as, to adding new resources to strength the […]

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