Sri Lanka to obtain $1 bn credit from India
Sri Lanka’s Finance Minister Basil Rajapaksa signed a $1 billion credit line with India on Thursday to help ease crippling shortages of essential items, including fuel, food and medicine, officials…
U.S. Marks Two Cultural Preservation Milestones in Sri Lanka with a $265,000 grant
This week U.S. Ambassador Julie Chung visited Kandy to preside over events marking two milestones in the United States’ long-standing support to preserving Sri Lanka’s diverse cultural heritage. On March 14,…
Bus fares increased by 15% after Rupee collapse
Sri Lanka’s cabinet of ministers had given the go ahead to raise bus fares by an average of 15 percent, reports said, in the wake of a steep fall of…
Oil price surges to highest since 2008
Oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider…
Big four consultancy firms to cease operations in Russia and Belarus
The big four consulting firms — Deloitte, KPMG, EY and PwC have announced the withdrawal of operations in Russia and Belarus over Moscow’s invasion of Ukraine. A spokesperson for KPMG…
Sri Lanka restricts import of 367 non-essential items
A Gazette Extraordinary has been issued by the Department of Import and Export Control limiting the import of 367 non-essential goods to Sri Lanka. Accordingly, the Imports and Exports Control…
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Russia-Ukraine Conflict: Economic Implications for Sri Lanka
By Asanka Wijesinghe The Russian invasion of Ukraine deepens the existing global economic woes – persistent supply chain bottlenecks and associated rising inflation – clouding the prospects of a smooth global economic recovery from…
Further Policy Tightening in Bracing for Global Spillovers – First Capital Research
Colombo-based independent research house, First Capital Research predicted an 80 percent probability for a policy rate hike at the upcoming Monetary Policy Review Meeting of the Central Bank of Sri…
Sri Lanka Leader Ramps Up Spending in High-Risk Bid for Support
(Bloomberg) — Many Sri Lankan voters who backed President Gotabaya Rajapaksa’s election bid three years ago are now struggling to make ends meet. His government is spending to ensure that…
Sri Lankan Economy Spiralling out of control; Requests IMF assistance
By Asanga Abeyagoonasekera Sri Lanka’s economic meltdown is one of the worst in recent decades, pushing many families into poverty. The situation is rapidly spiraling out of control with multiple…