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IMF staff plans to visit Colombo ths week

An IMF Staff delegation led by Peter Breuer and Masahiro Nozaki plans to visit Colombo during August 24-31 to continue discussions with the Sri Lankan authorities on economic and financial…

U.S. partners with David Pieris Motor Company to boost electric mobility in Sri Lanka

The U.S. government, through its development agency, the U.S. Agency for International Development (USAID), is committed to accelerating clean energy to drive social and economic sustainable growth in Sri Lanka. …

CBSL Establish 17-member Stakeholder Engagement Committee Chaired by Prof. Sirimal Abeyratne

The Central Bank of Sri Lanka (CBSL), with a view to broadening its engagement with key stakeholders of the economy, established the Stakeholder Engagement Committee (SEC) by replacing the Monetary…

Eight member committee appointed to propose recommendations to restructure CEB

The Government yesterday appointed eight-member committee to propose recommendations within a month to restructure Ceylon Electricity Board (CEB), the Minister of Power and Energy Kanchana Wijesekera announced. The eight members…

UN Secretary-General Calls Governments to tax ‘Immoral’ Profits of Oil and Gas Companies

As the war in Ukraine continues to rage, skyrocketing energy prices are compounding an existential cost-of-living crisis for hundreds of millions of people, warned the UN Secretary-General’s Global Crisis Response Group (GCRG)…

Sri Lanka roll out QR code system-based fuel distribution from today

Sri Lankans have been urged not to overcrowd fuel stations in the country as the fuel distribution process for vehicles as per the QR code system which was delayed earlier,…

Airlines cuts capacity and import cargo amidst jet fuel crisis

Sri Lanka’s economic crisis and lack of fuel has resulted in airlines cutting capacity to the country and embargoing inbound cargo. The lack of passengers and fuel, which airlines have…

ADB projects Sri Lanka’s economy to contract by 7.6% in 2022

Asain Development Bank (ADB) highlighted that Sri Lanka’s economic conditions have deteriorated drastically on a sharp fall in usable reserves, causing the government to suspend external public debt servicing (excluding…

it’s in China’s interest to restructure Sri Lanka’s debt – Yellen

China is a “very important” creditor of Sri Lanka and it would likely be in the interest of both countries if China participated in restructuring Sri Lanka’s debt, U.S. Treasury…

Jet Fuel crisis in Sri Lanka brings in new income streams for South Indian airports

The ongoing turmoil and fuel shortage in Sri Lanka have boosted aviation turbine fuel (ATF) sales in South Indian airports including Adani Group-managed Thiruvananthapuram Airport, Cochin Airport and Chennai Airport, according to…