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…
Sri Lanka to setup SEZs in Galle, Bandarawela, Ratnapura,Thimbirigasyaya, Fort, Pettah and Kollupitiya
The Urban Development Authority (UDA) has proposed to set up Special Economic Zones (SEZs) in Galle, Bandarawela, Ratnapura city center, Thimbirigasyaya, Fort, Pettah, and Kollupitiya under proposed city development plans. Urban…
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,…
Sri Lanka finance minister meets top IMF official amid economic crisis
(Reuters) – Sri Lanka’s finance minister held talks with a top International Monetary Fund (IMF) official on Monday, two sources said, as the island nation seeks help to deal with…
Sri Lanka’s Central Bank Removes interest rate caps on forex deposits
The Central Bank of Sri Lanka (CBSL) has removed the interest rate caps imposed on foreign currency deposit products of licensed commercial banks and the National Savings Bank following its…
Sri Lanka’s Public Institutions are faced with wastages of Public Fund over occasional ad-hoc decisions of the Board of Directors
The COPE Chairman (Prof.) Charitha Herath stated that decisions taken by the Board of Directors of Public Institutions occasionally, cause chaos when it comes to public money. The Chairman stated…
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IMF Urges Sri Lanka to implement an ambitious fiscal consolidation program to overcome the economic crisis
The International Monetary Fund (IMF) urges Sri Lanka to implement an ambitious fiscal consolidation that is based on high-quality revenue measures which consist of raising income tax and VAT rates…
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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…
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…