Page 20 - Sri Lanka

Maldives visit of Chinese ship could rouse Indian Ocean security concerns

China's foreign ministry has said research by the vessel was "exclusively" for peaceful purposes to benefit scientific understanding

Higher sales tax drives Sri Lanka inflation to 6.5% in January, shows data

The National Consumer Price Index (NCPI) captures broad retail price inflation and is released with a lag of 21 days every month

Reserve Bank of India, Nepal Rastra Bank sign pact for UPI-NPI linkage

The integration of Indian and Nepalese fast payment systems is aimed at facilitating cross-border remittances between the two countries, RBI said

PM Modi launches UPI, RuPay card services in Sri Lanka and Mauritius

Shaktikanta Das, Governor of the Reserve Bank of India, Harvesh Seegolam, Governor of the Bank of Mauritius, and Dr. P. Nandalal Weerasinghe, Governor of Central Bank of Sri Lanka, were also present

Third offshore campus of IIT likely to be set up in Sri Lanka: Report

The third offshore campus of the prestigious Indian Institute of Technology (IIT) is likely to be set up in Sri Lanka, according to sources. The proposal for an IIT in Sri Lanka was announced last November in the 2024 Budget unveiled by Sri Lankan President Ranil Wickremesinghe, who also serves as the finance minister. According to sources, the Sri Lankan government is in touch with IIT Madras for the ambitious project. A high-level delegation had recently visited the Chennai campus to discuss the future roadmap. The talks are on and the campus is likely to come up in Kandy, a source said. The delegation also visited the Research Park at the campus and interacted with officials about possible areas of engagement, the source added. The Indian government had announced that opportunities for admission to the IITs in India will be provided to meritorious Sri Lankan students from the 2017-18 academic sessions onwards. If the plan for the Sri Lanka campus comes through, it will be IIT

UPI, RuPay card to be launched in Sri Lanka, Mauritius on February 12

The launch will enable the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius, as well as for Mauritian nationals travelling to India

UPI to be launched in Sri Lanka, Mauritius on Monday in virtual ceremony

India's Unified Payment Interface (UPI) services will be rolled out in Sri Lanka and Mauritius at a virtual ceremony on Monday that will be witnessed by Prime Minister Narendra Modi and the top leadership of the two island nations. India's RuPay card services would also be launched in Mauritius at the event Mauritian PM Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe will join Modi at the virtual ceremony, according to the Ministry of External Affairs (MEA). "Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth will witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius on February 12 at 1 PM via video conferencing," it said. Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. RuPay is a global card payment

SL Navy arrests 19 Indian fishermen for illegally fishing in its waters

Sri Lanka has arrested 19 Indian fishermen and two trawlers for illegally fishing in the island nation's waters near Delft Island in northern Jaffna province, the country's Navy said on Thursday, in the second such incident this month. The Sri Lanka Navy in the operation with the Sri Lanka Coast Guard on Wednesday also seized 2 Indian trawlers alongside the arrest of 19 Indian fishermen poaching in Sri Lankan waters, the Navy said in a statement. The apprehended fishermen and their two trawlers were escorted to the Kankesanthurai Harbour and will be handed over to the Mailadi Fisheries Inspector for further action, it said. The Navy continues to conduct regular patrols and operations in Sri Lankan waters to curb illegal fishing practised by foreign fishermen as they have a direct impact on the livelihood of locals, it said. As an extension of these operations, the Northern Naval Command deployed Fast Attack Craft of the Navy and Coast Guard to chase away a cluster of Indian poachin

Sri Lanka debt restructuring makes slow progress even with 1.6% growth rate

The restructuring of Sri Lanka's external debt is to take much longer than expected, going by President Ranil Wickremesinghe's policy speech on Tuesday even though he signalled a positive shift in the cash-strapped economy with a surplus by the end 2023, first since 1977. Delivering the Statement of Government Policy' on the first day of the Fifth Session of the Ninth Parliament, Wickremesinghe said the finalisation of debt restructuring could be completed by the first half of the year, which is going beyond the earlier anticipation for it to be completed within the first quarter. The domestic debt restructuring plan has been successfully executed as the first step, and a policy agreement for restructuring has been reached with foreign creditors as the second step. Negotiations with private creditors are presently in progress, Wickremesinghe, who is also the finance minister, said. By September 2023 our total debt burden was USD 91 billion. It will take a considerable period of time

President Wickremesinghe paints positive growth in cash-strapped Sri Lanka

Projecting a positive shift in the cash-strapped Sri Lankan economy, President Ranil Wickremesinghe on Wednesday said despite negative growth through the earlier year, the nation rebounded with a 1.6 per cent growth rate in the Q3 of 2023 and also achieved a surplus by end 2023, first since 1977. President Wickremesinghe was delivering the Statement of Government Policy' on the first day of the Fifth Session of the Ninth Parliament here. Despite a 7.8 per cent GDP contraction and six consecutive quarters of negative growth in 2022, the nation rebounded with a 1.6 per cent growth rate in the Q3 of 2023, he said. Wickremesinghe further announced a significant turnaround in the nation's economic landscape. Despite the 1.9 per cent GDP deficit in 2022, the island nation has achieved a surplus by the end of 2023, marking the first such occurrence since 1977, Ada Derana website said, quoting the President as he delivered his speech streamed live. He started his address by announcing that

Free trade agreement with India by year-end: Sri Lankan foreign minister

Sri Lanka on Tuesday said it has plans to establish a free trade agreement with India by the end of 2024, Foreign Minister Ali Sabry said here as the cash-strapped island nation tries to spur economic growth. Similar Free Trade Agreements (FTAs) would be worked out for Indonesia, Malaysia, Vietnam, and China too by the year's end, Sabry told reporters here. These agreements will open up new markets for the cash-strapped Sri Lankan businesses, contributing directly to the nation's economic growth. The government continues to struggle to restructure its external debt on the one hand and has raised utility rates and taxes on the other. Sri Lanka and India resumed talks on the Economic and Technology Cooperation Agreement in Colombo at the 12th round in October last year. The original talks were stalled after several rounds of talks between 2016 and 2018 due to political and trade union opposition. Last week, Sri Lanka inked an FTA with Thailand. This has already provided Sri Lanka acc

12 Tamil Nadu fishermen released from Sri Lanka, 11 still held in detention

"They were apprehended by the Sri Lankan Navy while fishing near Delft island, and subsequently taken to Myalati Naval Camp, Jaffna for further investigation," an official stated

Sri Lanka arrests 23 Indian fishermen for allegedly poaching in its waters

The Sri Lankan Navy has arrested 23 Indian fishermen and seized two trawlers for allegedly poaching in the island nation's waters, according to an official statement here. The fishermen were arrested, and their two trawlers were seized on Saturday north of the Delft Island, Jaffna, the Sri Lanka Navy said in a press release on Sunday. The 23 apprehended fishermen and their two trawlers were escorted to the Kankesanthurai Harbour and will be handed over to the Mailadi Fisheries Inspector for further action, it said. "The Sri Lanka Navy conducted a special operation to chase away Indian poaching trawlers from Sri Lankan waters on the night of February 3, 2024. The operation resulted in the seizure of 2 Indian trawlers and the apprehension of 23 Indian nationals poaching in the northern waters of Sri Lanka, off the Delft Island in Jaffna, the statement said. The Navy conducts regular patrols and operations in Sri Lankan waters to curb illegal fishing practices by foreign fishing ...

Sri Lanka's Marxist party to make official visit to India on Monday

A delegation of Janatha Vimukthi Peramuna (JVP), a MarxistLeninist communist party in Sri Lanka, will on Monday start on an official visit to India. The delegation of JVP, the largest party under the broad entity National People's Power (NPP), is to leave Colombo tomorrow (Monday) for India on an official invitation of the Indian government," a statement from the party said. The delegation to India comprises JVP leader Anura Kumara Dissanayake, senior legislator Vijitha Herath, Secretary Nihal Abeysinghe and executive committee member Prof Anil Jayantha, the statement said. The JVP, which led an anti-India campaign in 1987-90 against the Indo-Lanka Accord, has continuously led in at least one public opinion poll. Its NPP broader front has led in surveys, leaving the island nation's main parties trailing. The surveys claim that in the post-economic crisis phase since 2022, the NPP has gained significantly in public support, particularly in anti-corruption perceptions. Dissanayake

SL achieved economic recovery due to citizens' support: Wickremesinghe

President Ranil Wickremesinghe on Sunday said Sri Lanka has achieved progress in its economic recovery process due to the steadfast support of citizens to a comprehensive long-term national rebuilding programme despite facing hardships. Addressing the 75th anniversary of independence celebrations held here, Wickremesinghe said when the country marked Independence Day last year it was labelled bankrupt. He said progress had been achieved in the economic recovery bid owing to the steadfast support of our citizens who endured hardships in keeping with a comprehensive long-term national rebuilding programme. If we go on this road, the difficulties will fade away. The cost of living will become lighter. The economy will become stronger," Wickremesinghe stressed. Sri Lanka in April 2022 declared its first ever sovereign default since gaining independence from Britain in 1948. The crisis led Wickremesinghe's predecessor Gotabaya Rajapaksa out of office through a campaign of public agitat

India proposes supplying LNG to our power facilities: Sri Lanka's minister

'In the efforts to expedite the process to generate power from LNG the Government of India has proposed an interim solution from Petronet LNG,' Energy Minister Kanchana Wijesekera said

Sri Lanka's key inflation rises to 6.4% in January on higher sales tax

Food prices rose 3.3% in January from 0.3% in December, the Department of Census and Statistics said in a statement. Prices for non-food items rose 7.9% in January from 5.8% year-on-year in December

Reliance's Jio, Gortune pre-qualify for Sri Lanka Telecom stake bid: Report

This is a part of Sri Lanka's efforts to reduce government stake in state-owned firms under the $2.9 billion International Monetary Fund (IMF) programme

US shows concern over Sri Lanka's controversial internet regulation law

The United States expressed concerns over Sri Lanka's online regulation bill on Thursday, a day after it passed overwhelmingly in Parliament over protests by the media, opposition and rights activists. The Online Safety bill allows the government to set up a commission with a wide range of powers, including ordering people and internet service providers to remove online posts deemed prohibited statements. It can also legally pursue people who publish such posts. Julie Chung, the US ambassador in Sri Lanka, said the United States has concerns about the potential impact of the legislation and urged Sri Lanka to prioritise transparency and ensure any legislation does not stifle the voices of its people . In addition to jeopardizing democratic values, vague and overly restrictive legislation can hinder investment and the development of a digital economy, undermining the economic growth that Sri Lanka needs, Chung said in a statement posted on her X account. Critics say the law is an ..

SL arrests 18 more Indian fishermen for allegedly poaching in its waters

The Sri Lankan Navy has arrested 18 Indian fishermen and seized their trawlers for allegedly poaching in the island nation's waters, an official statement said on Wednesday, in the third such incident this month. The fishermen were arrested, and their two trawlers seized on Tuesday off the coast of Mannar in the northeast, the Sri Lanka Navy said in a press release. The 18 apprehended fishermen were escorted to the Thalpadu Pier in Mannar and will be handed over to the Talaimannar Fisheries Inspector for further action, it said. On Sunday, as many as ten Indian fishermen were arrested, and their trawler seized for allegedly poaching in the island nation's waters, while 12 Indian fishermen were apprehended on Saturday. The fishermen issue is a contentious one in the ties between India and Sri Lanka, with Lankan Navy personnel even firing at Indian fishermen in the Palk Strait and seizing their boats in several alleged incidents of illegally entering Sri Lankan territorial waters. T