Page 22 - Sri Lanka

Sri Lankan SC finds Rajapaksa brothers responsible for economic crisis

The ruling was delivered based on the majority view of the five-judge bench presided over by Chief Justice Jayantha Jayasuriya

Sri Lankan President presents budget, says economy not out of crisis yet

Sri Lankan President Ranil Wickremesinghe on Monday presented his government's 2024 budget, emphasising the need for tough reforms until the full recovery of the cash-strapped island nation's economy. Although Sri Lanka has managed to control its hyperinflation in the ongoing economic crisis, its economy is far from being fully recovered. We have been able to put back on the rails the derailed economy. Still, people undergo suffering," Wickremesinghe, who is also the Finance Minister, said. The inflation which was 70 per cent in September 2022 has been reduced to 1.5 per cent in October this year," the minister said. He said in order for the island nation to prevent another bankruptcy, hard reforms are a must. The state banks were made to fund the losses of state enterprises. He proposed that two state banks' shares be issued to the public and investors while the government would inject cash into the state banks to maintain their stability. Wickremesinghe said the cost of living

Sri Lanka sports minister says ICC suspension of cricket board illegal

Sri Lanka's sports minister said Saturday the International Cricket Council's suspension of the nation's cricket board over political interference was illegal and that he will seek to reverse it. Minister Roshan Ranasinghe told reporters that if he can't resolve the issue through the ICC's conflict resolution arm, he will go to the Court of Arbitration for Sport in Switzerland. Ranasinghe said the ICC's suspension was against its own rules and that the organization should have first sought the approval of the other members. The ICC suspended Sri Lanka Cricket on Friday citing political interference in its administration. Earlier this week, the ministry of sport sacked the national board over the team's poor performance at the World Cup in India. The ministry also accused the board of corruption. A court decision reversed the ministry's verdict, but it was still grounds for the ICC to take action. Sri Lanka is ninth in the World Cup standings. It still needs the remaining games to

Pak most vulnerable in South Asia to balance of payment crisis: Moody's

Pakistan and Sri Lanka have experienced significant BOP pressures because of very low exports and FDI, combined with much weaker policy management and higher political risk

Adani's Colombo port terminal to get $553 million funding from US DFC

Move seen as US bid to curtail China's influence

World Cup 2023: Assistant coach feels Sri Lanka have gaps in skills to fill

Having made an early exit from the World Cup, Sri Lanka's assistant coach Naveed Nawaz admitted on Wednesday that the team has a lot of gaps to fill before emerging as a serious contender in global tournaments. Sri Lanka will face New Zealand in their final league match here on Thursday, and Nawaz said they were looking for improvement in all areas of the game. We had to qualify for this World Cup. We were not in the top eight teams. We have gaps in skills to fill, and it's a massive subject, said Nawaz during his pre-match press meet. We need to be patient because the (current) group of players are not going to change other than the players who are coming through from the grassroots. So, we need to see how we can upskill our players and get them at par with international standards, said Nawaz. Taking that point forward, Nawaz said the Lankan batters need to find more consistency to gain desired results. The opening which was always concerning for us over a period of time. We've s

World Cup 2023: SLC invites retired judges to form independent committee

Sri Lanka Cricket (SLC) on Wednesday invited retired Supreme Court judges, who were part of interim seven-member committee formed by Sports Minister Roshan Ranasinghe, to form an independent committee. "Sri Lanka Cricket (SLC) is committed to upholding the principles of integrity, transparency, and accountability in the administration of cricket in Sri Lanka," SLC said in a statement on Wednesday. "In line with this commitment, SLC has taken a proactive step to invite respected individuals appointed by the Minister of Sports through a recent gazette notification to form an independent committee." The committee will consist of retired Supreme Court judges -- SI Imam and Rohini Marasinghe and Irangani Perera, retired High Court judge. The mandate of this committee will be to inquire into and recommend appropriate action in relation to the references contained in the Audit Report dated September 11, 2023, issued by the Auditor. "Making recommendations and formulating strategic action

US invests $553 mn in Adani's Sri Lanka port to curb China's influence

The financing from International Development Finance Corp. for the deepwater West Container Terminal in Colombo is the US government agency's largest infrastructure investment in Asia

Lanka sacks entire Cricket Board following humiliating defeat against India

Ranasinghe also appointed an Interim Committee for Sri Lanka Cricket (SLC), chaired by World Cup-winning captain Arjuna Ranatunga. The current committee stands "Temporally Suspended."

Bangladesh, Sri Lankan cricketers hold their breath in smog-choked Delhi

An AQI reading between 0-100 is generally considered safe for playing cricket

Sri Lanka cancels cricket training due to 'severe' air pollution in Delhi

After Bangladesh, Sri Lanka were forced to cancel their opening training session in the national capital on Saturday due to "severe" air pollution. Bangladesh, who arrived here on Wednesday, had decided against practising on Friday as the pollution levels in the city hit the "severe plus" category. Sri Lanka followed them into staying indoors on Saturday when the Air Quality Index stood at 407 in the morning. "It was cancelled owing to the air quality issue," said a SLC source, referring to the Saturday's training session. However, Bangladesh are likely to brave the pollution two days before the game on Monday. They are scheduled to train on Saturday from 6 PM. An AQI between zero and 50 is considered "good", 51 and 100 "satisfactory", 101 and 200 "moderate", 201 and 300 "poor", 301 and 400 "very poor", and 401 and 500 "severe". It is unlikely that the International Cricket Council (ICC) will shift the game out of Delhi but the call on whether the match will go ahead will only be

India allocates $15 mn grant to Sri Lanka to bolster Buddhist connections

India has allocated a "landmark" grant of USD 15 million to Sri Lanka to bolster the long-standing Buddhist connections between the two nations, officials here said on Friday. The bilateral agreement on the grant was signed on Thursday at the President's House in Colombo in the presence of President Ranil Wickremesinghe and Finance Minister Nirmala Sitharaman during her three-day visit to the island nation. The first project to be initiated under the USD 15 million grant is the solar electrification of religious sites across Sri Lanka, with an allocation of USD 10 million, the President's Media Division of Sri Lanka said in a statement. The Memorandum of Understanding (MOU) for this significant project was jointly finalised by the governments of India and Sri Lanka, it said. The "landmark USD 15 million grant" strengthened Buddhist ties between India and Sri Lanka, the statement said. "This grant is specifically allocated to bolster the longstanding Buddhist connections between In

Sri Lankan govt renews Lanka Indian Oil petroleum license for 20 years

The Sri Lankan government has renewed the petroleum products license granted to Lanka IOC, the local subsidiary of Indian Oil Corporation, for another 20 years, officials said on Monday. The license originally issued in 2003 was to expire in January 2024. This will allow Lanka IOC to continue its retail operations on the debt-trapped island nation until January 22, 2044. The license renewal letter was handed over by President Ranil Wickremesinghe to Dipak Das the Managing Director of LIOC late last week, Aseem Bhargav, the Chief Financial Officer of LIOC said in a statement. The government has renewed the petroleum products license granted to Lanka IOC, the local subsidiary of Indian Oil Corporation, for another 20 years, the LIOC officials told PTI on Monday. The license enables LIOC to import, export, store, transport, distribute, sell and supply petrol diesel, heavy diesel, furnace oil, kerosene, Naphtha and other mineral petroleum including premium petrol and premium diesel."

Chinese research ship docks at Colombo port, US raises security concerns

A Chinese research ship on Wednesday docked at Sri Lanka's Colombo port, officials here said, amid security concerns raised by the US over its visit. "Shi Yan 6 was given permission to enter the (Colombo) port for replenishment, a Sri Lankan foreign ministry spokesperson told PTI. According to sources, Sri Lanka was delaying granting permission for the arrival of Shi Yan 6 due to security concerns raised by India. However, there is no official confirmation of the same. It was not clear how long the vessel would remain docked at the Colombo port. The arrival of Shi Yan 6 followed President Ranil Wickremesinghe's visit to China last week. In August, Colombo had announced that the Chinese research vessel is scheduled to arrive in October for marine research activities in collaboration with Sri Lanka's National Aquatic Resource Research and Development Agency (NARA). Described as a Research/Survey Vessel with a carrying capacity of 1,115 DWT, the vessel is reported to be 5.3 metres i

Sri Lanka approves free tourist visas for India, six others; not for US

The Sri Lankan Cabinet has approved the policy to issue free tourist visas to travellers from India and six other countries, Foreign Minister Ali Sabry said on Tuesday, amidst efforts to rebuild the debt-trapped island nation's tourism sector. Foreign Minister Sabry in a statement said that this would be carried out as a pilot project effective until March 31, 2024. The Cabinet approved free entry to travellers from India, China, Russia, Malaysia, Japan, Indonesia, and Thailand with immediate effect. Tourists from these countries will be able to obtain visas when visiting Sri Lanka, without a fee. India is traditionally Sri Lanka's top inbound tourism market. In the September arrival figures, India topped with over 30,000 arrivals or 26 per cent with Chinese tourists trailing at over 8,000 arrivals as the second largest group. Tourist arrivals to the island had slumped since the 2019 Easter Sunday bombings that left 270 persons, including 11 Indians, dead and over 500 injured. S

S Lankan Prez effects 1st Cabinet reshuffle; changes health min's portfolio

Sri Lankan President Ranil Wickremesinghe on Monday effected the first reshuffle of his Cabinet, changing the portfolios of two ministers, amidst criticism from the opposition that he was planning to postpone elections that are due in the cash-strapped country next year. Significantly, Health Minister Keheliya Rambukwella was moved to the Environment Ministry following weeks of public dissatisfaction with his handling of the ministry. Rambukwella, 69, survived a motion of no confidence in Parliament moved against him by the opposition to highlight inefficiency, corruption and mismanagement in the ministry's conduct. Rambukwella a fortnight back had ordered a police investigation into an Indian company's alleged supply of a substandard drug. The Indian company had however denied such a supply to a Sri Lankan importer. The Environment Ministry was held by Wickremesinghe himself when the incumbent came to be disqualified as a member of parliament through a court order. The health ...

Will use 2nd IMF tranche to settle outstanding credit: Sri Lanka minister

Sri Lanka would utilise the IMF's second tranche of the bailout deal to settle arrears owed to multilateral creditors while expediting the debt restructuring process, state minister of finance Shehan Semasinghe has said. Sri Lanka is now in a position to receive the second tranche of USD 330 million upon approval of the Staff-Level Agreement by the IMF Executive Board. The Staff-Level Agreement will enable the World Bank, Asian Development Bank, and other multilateral financial institutions to make the remaining payments, further expediting debt restructuring efforts with international partners, Semasinghe said in a statement on Friday. The IMF had, in March this year, approved a 48-month, USD 2.9 billion extended arrangement under the Extended Fund Facility (EFF) to support Sri Lanka's economic policies and reforms. It said, despite showing early signs of stabilisation, the full economic recovery was not yet assured. Sri Lanka's external position had weakened as a result of the .

Cricket World Cup 2023: Shanaka might return to Sri Lanka squad - Coach

Selectors wanted to keep Dasun Shanaka as a backup in case we face any other injuries in the batting order as an option, says Sri Lanka assistant coach Naveed Naveen

Sri Lanka, IMF reach agreement for disbursal of 2nd tranche of bailout

Sri Lanka and the IMF have reached a crucial staff-level agreement to release the second tranche of about USD 330 million out of the USD 2.9 billion bailout package which will help in the cash-strapped country's economic recovery. The International Monetary Fund in March this year approved a 48-month, USD 2.9 billion extended arrangement under the Extended Fund Facility (EFF) to support Sri Lanka's economic policies and reforms. The IMF mission that visited Sri Lanka for the first review of the global lender-supported Extended Fund Facility programme for the country noted that despite early signs of stabilisation, full economic recovery is not yet assured. "Sri Lanka will have access to SDR 254 million (about US$330 million) in financing once the review is approved by IMF Management and IMF Executive Board," the IMF said in a release on Thursday. The release of the second tranche at the conclusion of the first review of the facility approved in March is subject to approval by the I

A renewed Sri Lankan engagement

As the island nation recovers, India's goodwill gesture has helped it regain some of the ground lost to China