Page 22 - Sri Lanka

US govt examined Hindenburg allegations before giving $553 mn loan to Adani

Allegations in a scathing report by US-based Hindenburg Research, which erased around $100 billion from the Adani Group's market value earlier this year

More visa-free travel for Indians beneficial for Goa tourism as well

Visa-free entry is a carrot to expand $28 billion that 27 million Indians spent overseas in 2019. Those numbers had swelled eightfold and sixfold, respectively, in the two decades before the pandemic

OCC approves debt restructuring of Sri Lanka, paves ways for fund flow

The Official Creditor Committee (OCC) co-chaired by India, Japan and France on Wednesday reached an agreement with debt-ridden Sri Lanka on the main parameters of debt treatment, consistent with those of the IMF-supported Extended Fund Facility (EFF) for the island nation. This agreement will pave the way for the first review of Sri Lanka's EFF arrangement and enable further flow of funds to Sri Lanka. The Finance Ministers of India, Japan and France jointly launched the multilateral coordination platform in April 2023 under the G20 India Presidency. With this debt treatment agreement, India has set a benchmark in expeditious debt resolution for middle-income countries, the finance ministry said in a post on X. India remains resolutely positive in its commitment to the 'Neighbourhood First' Policy, it said. Sri Lanka was hit by its worst economic crisis in history when the country's foreign exchange reserves fell to a critical low and the public came out on the streets to protest

India to build 10k more houses in Sri Lanka in extension of housing project

India will build 10,000 more houses in the plantation areas of Sri Lanka in an extension of its housing project in the country. The High Commission of India signed two significant agreements for the construction of 10,000 houses in plantation areas of Sri Lanka under Phase-IV of the Indian Housing Project on Tuesday, a statement said. Separate agreements with the two Implementing Agencies namely National Housing Development Authority (NHDA) and State Engineering Corporation (SEC) are aimed at early rollout of the construction of the 10,000 houses. Counsellor and Head of Development Cooperation Wing, Eldos Mathew Punnoose, Chairman of SEC, Rathnasiri Kalupahana, and General Manager, NHDA, Kankanamalage Ajantha Janaka were the signatories to the two agreements. Phase IV of the Indian Housing Project is spread across 11 districts and 6 provinces of Sri Lanka. It may be recalled that the overall commitment of the Government of India under the Indian Housing Project currently stands a

21 fishermen reach Chennai after being released from Sri Lanka prisons

A total of 64 fishermen who belong to Rameshwaram and Mandapam were arrested in three separate arrests by the Sri Lankan Navy, allegedly for cross-border fishing in the month of October

Travelling abroad

India needs a vibrant tourism sector

Sri Lanka implements free tourist visas for India, six other countries

Aimed at boosting the tourism sector, Indian tourists the largest inbound group to Sri Lanka, would receive free tourist visas with immediate effect, the Department of Immigration and Emigration has announced here. The facility follows a Cabinet decision from October to issue free tourist visas to travellers from India, China, Russia, Malaysia, Japan, Indonesia, and Thailand amidst efforts to rebuild the debt-trapped island nation's tourism sector that had slumped since the 2019 Easter Sunday bombings. The pilot project to offer free visas for the first 30 days would be in force till March 31, 2024, the announcement said. The travellers would be given dual entry status on arrival and the visa validity would be limited to 30 days' stay in the island nation. India is traditionally Sri Lanka's top inbound tourism market. In October 2023, arrival figures for India topped with over 28,000 arrivals or 26 per cent with Russian tourists trailing at over 10,000 arrivals as the second lar

PCB in deadlock with ACC on additional compensation for chartered flights

Pakistan Cricket Board (PCB) was on Tuesday caught in a deadlock with the Asian Cricket Council (ACC) for demanding additional compensation on organising chartered flights between Pakistan and Sri Lanka during the Asia Cup, which it co-hosted in August-September. The Asia Cup 2023 was organised in a hybrid model in Pakistan and Sri Lanka after the ACC accepted PCB's hybrid model, with majority of the matches organised in the island nation. A reliable source in the PCB informed PTI that apart from seeking the tournament hosting fees around $250,000 as well as shares from ticketing and sponsorship fees, they have also demanded additional compensation. The source said, The additional money is for expenses incurred on renting chartered flights for teams between Pakistan and Sri Lanka and other extra expenses like additional hotel and transport fees, which were not included in the initial budget for the Asia Cup." The source, however, informed that the ACC is not willing to pay ...

Sri Lankan sports min Roshan Ranasinghe sacked after claiming risk to life

Sri Lankan President Ranil Wickremesinghe on Monday sacked Sports Minister Roshan Ranasinghe, hours after he claimed that his "life is at risk" for "highlighting corruption" in the country's chaotic cricket administration and said that if anything happens to him, the president and his chief of staff should be held responsible. Ranasinghe was handed the termination letter, signed by President Wickremesinghe, as he arrived to attend the weekly Cabinet meeting. The letter states that Ranasinghe has been removed from the portfolios of Minister of Sports and Youth Affairs, and Minister of Irrigation, with immediate effect. Earlier in the day, Ranasinghe told Parliament that Wickremesinghe was trying to frame him for political vengeance and using false facts related to a vehicle. The minister said a vehicle imported by him was seized by the authorities under the pretext of tax manipulation to frame him on false charges. Is this the reward I get for highlighting corruption in cricket? I

Sri Lanka's sports minister Roshan Ranasinghe says his 'life is at risk'

Sri Lanka's Sports Minister Roshan Ranasinghe on Monday claimed that his "life is at risk" for "highlighting corruption" in the country's chaotic cricket administration and if anything happens to him, then President Ranil Wickremesinghe and his chief of staff should be held responsible. Addressing Parliament, Ranasinghe said Wickremesinghe is trying to frame him for political vengeance and using false facts related to a vehicle. The minister said a vehicle imported by him was seized by the authorities under the pretext of tax manipulation to frame him on false charges. Is this the reward I get for highlighting corruption in cricket? I took action based on audit reports, Ranasinghe said, referring to his move to appoint an interim committee to run the Sri Lankan cricket administration. He further questioned why the President is taking political revenge, when he, as the Sports Minister, had only exposed corruption. My life is at risk, I may be killed today or tomorrow. If something

Malaysia joins Thailand, Sri Lanka in granting visa-free entry for Indians

Malaysia will grant a 30-day visa-free entry for Indian and Chinese citizens from December 1, Prime Minister Anwar Ibrahim has announced, joining Thailand and Sri Lanka in recent weeks to offer such a facility to foreigners to promote tourism. Ibrahim said the waiver was an additional facility to the existing visa exemptions currently enjoyed by Gulf nations and other West Asian countries, including Turkiye and Jordan. However, Ibrahim, who is also the Finance Minister of the country, said the visa exemption was subject to top security screening, the official Bernama news agency reported. "Initial screenings will be conducted for all tourists and visitors to Malaysia. Security is a different matter. If there are criminal records or the risk of terrorism, they will not be allowed to enter," the prime minister said. "That comes under the authority of the security forces and immigration," the premier said. The 30-day visa-free entry is also currently enjoyed by eight ASEAN countries

IMF's second tranche finalisation to Sri Lanka in Dec: Nandalal Weerasinghe

The second tranche of the USD 2.9 billion IMF bailout for cash-strapped Sri Lanka would be finalised within the next month, central bank governor Nandalal Weerasinghe said on Friday. The government is expecting around USD 330 million as the second tranche of the USD 2.9 billion 4-year bailout, following the first one that was extended in March under the Extended Fund Facility (EFF) to support Sri Lanka's economic policies and reforms. Sri Lanka was hit by its worst economic crisis in history when the country's foreign exchange reserves fell to a critical low and the public came out on the streets to protest the shortage of fuel, fertilisers and essential commodities. We are making good progress with the first review. We will get the programme approved. What is required for that (is) assurances from bilateral creditors. The official creditor committee would be forthcoming, Governor of the Central Bank of Sri Lanka (CBSL) Weerasinghe told reporters. With that, there will be additiona

15 Tamil Nadu fishermen reached Chennai after being released from Sri Lanka

The Finance Minister spoke to the Foreign Secretary and the Indian High Commission in Sri Lanka, following which the fishermen were rescued

ICC ban a betrayal of the nation: Sri Lanka sports minister Ranasinghe

Sports Minister Roshan Ranasinghe on Sunday slammed Sri Lanka Cricket for bidding for a ban from the ICC, calling it a "big betrayal of the country". Ranasinghe had appointed an interim committee after sacking the governing body headed by Shammi Silva following the national team's disastrous World Cup campaign. "This is big betrayal of the country," said Ranasinghe after reading out correspondence with the ICC by Silva administration. "They were doing so to selfishly hang on to positions after audit reports had highlighted their corrupt action." Ranasinghe had appointed legendary captain Arjuna Ranatunga as the head of the seven-member interim committee. But the ICC then suspended SLC with immediate effect for government interference and Silva also managed to obtain a court order suspending the interim committee. In response to a parliamentary speech by the main opposition leader Sajith Premadasa accusing SLC of promoting the ICC for a ban, SLC said Ranasinghe was politically ...

Entrepot for geopolitics

US investment in Lankan port opens up new opportunities

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