Page 25 - Sri Lanka

IMF sets mid-September dates for Sri Lanka's $2.9 billion bailout review

The IMF will conduct the first review of the USD 2.9 billion bailout to Sri Lanka from September 11-19, state minister of finance Ranjith Siyambalapitiya said on Saturday and declared that the country has successfully fulfilled the nine conditions set by the global lender. 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 fuel, fertilisers as well as essential commodities shortage. The country has to finalise its external and domestic debt restructuring by September when the International Monetary Fund (IMF) carries out its first review of the USD 2.9 billion bailout granted in March this year. The eight-day review is to happen from September 11 to 19, Siyambalapitiya said. The central bank, the ministry of finance and the minister of finance would be involved in the review. We had to fulfil nine pre-conditions which we successfully did. The arrangement

Chinese warship docks in Colombo after delay caused by Indian concerns

A Chinese Navy warship capable of surveillance has docked at the Colombo port, nearly a year after another spy vessel berthed at a strategic port in the country and raised concerns in India. The Chinese People's Liberation Army Navy warship HAI YANG 24 HAO arrived at the port of Colombo on Thursday, the Sri Lankan Navy said. The vessel is to leave on Saturday. The 129 metre-long ship which arrived in Colombo is manned by a crew of 138 and it is commanded by Commander Jin Xin. The ship is scheduled to depart the country tomorrow, the Navy statement said. According to media reports on Friday, Sri Lanka delayed its arrival upon concerns raised by India. "The Chinese authorities sought permission for it earlier, but Sri Lanka delayed permission because of resistance from India," the Daily Mirror newspaper reported. Despite a briefing by Sri Lanka to Indian officials, the latter remained concerned about the research ship's visit to the island nation. In August last year, a similar vis

Ideal time for Indian entities to invest in Sri Lanka: Minister Semasinghe

The Sri Lankan economy is stabilising faster than previously anticipated and it would be an ideal time for India to invest in the island nation, State Minister of Finance Shehan Semasinghe said ahead of an industry event here on Friday. The minister said Sri Lanka has completed its debt optimisation programme approved by Parliament and in the next couple of weeks, it may conclude the process. "Our economy is stabilising faster than we anticipated. We are confident that with all the reform agenda in place, the economy will start growing by 2024," Semasinghe said here ahead of an industry event "Invest Sri Lanka". The event is hosted by the Confederation of Indian Industry (CII) in collaboration with the Colombo Stock Exchange (CSE). "Invest Sri Lanka" is a series of fora to promote foreign portfolio investment into the Sri Lankan Stock Market by showcasing investment opportunities in leading Sri Lankan-listed companies, according to a CII statement. The events are being held in key

Chinese Naval warship docks in Colombo port, to depart on Saturday

A Chinese Navy warship capable of surveillance has docked at the Colombo port, nearly a year after another spy vessel berthed at a strategic port in the country and raised concerns in India. The Chinese People's Liberation Army Navy warship HAI YANG 24 HAO arrived at the port of Colombo on Thursday, the Sri Lankan Navy said. The vessel is to leave on Saturday. The 129 metre-long ship which arrived in Colombo is manned by a crew of 138 and it is commanded by Commander Jin Xin. The ship is scheduled to depart the country tomorrow, the Navy statement said. According to media reports on Friday, Sri Lanka delayed its arrival upon concerns raised by India. "The Chinese authorities sought permission for it earlier, but Sri Lanka delayed permission because of resistance from India," the Daily Mirror newspaper reported. Despite a briefing by Sri Lanka to Indian officials, the latter remained concerned about the research ship's visit to the island nation. In August last year, a similar vis

Sri Lanka now offers many opportunities to Indian investors: Lankan FM

Sri Lanka has outperformed the IMF targets with the country becoming revenue surplus and the country is offering many opportunities for Indian investors, the island nation's Minister of Finance Shehan Semasinghe said on Thursday. The Minister, in Prime Minister Dinesh Gunawardena's cabinet, said the Sri Lankan government has commenced negotiations to join the Regional Comprehensive Economic Partnership (RCEP). "Compared to the IMF target for the quarter, we have outperformed the set targets with the country's revenue now in surplus in the first quarter of 2023," he said at an event organised by CII. 2023 is "very crucial" for the island nation as the International Monetary Fund is scheduled to hold its review meeting in September, he said. "We are introducing the Public Finance Management Act by December 2023 and other legislation bringing in robust fiscal rules and disciplines on fiscal transparency," he said. "In one of the many firsts, our government has commenced negotiations

India hands over Rs 45 cr to Sri Lanka to fund digital identity project

India has handed over INR 450 million in advance to Sri Lanka to fund its unique digital identity project, the most crucial step in the island nation's digitalisation programme being implemented through the Indian grant assistance. Sri Lankan President Ranil Wickremesinghe's office here said that the fund from the government of India was given on Friday. During a meeting at the Presidential Secretariat, key stakeholders, including Presidential Senior Adviser on National Security and Chief of Presidential Staff, Sagala Ratnayaka, State Minister of Technology, Kanaka Herath, Indian High Commissioner, Gopal Bagley, and First Secretary of the Indian High Commission, Eldos Mathew and others engaged in extensive discussions on the project's execution. Signifying the Indian government's commitment to the initiative, the Indian High Commissioner handed over a significant contribution of Indian Rs 450 million to Minister Kanaka Herath (State Minister of Technology), constituting 15 per cent

Looking for more Indian destinations: Sri Lankan Airlines regional manager

He said India and Sri Lanka have lots of similarities in terms of religion and culture which can play an important role in boosting tourism between the two countries

Indian Rupee not legal tender for domestic payments: S Lanka Central Bank

Sri Lanka's Central Bank said on Wednesday that no domestic transactions would be allowed with the Indian Rupee in the island country, as it warned people not to be misled by inaccurate information surrounding the issue. The apex bank said that even though the Indian Rupee (INR) has been endorsed as a designated foreign currency, it is not a legal tender in Sri Lanka for domestic payments/settlements. Any transaction executed between or among residents in Sri Lanka shall be in LKR (Lankan Rupee), being the legal tender in Sri Lanka, the central bank said in a statement. It added that the INR was designated a foreign currency in Sri Lanka in August 2022. Trade between Sri Lanka and India has grown rapidly after the Indo-Sri Lanka Free Trade Agreement, which came into force in March 2000," the bank said. "In view of the expanding economic activities between India and Sri Lanka, particularly in promoting existing trade relations between the two countries, on several occasions, CBSL .

Sri Lanka records single-digit inflation for 1st time since economic crisis

Cash-strapped Sri Lanka on Monday said that its inflation has dropped to 6.3 per cent, a single-digit figure for the first time in two years, providing much-needed relief to the people amidst the worst financial crisis. In a statement, the Census and Statistics Office of the Sri Lankan government said that the overall rate of inflation as measured by the Colombo Consumer Price Index on a year-on-year basis is 6.3 per cent in July 2023 and it was down from 12 per cent recorded in June this year. The overall rate of inflation as measured by the Colombo Consumer Price Index on a year-on-year basis is 6.3 per cent in July 2023. This was down from the 12 per cent recorded in June, the statement said. The last time single-digit inflation was recorded was 5.8 per cent in September of 2021. The highest inflation since the island nation's economy came under its worst crisis was 69.8 per cent recorded in September last year. The statement further said that the decrease in the cost of food ..

Macron becomes 1st French president to visit Sri Lanka, pledges assistance

During the visit, Wickremesinghe and Macron held friendly and productive bilateral discussions which lasted for an hour and fifteen minutes, the Sri Lankan President's office said

Sri Lanka key partner in free and open Indo-Pacific: Japan's Yoshimasa

Sri Lanka with its location at a strategic juncture along the sea lanes of the Indian Ocean is an important partner in realising a Free and Open Indo-Pacific, visiting Japanese Foreign Minister Hayashi Yoshimasa said here on Saturday. Yoshimasa arrived here late on Friday on a two-day visit to the island nation after meetings in New Delhi. He held talks with President Ranil Wickremesinghe on Saturday, amidst China's aggressive investment projects in the cash-strapped nation. At today's (Saturday's) meeting, I explained about the new plan for a Free and Open Indo-Pacific (FOIP) that Japanese Prime Minister Fumio Kishida announced in March this year," he said. Yoshimasa was referring to the Japanese prime minister's statement that Japan attaches importance to cooperation with the Indian Ocean Rim Association (IORA) to be chaired by Sri Lanka in October this year. The US, India and several other world powers have been talking about the need to ensure a free, open and thriving ...

French President Macron meets Lanka counterpart during historic visit

Macron arrived in Sri Lanka on the night of July 28 following his trip to the South Pacific region

Sri Lanka releases 15 Indian fishermen days after Wickremesinghe's visit

As many as 15 Tamil Nadu fishermen released by Sri Lanka arrived here on Thursday from Colombo, officials said. The fishermen were arrested recently by the neighbouring country for alleged poaching and they were lodged in a prison. Transport arrangements were made and the fishermen were sent home on their arrival at the airport here, officials added. The release of the fishermen comes days after Sri Lankan President Ranil Wickremesinghe's official visit to India.

French Prez Macron to visit Sri Lanka on Friday, to hold bilateral talks

French President Emmanuel Macron will visit Colombo on July 28 on his maiden trip for bilateral talks with his Sri Lankan counterpart Ranil Wickremesinghe, it was announced on Thursday. Macron will be on his return home from a 5-day visit to the Pacific islands of Papua New Guinea and Vanuatu, President Wickremesinghe's office said. The official visit by Macron is the first such by a French president to Sri Lanka, officials said. Macron is to meet with Wickremesinghe for bilateral talks Friday evening before leaving early Saturday morning. Wickremesinghe had met Macron in Paris in June during the heads of state sessions of the Conference for a new global financial agreement.

SL navy arrests 9 Indian fishermen for alleged maritime boundary violation

The Sri Lankan Navy has arrested 9 Indian fishermen from Tamil Nadu for allegedly violating its maritime boundary, a state Fisheries department official here said on Tuesday. Two mechanised boats were also seized. The fishermen, belonging to Mandapam in the district, set sail for fishing on Monday morning and were apprehended late last night between Katchatheevu and Neduntheevu, the official added.

Sri Lankan Prez to call all-party meet on implementation of 13A: Minister

Sri Lankan President Ranil Wickremesinghe will convene an all-party meeting next week on the implementation of the contentious 13th Amendment to the country's Constitution, a long-pending demand of the minority Tamil community, a minister said on Saturday. The announcement came a day after the issue figured prominently in the wide-ranging talks between Prime Minister Narendra Modi and Wickremesinghe, with the Indian prime minister highlighting the need for the implementation of the 13th Amendment to the Sri Lankan Constitution. Prime Minister Modi conveyed to Sri Lankan President Wickremesinghe, who arrived in New Delhi on Thursday on a two-day visit, India's expectations from Colombo to fulfil the aspirations of the Tamil community in the island nation. The Tamil community in Sri Lanka has been demanding the implementation of the 13th Amendment that provides for devolution of power to it. The 13th Amendment (13A) was brought in after the Indo-Sri Lankan agreement of 1987. It creat

Sri Lanka may accept Indian rupee for local transactions, says FM Sabry

Sri Lanka is considering the possibility of allowing the usage of the Indian rupee for local transactions just like the dollar, euro and yen to facilitate Indian tourists and businessmen, Foreign Minister Ali Sabry said on Saturday. Sabry was briefing the media here on President Ranil Wickremesinghe's visit to India on July 20-21, his first since assuming office last year. He held talks with Prime Minister Narendra Modi on Friday. We have considered the possibility of using the Indian rupees like we accept the dollar, euro and yen," he said. Allowing its direct use would prevent the need for multiple currency conversions for Indian tourists and businessmen. On Friday, the two countries noted that the decision to designate INR as currency for trade settlements between the two countries has forged stronger and mutually-beneficial commercial linkages, and agreed to operationalise the Unified Payments Interface-based digital payments for further enhancing trade and transactions between

India looks forward to strengthening partnership with Sri Lanka: Murmu

President Droupadi Murmu on Friday said India looks forward to continuing and strengthening its developmental partnership with Sri Lanka. Welcoming Sri Lanka's President Ranil Wickremesinghe, who had called on Murmu at the Rashtrapati Bhavan here, she said Sri Lanka occupies a special place in India's Neighbourhood First' Policy and SAGAR (Security and Growth of All in the Region) vision. "India's multi-pronged support to Sri Lanka in the last one year to tide over its economic challenges is a testament to India's long-standing commitment to bilateral relations with Sri Lanka," the president said. She emphasised that India has always stood with Sri Lanka during its hour of need and would continue to do so in future as well. The president said India looks forward to continuing and strengthening its developmental partnership with Sri Lanka under the leadership of President Wickremesinghe, according to a statement issued by the Rashtrapati Bhavan. Murmu said "our partnership is endur

India, Lanka look to link up via oil pipeline, land connectivity & UPI

UPI-based digital payments, too, will start in Sri Lanka in the next 2-3 months

India, Sri Lanka agree to boost ties via energy, power and port projects

The two countries also will soon restart negotiations on a more expansive trade deal known as the Economic and Technological Cooperation Agreement