Page 27 - Sri Lanka

Sri Lanka takes action to accelerate investor laws as Adani Group waits

The Adani Group expanded its business activities in Sri Lanka in 2021, venturing into the port and renewable energy sectors.

Sri Lanka lifts import restrictions on 286 items as economic woes eases

Sri Lanka has lifted import restrictions on nearly 300 items with immediate effect, the Finance Ministry announced on Saturday, in a clear sign that the island nation is slowly but surely emerging from its worst economic crisis in decades. Last year, Sri Lanka plunged into its worst economic crisis since its independence in 1948 due to plummeting foreign exchange reserves that caused severe shortages of essential items and triggered massive public protests. In April 2022, Sri Lanka declared its international debt default due to the forex crisis. Sri Lanka's economic situation has improved after it secured a USD 3 billion bailout package from the International Monetary Fund (IMF) in March. The IMF lifeline helped Sri Lanka bolster its foreign exchange reserves and stabilise the spiralling inflation. With the economy stabilising, import restrictions on 286 items have been lifted from Friday midnight, the Finance Ministry said in a statement. Restrictions on 928 items will continue,

Plan to privatise Sri Lanka Telecom delayed over national security concerns

The committee went on to suggest that organisations or individuals that have been blacklisted or have helped terrorists and extremists in any form should not be allowed to buy any share

Wickremesinghe orders fast-tracking of policy on reconciliation with Tamils

Sri Lanka President Ranil Wickremesinghe has instructed relevant government departments to expedite the drafting of legislation necessary for the implementation of the Action Plan for Reconciliation that seeks to address the thorny issue of ethnic reconciliation of Tamilians in the island nation. Sri Lanka has endured a three-decade conflict including a protracted and brutal armed conflict, between the Liberation Tigers of Tamil Eelam (LTTE) and the country's armed forces. On May 18, 2009, the separatist campaign led by the LTTE to establish a separate Tamil homeland in the northern and eastern province of the island nation came to an end with the killing of the LTTE supremo Velupillai Prabakaran by the Sri Lankan Army. In 2015, the Sri Lankan government renewed its commitment to reconciliation and thereafter embarked on several initiatives for national reconciliation. The Action Plan for Reconciliation was part of the government's need for a comprehensive national policy to resolv

Lanka signs petroleum pact with US fuel firm to ensure steady fuel supply

In a bid to address the forex crisis and ensure a steady supply of fuel, Sri Lanka on Thursday signed a deal with an American oil firm, allowing it to become the fourth player in the island nation's fuel retail business, which used to be a state monopoly. According to a statement, the US firm, RM Parks, in collaboration with Shell, will be involved in a long-term contract for the importation, storage, distribution and sale of petroleum products. An agreement was signed on Thursday at the Presidential Secretariat, between the Government of Sri Lanka and RM Parks Inc., a prominent international company operating in collaboration with Shell, marking a significant step towards securing a long-term contract for the importation, storage, distribution, and sale of petroleum products in the country. This development comes after the Ministry explored various strategies to overcome the challenges posed by the foreign exchange crisis and guarantee a continuous fuel supply to consumers, an ...

1st India-Sri Lanka defence exhibition in Colombo to boost bilateral ties

The High Commission of India organised the first India-Sri Lanka Defence Seminar and Exhibition here on Wednesday to promote and identify newer areas of cooperation and collaboration between the two countries in the defence sector. The event will witness participation from the Indian Defence Industry, Sri Lankan entrepreneurs, Sri Lanka Armed Forces, Police and Special Task Force, the High Commission said on Wednesday. "The grand event includes a seminar highlighting the capability and capacities of the two countries in defence equipment manufacturing and would also exhibit a wide variety of defence products," the release said. The exhibition organised with the aim to deepen ties with Sri Lanka through inclusive and collaborative engagement, aims to identify newer areas of cooperation for economic revival whilst ensuring capacity building of Sri Lanka Armed Forces. The High Commission also said that the Sri Lanka Armed forces have been successfully operating a wide range of Indian

Sri Lankan President expresses sorrow over tragic train collision in Odisha

Sri Lankan President Ranil Wickremesinghe has conveyed his heartfelt condolences to the people and the government of India following the tragic train accident in Odisha that killed around 275 people. Wickremesinghe extended his condolences to the Government of India and the bereaved families who have suffered an unimaginable loss, Daily Mirror Newspaper reported on Sunday. Addressing Prime Minister Narendra Modi, the president said the thoughts and prayers of Sri Lanka were with the families of the victims and hoped that they would find the strength and resilience to overcome their grief. Several world leaders including US President Joe Biden, Russian President Vladimir Putin, Chinese President Xi Jinping, British Prime Minister Rishi Sunak and French President Emanuel Macron have expressed their condolences to the families and the Government of India over one of the country's worst train accidents that also left 1,175 persons injured. The Coromandel Express rammed into a stationar

Sri Lankan tourism revenue sees significant increase in month of May

Sri Lanka's estimated tourism revenue in May saw a remarkable growth of over 200 per cent year-on-year, reaching $131.5 million, according to the latest data from the country's central bank

Sri Lanka President mourns loss of lives in Odisha 3-train accident

Sri Lanka President Ranil Wickremesinghe has conveyed his heartfelt condolences to Prime Minister Narendra Modi and the people of India following the tragic multiple train collision in Odisha

Sri Lanka President urges party unity to handle economic crisis

President Ranil Wickremesinghe has called for joint action by all parties for Sri Lanka to emerge from the unprecedented economic crisis. Wickremesinghe, who made the remarks while addressing a legal conference held at the Central Resort of Nuwara Eliya on Friday, said that none of the political parties in Parliament currently possess a 50 per cent voter base. The economic challenges faced by the country ten months ago as an "unprecedented situation in history," Wickremesinghe, also the debt-ridden island nation's finance minister said. It has been 10-11 months since our country faced a state of failure. However, we have managed to establish law and order, political stability, and economic stability in our nation. Yet, we are aware that this stability is only temporary, and we still have a long road ahead to overcome the challenges we face, the president stressed. Therefore the need is for unity among the parties, not solely for the purpose of elections, but to steer the country ..

Gujarat firm gets notice as poor-quality eye drops infect 30 Sri Lankans

Pharmexcil has sought an explanation from the Gujarat-based firm on the internal investigation within the next two days, the reports said

Sri Lanka economy shows 'tentative signs of improvement', says IMF

Sri Lanka's bankrupt economy has shown "tentative signs of improvement," a top IMF official has said, underlining that this reform momentum must continue under strong ownership by both the authorities and the Sri Lankan people. These remarks were made by International Monetary Fund Deputy Managing Director Kenji Okamura on Thursday at the end of his two-day official visit to the debt-trapped island nation. Sri Lanka's economy is showing tentative signs of improvement, in part due to the implementation of critical policy actions. But the economic recovery remains challenging. Now, more than ever, it is essential to continue the reform momentum under strong ownership by both the authorities and the Sri Lankan people, he said in a statement. Okamura's visit followed the approval on March 20, 2023, by the IMF Executive Board of 48-Month arrangements of about USD 3 billion under the Extended Fund Facility (EFF) with Sri Lanka. He said the current economic crisis has its genesis in polic

Reforms must for Sri Lanka's economic recovery: President Wickremesinghe

Sri Lankan President Ranil Wickremesinghe on Thursday promised the countrymen a future of economic stability without hardships, as he asked them to support the government's reform efforts for reviving the island nation's economy after its bankruptcy. In a televised address, Wickremesinghe, who is also the finance minister, said: "These reforms will lead to decreased cost of living, improved standards of living, relief for the poor and a culture of transparency. He said the country's economy is gradually recovering thanks to the correct policies adopted by the govt over the past nine months. Wickremesinghe said the costs saving measures had led to positive outcomes, including reduced inflation, and increased remittances. He said that the country's development has been based on four primary pillars - fiscal and financial reforms, investment drive, social protection and governance and state-owned enterprises transformation. Everyone must support reform efforts. The government promise

Lanka central bank unexpectedly cuts rates by 250 bps as inflation eases

The index peaked at a 69.8% year-on-year surge in September last year. The national inflation rate was at 33.6% in April, easing from 73.7% in September

China assures Lanka of 'steadfast support' on its road to economic recovery

China's Vice Minister of Foreign Affairs Sun Weidong has assured Sri Lankan President Ranil Wickremesinghe of steadfast support to overcome the unprecedented economic crisis the island nation is going through. Weidong met President Wickremesinghe on Tuesday and expressed keen interest in exploring opportunities to strengthen the bilateral relations while reiterating China's steadfast support for Sri Lanka in its ongoing economic recovery, an official statement on Wednesday said. Sri Lanka is in talks with China along with other bilateral creditors to negotiate debt restructuring as part of an IMF-backed plan to reduce and manage the island nation's debt. The crisis-hit country owes USD 7.1 billion to bilateral creditors, with USD 3 billion owed to China. As President Wickremesinghe expressed his sincere appreciation for the unwavering assistance provided by China during this critical period, it highlights China's dedication to fostering closer ties with Sri Lanka on various fronts,

India extends $1 billion credit line to Sri Lanka by another year

India on Tuesday extended its USD 1 billion credit line to Sri Lanka by another year to help the island nation hit hard by an unprecedented economic crisis procure much-needed food, medicine and other essential items. An agreement was signed between the State Bank of India (SBI) and the Sri Lankan government for USD 1 billion credit facility in March last year. India extended the credit line to Sri Lanka at the height of the country's economic crisis. "India reaffirms its commitment to the people of Sri Lanka. The Amendment Agreement signed in presence of Hon.Minister @ShehanSema today will enable Sri Lanka to use the USD 1 billion Indian credit facility for the procurement of medicine, food, and other essentials for one more year," the Indian High Commission in Sri Lanka tweeted. "Beyond the original duration, that is, till March 2024. The facility was extended by India through @TheOfficialSBI in response to a specific request from GOSL and forms a part of the multi-pronged ...

Sri Lanka to import 1 mn eggs daily from India to meet market demand

Sri Lanka will import one million eggs daily from five chicken farms in India to meet its growing market demand, the crisis-hit island nation's top importing agency said on Tuesday. Sri Lanka State Trading Corporation (STC) Chairman Asiri Valisundara said that 20 million eggs were imported from India, of which 10 million have been released to the market. The eggs were being imported from two chicken farms in India, and the Animal Production Department has additionally approved the purchase of eggs from three other farms, Valisundara was quoted as saying by the Colombo Page news portal. STC Chairman Walisundara said it has been decided to import one million eggs daily from five chicken farms in India. He said that permission was received to import eggs from three more farms according to the report given by the three officials of the Animal Production Department and the State Trading Corporation who visited poultry farms in India. The further import of eggs is based on market demand

17% of Sri Lankan population still in moderate acute food insecurity

With 17% of population still in moderate acute food insecurity, especially in regions of Indian-origin Tamil in the tea plantations and former war affected Northern and Eastern Tamil settlements

ADB approves $350 mn loan to help support SL's economic stabilisation

Sri Lanka has embarked on bold reforms to address the causes of both internal and external imbalances and return to a sustainable debt trajectory, the ADB said

Sri Lankan rupee shows appreciation against US Dollar in recent months

The LKR depreciated dramatically from 202 per dollar in March 2022 to around 360 after the government allowed it to float