Page 28 - Sri Lanka

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

Sri Lanka drafting bill to curb religious slander on social media

Sri Lanka is drafting a new legislation to curb the growing incidents of religious slander and online vitriol, according to the country's religious affairs minister. The move comes after a stand-up comedian Nathasha Edirisooriya allegedly made certain derogatory remarks on religions, which she uploaded online. Edirisooriya offered an apology, but a complaint was filed and she was taken into custody on Sunday while trying to fly out of the country. Sri Lanka's Minister of Buddhashasana, Religious, and Cultural Affairs Vidura Wickramanayaka on Sunday said a legislation would soon be passed to curb the growing incidents of religious slander in the country. This will stop all incidents of demeaning religion on social media," he asserted. The controversy surrounding Edirisooriya's comments is not a one-off incident. Earlier this month, Pastor Jerome Fernando, a self-styled Godman, was accused of derogatory comments on Lord Buddha, which went viral on social media. On May 15, Presiden

IMF urges crisis-hit Sri Lanka to decide on debt restructuring: Report

China's role as Sri Lanka's main creditor has drawn global attention, as the delay caused by China in obtaining the IMF bailout is being closely monitored and questioned

Calling Sri Lanka: Airtel's expansion a challenge or opportunity?

The latest merger talks with the largest telecom service provider in the island nation can catapult it to top spot

Sri Lanka hopes for single digit inflation by year-end: Guv Weerasinghe

Sri Lanka's Central Bank Governor Nandalal Weerasinghe has said the decisive policy measures taken by the government to deal with the catastrophic economic crisis will help reduce the country's hyperinflation to single-digit by the year-end. Weerasinghe who took over the economic recovery process at the height of the crisis last year said that short-term painful measures were vital to restore the long-term stability of Sri Lanka's economy. Addressing a symposium on entrepreneurship organised by the International Labour Organisation (ILO) here on Thursday, he said, "We have taken very decisive measures to curtail and prevent inflation rising, which went to the peak of 70 per cent. Now it is under 30 per cent. It will certainly be a single digit by the fourth quarter of this year with the measures that we have implemented." Commenting on the restrictive measures taken by the government to stabilise the island nation's economy, Weerasinghe said that collective policy measures are painf

Sri Lanka has no security arrangements with China: Wickremesinghe

Sri Lanka President Ranil Wickremesinghe said that Japan, China, India, and ASEAN, should commence an open-ended dialogue amongst themselves and thereafter with the other Asian countries

Sri Lanka must achieve debt restructuring process by September: IMF

The IMF on Tuesday reaffirmed that Sri Lanka must achieve its debt restructuring process by September, which is also the time for the global lender's formal review of the bailout facility it extended to the cash-strapped nation. The IMF on March 20 extended a nearly USD 3 billion bailout facility to debt-ridden Sri Lanka that would help stabilise the country's economy after it was jolted by a devastating economic crisis last year. In a statement issued on Tuesday at the end of a nearly two weeks staff visit to Colombo to assess the progress made by Sri Lanka since the agreement was reached, the IMF said that the two sides had discussed the developments on debt restructuring. "Sri Lanka must achieve debt restructuring by its first review due in September. We also discussed progress on debt restructuring, noting the ongoing discussions with both foreign and domestic creditors," the statement said. Debt-ridden Sri Lanka is still struggling to normalise its crisis-hit economy after it

Sri Lanka cabinet approves incentives to businesses at Colombo Port City

Primary and secondary businesses that are strategically important to the Port City have been identified, according to Gunawardena

Cash-strapped Sri Lanka in deal with China's Sinopec to secure fuel

The nation's fuel retail market was a state monopoly under the Ceylon Petroleum Corporation (CPC) till 2003 when the Indian Oil Company was allowed to operate

Indian Navy Ship 'Batti Malv' visits Sri Lanka's Trincomalee port

Indian Navy Ship 'Batti Malv' visited Sri Lanka's Trincomalee port and participated in Maritime Partnership Exercise with SLNS Ranadheera

Overseas travel ban lifted on Lanka's ex-President Mahinda Rajapaksa

A Sri Lankan court here on Wednesday ordered the lifting of the overseas travel ban on former president and prime minister Mahinda Rajapaksa. The Fort Magistrate's Court imposed a ban on overseas travel on Rajapaksa, 77, and over a dozen other politicians in May last year in view of investigations against them for their alleged involvement in the deadly attack on peaceful anti-government protesters in Colombo. At least nine people were killed and over 300 others injured in the violence in May. The overseas travel ban on former president Rajapaksa, MP Rohitha Abeygunawardena, Minister Pavithra Wanniarachchi, and ex-Provincial Council member Kanchana Jayaratne was completely lifted by the Fort Magistrate's Court on Wednesday, newsfirst.lk website reported. Colombo Fort Magistrate Thilina Gamage ordered the court registrar to immediately convey the order to the Controller General of Immigration and Emigration. The impounded passports were ordered to be released to the four politician