Page 28 - Sri Lanka

Asia Cup 2023 to be played in the hybrid model in Pakistan and Sri Lanka

Asia Cup 2023 will be hosted in a hybrid model, with four matches being held in Pakistan and the remaining nine matches being played in Sri Lanka

Sri Lanka's small tea growers contributes around 77% in total production

Sri Lankan minister Ramesh Pathirana on Wednesday said small tea growers contribute around 77 per cent of the island country's total production, and the government is providing subsidiy to the STGs. Speaking at a BIMSTEC event on tea organised by the Indian Chamber of Commerce here, Pathirana said Sri Lanka is also trying to adopt technology to raise productivity. There is a need to protect the existing markets and also go for value addition. Our government is giving subsidy to the small tea growers to support replantation activity, adoption of technology and best agricultural practices," he said. Most of the tea produced in the island country is exported, and the major exporting destinations include Russia, Turkey and Iran, the minister said. Sri Lanka produced 250 million kg of tea last year, which is expected to go up to 280 million kg in this calendar year, he said. "The biggest challenge is the shrinking global market for tea, Pathirana added. Speaking on the occasion, MD of

Sri Lanka can't hold election this year due to economic crisis: Cabinet

Sri Lanka is not in the position to hold a snap presidential election this year because of the ongoing economic crisis and the government's focus is on debt restructuring, Cabinet Spokesman Bandula Gunawardena said on Tuesday. No election would be possible this year as the state finances have not improved, Gunawardena said while responding to speculation that the government might opt to hold a snap presidential election. He said the government's focus, for now, is centred on successfully ending the process of debt restructuring. Former prime minister Ranil Wickremesinghe was elected as the President of Sri Lanka by the Parliament to serve the remainder of ex-president Gotabaya Rajapaksa's term, which was supposed to end in November 2024. The IMF extended a nearly USD 3 billion bailout facility to debt-ridden Sri Lanka to help stabilise the country's economy after it was jolted by a devastating economic crisis last year. Without restructuring our debt it will not be possible to obt

Adani Group's wind project in Lanka to be ready by 2024: Energy minister

The renewable energy project to generate 500 MW in Sri Lanka's north and eastern regions undertaken by India's Adani Group will be completed by December next year, Energy Minister Kanchana Wijesekara has said. Sharing the progress of the project, Wijesekara on Monday wrote on Twitter, "Progress of the 500 MW Renewable Energy Project in Mannar & Pooneryn was discussed with Anil Sardana, MD & CEO of Adani Transmission Ltd & project management team". We discussed the challenges, road map and timeline for the project completion and the commitment by Adani Green Energy to complete the project by December 2024, Wijesekara said after his meeting with the Adani Group officials here. This was the first review since the one carried out in February, officials said. In August last year, the Adani Group was issued approval to start wind power projects in Pooneryn, in the country's northeast. Adani Green Energy was issued provisional approval for two wind projects of 286 MW in Mannar ...

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 ...