Page 30 - Sri Lanka

Sri Lanka key rate 2-decade high at 16.5% after clinching IMF loan

The Central Bank of Sri Lanka kept the standing lending facility rate unchanged at 16.5%, according to a statement on its website on Tuesday

Sri Lanka's inflation drops further to 50.3% amid ongoing economic crisis

The country's central bank said that inflation will be reduced to single digit by the end of the year

First stock of eggs imported from India sold in Sri Lankan market

The first stock of eggs imported from India by Sri Lanka was distributed to the crisis-hit island nation's market, with one egg costing Rs 35 to bakery owners, a media report said on Friday. Sri Lanka imported two million eggs from India to ensure food security in the crisis-hit island nation, Trade and Food Safety Minister Nalin Fernando said last week. The decision to import eggs was based on a decision by a cabinet committee to ensure food security, Fernando said on March 23. This stock of eggs imported by Sri Lanka's State Trading (General) Corporation was distributed among bakery owners on Thursday at the Kerawalapitiya Spet R. Warehouse Complex, the official Daily News reported. All-Ceylon Bakery Owners' Association President N. K. Jayawardena said that one million eggs were given to bakery owners at Rs 35 per egg. He said that this stock of eggs imported from India had been brought to Sri Lanka subject to approvals of all relevant government institutions. The date of ...

Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Govt

Cash-strapped Sri Lanka is exploring the options for domestic debt restructuring in the post-IMF bailout scenario to further stabilise its shaken economy, an official statement said on Friday. Sri Lanka received USD 330 million this month as the first tranche of the International Monetary Fund (IMF) bailout programme, which will pave the way for the debt-ridden country to achieve better "fiscal discipline" and "improved governance. In a statement issued by the Sri Lankan government after making an investor presentation on Thursday, the Governor of the Central Bank and the Secretary to the Treasury said the Authorities are also exploring options for a domestic debt optimisation (DDO) operation aimed at liquidity relief while preserving financial stability to avoid further eroding of Sri Lanka's repayment capacity. The statement outlined that despite the ambitious fiscal consolidation efforts, Sri Lanka's public debt trajectory is set to remain unsustainable in the absence of ...

India will help Sri Lanka in oil sector despite recent changes: Officials

Colombo awards licences to three foreign firms, including a Chinese one, to operate in retail fuel market

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New IMF loan raises questions

Heavy rain washes out second ODI between New Zealand and Sri Lanka

The second one-day cricket international between New Zealand and Sri Lanka was abandoned Tuesday because of rain. Heavy rain fell throughout the day and by the scheduled start of 2 p.m. local time, the covers were on and large pools of water already had formed in the outfield. Umpires made the decision to abandon the match after a ground inspection at 4:25 p.m. local time. The latest a match could start was 7:02 p.m. but it already was clear that with rain still falling a large puddles in some parts of Hagley Oval, no play would be possible. New Zealand leads the three-match series after winning the first match at Eden Park on Saturday by 198 runs. The third match is at Hamilton's Seddon Park on Friday.

Indian delegation calls on Wickremesinghe for alliance in energy sector

A high-level Indian delegation called on Sri Lankan President Ranil Wickremesinghe here on Sunday and briefed him on the developments in the jointly-identified priority areas for collaboration in the energy sector. President Wickremesinghe provided his insights on the early implementation of these initiatives, the Indian High Commission in Colombo said. It said India would gift Sri Lanka 500 solar-powered indoor cooking systems. The Lanka India Oil Company (LIOC), the local operator of Indian Oil Corporation (IOC), said the visiting Secretary to the ministry of power and natural gas Pankaj Jain and Chairman IOC Shrikant Madhav Vaidya had earlier visited the Trincomalee eastern Sri Lanka's IOC terminal. Sri Lanka and India run a joint venture storing fuel in the World War II time storage tanks in Trincomalee. Jain had inaugurated three new LIOC retail fuel sheds in their ongoing expansion whilst addressing the chamber of commerce and attended a meeting of chief executive officers

Sri Lanka, India to begin passenger ferry service by end of April

The much-delayed passenger ferry service between Sri Lanka and India is set to start by the end of April, Civil Aviation Minister Nimal Siripala de Silva said on Sunday. On April 29, the ferry service between Karaikal and Kankesanthurai in port in Jaffna district would begin. Each passenger would be allowed a 100 kg baggage allowance at a very concessionary rate," the minister said. De Silva said the opportunity would be open to any passenger ferry operator of both countries to run the service. A passenger terminal is being built by the Sri Lanka Navy at Kankesanthurai. The service would be a four-hour-long voyage, the Aviation Ministry here said.

Sri Lanka receives first tranche of $330 million IMF bailout programme

Sri Lanka has received USD 330 million as the first tranche of the IMF bailout programme, which will pave the way for the debt-ridden country to achieve better "fiscal discipline" and "improved governance," according to President Ranil Wickremesinghe. The International Monetary Fund (IMF) on Tuesday approved a USD 3 billion bailout programme to help Sri Lanka overcome its economic crisis and catalyse financial support from other development partners, a move welcomed by Colombo as a "historic milestone" in the critical period. Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis, sparked by years of mismanagement and the raging pandemic. The cash-strapped country has received the first tranche of USD 330 million of the IMF Extended Fund Facility (EFF), Daily Mirror Lanka newspaper quoted state finance minister Ranjith Siyambalapitiya as saying. "This sets the stage for the country to achieve better fiscal discipline and improved governance," President ...

Sri Lanka's Election Commission postpones postal voting for local polls

Sri Lanka's election body on Thursday postponed the postal voting for the local body polls scheduled to take place next month due to a severe paucity of funds. The local body polls, which were earlier scheduled on March 9, got postponed to April 25, due to a plethora of reasons linked to Sri Lanka's current economic crisis. The Election Commission Director General Saman Sri Ratnayake on Wednesday met representatives of all the political parties seeking their opinion on whether postal voting should be postponed. Ratnayake said all the parties have agreed that the dates for postal voting should be finalised only after the allocated funds are released by the Treasury. Following the meeting with all the representatives of the political parties, the Election Commission has decided not to hold postal voting for the local body polls, which were scheduled to take place between March 28 to April 3. Ratnayake added that a fresh date for the postal voting will be announced soon. Earlier thi

Sri Lanka arrests 12 Indian fishermen, TN CM flags issue with Centre

Tamil Nadu Chief Minister M K Stalin on Thursday expressed concern over the "alarming frequency" with which Indian fishermen from the state were being harassed allegedly by the Sri Lankan Navy, and urged that the Centre intervene to ensure the release of 28 such fisherfolk from Lankan custody. Bringing the latest instance of the arrest of TN fishermen to the attention of Prime Minister Narendra Modi, Stalin said 12 of them were arrested on Thursday and two mechanised fishing boats were seized by the Lankan Navy. "In this year alone, so far 28 fishermen and four fishing boats have been apprehended by the Sri Lankan Navy. It is highly disheartening to note that our fishermen are facing harassment at the hands of the Sri Lankan Navy at an alarming frequency," he told the PM in a letter. "It continues despite several letters of protest sent by Government of Tamil Nadu highlighting the escalation in the number of such instances of arrests of our fishermen." Stating that the arrests and

IMF facility debunks Sri Lanka's bankrupt status: President Wickremesinghe

President Ranil Wickremesinghe told Parliament on Wednesday that the IMF bailout had restored Sri Lanka's international recognition, ending the image of bankruptcy and helping the local banks regain foreign investors' confidence. The IMF board had on Tuesday approved a USD 3 billion facility over a four-year period to help Sri Lanka emerge from its balance of payment crisis which plagued the island since April last year. Wickremesinghe said the bailout would create opportunities for low-interest credit, restore foreign investors' confidence, and lay the foundation for a strong new economy. The receipt of the IMF Facility is a step towards building a better future for the youth and uplifting the country. Additionally, the country is expecting about USD 7 billion dollars more in rapid credit support from other parties. Amidst numerous hardships, bearing all kinds of pressure, and undergoing suffering with equanimity, the people of this country remained calm and patient. Their commit

Lanka economic crisis: From protests to IMF's $3-billion rescue

The IMF has approved a nearly $3-billion bailout which could help the country unlock up to $7 billion more from other lenders

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IMF approves $3 bn in financial assistance for Sri Lanka to overcome crisis

The International Monetary Fund on Monday approved USD 3 billion in financial assistance to debt-ridden Sri Lanka to help it immediately overcome its economic crisis. IMF's Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 per cent of quota or about USD 3 billion), according to a statement. Special Drawing Rights (SDR) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis. The economy is facing significant challenges stemming from pre-existing vulnerabilities and policy missteps in the lead up to the crisis, further aggravated by a series of external shocks, the IMF said. The EFF-supported programme aims to restore Sri Lanka's macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financi

Sir Lanka's world-beating bonds pin hopes on IMF billions: Report

The nation's dollar bonds have returned 20 per cent this year, the top performers

IMF to approve $2.9 bn bailout package for Sri Lanka: Central bank governor

The IMF package will include budgetary support to Sri Lanka's government, which is a new element in IMF lending, he added

Sri Lanka govt debt rose to 115.2% of GDP by the end of 2022: Report

The Sri Lankan government's debt has risen to 115.2 per cent of Gross Domestic Product (GDP) by the end of 2022 from 104.5 per cent a year earlier, according to the latest national account estimates

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