Page 4 - Sri Lanka

Reliance Consumer Products takes Campa beverages to Sri Lanka market

RCPL partners with Ceylon Cold Stores to launch Campa beverages in Sri Lanka, expanding the heritage Indian brand's reach to more overseas markets

Sri Lanka's apparel industry alarmed by US tariff of 30%, hopes for cut

The US takes about 40 per cent of apparel exports, helping to pull in $1.9 billion last year and make the industry Sri Lanka's third largest earner of foreign exchange, employing 300,000 people

No intention of ceding Katchatheevu island, says Lankan foreign minister

Sri Lanka has no intention to cede the Katchatheevu island, Foreign Minister Vijitha Herath said, calling the "rumblings" in India an issue between the political parties there. We have our diplomatic channels open to resolve the issue, but what is certain is Sri Lanka will never agree to let go of a part of Sri Lanka which is Katchatheevu and established so by international law," Herath on Thursday told Sirasa TV in response to a question on frequent arrests of Indian fishermen in Sri Lankan waters. Fishermen from both India and Sri Lanka are arrested frequently for inadvertently trespassing into each other's waters. India's External Affairs Minister S Jaishankar on June 27 said the issue of Sri Lanka arresting Indian fishermen stems from an agreement during the Emergency, imposed in 1975, under which their rights for fishing in some specific areas were given up. Herath, however, brushed off the issue, saying that "rumblings" over the Katchatheevu issue are "political sparring ...

IMF to provide Sri Lanka $350 million after fourth review of bailout

The IMF has completed the fourth review of Sri Lanka's USD 2.9 billion bailout programme, allowing the country to draw a USD 350 million tranche from the four-year facility. Amid the island's unprecedented economic crisis, the International Monetary Fund (IMF) in March 2023 approved a nearly USD 3 billion facility to assist Sri Lanka's efforts to durably restore macroeconomic stability by restoring fiscal and debt sustainability. The facility helped Sri Lanka revive its bankrupt economy by building its reserves and successfully negotiating debt restructuring with external creditors. The Executive Board of the International Monetary Fund (IMF) completed the Fourth review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR254 million (about USD 350 million)," the global lender said in a statement. This brings the total IMF financial support disbursed so far to SDR1.27 billion (about USD 1.74 billion). The reforms that were imposed on the

Sri Lankan Navy arrests 7 Indian fishermen for alleged illegal fishing

The Sri Lankan Navy on Tuesday said it arrested seven Indian fishermen and seized their trawler for allegedly poaching in the island nation's waters in the second such incident within a week. The arrests were made on Monday night in the territorial waters of the Talaimannar region, the Navy spokesman said. The arrested fishermen and their trawler would be handed over to the fisheries inspectorate in Mannar, the Navy said. The Navy on Sunday arrested 8 Indian fishermen. Fishermen from both India and Sri Lanka are arrested frequently for inadvertently trespassing into each other's waters. The fishermen issue is a contentious one in the ties between India and Sri Lanka, with Lankan Navy personnel even firing at Indian fishermen in the Palk Strait and seizing their boats in several alleged incidents of illegally entering the island nation's territorial waters. The Palk Strait, a narrow strip of water separating Tamil Nadu from Sri Lanka, is a rich fishing ground for fishermen from bo

World Bank grants $50 million to improve Sri Lanka's education system

The World Bank has approved a new USD 50 million additional financing package for Sri Lanka through its ongoing General Education Modernisation Project, which would benefit an estimated 5,00,000 students and 1,50,000 teachers. In a press release on Friday, the World Bank said the additional funding will help keep vital education reforms on track, improve teaching quality, upgrade school facilities, and enhance student well-being. The World Bank said the additional funding will focus on underserved schools, including those in the plantation communities and those supporting children with special needs. Schools across all nine provinces, regardless of grade level, are expected to benefit from this support, the press release said. This support is about making sure every child in Sri Lanka has the chance to learn in a safe, inclusive environment and that every teacher has the tools they need to help their students thrive, said David Sislen, World Bank Divisional Director for the Maldive

PSU Mazagon Shipbuilders to acquire controlling stake in Colombo Dockyard

The Mazagon Dock Shipbuilders Limited (MDL), India's Public Sector Shipyard, has announced a "proposed acquisition" of a controlling stake in Sri Lanka's largest and most established shipyard, Colombo Dockyard PLC (CDPLC) valued at up to USD 52.96 million, a statement said on Friday. This marks MDL's first international venture and is a major milestone in the company's transformation from a purely domestic shipbuilder into a regional maritime player with global aspirations, the statement said. Strategically located within the Port of Colombo, CDPLC offers MDL a strong operational foothold in the Indian Ocean Regionone of the busiest and most geopolitically significant maritime corridors in the world. Mazagon Dock Shipbuilders Limited, headquartered in Mumbai, is India's leading defence PSU, builder of frontline warships and submarines and has played a pivotal role in the country's naval modernisation. Colombo Dockyard PLC, listed on the Colombo Stock Exchange, is the flagship of Sr

Jaishankar blames Emergency-era deal for fishermen's arrests by Sri Lanka

At BJP Yuva Morcha event, S Jaishankar said that Indian fishermen continue to suffer due to a 1970s Emergency-era pact with Sri Lanka that was passed without parliamentary debate or consensus

CEAT to raise ₹500 cr via NCDs, infuse ₹400 cr into Sri Lanka unit

CEAT will raise Rs 500 crore through NCDs for capex and debt repayment and invest Rs 400 crore in its Sri Lankan unit to fund the Camso brand acquisition

Iran-Israel conflict: India to evacuate Nepalese, Lankans under Op Sindhu

Amid escalating Iran-Israel tensions, India will now help evacuate Nepalese and Sri Lankan citizens from Iran under its ongoing Operation Sindhu mission

True leadership tested in conflict, says SL's Army chief at IMA parade

Sri Lanka Army Commander Lieutenant General BKGM Lasantha Rodrigo on Saturday reviewed the passing out parade of the IMA's spring term and said true leadership is tested not in peace but in the chaos of conflict. Addressing 451 gentlemen cadets who were commissioned into the armies of their respective countries, Lt Gen Rodrigo who is himself an alumnus of the institution said being commissioned is only the beginning. "The hard part begins when you leave the institution. Staying an officer is harder than becoming one, as military leadership is not about shouting orders, it is about earning the quiet respect of the men you lead," he said. "True leadership is tested not in peace but in the chaos of conflict as I myself did during Sri Lanka's long and difficult fight with internal conflict," Rodrigo said. He asked them to lead their men from the front and put their safety above their own, be their strength in fear, their beacon in doubt and their hope in despair care. "Never forget t

India-Sri Lanka defence dialogue discusses enhancing maritime security

India and Sri Lanka explored ways to further expand their bilateral defence cooperation, especially in areas of maritime security, the island nation's defence ministry said. The deliberations took place at the Sri Lanka-India Defence Dialogue held in Colombo on Thursday. It was the first high-level meeting after India and Sri Lanka signed the first ever defence partnership on April 5. A statement from the Defence Ministry said that the Sri Lankan delegation was led by Defence Secretary Air Vice Marshal Sampath Thuyacontha (Retd), while the visiting Indian Defence Secretary Rajesh Kumar Singh led the Indian delegation. The high-level dialogue focused on strengthening bilateral defence cooperation, enhancing maritime security, and exploring new avenues for collaboration in training and strategic engagement, the statement said. Senior officials from both sides participated in the discussions, reaffirming the longstanding defence partnership between Sri Lanka and India, it said. The

India not a dharamshala, says SC while denying Lankan Tamil's plea

The bench was hearing a plea challenging the Madras HC order directing a Sri Lankan Tamil to leave India after serving his sentence under the Unlawful Activities (Prevention) Act

Sri Lanka restructures nearly $931 million in credit lines with India

The deal between the two countries will facilitate deeper cooperation on multiple projects including an energy hub

World Bank unveils $1 bn support plan to boost Sri Lanka's economy

The World Bank on Wednesday announced a package of USD one billion over three years to support job creation and develop private sector growth in Sri Lanka, a press release said. The announcement came after a meeting between World Bank President Ajay Banga and President Anura Kumara Dissanayake here. The initiative aims to expand economic opportunity, strengthen local industry and attract private capital to support long term growth, the release said. The World Bank estimates that nearly one million young people would enter Sri Lanka's work force over the next decade, yet only 300,000 jobs are projected to be created over the same period. The project is expected to mobilise over 800 million dollars in private investment and includes 40 million dollars in guarantees. Dissanayake's office said digitalization, tourism, agriculture and infrastructure development and advancing development of North and Eastern provinces figured at the talks between him and Banga. On April 25, the ...

TN CM urges Jaishankar to act over Sri Lanka's rising attacks on fishermen

In his letter, Stalin highlighted the growing concerns of Tamil Nadu's fishing communities, particularly in Nagapattinam district, where 23 fishermen were reportedly assaulted

Pahalgam attack: Flight in Sri Lanka searched for suspected attackers

Indian intel sparks high-alert search at Colombo airport, Sri Lanka authorities say no suspects found on board

SL to table 'secret' defence deal with India in Parl: Prez Dissanayake

However, President Dissanayake dismissed allegations of secrecy, saying the deal with India will strengthen defence ties while respecting sovereignty

IMF praises Sri Lanka's steady economic reforms, investor focus

The International Monetary Fund (IMF) on Friday commended the Sri Lankan government, led by President Anura Kumara Dissanayake, for its continued commitment to the economic reforms initiated under the global lender's Extended Fund Facility (EFF). The IMF highlighted the administration's policy consistency as a key factor in maintaining investor confidence and ensuring macroeconomic stability. The new government's sustained commitment to programme objectives has enhanced confidence and ensures policy continuity. Going forward, sustaining reform momentum, including by reducing corruption vulnerabilities, is critical to safeguard the hard-won gains, durably restore macroeconomic and debt sustainability, and unlock robust and inclusive growth, the IMF said in a statement. The statement was issued as the IMF and Sri Lanka reached an agreement in Washington on the fourth review of the USD 2.9 billion EFF programme, which was originally approved in March 2023 to assist Sri Lanka in ...

Sri Lanka to hold talks with India, UAE to build new energy hub in May

The hub in the eastern harbour city of Trincomalee will involve the construction of a multi-product pipeline as well as bunkering facilities