Page 9 - Sri Lanka

Colombo Stock Exchange to get NCDEX help in commodity derivatives trading

The agreement will enable knowledge transfer between the two exchanges where they will share expertise in product designing and development, trading systems and regulatory framework, sources said

ED attaches assets worth over Rs 200 crore in Sri Lanka under PMLA probe

The Enforcement Directorate Thursday said it has attached an under-construction luxury hotel in Colombo's prime area and some other assets worth more than Rs 200 crore as part of a money laundering probe linked to a Gurugram-based realty company which is alleged to have duped homebuyers. The company named Krrish Realtech Private Limited is promoted by businessman Amit Katyal, who is believed to be a close associate of the family of RJD chief Lalu Prasad. Katyal was arrested by the central agency in 2023 in a separate money laundering case related to the railways alleged land-for-jobs scam involving Prasad and his family. The ED said in a statement that it has issued an order to provisionally attach an under-construction luxury hotel and leasehold rights over 4 acres of land in the "Colombo 1" area of Sri Lanka apart from land rights for about 2.82 acres of Vicinity Hotels Pvt. Ltd., in the name of Good Earth Business Park Pvt. Ltd. located at Sector-66 in Gurugram. The money ...

China offers $3.7 bn for SL's refinery as Dissanayake seeks more investment

China has offered to invest USD 3.7 billion in Sri Lanka, stated to be the biggest-ever foreign investment in the island nation, to build a state-of-the-art oil refinery as the two countries signed a new plan to upgrade BRI cooperation during Sri Lankan President Anura Kumara Dissanayake's state visit here. On Thursday, Dissanayake met Chinese Premier Li Qiang and Chairman of the Standing Committee of the National People's Congress Zhao Leji and pitched for more Chinese investment in his address to Chinese firms. A day earlier, Dissanayake held talks with his Chinese counterpart Xi Jinping following which the two sides signed 15 agreements. According to a press release by the Sri Lankan President's media division, his visit marked a significant milestone by securing the largest foreign direct investment to date of USD 3.7 billion Chinese investment to build a state-of-the-art oil refinery at Hambantota. This significant achievement was formalised this morning with the signing of an

China places SL on top of its neighbourhood diplomacy: Xi tells Dissanayake

China places Sri Lanka on top of its neighbourhood diplomacy and supports it in safeguarding its sovereignty, President Xi Jinping told his Sri Lankan counterpart Anura Kumara Dissanayake during their meeting here on Wednesday. After their meeting, the two countries signed several agreements to boost bilateral ties, an official statement here said. Xi expressed China's readiness to usher in a new era of development in bilateral ties and called on the two countries to have a keen grasp of their relations from a strategic perspective and jointly build a China-Sri Lanka community with a shared future, it said. Dissanayake, who arrived here on Tuesday on a four-day visit a month after travelling to India on his first overseas trip since assuming office in September, was given a ceremonial welcome at the Great Hall of People, following which both the Presidents held talks. After the talks, the two leaders witnessed the signing of several bilateral documents on the cooperation plan for .

India to provide grant for supplying police vehicles to Sri Lanka

India would supply vehicles to be used by the Sri Lankan police under a grant, the Indian High Commission here said on Wednesday. Indian High Commissioner in Colombo Santosh Jha and the top bureaucrat in the public security ministry DWRB Seneviratne have signed the MoU for the grant assistance worth Sri Lankan rupees 300 million The project entails supply of at least 80 single cabs, spare parts and accessories to the police stations in Northern Province of Sri Lanka, which will address a vital requirement of Sri Lankan Police related to enhancing safety of citizens and maintenance of law and order, a release said. India's people-centric development cooperation initiatives based on the needs of the people of Sri Lanka and the priorities of the Sri Lanka government are making a tangible difference to the daily lives of the people in all the 25 districts of the country across sectors such as housing, health, education, fisheries, transport, renewable energy, livelihood sustenance, ...

Xi Jinping talks with Dissanayake, pledges new era in China-Sri Lanka ties

President Xi Jinping Wednesday expressed Beijing's readiness to usher in a new era of development in China-Sri Lanka ties as he met Sri Lankan counterpart Anura Kumara Dissanayake here following which both countries signed several agreements to boost bilateral relations. Dissanayake, who arrived here on Tuesday on a four-day visit a month after travelling to India on his first overseas trip since assuming office in September, was given a ceremonial welcome at the Great Hall of People following which both the Presidents held talks. Xi emphasised China's readiness to work closely with Sri Lanka in ushering in a new era of development, a press release issued by the Sri Lankan President's Media Division in Colombo said. Xi also recalled the longstanding relationship between the two countries, highlighting the close friendship that has existed for decades. President Xi reiterated China's commitment to continuing its cooperation with Sri Lanka in the future, the release said. Following

Sri Lankan Navy arrests 8 Indian fishermen for poaching, seizes 2 trawlers

The Sri Lankan Navy on Sunday said it has arrested eight Indian fishermen for allegedly fishing in the island nation's territorial waters and seized two fishing trawlers. The arrests took place on Saturday night "during a special operation conducted in the sea area north of Mannar", it said in a press statement. With this arrest, so far this year 18 Indian fishermen have been arrested and three trawlers confiscated, the statement said. The Navy said "in the dark hours of 11th January", the North Central Naval Command spotted a cluster of Indian fishing boats "engaging in illegal fishing in Sri Lankan waters. In response, the Northern Naval Command deployed its Fast Attack Craft and North Central Naval Command its Inshore Patrol Craft to drive away those Indian fishing boats poaching in the sea area north of Mannar". "The operation resulted in the seizure of 2 Indian fishing boats and apprehension of 8 Indian fishermen who continued to remain in Sri Lankan waters," it said. The sei

'Return to Sri Lanka': A lyrical journey through its history and politics

It is difficult to stop reading the book

Govt approves Rs 29 cr grant to develop Sri Lanka's north boatyard

India will provide Sri Lankan Rupees 290 million to develop the Karainagar Boatyard in the Northern Province of the island nation, the Indian High Commission said here on Thursday. The project envisages rehabilitation of Karainagar Boatyard of the Cey-Nor Foundation Ltd, incorporated under the Ministry of Finance, Planning and Economic Development and operating under the Ministry of Fisheries, Aquatic and Ocean Resources. An MoU was signed and exchanged by High Commissioner of India to Sri Lanka Santosh Jha and the then High Commissioner of Sri Lanka to India Kshenuka Dhireni Senewiratne on December 16, the High Commission said in a release. The project will cover civil works and procurement, including installation of plant, machinery, equipment, material, services etc. Once fully operational, the rehabilitated boatyard will augment livelihood opportunities of local fishermen, create more job opportunities in the area, including through small establishments around the boatyard, and

From UK to US and India: World politics took a Left-Right-Left turn in 2024

The 2024 elections were a rollercoaster. Labour roared back in the UK, Trump staged a dramatic return in the US, and PM Modi retained power in India though with a lower mandate

India to fund projects worth Rs 237.1 cr in Sri Lanka's eastern province

India is to provide Rs 2,371 million to Sri Lanka for 33 development projects in education, health and agriculture sectors in the eastern province, it was announced on Tuesday. The cabinet has approved a proposal to sign an MoU to boost socio-economic development and bilateral ties between the two countries, cabinet spokesman and the Health Minister Nalinda Jayathissa told reporters here. India is to provide Rs 315 million for education, Rs 780 million for health and Rs 620 million for agriculture under the arrangement. These projects, among the slew of others, are aimed at enhancing infrastructure, growth and empowering local communities.

Dissanayake's presidency opens new chapter in India-Sri Lanka relations

When India invited left-wing leader Anura Kumara Dissanayake for a visit in February, no one anticipated that the political landscape of Sri Lanka would experience a significant transformation, culminating in his surprising rise to the presidency by the end of the year. The development has brought renewed attention to the dynamics between the two neighbouring countries. Dissanayake, 56, popularly known as AKD, was declared the winner of the presidential election in September, marking a complete revolution from his party-led coalition's vote share of three per cent in 2019 to over 60 per cent. Weeks later, Dissanayake's Janatha Vimukthi Peramuna-led National People's Power (JVP-NPP) coalition swept the parliamentary elections by winning 159 out of the 225 seats, the first time any party won a two-thirds majority under the proportional representation system introduced in 1978. The NPP also dominated the Jaffna electoral district the heartland of the nation's Tamil minority. India's

As Fitch upgrades ratings, Sri Lanka claims it has ended debt default

With the decision by the Hong Kong based Fitch Ratings to upgrade Sri Lanka's credit rating, the island nation has officially ended its debt default, the Finance Ministry said here on Saturday. Fitch upgraded Sri Lanka's long term credit default rating to CCC+ from CCC- on Friday as it said that the risk of another default on local currency debt has been reduced by the completion of the international sovereign bond restructuring and an improved outlook for macroeconomic indicators. Mahinda Siriwardana, a top bureaucrat in the Finance Ministry, said in a statement: December 20 marked a major milestone in our economic recovery process as Sri Lanka officially exited sovereign default. Sri Lanka had plunged into an economic crisis when the island nation declared sovereign default in mid-April of 2022, its first since gaining independence from Britain in 1948. Almost civil-war-like conditions and months of public protests led to the fleeing of the then president Gotabaya Rajapaksa. Rani

Sri Lanka announces to lift vehicles import ban for first time in 4 years

Sri Lanka has announced that they will lift the vehicles import ban which was put in place in 2020 to ease the pressure on foreign exchange reserves due to the COVID-19 pandemic. By the gazette issued on Wednesday the importation of public transport vehicles have been allowed for the first time since early 2020. The Ministry of Finance said the policy to ban vehicle imports was implemented with the intention of easing the pressure on foreign exchange reserves due to the COVID-19 pandemic and the economic downturn of 2022. President Anura Kumara Dissanayake addressing Parliament on Wednesday said the importing cars for private use will be allowed from February 2025. However, the decision is subject to rules so as to protect the island nation's effort to build foreign reserves. All importers must sell their imports within three months, if not a three per cent fee would be charged. These conditions have been imposed with the intention of safeguarding foreign exchange reserves of the

Sri Lanka to focus on $1 bn Adani projects, unconcerned about global issues

Sri Lanka decided to review two projects worth about $1 billion linked to the Adani Group after US authorities last month accused Adani Group Chairman Gautam Adani and seven others

SL secures tax relief deal with IMF, imports to resume in 2025: Dissanayake

President Anura Kumara Dissanayake on Wednesday announced that Sri Lanka has achieved flexibility with the IMF on its rigid state revenue tax regime, something that was part of his election promise. Also, import of private cars -- banned from 2020 -- would be allowed from February 2025, Dissanayake, who is also the Minister of Finance, told the parliament. Speaking about the agreements reached with the International Monetary Fund (IMF) during its third review of the USD 2.9 billion Extended Fund Facility (EFF), the president said his government has been able to raise the tax threshold. We have been able to raise the tax threshold of pay as you earn (PAYE tax) so that those who have bigger incomes pay more while those who earn pay less, Dissanayake said, adding there would be other VAT exemptions and withholding tax on interest incomes for the retired. An income of Rs 1,50,000 per month will be tax free, Dissanayake said referring to the current free amount upto only Rs 1,00,000. F

Watch: Sri Lankan President Anura Kumara Dissanayake visits Mahabodhi Temple in Bodh Gaya

Watch: Sri Lankan President Anura Kumara Dissanayake visits Mahabodhi Temple in Bodh Gaya, Bihar.

President Murmu discusses long-standing ties with Sri Lankan counterpart

Terming it a "meaningful meeting," Dissanayake said that their discussions on Monday focussed on regional security and mutual cooperation

India to continue backing Sri Lanka's sustainable economic growth: Murmu

President Droupadi Murmu on Monday said India would continue to support sustainable economic development of Sri Lanka as its close and trusted partner. Welcoming Sri Lankan President Anura Kumara Disanayaka and his delegation to the Rashtrapati Bhavan, she congratulated him for his victory in the recent presidential and parliamentary elections. President Murmu also hosted a banquet in his honour. She said that Sri Lanka is an important part of India's 'Neighbourhood First' policy and SAGAR Vision, according to a statement issued by her office. President Murmu said that as a close and trusted partner, India would continue to support the Sri Lankan government's efforts for the sustainable economic development of Sri Lanka. Disanayaka, who is on a three-day visit to India, held wide-ranging talks with Prime Minister Narendra Modi earlier in the day. As a trusted and reliable partner, India has conveyed its continued commitment to working closely with Sri Lanka in advancing its defen

Won't permit Sri Lankan territory to be used against India: Prez Disanayaka

Sri Lankan President Anura Kumara Disanayaka on Monday clearly conveyed to Prime Minister Narendra Modi that the island nation's soil will not be allowed for use against India's interests, an assurance that came amid concerns in New Delhi over China's attempts to increase its influence over Colombo. Disanayaka, on a three-day visit to India, held wide-ranging talks with Prime Minister Modi that saw both sides deciding to soon conclude a defence cooperation agreement and ramp up energy ties by establishing electricity grid connectivity and multi-product petroleum pipelines. In his media statement, Modi said he and the Sri Lankan president were in "full agreement" that security interests of both the countries are interconnected and it was decided to quickly finalise the security cooperation agreement. Modi conveyed to Disanayaka India's consistent support to the island nation in its quest for economic recovery and stability. Sri Lanka was reeling under a massive economic crisis two ..