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Sri Lanka arrests ex-central bank deputy governor; four other over alleged bond scam
Sri Lanka arrests ex-central bank deputy governor; four other over alleged bond scam

Sri Lankan police on Monday arrested a former central bank deputy governor and four board members of primary dealer Perpetual Treasuries Ltd for their suspected involvement in an alleged government bond scam in 2015. Police arrested Paththinige Samarasiri, the former deputy governor of the central bank, Geoffrey Aloysius, the chairman of Perpetual Treasuries, and…

Reuters - Mar 25 20:41 GMT - more ... [ Tags: Politics, SriLanka, Economy ]

Related:
  - PTL bigwigs, ex-CBSL top gun arrested - Island
Sri Lanka signs $1-bln loan with China to build highway

Sri Lanka signed a $989-million loan with China’s Exim Bank on Friday to build a highway linking the centre of the Indian Ocean island to a Chinese-built seaport in the south, the Sri Lankan finance ministry said. As part of its String of Pearls strategy to build a network of friendly ports across Asia, China has swept into Sri Lanka to build ports, power plants…

Reuters - Mar 22 17:40 GMT - more ... [ Tags: World, Economy, China ]

Gary Anandasangaree
  • Sri Lanka to Develop 28 Small Solar Power Projects

    Sri Lanka to Develop 28 Small Solar Power Projects

    Sri Lanka will develop 28 small solar power projects in its north-central and eastern regions. The proposal was recently approved by the Cabinet of Ministers who gave consent to the development of 28 solar power projects from 28 investors in the island nation. The tariff for power generated from these projects has been set at LKR 12.84 (~$0.072) to LKR…

    Mercom - Mar 19 16:34 GMT - more ...
    [ Tags: World, SriLanka, Economy ]

  • Wannabe movie ‘heroes’ bring terror to Jaffna with swordfights

    Wannabe movie ‘heroes’ bring terror to Jaffna with swordfights

    “In our area, people are constantly living in fear every moment without knowing what would happen next. It’s similar to the wartime years. We don’t feel safe,” a youth in Kokkuvil said on condition of anonymity. This situation had become the norm, he added. Increasing unemployment, drug usage, remittance money from relatives in the diaspora and the strong…

    Sunday Times - Mar 11 18:53 GMT - more ...
    [ Tags: Jaffna, History, Economy ]

  • Sri Lanka shares end at 5-1/2-year low, rupee falls ahead of budget vote

    Sri Lankan shares ended at a 5-1/2-year low and the rupee fell on Monday as investors awaited a budget vote on Tuesday to assess the political stability of the government led by Prime Minister Ranil Wickremesinghe. ** Sri Lankan Finance Minister Mangala Samaraweera last week presented the 2019 budget that raises spending while setting an ambitious goal to reduce the…

    Reuters - Mar 11 16:10 GMT - more ...
    [ Tags: World, Economy ]

  • Cleveland Bridge to build 250 modular bridges in Sri Lanka

    Cleveland Bridge to build 250 modular bridges in Sri Lanka

    Darlington-based Cleveland Bridge has received £49M of government funding to construct 250 modular bridges for rural Sri Lankan communities. The project is being financed by export credit agency UK Export Finance (UKEF), which works closely with the Department for International Trade. The modular bridges will be designed and built in the UK then assembled in…

    New Civil Engineer - Feb 11 15:14 GMT - more ...
    [ Tags: Economy ]

  • Sri Lanka seeks regional bailout as balance of payments crisis looms

    Sri Lanka seeks regional bailout as balance of payments crisis looms

    "The IMF remains ready to support the Sri Lankan authorities in these endeavors and an IMF team is scheduled to visit Colombo in mid-February to resume program discussions," Managing Director Christine Lagarde said in a statement on Tuesday. But analysts say the government must do more to swell the capital account through boosting exports and attracting FDI, both…

    Nikkei - Jan 21 15:01 GMT - more ...
    [ Tags: History, Economy, WarCrimes ]

  • Sri Lanka to receive $1 billion Bank of China loan this quarter

    Sri Lanka to receive $1 billion Bank of China loan this quarter

    Sri Lanka will receive a loan of $1 billion from Bank of China before the end of the January-March quarter, the chief of the central bank said on Thursday, to help the country meet repayments in the coming months. Sri Lanka is struggling to repay its foreign loans, with a record $5.9 billion due this year including $2.6 billion in the first three months. The…

    Reuters - Jan 17 19:50 GMT - more ...
    [ Tags: World, Economy, China ]

  • Sri Lanka desires to take trade with Pakistan to $1 billion

    Sri Lanka desires to take trade with Pakistan to $1 billion

    Sri Lankan High Commissioner Noordeen Mohamed Shaheid said on Tuesday that the island nation was eager to strengthen mutual trade ties with Pakistan. Speaking to business community at the Sialkot Chamber of Commerce and Industry (SCCI), he voiced hope that exporters of the city would also launch their business activities in Sri Lanka, besides tapping its…

    Express Tribune - Jan 10 01:20 GMT - more ...
    [ Tags: World, Economy, Pakistan ]

  • Sri Lanka seeks investment, but China questions linger

    Sri Lanka seeks investment, but China questions linger

    A decade after the Sri Lankan Civil War, the country’s economy is growing fast. The government has big plans, but high debt levels — and high levels of Chinese influence — cast a cloud as the country seeks investors. You don't need to be an expert on international trade routes to look at a map and understand that Sri Lanka's location is one of potentially…

    DW - Sep 27 23:57 GMT - more ...
    [ Tags: World, Economy, China ]

  • SOS Children’s Villages Sri Lanka empowering Jaffna’s youth with vocational education

    SOS Children’s Villages Sri Lanka empowering Jaffna’s youth with vocational education

    After 30 years of civil war in the country, generations of Jaffna’s youth lost educational and skill development opportunities. This has left a great vacuum of income generating among the younger generations in Jaffna. SOS Children’s Villages Sri Lanka decided to bridge this gap by enabling the low income earning youth to enrol in a skill development program…

    FT - Aug 27 19:59 GMT - more ...
    [ Tags: Jaffna, History, Economy ]

  • Sri Lanka secures US$1 billion Chinese loan

    Sri Lanka secures US$1 billion Chinese loan

    Sri Lanka's central bank on Friday (Aug 3) announced it had secured a US$1 billion Chinese loan as the island, a key link in Beijing's ambitious Belt and Road initiative, develops closer relations with Asia's largest economy. Central bank Governor Indrajit Coomaraswamy said that first half of the loan will be released later this month and the balance will be…

    AFP - Aug 03 15:42 GMT - more ...
    [ Tags: India, Economy, China ]

  • Facebook sees biggest stock market value drop in history as growth slows

    Facebook sees biggest stock market value drop in history as growth slows

    Facebook lost more than $100 billion US in market value Thursday after the social media company posted earnings a day earlier that showed slowing growth. The value was down by even more overnight after the company posted quarterly results late Wednesday showing its growth was grinding to a halt in Europe and North America, at a time when increased privacy…

    CBC News - Jul 26 17:39 GMT - more ...
    [ Tags: World, Economy ]

  • Sri Lanka waives debt for 200,000 women in drought areas

    Sri Lanka waives debt for 200,000 women in drought areas

    Sri Lanka announced Wednesday it would waive debts for 200,000 women unable to repay microfinance loans and cap lending rates after a number of borrowers in drought-hit areas killed themselves. Government spokesman Rajitha Senaratne said women in a dozen districts who had taken small loans from microfinance institutions would have their debts forgiven and interest…

    AFP - Jul 25 14:35 GMT - more ...
    [ Tags: HumanRights, Economy ]

  • Over 600,000 people affected by drought in northern Sri Lanka

    Over 600,000 people affected by drought in northern Sri Lanka

    The number of people affected by drought in Sri Lanka has increased to 613,326, the Sri Lankan Disaster Management Centre (DMC) said in its situation report on Monday. According to the report, people in 11 administrative districts in the northern half of Sri Lanka have been affected by lack of drinking water, heat and crop failure, with the highest number of…

    Xinhua - May 01 18:48 GMT - more ...
    [ Tags: History, World, Economy ]

    Related:
      - Over 600,000 People Face Drought In Northern Sri Lanka - Independent
  • Power struggle: Sri Lanka president cuts PM’s duties

    Power struggle: Sri Lanka president cuts PM’s duties

    Sirisena took away the central bank, the policymaking National Operations Room and several other institutions from the control of Wickremesinghe, who had held them since coming to power in January 2015. The changes were published in a government gazette notice issued Wednesday which transferred the responsibilities to Finance Minister Mangala Samaraweera. There…

    SCMP - Mar 29 13:15 GMT - more ...
    [ Tags: Politics, History, Economy ]

    Related:
      - Sri Lanka's UNP backs Wickremesinghe in no-confidence motion - BS
  • Islamic banking takes off in Sri Lanka

    Islamic banking takes off in Sri Lanka

    But Sri Lanka? Whatever comes to mind when conjuring up images of this tropical island in the Indian Ocean – outsourcing, cracked highways, drinks on the beach – it surely isn’t the complexities of sukuk and Shariah-compliant profit sharing. Why would that be needed or wanted in an overwhelmingly Buddhist country where Muslims account for just under 10% of the…

    Euro Money - Mar 27 14:12 GMT - more ...
    [ Tags: History, Muslims, Economy ]

  • India still to play role in Lanka port

    India still to play role in Lanka port

    India continues to remain in fray to play a role in the strategically located Colombo Port in the Indian Ocean Region, notwithstanding the Sri Lanka’s decision to drop plans to privatise the port’s East Container Terminal (ECT). In a statement last week, Sri Lankan minister for ports and shipping Mahinda Samarasinghe said the construction of the terminal was…

    Economic Times - Mar 19 23:46 GMT - more ...
    [ Tags: India, Economy, China ]

  • With Sri Lankan port acquisition, China adds another 'pearl' to its 'string'

    With Sri Lankan port acquisition, China adds another \'pearl\' to its \'string\'

    When Sri Lanka's government first looked to develop a port on its southern coast that faced the Indian Ocean, it went not to China, but to its neighbor, India. Then-Sri Lankan Prime Minister Mahinda Rajapaksa said he urgently needed funding to transform the harbor of his home town and asked Indian officials for help with the project. New Delhi showed little interest…

    CNN - Feb 07 15:17 GMT - more ...
    [ Tags: India, Economy, China ]

  • Sri Lanka court orders two bond dealers remain in custody over alleged scam

    A Sri Lankan court on Monday ordered two executives from dealer Perpetual Treasuries Ltd, arrested over an alleged government bond scam, to remain in custody until Feb. 16. Police arrested Perpetual’s owner Arjun Aloysius and CEO Kasun Palisena on Sunday on suspicion of involvement in the alleged scam. Perpetual bought more than half the debt on sale in a…

    Reuters - Feb 07 14:33 GMT - more ...
    [ Tags: Economy ]

  • Sri Lankan leader says $58 billion foreign debt under previous govt unaccounted for

    Sri Lanka’s president said on Friday that more than $58 billion, or 90 percent, of foreign loans borrowed by the previous government was unaccounted for in Finance Ministry records. However, ministry officials the last government said President Maithripala Sirisena’s numbers were false. The central bank’s latest records show Sri Lanka’s total outstanding…

    Reuters - Jan 31 23:03 GMT - more ...
    [ Tags: Politics, Economy ]

  • Comments on the ´Economic Development Framework for Northern Province´

    Comments on the ´Economic Development Framework for Northern Province´

    ´Economic Development Framework for a Northern Province Master Plan´, is a study commissioned by the Central Bank of Sri Lanka and carried out by a team of seven members with competence in relevant fields and knowledge of post-war conditions in the province. The study provides an opportunity for an open discussion on post-war development in the Northern Province.

    JDS - Mar 13 14:11 GMT - more ...
    [ Tags: Jaffna, History, Economy ]

  • Japan to fund Sri Lankan light rail system

    Japan to fund Sri Lankan light rail system

    Japan's overseas development agency said Monday that it has agreed to lend funds for a new US$1.5-billion light rail system for Sri Lanka's congested capital Colombo. Colombo traffic slows to an average speed of less than seven kilometres (four miles) an hour during peak times, making it one of the slowest in South Asia. The Japan International Cooperation…

    AFP - Mar 11 16:14 GMT - more ...
    [ Tags: Economy, Japan ]

  • A new wealth

    A new wealth

    There seems to be an economy in Sri Lanka that is vast, growing and unbanked. Economists may know of a way to determine how much currency is in circulation or in banks in comparison to the number of high denomination notes printed. But almost all the stories I’ve heard, and clearly, what’s openly on display on social media, is a grotesque display of wealth which…

    Island - Feb 24 23:40 GMT - more ...
    [ Tags: History, SriLanka, Economy ]

  • The “debt-trap” narrative around Chinese loans shows Africa’s weak economic diplomacy

    The “debt-trap” narrative around Chinese loans shows Africa’s weak economic diplomacy

    Kenya was said to risk losing its port if it defaulted on the loan, with the Exim Bank of China taking over the port authority’s “escrow account” to regain revenues.... The Sri Lanka port remains the only place in the world where Beijing took control of a state asset, with observers noting that officials understood the damages “debt book diplomacy”…

    QZ - Feb 05 15:46 GMT - more ...
    [ Tags: SriLanka, Economy, China ]

  • Sri Lanka Asks IMF To Revive Suspended $1.5-Billion Bailout

    Sri Lanka Asks IMF To Revive Suspended $1.5-Billion Bailout

    Sri Lanka has appealed to the International Monetary Fund to revive a $1.5-billion bailout suspended during the island nation's political crisis late last year, the finance ministry said Wednesday. In October, President Maithripala Sirisena sparked weeks of high political drama, even featuring brawls in parliament, by sacking Ranil Wickremesinghe as prime minister…

    AFP - Jan 17 20:51 GMT - more ...
    [ Tags: World, Economy ]

  • Sri Lanka struggles to repay record foreign debt: PM

    Sri Lanka struggles to repay record foreign debt: PM

    Sri Lanka's prime minister said Thursday (Jan 10) the country was struggling to pay back its ballooning foreign debt, blaming a recent political crisis for dealing a "death blow" to the economy. Ranil Wickremesinghe said his government was scrambling to raise US$1.9 billion to help service a first debt payment of US$2.6 billion, that is due on Monday.

    AFP - Jan 10 20:28 GMT - more ...
    [ Tags: World, Economy, China ]

    Related:
      - Lanka's Central Bank gets USD 400 million swap from RBI - PTI
  • Sending Sri Lankans and Receiving Chinese Workers: Emerging Trend of Labour Migration in Sri Lanka

    Sending Sri Lankans and Receiving Chinese Workers: Emerging Trend of Labour Migration in Sri Lanka

    A recent study identifies three phases of aggregate migration– net emigration (out-migration) phase, transition phase (growth in immigration numbers despite net emigration), and net immigration (in migration is greater than out-migration) phase. Sri Lanka is still a net emigration country. Nevertheless, a new trend is emerging in terms of labour migration. In…

    NewsFirst - Dec 21 19:34 GMT - more ...
    [ Tags: SriLanka, Economy, China ]

  • Sierra Construction builds 15 water towers in Jaffna and Kilinochchi

    Sierra Construction builds 15 water towers in Jaffna and Kilinochchi

    Funded by the Asian Development Bank (ADB) and the Government of Sri Lanka, the work entrusted to Sierra involved the construction of 15 water towers on behalf of the National Water Supply and Drainage Board (NWSDB) of Sri Lanka. Work began in December 2014 and the completed towers are to be formally handed over by Sierra Construction at the end of the year. Eight…

    FT - Aug 27 20:15 GMT - more ...
    [ Tags: Jaffna, History, Economy ]

  • Sri Lanka's 'new Dubai': will Chinese-built city suck the life out of Colombo?

    Sri Lanka\'s \'new Dubai\': will Chinese-built city suck the life out of Colombo?

    Iron cannons installed by the Dutch to ward off colonial rivals still line Galle Face Green, a grassy, mile-long promenade along the Colombo seafront. Further out to sea, within range of the guns, a new world power is leaving its mark on Sri Lanka’s capital. Currently, Port City is just a flat expanse of blank land jutting out into the ocean, growing a fraction…

    The Guardian - Aug 03 15:43 GMT - more ...
    [ Tags: Economy, China ]

  • Sri Lanka reverses hybrid car incentive

    Sri Lanka reverses hybrid car incentive

    Sri Lanka Wednesday (Aug 1) sharply increased customs duties on imports of the top-selling Japanese hybrid car, in an apparent shift in its policy of encouraging greener vehicles. The duty on the popular Suzuki Wagon R hybrid model was raised from 825,000 rupees (US$5,156) to 1.25 million rupees (US$7,812) with immediate effect, finance ministry officials said.

    AFP - Aug 01 19:59 GMT - more ...
    [ Tags: Economy ]

    Related:
      - Sri Lanka raises vehicle import tax to boost revenue, help rupee - Reuters
  • China's Xi offers fresh $295 million grant to Sri Lanka

    Chinese President Xi Jinping has offered Sri Lanka a fresh grant of 2 billion yuan ($295 million), as Beijing looks to expand its influence in the tiny island country off India’s southern tip. President Maithripala Sirisena of Sri Lanka, a partner in Beijing’s multi-country Belt and Road infrastructure push, made the announcement on Saturday at a ceremony marking…

    Reuters - Jul 25 14:42 GMT - more ...
    [ Tags: World, Economy, China ]

  • WARNING signs for Sri Lanka

    WARNING signs for Sri Lanka

    No, this article is not about the political or economic situation in our country. There are many indicators that contribute toward forecasting the success or demise of a nation. They can act as warning signs, that if heeded can make the difference between life and death. I’m sorry, I don’t mean to sound grim. On the contrary I write this to motivate us to get off…

    News First - May 09 18:36 GMT - more ...
    [ Tags: History, SriLanka, Economy ]

  • Sri Lankan shares end higher; foreigners sell

    Sri Lankan shares end higher; foreigners sell

    Sri Lankan shares ended slightly firmer on Wednesday led by blue-chip stocks in thin trade, while foreign selling boosted turnover with most local investors on leave ahead of the Sinhala-Tamil New Year this week, brokers said. Foreign selling accounted for 80 percent of the day’s turnover of 553 million rupees ($3.55 million), less than half of this year’s…

    Reuters - Apr 11 13:02 GMT - more ...
    [ Tags: SriLanka, Economy, WarCrimes ]

    Related:
      - Sri Lanka’s debt burden is higher than Ethiopia, Uganda & Ghana - LBO
  • Trump re-authorises GSP for SL, other countries

    Trump re-authorises GSP for SL, other countries

    US President Donald Trump has re-authorised the Generalized System of Preferences (GSP) program, which expired on December 31, 2017, for the GSP beneficiary countries including Sri Lanka. Following the expiry, the GSP eligible imports to the US from Sri Lanka and other GSP beneficiary countries were subjected to non-preferential duties from January 1, 2018. In a…

    Daily Mirror - Mar 29 13:09 GMT - more ...
    [ Tags: USA, Economy, WarCrimes ]

  • Sri Lanka's reluctant saviour

    Sri Lanka\'s reluctant saviour

    They don’t make them like Indrajit Coomaraswamy any more. The calm and self-effacing governor of the Central Bank of Sri Lanka spent most of his career behind the scenes, working diligently to give strength and structure to a fragile frontier market. An economist by training, he spent more than 40 years bouncing around the upper echelons of Sri Lanka’s civil…

    Euro Money - Mar 26 14:30 GMT - more ...
    [ Tags: SriLanka, Economy, WarCrimes ]

  • Sri Lanka Caught in China’s Debt Trap

    Sri Lanka Caught in China’s Debt Trap

    Sri Lanka celebrated 70 years of independence on February 4, but China’s economic presence is leading some to question the extent of that independence. Between 2005 and 2017, Beijing invested $15 billion in the island nation’s infrastructure projects. Regional rivals like India see these investments as Chinese economic colonialism.

    theTrumpet - Feb 12 20:10 GMT - more ...
    [ Tags: World, Economy, China ]

  • Sri Lanka eyeing longer talks with China on free trade agreement

    Sri Lanka wants a longer-time period to negotiate a free trade agreement with China as it is concerned about the economic impact of a rushed deal on their small country, the Sri Lankan ambassador said on Sunday. There has been rising concern in the South Asian nation about Chinese investment, a key part of Beijing's Belt and Road initiative to create a modern-day…

    Reuters - Feb 07 14:36 GMT - more ...
    [ Tags: India, Economy, China ]

  • Does Sri Lanka’s 'Look East’ Strategy to Court ASEAN Make Sense?

    Does Sri Lanka’s \'Look East’ Strategy to Court ASEAN Make Sense?

    Two Southeast Asian leaders, Singapore’s Prime Minister Lee Hsieng Loong and Indonesia’s President Joko Widodo, visited Sri Lanka during the week ending January 26. During Lee’s visit (from January 22 to 24) Sri Lanka signed a Free Trade Agreement (FTA) with Singapore, described as being the first ever Colombo has inked with a Southeast Asian country. The Sri…

    The Diplomat - Jan 31 23:08 GMT - more ...
    [ Tags: World, Economy ]

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