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Sri Lankan state minister says Easter Sunday bombings will likely drag down growth
Sri Lankan state minister says Easter Sunday bombings will likely drag down growth

The deadly bombings that struck Sri Lanka on Easter Sunday are expected to drag down the country’s economic growth to around 3% this year, a senior official at the country’s Ministry of Finance said on Tuesday. That latest prediction by State Minister of Finance Eran Wickramaratne is more optimistic than a 2.5% median forecast from analysts polled by Reuters,…

CNBC - May 21 15:15 GMT - more ... [ Tags: Politics, World, Economy ]

Only 2 diesel generators working out of 50 purchased under emergency power agreement
Only 2 diesel generators working out of 50 purchased under emergency power agreement

United People's Freedom Alliance (UPFA) MP Mahindananda Aluthgamage told Parliament that though the generators had been installed at Thulhiriya, Kolonnawa and Matugama, only two were currently in working order, though millions of rupees had been used to purchase them. Janatha Vimukthi Peramuna (JVP) MP Dr Nalinda Jayathissa too exposed that the deal to purchase the…

Sunday Times - Mar 29 15:34 GMT - more ... [ Tags: History, SriLanka, Economy ]

Gary Anandasangaree
  • Pepper growers concerned over Sri Lanka's move to ease exports

    Pepper growers concerned over Sri Lanka\'s move to ease exports

    India had imposed an MIP of Rs 500 per kg on black pepper to control rising imports The domestic pepper growers have taken strong exception to the reported move by the Sri Lankan government to hold talks with India for relaxing the minimum import price (MIP) fixed for black pepper which has led to the decline in exports from the island nation. Currently, Sri…

    HBL - Aug 13 13:22 GMT - more ...
    [ Tags: India, SriLanka, Economy ]

  • Tea label giants vow probe after Sri Lanka labor abuse expose

    Tea label giants vow probe after Sri Lanka labor abuse expose

    Plantations in Sri Lanka that supply “slavery-free” tea to top global companies are under investigation by ethical label groups after an expose found illegal wage deductions that have left some workers ill and unable to afford health care. An investigation by the Thomson Reuters Foundation found that some workers at tea estates certified by Rainforest Alliance…

    Japan Times - Mar 27 15:02 GMT - more ...
    [ Tags: HumanRights, World, Economy ]

  • 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 ]

  • 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 ]

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