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The Rajapaksas Will Ruin Sri Lanka’s Economy
The Rajapaksas Will Ruin Sri Lanka’s Economy

On Nov. 18, Gotabaya Rajapaksa took his oath as Sri Lanka’s seventh executive president, at the sacred Buddhist temple Ruwanwelisaya in Anuradhapura. Three days later, his brother, former President Mahinda Rajapaksa, was sworn in as prime minister. It is no coincidence that Gotabaya’s inauguration ceremony occurred at an ancient temple built by Sinhalese King…

Foreign Policy - Nov 29 14:41 GMT - more ... [ Tags: Politics, Economy ]

Sri Lanka Wants to Undo Deal to Lease Port to China for 99 Years
Sri Lanka Wants to Undo Deal to Lease Port to China for 99 Years

Sri Lanka’s new government led by President Gotabaya Rajapaksa wants to undo the previous regime’s move to lease the southern port of Hambantota to a Chinese venture, citing national interest. Former Prime Minister Ranil Wickremesinghe in 2017 changed the terms, saying it would be difficult to pay the loans taken to build the project. He agreed to lease the port…

Bloomberg - Nov 29 14:39 GMT - more ... [ Tags: World, Economy, China ]

Gary Anandasangaree
  • India announces $450 million line of credit to Sri Lanka

    India announces $450 million line of credit to Sri Lanka

    Prime Minister Narendra Modi announced on Friday a financial assistance of $450 million to Sri Lanka including $50 million to fight terrorism after he held "fruitful" talks with the island nation's newly elected President Gotabaya Rajapaksa. The talks focused on issues like fulfilling aspirations of the Tamil community in Sri Lanka, ways to boost security and trade…

    PTI - Nov 29 14:38 GMT - more ...
    [ Tags: India, Economy ]

  • Is Sri Lanka the Next Argentina?

    Is Sri Lanka the Next Argentina?

    It remains to be seen what political direction Sri Lanka will take under Rajapaksa. But if the government pursues non-inclusive policies, this almost certainly will lead to weak resource mobilization, continuing dependence on external financing on onerous terms, low rates of foreign direct investment, and stagnant export growth. In these circumstances, macroeconomic…

    ProjectSyndicate - Nov 19 15:14 GMT - more ...
    [ Tags: History, SriLanka, Economy ]

  • 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 ]

  • 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 ]

  • 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
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