Page 11 - Sri Lanka

Crisis hit-Sri Lanka to brief creditors on IMF deal for economic recovery

The Sri Lankan government will virtually brief all its external creditors on September 23 on the deal agreed with the International Monetary Fund (IMF) for the economic recovery and the next steps in the debt restructuring process. On September 1, the IMF reached a staff-level agreement to support Sri Lanka's economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about USD 2.9 billion. Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves. "Sri Lanka will make an online presentation to external creditors on September 23 updating them on a deal agreed with the International Monetary Fund and recent economic developments," Clifford Chance, the debt restructuring adviser, said in a statement on Saturday. The Sri Lankan Finance Ministry will update creditors on recent macro-economic developments, the objectives of the IMF package, and the next steps in th

Keen to upgrade free-trade deal with India, says Sri Lanka President

Sri Lanka is keen to upgrade the Indo-Lanka Free Trade Agreement into a comprehensive economic and technological partnership, President Ranil Wickremesinghe said on Friday, asserting that the work which started in 2018 and 2019 has not found much progress. The Free Trade Agreement (FTA) between India and Sri Lanka was the first-ever bilateral trade agreement for both countries, signed in 1998 and enforced in 2000. The pact is aimed at further boosting the economic ties between the two countries by liberalising trade norms. "Sri Lanka and India gradually have to wean themselves out of the barriers to investment and the non-tariff barriers to trade especially in relation to Sri Lanka Indo economic relations, Wickremesinghe said while addressing a gathering of the Sri Lanka-India Society to mark the 75th anniversary of Indian Independence. He said the future relations of India with its neighbours will be determined by trade integration. "Trade integration gives an economic base. The .

Sri Lanka's ex-president Sirisena named suspect in Easter Sunday attacks

A Sri Lankan court on Friday named former president Maithripala Sirisena as a suspect in the 2019 Easter bombings in which 270 people, including 11 Indians, were killed. The Colombo Fort magistrate's court, which pronounced the judgement, accused Sirisena of neglecting intelligence reports on the impending attack leading to the bombings. Sirisena, 71, will now have to appear in court on October 14. The former president was earlier held as responsible for the attack by a probe panel he was forced to appoint following pressure from the Catholic Church and the relatives of the victims. He had denied the allegation. On April 21, 2019, nine suicide bombers belonging to the local Islamist extremist group National Thawheed Jamaat (NTJ) linked to ISIS carried out a series of blasts that tore through three churches and as many luxury hotels in Sri Lanka, killing 270 people.

Sri Lanka will not be part of any Indian Ocean turf war, says President

Sri Lanka will not take part in any "big power rivalry" in the Indian Ocean and it is unfortunate that his country has been made the "punching bag" for Hambantota, President Ranil Wickremesinghe has said, weeks after India and China clashed over the docking of a high-tech Chinese ship at the country's southern port. Sri Lanka certainly does not want the problems of the Pacific coming to the Indian Ocean, he said while speaking on the crisis-hit country's position on the geo-political stage. "We don't participate in a military alliance, and we certainly do not want the problems of the Pacific coming to the Indian Ocean. We don't want this to be an area of conflict and an area of war. Sri Lanka will not take part in any big power rivalry," said Wickremesinghe on Wednesday while addressing the graduation ceremony of the National Defense College. His remarks came weeks after the Chinese embassy and the Indian High Commission here clashed verbally over the docking of the Chinese ship 'Yu

India plans no more funding for Sri Lanka as IMF talks progress: Report

'We have already given $3.8 billion worth of assistance. Now it's all about the IMF'

India emerges as Sri Lanka's top lender in 2022, think tank report says

India has emerged as the top lender to Sri Lanka in 2022, disbursing USD 377 million in loans to the island nation as it grappled with an unprecedented political crisis and economic turmoil, according to the Verite Research think-tank. The Asian Development Bank follows India with USD 360 million in loans. They account for 76 per cent of total disbursements from January to April 2022. Out of a total disbursement of loans amounting to USD 968 million in the first four months this year, India with a contribution of USD 377 million has emerged as Sri Lanka's largest bilateral lender, Verite Research, a Colombo-based independent interdisciplinary think-tank providing strategic analysis and advice for governments and the private sector in Asia, said. Between 2017 and 2021, China has been the largest bilateral lender to Sri Lanka. In 2021, China had provided USD 947 million of which USD 809 million were borrowings from the China Development Bank. The ADB has been the largest multilateral

Sri Lanka's GDP likely plunged amid debt crisis, political turmoil

Gross domestic product probably fell 10% in the three months to June from a year ago, according to a Bloomberg survey of economists as of Wednesday

This shipping company is rerouting its ships. To save blue whales

The Mediterranean Shipping Company (MSC) has started to re-route its ship on the shipping lanes off the Sri Lankan coast in a bid to save the massive blue whales

Lazard in talks with China, India, Japan on restructuring Sri Lanka's debt

The three countries hold about $13 billion of Sri Lanka's debt, while China is Sri Lanka's largest bilateral creditor

6.3 mn people in SL facing moderate to severe acute food insecurity: Report

An estimated 6.3 million people in Sri Lanka are facing moderate to severe acute food insecurity and their situation is expected to worsen if adequate life-saving assistance is not provided

Lanka's ousted prez returns to social media to laud victorious cricket team

Gotabaya Rajapaksa has returned to social media to tweet about the stunning victory of Sri Lanka's national cricket team over Pakistan, over two months after the former president fled the country amidst massive protests against his government. Sri Lanka crushed Pakistan by 23 runs to win their sixth Asia Cup title in Dubai on Sunday, bringing much cheer to the people of the crisis-hit island nation who have been hit hard by the worst economic crisis. "Congratulations to the #lka cricket team on the win against #Pakistan in the #AsiaCup2022Final in Dubai. The commitment and teamwork shown by the #SriLankan team have been remarkable," Rajapaksa, who returned to Colombo from Thailand on September 2 tweeted on Sunday. His last tweet as president was on July 8 to condole the death of former Japanese Prime Minister Shinzo Abe. However, the 73-year-old was also trolled by some for his tweet from the "Official Twitter Account of The 7th Executive President of Sri Lanka," indicating that he

Sri Lanka, Pakistan, Maldives stand neck-deep in Chinese debt: Forbes

The world's low-income countries owe 37 per cent of their debt to China in 2022, compared to just 24 per cent in bilateral debts to the rest of the world

Sri Lanka's Asia Cup star Rajapaksa dedicates title to crisis-hit citizens

Sri Lanka's Asia Cup winning hero Bhanuka Rajapaksha, whose stellar show with the bat played a pivotal role in his side's sensational Asia Cup victory, has dedicated the title to his crisis-hit island nation. Sri Lanka defeated Pakistan by 23 runs in the summit clash on Sunday night to clinch the Asia Cup crown after 2014, their sixth overall. Batting first, Sri Lanka were reduced to 67 for 5, but made a brilliant turnaround riding on Rajapaksha (71 off 45 balls) and Wanindu Hasaranga (36 off 21 balls) to reach a competitive 170 for 6. "We always wanted to show the world - a couple of decades back, we had aggression in our side, and we wanted to create those moments (again) as a unit," a beaming Rajapaksa said at the post match press conference. "Looking forward, we want to keep up this momentum ahead of the World Cup. With the crisis happening back home, this is a tough time for all the Sri Lankans, but hope we brought some smiles on the faces of our people." "This is to the whol

Putin will love seeing lots of western Europeans protest this fall

This fall, civil unrest is likely to heat up in 101 countries (out of 198 monitored), according to an index developed by Verisk Maplecroft, a research firm

Bailout euphoria by IMF signals peak of pessimism in emerging markets

The IMF has been sewing up or inching toward loan agreements with some of the most vulnerable nations -- namely Pakistan, Sri Lanka, Zambia, Egypt and Chile -- after months of negotiations

Over 200,000 Sri Lankans left for foreign jobs in 2022 so far: Official

Sri Lanka's Minister of Labour and Foreign Employment Manusha Nanayakkara said that more than 200,000 Sri Lankans have left for foreign jobs in 2022 so far

Sri Lankan Navy thwarts illegal migration attempt, detains 85 people

Sri Lankan Navy on Sunday detained over 80 people who were trying to migrate illegally to a foreign country by boat in eastern waters, local media reported citing the Navy.

Sri Lankan President Wickremesinghe to attend Queen Elizabeth's funeral

Sri Lankan President Ranil Wickremesinghe on Sunday signed the condolence book at the British High Commission in Colombo and extended his deepest condolences on the passing away of Queen Elizabeth II

Sri Lankan Prez says Govt won't oppose Bill to decriminalise homosexuality

Sri Lankan Pres Ranil Wickremesinghe said that the government will not oppose the Private Member's Bill presented to Parliament to decriminalise homosexuality

Visiting USAID head urges China to assist Sri Lanka's debt restructuring

Visiting USAID Administrator Samantha Power on Sunday urged China, among other creditors, to assist Sri Lanka in restructuring debts to recover