Page 3 - Sri Lanka

Sri Lanka's central bank ready to adopt IMF programme within March

There have been some differences between the CBSL and IMF staff on the inflation outlook, CBSL Governor Nandalal Weerasinghe said

Lanka's central bank raises interest rates in anticipation of IMF bailout

Central bank Governor P Nandalal Weerasinghe said with the rate increase all "prior actions" have been fulfilled and he was hopeful of the IMF bailout being approved within this month

State Bank of India completes first commercial trade in Sri Lankan rupees

The move comes as Sri Lanka grapples with its worst economic crisis since its independence, triggered by a shortage of dollars

World Bank assures support to Sri Lanka's development reform programme

The World Bank assured its support to development reform programme of Sri Lanka, which is going through its worst-ever economic crisis in the history

India, Sri Lanka review security cooperation at annual defence dialogue

Top defence officials of India and Sri Lanka have held the seventh edition of their annual dialogue during which the two sides reviewed the bilateral defence and security cooperation and identified new avenues for engagement. The two-day meeting of the 7th edition of the Annual Defence Dialogue (ADD) between India and Sri Lanka, which began in New Delhi on Thursday was chaired by Defence Secretary Giridhar Armane and his Sri Lankan counterpart General Kamal Gunaratne. During the meeting which ended on Saturday, the two sides reviewed the defence and security cooperation, the Indian High Commission said here. Various ongoing defence cooperation initiatives were jointly reviewed and new avenues for engagement were identified during the ADD, it said. Sri Lanka's delegation included Air Marshal SK Pathirana, Commander of Sri Lanka Air Force along with senior officers from the Sri Lanka Army and the Navy. The Indian delegation included officials from the Ministry of Defence, Headquarte

Sri Lanka's body approves renewable energy projects of Adani group

Sri Lanka's investment promotion body has approved two renewable energy projects of India's Adani group to be set up in the north and eastern regions of the island nation at a total investment of USD 442 million. The wind power plant in Mannar will operate at a capacity of 250 MW (megawatt) while the wind power plant in Pooneryn will operate at a capacity of 100 MW. The Board of Investment of Sri Lanka has issued a letter of approval to India's Adani Green Energy Limited, for the two wind power plants to be set up in Mannar and Pooneryn at a total investment of USD 442 million," a release said on Thursday. The two wind power plants of 350 MW are scheduled to be commissioned in two years and they will be added to the national grid by 2025. The new project will generate 1500-2000 new employment opportunities. Early this week, the Adani Group representatives met the minister of Energy Kanchana Wijesekara to check on the progress of the two projects. This was the first official meeti

CM Stalin writes to EAM, seeks intervention over attacks on TN fishermen

The Tamil Nadu CM highlighted the incident where six Tamil Nadu fishermen were allegedly attacked by the Sri Lankan Navy

India, Sri Lanka agree to increase 'complexity' of bilateral exercises: MoD

India and Sri Lanka on Thursday agreed to increase intensity of bilateral military exercises and vowed to avail maximum benefits from each other's experience and capacities, a move that came amid China's attempts to expand its influence in the Indian Ocean region. The two sides reviewed their defence and security cooperation at the seventh India-Sri Lanka annual defence dialogue that took place in Delhi. "During the meeting, the ongoing defence cooperation activities between the two countries were reviewed, with both sides agreeing to increase the complexity of bilateral exercises," the defence ministry said. "In the context of training, both sides reaffirmed their commitment to avail maximum benefits from each other's experience and capacities," it said in a statement. The dialogue was co-chaired by Defence Secretary Giridhar Aramane and his Sri Lankan counterpart General Kamal Gunaratne. The ministry said the armed forces of both countries continue to seek bilateral cooperation i

Sri Lanka okays two Adani Group power plants with investment over $400 mn

According to the BOI, the two wind power plants of 350 MW which are scheduled to be commissioned in two years, and would be added to the national grid by 2025

Sri Lanka investment board approves $442-mn Adani Green wind power plants

Sri Lankans have been struggling with rolling powers cuts for over a year as the country struggled to generate sufficient amounts of thermal and coal power

Pak, Sri Lanka close in on IMF deals after raising taxes to boost economies

Pakistan has taken all the measures needed to unfreeze a $6.5 billion credit line and expects to clinch the deal "any day now," Commerce Minister Syed Naveed Qamar said in an interview

IMF only option available to SL to overcome economic crisis: Wickremesinghe

Sri Lankan President Ranil Wickremesinghe on Tuesday emphasised that seeking the IMF bailout package was the only option available to the debt-ridden country to overcome the ongoing economic crisis. "When a country goes bankrupt, it has to go to the International Monetary Fund. Apart from that, there is no other organisation in the world that provides aid when a country goes bankrupt," Wickremesinghe said. Addressing a gathering in the central town of Kandy, he said that each nation that experienced an economic catastrophe recovered after engaging in talks with the IMF and cited the example of Greece which took 13 years to recover from the collapsed economy. "I have no hope of being President for 13 years," Wickremesinghe said, amidst opposition to his hard economic reforms which had triggered utility rate hikes and increased personal taxes. "There is only one way to rebuild this collapsed economy. That is the International Monetary Fund. Different political parties are presenting

Srilankans attacked Indian fishermen, took their catch & equipment: TN CM

Srilankans assaulted Indian fishermen, took away their catch and equipment, Tamil Nadu Chief Minister M K Stalin apprised the Centre on Monday and urged that the matter be taken up with Sri Lanka to ensure action against assailants and prevent recurrence of such attacks. Writing to External Affairs Minister S Jaishankar, Stalin said while fishermen from Nagappattinam in Tamil Nadu were fishing east of Thopputhurai area on February 15, about "10 Sri Lankan nationals in three fishing boats surrounded the Indian fishing boat and beaten our innocent fishermen with iron rod, sticks and knives." The Nagappatinam based country craft sailed with a crew of six. In this attack, one fishermen sustained injuries in head and left hand and other five fishermen sustained internal injuries. The Sri Lankan nationals took away materials worth about Rs 2 lakh including walkie-talkie, GPS equipment, battery and about 200 kg fish. The injured were admitted in Nagapattinam government hospital for ...

Sri Lanka returns to non-stop power supply after a year, at higher cost

After a year of load-shedding, Sri Lankans will get continuous power from Thursday, albeit with a hike in tariff in line with the conditions set by the IMF. The Sri Lankan government's move comes as the debt-hit country aims to secure a much-needed USD 2.9 billion tranche from the Washington-based global lender. President Ranil Wickremesinghe has directed officials to ensure an uninterrupted power supply to customers after the tariff revision is implemented, a statement from the President's Media Division said. The state power entity said that the power cuts ranging from one to 14 hours from January last year would end on Thursday. A 66 per cent tariff hike would be in effect, the second in the last six months. A 70 per cent rate increase was introduced in August last year. The government opted for a cost-reflective tariff plan as dictated by the International Monetary Fund (IMF), Energy Minister Kanchana Wijesekara said. This will be a giant step in securing the IMF facility, he

Lankan govt gives temporary green light to import of eggs from India

A temporary permission had been granted to import eggs for a period of two months

Piyush Goyal discusses economic recovery with Sri Lankan envoy Moragoda

Moragoda thanked India for the unprecedented support that it has extended to Sri Lanka to mitigate the negative impact of the economic crisis

Sri Lanka to fast-track trade pact with Thailand amid economic crisis

Debt-stricken Sri Lanka is fast-tracking efforts to seal a stalled trade pact with Thailand in order to boost trade and tourism, and improve the foreign currency shortage that has led to its worst economic crisis, a government minister said on Tuesday. Sri Lanka began talks with Thailand on a free trade agreement in 2016, held two rounds of discussions in 2018, and the latest last month. But government spokesman Bandula Gunawardena said there's been a huge delay and Sri Lanka is now determined to sign the agreement before the end of March. The trade pact aims to boost two-way trade from $550 million to $1.5 billion. Sri Lanka is also in talks with neighbouring India and China to reach trade agreements. The country is bankrupt and has suspended repayment of its $51 billion foreign debt, of which $28 billion must be repaid by 2027. Gunawardena said the agreement with Thailand would help Sri Lanka to boost trade, tourism and investment and help resolve its foreign currency shortage.

PM says Jaffna Cultural Centre signifies close cooperation between India-SL

Prime Minister Narendra Modi called Jaffna Cultural Centre, which was inaugurated on Saturday, an "important initiative" signifying the close cooperation between India and Sri Lanka

In final stages of negotiations with IMF on bailout package: SL President

President Ranil Wickremesinghe on Thursday said Sri Lanka was in the final stages of negotiations with the IMF on the much-awaited USD 2.9 billion bailout package that could help the debt-trapped island nation recover from the unprecedented economic crisis. Wickremesinghe also said that his government was having "direct discussions" with Beijing to restructure the country's debts with China. The International Monetary Fund (IMF) in September last year approved Sri Lanka the USD 2.9 billion bailout package for over 4 years pending the island nation's ability to restructure its debt with creditors -- both bilateral and sovereign bond holders. By the end of June 2022, Sri Lanka owed nearly USD 40 billion to bilateral, multilateral and commercial loans, according to the figures released by the Sri Lankan Treasury. With assurances from creditors, the USD 2.9 billion facility could get the IMF board approval in March, officials said. The IMF facility would enable Sri Lanka to obtain ...

SL Prez Wickremesinghe calls for unity, to continue with his decisions

President Ranil Wickremesinghe said on Wednesday that he will go ahead with the devolution of powers within a united Sri Lanka and continue with his unpopular decisions to ensure that the bankrupt country recovered from the economic crisis. In a major policy address, Wickremesinghe also told Parliament that talks with the IMF to unlock a USD 2.9 billion bailout package are in the final stages. "We expect to devolve power within a Unitary State. However, I wish to reiterate a fact that has been emphasised on many occasions. There will be no division of the country, Wickremesinghe told lawmakers. His remarks came days after the powerful Buddhist clergy expressed strong opposition to the move, claiming it challenges the unitary nature of the country. President Wickremesinghe has underlined the need to fully implement the 13th Amendment to the Constitution to grant political autonomy to the minority Tamils in the country. India has been pressing Sri Lanka to implement the 13A which w