Page 4 - Sri Lanka

Sri Lankan police quiz Gotabaya Rajapaksa over president's house cash

Sri Lanka's former president Gotabaya Rajapaksa has been questioned by police over the discovery of a large amount of cash in his office-cum-residence when he fled the country for safety as thousands of protesters stormed the place in July last year. "A three-hour long statement was recorded on Monday at his private house as directed by the court," police spokesman Nihal Thalduwa told reporters. The protesters who occupied the President's House in the capital in July last year said that they had discovered over 17 million rupees in cash and handed over the money to the Colombo Fort police. The police reported the matter to the court, which ordered a statement to be recorded from Rajapaksa on the discovery of cash. The 73-year-old disgraced former president fled Sri Lanka on July 13 last year to the Maldives. From there, he travelled to Singapore from where he sent in his resignation on July 14, paving the way for the incumbent Ranil Wickremesinghe to take over the presidential rein

India is Sri Lanka's biggest friend in time of crisis, says Sri Lanka PM

Sri Lanka's Prime Minister Dinesh Gunawardena has said that India is the biggest friend of the island nation in times of crisis. Sri Lanka declared bankruptcy last year and defaulted on its USD 51 billion foreign loans for the first time since independence from Britain in 1948. India has played a significant role in aiding the island nation over the last year to tide over the economic crisis. Addressing the Tata Tiscon Dealer Convention 2023 in Colombo, Prime Minister Gunawardena called on Indian companies to invest further in Sri Lanka. He further said that India is the biggest friend of Sri Lanka in times of crisis, the Colombo Gazette portal reported. Outlining the benefits of Indian investments in Sri Lanka, Prime Minister Gunawardena highlighted that 90 per cent of components used by Lanka Ashok Leyland were indigenous, it said. Speaking at the event, High Commissioner Gopal Baglay said that both Government of India and Indian corporates are working to build relationships tha

Cannot reboot SL's battered economy through painkillers: Wickremesinghe

Sri Lanka President Ranil Wickremesinghe on Sunday said he is fixing the debt-ridden country's economy by treating the "root cause" of the malaise and not by administering "painkillers", asserting that systematic change and national unity in conjunction with economic reforms are needed to achieve prosperity. President Wickremesinghe made these comments through a series of tweets a day after Sri Lanka celebrated its 75th Independence Day. Sri Lanka was hit by an unprecedented financial crisis last year due to a severe paucity in foreign exchange reserves that also sparked political turmoil in the island nation that led to the ouster of the all-powerful Rajapaksa family. I'm not treating the superficial condition with painkillers. I am treating the root cause of the malaise. Many of the decisions I have been compelled to take are unpopular, but because of these, no citizen will die in queues or starve, Wickremesinghe tweeted. From April to July last year, chaos reigned supreme in Sri

Sri Lankan coal company requests over $12 million amid power cuts fear

Chairman of the Lanka Coal Company Shehan Sumanasekara told media on Saturday that he has asked the money from Minister of Power and Energy Kanchana Wijesekera

India a dependable partner, reliable friend of Sri Lanka: Muraleedharan

India is always a dependable partner and a reliable friend of Sri Lanka, Minister of State for External Affairs V Muraleedharan said. His remarks came as he attended Sri Lanka's 75th Independence Day. Several other foreign dignitaries also attended the event. Muraleedharan said he was happy to represent India at "friendly neighbour" Sri Lanka's 75th Independence Day celebrations. "This milestone coincides with 75 years of establishment of diplomatic relations between both countries India is always a dependable partner and a reliable friend of Sri Lanka," he tweeted. Muraleedharan also prayed to The Buddha at the sacred Gangaramaya Temple in Colombo. "Offered his respects to Ven Dr. Kirinde Assaji Thero," the Indian High Commission in Sri Lanka tweeted. Assaji Thero is the Chief Incumbent of Gangaramaya Temple. Muraleedharan highlighted the close civilisational ties between India and Sri Lanka which are manifested, including through Buddhism. Last year, India extended USD 3.9 bi

Sri Lanka must correct its errors, failures: Prez at 75th Independence Day

Sri Lanka needs to rectify its "errors and failures" and review its strengths and gains as a nation, President Ranil Wickremesinghe said on Saturday, as the country marked its 75th anniversary of independence at a critical time when it is reeling under an unprecedented economic crisis. The main Independence Day event was attended by foreign dignitaries, including India's Minister of State for External Affairs V Muraleedharan. Wickremesinghe presided over the ceremony which featured a military parade with a 21-gun salute. The celebrations happened despite criticism from Opposition groups who claimed the events costing Rupees 200 million were a waste as the island nation continues to grip in its worst economic crisis since gaining independence. In his message, Wickremesinghe said: Our 75th anniversary of independence from colonial rule is being observed during an extremely critical and challenging time in the country. However it presents an opportunity for us not only to review our

US should show sincerity, help Sri Lanka: China on economic crises

In a counter-attack to a recent comment made by US government on Sri Lankas debt restructuring process, China said that Washington should show sincerity by helping the crisis-hit island nation

S Jaishankar meets Sri Lanka's High Commissioner, bilateral ties discussed

Sri Lanka's High Commissioner to India, Milinda Moragoda, called on External Affairs Minister S Jaishankar on Tuesday. They discussed how to take the relationship forward between the two countries

Sri Lanka's economic growth in 2022 at minus 11%: President Wickremesinghe

Sri Lanka's overall economic growth in 2022 was minus 11 per cent and it could be - 3.5 to - 4 per cent this year, President Ranil Wickremesinghe said on Saturday, as the island nation tried hard to overcome its worst economic crisis since independence. Wickremesinghe, who also holds the finance ministry portfolio, said that 2022 overall economic growth was larger than the expected at - 8 per cent and in 2023 the growth rate could hover somewhere around - 3.5 per cent to - 4 per cent. The growth rate of the economy in 2022 was - 11 per cent. It could be - 3.5 to - 4 per cent this year, Wickremesinghe told a gathering in the north central district of Anuradhapura. During mid 2022 Sri Lanka faced the worst economic crisis which led to months long public protests leading to a political crisis. Shortages of essentials due to the forex crisis forced people onto the streets demanding the resignation of president Gotabaya Rajapaksa. Last year in April, Sri Lanka declared its first-ever d

Debt-ridden Sri Lanka thanks India for backing its $2.9 bn bailout package

Debt-ridden Sri Lanka on Wednesday thanked India for issuing the necessary guarantees sought by the IMF that would help Colombo to unlock the USD 2.9 billion bailout package. India's ministry of finance recently issued a letter to the International Monetary Fund (IMF) to confirm its support to Sri Lanka on the issue of debt restructuring. Also, External Affairs Minister S Jaishankar during his recent visit to Colombo gave the required assurances to Sri Lanka's top leadership for the much-needed IMF bailout package, becoming the first major lender to publicly back the island nation's efforts to recover from its worst-ever economic crisis. In a statement on Wednesday, the Governor of the Central Bank of Sri Lanka Nandalal Weerasinghe thanked India for issuing the necessary guarantees warranted by the IMF for unlocking the USD 2.9 billion bailout for the country. "India has clearly given financial assurances which are acceptable to the IMF..which has all the necessary assurances ..fir

India commits to help Sri Lanka on debt in prospective IMF program

India has committed to help ease the debt burden of its crisis-stricken neighbor Sri Lanka as part of a possible International Monetary Fund-supported program, the IMF said on Monday

After India's backing, China too offers support to Lanka for IMF bailout

China has given debt-ridden Sri Lanka the financing assurances required by the IMF to unlock a USD 2.9 billion bailout package for the country, days after India strongly backed the island nation's efforts to secure the loan from the global lender to recover from its worst-ever economic crisis. The Sunday Times newspaper reported that China's Exim Bank delivered a letter on Saturday granting Sri Lanka a two-year moratorium on repayment and agreeing with the International Monetary Fund's extended fund facility (EFF). The report was confirmed by Sri Lankan officials who did not want to be named. The Chinese response came close on the heels of India stepping in first to issue the necessary assurances last week. India's ministry of finance last week issued a letter to the IMF to confirm its support to Sri Lanka on the issue of debt restructuring, ahead of the visit by the external affairs minister S Jaishankar to Colombo which concluded on Friday. Jaishankar during his visit also annou

Sri Lanka earned $900 million through rubber exports in 2022: Official

Director General of the department Madawa Kulasuriya told the media on Saturday that this was a slight drop from 2021 revenue, which was $1 billion

India to double its high-impact community development project in Sri Lanka

India on Friday agreed to double its high-impact community development project in Sri Lanka with a new bilateral agreement signed during the much-anticipated visit of External Affairs Minister S Jaishankar. Jaishankar, who is on a two-day visit to the debt-trapped island nation, met top leaders to enhance bilateral ties and finalise a debt restructuring plan to help Colombo carve out a path from its economic crisis. "This agreement related to community development projects in Sri Lanka with the support of the government of India was signed in May 2005. Its project limit was rupees 300 million which will now be doubled to rupees 600 million by the agreement signed today," a statement from President Ranil Wickremesinghe's office said. Jaishankar also handed over 300 completed houses in the Galle, Kandy, and Nuwara Eliya districts in the housing project implemented by India. Wickremesinghe's office said that during the talks special attention was paid to the debt restructuring program

India considers full implementation of 13A in Sri Lanka 'critical': EAM

India considers the full implementation of the 13th Amendment in Sri Lanka "critical" for achieving reconciliation with the minority Tamil community, EAM S Jaishankar said

Only elections can avert Sri Lanka-like crisis, says former Pak PM Khan

Former Prime Minister Imran Khan warned that the country could slide into Sri Lanka-like situation if "free and fair" elections were not held by the incumbent government

Lanka thanks India for support, assurances given to IMF to restructure debt

Jaishankar, who is here on a two-day visit, on Thursday met Sri Lanka's top leadership, including his Sri Lankan counterpart Ali Sabry and President Ranil Wickremesinghe

EAM Jaishankar to embark on official visit to Sri Lanka from today

External Affairs Minister, S Jaishankar will undertake an official visit to Sri Lanka from January 19-20, 2023

Leyland bags contract to supply 500 buses to Sri Lanka Transport Board

Over 5,000 Ashok Leyland buses are currently in operation with SLTB, the company said

S Jaishankar visits Maldives, to witness impact of developmental assistance

Jaishankar is on a three-day visit to the Maldives and Sri Lanka beginning to further expand bilateral engagement with the two key maritime neighbours of India