Page 56 - Sri Lanka

Sri Lanka's central.bank hikes rates as it seeks to curb rising prices

The rate increase will also help ease pressures on the external sector as the island nation battles a massive debt repayment crisis

Rajapaksa looks to bring in laws, fast-track plans to attract forex

"If we fail to control our spending, there will be a foreign exchange problem in the near future," Rajapaksa said

India offers $500-mn fuel credit line to forex strapped Sri Lanka

The credit line, which was under negotiation since August 2021, will ease pressure on the country's dwindling reserves that dipped to $3.1 bn at the end of December.

Sri Lanka's economy on the edge as debt burden mounts due to Covid

Sri Lanka has piled up $11.8 billion worth of debt through sovereign bonds (ISB) which makes up the largest part - or 36.4% - of its external debt

Sri Lanka to hold talks with Indian Oil to tide over energy crisis

Power Minister Gamini Lokuge said that the talks with the Indian Oil Corporation's local entity would be held for a solution to the fuel crisis

Sri Lanka invites more Indian investments in ports, energy, manufacturing

Sri Lanka has urged more Indian investments in ports, infrastructure, energy, power and manufacturing sectors, days after New Delhi announced a USD 900 million loan to Colombo

Jaishankar holds talks with Lanka; Indian projects to boost Lankan economy

S Jaishankar held talks with Sri Lankan Finance Minister Basil Rajapaksa and discussed projects and investment plans by India that would strengthen the economy of the island nation.

India grants over $900 million to Sri Lanka to overcome forex crisis

India has announced a $900 million loan to Sri Lanka to build up its depleted foreign reserves and for food imports, amidst a shortage of almost all essential commodities in the island nation.

Indian firms, banks cautious as Sri Lanka battles financial crisis

India is Sri Lanka's third-largest export destination and it has invested heavily in the infrastructure and social sector projects in that country

Sri Lanka rules out IMF bailout, seeks China loan: Report

"The IMF is not a magic wand," central bank Governor Ajith Nivard Cabraal said

S&P lowers Sri Lanka rating to 'CCC' citing greater sovereign default risk

At the same time, the rating agency affirmed 'C' short-term credit rating

Sri Lanka to return Indian inmates under SAARC prisoner exchange deal

Sri Lanka will hand over two Indian prisoners, who have been serving life imprisonment in the island nation, to India on Wednesday and Thursday under the SAARC prisoners exchange agreement

Dealing with Sri Lanka

New Delhi should lead the assistance

Crisis-hit Sri Lanka asks China to restructure the debt repayments

Sri Lankan President has asked China to restructure the crisis-hit island nation's debt repayments as part of efforts to help the South Asian country navigate its worsening financial situation

SL could go bankrupt this year as inflation rises to record levels: Report

Sri Lanka is facing a deepening financial and humanitarian crisis that could lead it to bankruptcy in 2022 as inflation rises to record levels, said a media report.Earlier, on August 30 last year, the Sri Lanka government announced a national financial emergency after a steep fall in the value of the country's currency which caused a spike in food prices.Writing in Colombo Gazette, Suhail Guptil said, Sri Lanka is continuously facing twin deficits, that is, fiscal deficit and trade deficit during a major part of the last decade. Since 2014, the foreign debt level of Sri Lanka has been on the rise and reached 42.6 per cent of GDP in 2019.Guptil explained that the cumulative foreign debt of the country was estimated at USD 33 billion in 2019, which puts a huge burden on the country for debt servicing.After this, several credit rating agencies including Standard and Poor's, Moody's and Fitch downgraded Sri Lanka's credit rating to B from C, which makes it difficult to obtain funds ...

Sri Lanka launches inter-city train service using Indian-funded coaches

Sri Lanka on Sunday launched an inter-city train service, using the Diesel Multiple Units procured from India

Sri Lanka could face shortage of fuel by third week of Jan: Energy Minister

The Sri Lankan government on Tuesday had announced a USD 1.2 billion economic relief package amidst a severe foreign exchange crisis

India in talks with Sri Lanka for modernisation of Trincomalee farm: MEA

India is in consultation with the Sri Lankan government for the modernisation of the Trincomalee oil tank farm, said the Ministry of External Affairs

Sri Lanka signs deal to lease oil tanks to Indian Oil amid financial crisis

Sri Lanka signed a deal with the local unit of Indian Oil Corp, Lanka IOC, to lease 75 oil tanks, as the island moved closer to securing a $500 million fuel credit line from India

India will support Sri Lanka in these difficult times: Jaishankar

India welcomed the Trincomalee tank farms project