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Cleveland Bridge to build 250 modular bridges in Sri Lanka
Cleveland Bridge to build 250 modular bridges in Sri Lanka

Darlington-based Cleveland Bridge has received £49M of government funding to construct 250 modular bridges for rural Sri Lankan communities. The project is being financed by export credit agency UK Export Finance (UKEF), which works closely with the Department for International Trade. The modular bridges will be designed and built in the UK then assembled in…

New Civil Engineer - Feb 11 15:14 GMT - more ... [ Tags: 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
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 ]

Gary Anandasangaree
  • 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
  • Trump re-authorises GSP for SL, other countries

    Trump re-authorises GSP for SL, other countries

    US President Donald Trump has re-authorised the Generalized System of Preferences (GSP) program, which expired on December 31, 2017, for the GSP beneficiary countries including Sri Lanka. Following the expiry, the GSP eligible imports to the US from Sri Lanka and other GSP beneficiary countries were subjected to non-preferential duties from January 1, 2018. In a…

    Daily Mirror - Mar 29 13:09 GMT - more ...
    [ Tags: USA, Economy, WarCrimes ]

  • Sri Lanka's reluctant saviour

    Sri Lanka\'s reluctant saviour

    They don’t make them like Indrajit Coomaraswamy any more. The calm and self-effacing governor of the Central Bank of Sri Lanka spent most of his career behind the scenes, working diligently to give strength and structure to a fragile frontier market. An economist by training, he spent more than 40 years bouncing around the upper echelons of Sri Lanka’s civil…

    Euro Money - Mar 26 14:30 GMT - more ...
    [ Tags: SriLanka, Economy, WarCrimes ]

  • Sri Lanka Caught in China’s Debt Trap

    Sri Lanka Caught in China’s Debt Trap

    Sri Lanka celebrated 70 years of independence on February 4, but China’s economic presence is leading some to question the extent of that independence. Between 2005 and 2017, Beijing invested $15 billion in the island nation’s infrastructure projects. Regional rivals like India see these investments as Chinese economic colonialism.

    theTrumpet - Feb 12 20:10 GMT - more ...
    [ Tags: World, Economy, China ]

  • Sri Lanka eyeing longer talks with China on free trade agreement

    Sri Lanka wants a longer-time period to negotiate a free trade agreement with China as it is concerned about the economic impact of a rushed deal on their small country, the Sri Lankan ambassador said on Sunday. There has been rising concern in the South Asian nation about Chinese investment, a key part of Beijing's Belt and Road initiative to create a modern-day…

    Reuters - Feb 07 14:36 GMT - more ...
    [ Tags: India, Economy, China ]

  • Does Sri Lanka’s 'Look East’ Strategy to Court ASEAN Make Sense?

    Does Sri Lanka’s \'Look East’ Strategy to Court ASEAN Make Sense?

    Two Southeast Asian leaders, Singapore’s Prime Minister Lee Hsieng Loong and Indonesia’s President Joko Widodo, visited Sri Lanka during the week ending January 26. During Lee’s visit (from January 22 to 24) Sri Lanka signed a Free Trade Agreement (FTA) with Singapore, described as being the first ever Colombo has inked with a Southeast Asian country. The Sri…

    The Diplomat - Jan 31 23:08 GMT - more ...
    [ Tags: World, Economy ]

  • Sri Lanka’s Central Bank issues commemorative note to mark 70th Independence

    Sri Lanka’s Central Bank issues commemorative note to mark 70th Independence

    Sri Lanka’s Central Bank has issued a special currency note in the denomination of Rs. 1000 to mark the 70th Independence Celebration in the country on Feb 4. This is the 4th commemorative note that was issued by the Central Bank. A quantity of 5 million currency notes will be issued. The commemorative currency note will be issued to circulation through…

    NewsIn - Jan 31 14:26 GMT - more ...
    [ Tags: Colombo, SriLanka, Economy ]

  • Sri Lanka rupee edges down on importer dollar demand

    The Sri Lankan rupee closed slightly weaker on Friday as dollar demand from importers and banks surpassed mild selling of the U.S. currency by exporters, dealers said. The spot rupee ended at 153.90/154.00 per dollar, compared with Thursday’s close of 153.85/95. “The demand (for dollars) was there from importers and some banks to settle foreigners who are…

    Reuters - Jan 19 17:15 GMT - more ...
    [ Tags: Colombo, SriLanka, Economy ]

  • Rising mortgage rates unlikely to slow down hot Toronto housing market

    Rising mortgage rates unlikely to slow down hot Toronto housing market

    A booming Canadian economy has prompted the Bank of Canada to hike its lending rate a quarter of a point for the third time since last summer. In the near-term, it will likely mean some belt-tightening among those with variable rate mortgages and lines of credit, and with more increases expected, some consumers will be scrimping further as the year goes on. But…

    Toronto Star - Jan 18 22:08 GMT - more ...
    [ Tags: Canada, Economy ]

  • Sultan of Johor invests in pharmaceutical manufacturing zone in Sri Lanka

    Sultan of Johor invests in pharmaceutical manufacturing zone in Sri Lanka

    The Sultan of Johor has teamed up with Malaysian entrepreneur Patrick Lim Soo Kit to build an industrial zone for pharmaceutical manufacturers in Sri Lanka. Sultan Ibrahim Sultan Iskandar and Mr Lim, known in Malaysia for his property development company Equine Capital, are principals of Pharma Zone (Pvt) Ltd, a company approved by the Sri Lankan Board of…

    Straits Times - Jan 09 15:12 GMT - more ...
    [ Tags: World, Economy, WarCrimes ]

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