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Sri Lanka finance minister pledges fiscal discipline
Sri Lanka finance minister pledges fiscal discipline

After a warning from the International Monetary Fund about its thin foreign-currency reserves, the Sri Lankan government has pledged its commitment to strong fiscal discipline in line with conditions stipulated for a bailout by the Washington-based organization. "We should have a national vision to address burning issues in the economy, including fiscal-sector…

Nikkei - Mar 17 13:47 GMT - more ... [ Tags: Economy ]

Sri Lanka's legal process, lack of approvals delay FDI - investment chief

Long delays in Sri Lanka's legal process and a lack of speedy approvals from government institutions have delayed foreign direct investment (FDI), the head of state-run investment body chief said on Friday. The government said last month FDI slumped 54 percent to $450 million last year compared with $970 million in 2015. Upul Jayasuriya, head of the Board of…

Reuters - Mar 06 03:07 GMT - more ... [ Tags: Economy ]

Gary Anandasangaree
  • PHOTOS: In Sri Lanka's Tea Paradise, A Social Enterprise Is Brewing

    PHOTOS: In Sri Lanka\'s Tea Paradise, A Social Enterprise Is Brewing

    In 1890, Sir Thomas Lipton arrived on the island of Ceylon, now Sri Lanka, to purchase a plot of land that would become the first tea estate in his global tea empire. These days, in the Ambadandegama Valley located just a few miles from Lipton's original estate, another experiment in tea production is unfolding. Tucked into the side of a precipitous mountain, Amba…

    NPR - Mar 02 12:15 GMT - more ...
    [ Tags: Economy ]

  • Sri Lanka approves IMF reforms to loss-making state firms

    Sri Lanka has approved reforms to make loss-making state firms more efficient and put them on a path towards autonomy, in line with International Monetary Fund conditions for a $1.5 billion loan, an official document showed on Wednesday. The move comes as Sri Lanka struggles with heavy debts and balance-of-payments pressure while the government is in talks with an…

    Reuters - Mar 02 11:53 GMT - more ...
    [ Tags: World, Economy ]

  • Sri Lanka panel questions central bank chief over bond sale

    Sri Lanka panel questions central bank chief over bond sale

    A Sri Lankan commission investigating irregularities in government bond sales questioned the new head of the country's central bank on Tuesday, as the government's anti-corruption policy came under scrutiny. The commission questioned Indrajith Coomaraswamy on the alleged irregularities in the issuance of treasury bonds. It will also investigate a controversial bond…

    Reuters - Feb 23 07:50 GMT - more ...
    [ Tags: Politics, Economy ]

  • Google internet balloon plan snagged in Sri Lanka: minister

    Google internet balloon plan snagged in Sri Lanka: minister

    Google's venture to beam the internet to remote areas of the world via balloon has hit a legal snag in Sri Lanka that could see the project abandoned on the island, a minister said Thursday. "Project Loon" uses roaming balloons to beam internet coverage and planned to connect Sri Lanka's 21 million people to the web, even those in remote connectivity black spots.

    AFP - Feb 16 15:28 GMT - more ...
    [ Tags: Economy ]

  • China's 'Silk Road' push stirs resentment and protest in Sri Lanka

    China\'s \'Silk Road\' push stirs resentment and protest in Sri Lanka

    China signed a deal with Sri Lanka late last year to further develop the strategic port of Hambantota and build a huge industrial zone nearby, a key part of Beijing's ambitions to create a modern-day "Silk Road" across Asia. The agreement was welcome relief for the island nation of 20 million people. As they try to reduce the country's debts, officials in Colombo…

    Reuters - Feb 08 14:54 GMT - more ...
    [ Tags: Economy, China ]

  • Sri Lanka stuck in 'gigantic debt trap': govt

    Sri Lanka stuck in \'gigantic debt trap\': govt

    Sri Lanka Thursday said it was stuck in a "gigantic debt trap" and that paying off foreign loans would hit a record $2.41 billion this year, up from $1.82 billion last year. The Finance Ministry said the cash-strapped country's debt servicing cost this year was estimated at about half of its foreign currency reserves, while repayments were expected to worsen to…

    AFP - Jan 26 18:10 GMT - more ...
    [ Tags: SriLanka, Economy, WarCrimes ]

  • IMF Executive Board to review Sri Lanka’s programme on November 17

    IMF Executive Board to review Sri Lanka’s programme on November 17

    The International Monetary Fund (IMF) Executive Board in Washington is expected to review the current three-year extended loan facility with Sri Lanka during the third week of November as the fund’s staff team concluded its first programme review in September. “On November 17, the IMF Executive Board will review our programme and we are pretty confident that (it)…

    Daily Mirror - Nov 08 13:30 GMT - more ...
    [ Tags: History, Economy, WarCrimes ]

  • Nestlé Lanka empowers Jaffna with new milk chilling centre in Urumpirai

    Nestlé Lanka empowers Jaffna with new milk chilling centre in Urumpirai

    Nestlé Lanka marked a new milestone in its local dairy development initiatives by opening another new milk chilling centre in Jaffna recently. The new milk chilling centre in Urumpirai, will enable the farmers in the area to preserve the quality and freshness of their milk, collecting only the excess amount after meeting the needs of the farming families. The…

    Daily Mirror - Nov 03 18:49 GMT - more ...
    [ Tags: Jaffna, History, Economy ]

  • Exclusive Interview: Sri Lanka’s Digital Government Chief

    Exclusive Interview: Sri Lanka’s Digital Government Chief

    “You work towards delivery – otherwise you don’t exist,” says Muhunthan Canagey. The Sri Lankan Government’s Digital Chief is describing his previous life as an entrepreneur. There is also the issue of connectivity in government offices. “We will have an entire cloud platform ready for the whole of government,” Canagey says, and 7,500 government…

    GovInsider - Oct 05 15:28 GMT - more ...
    [ Tags: History, SriLanka, Economy ]

  • Sri Lanka to pay $170 million to AerCap for A350 cancellation - Finance Minister

    Sri Lanka to pay $170 million to AerCap for A350 cancellation - Finance Minister

    Sri Lanka will pay $170 million to AerCap Holdings NV (AER.N), the world's largest independent aircraft leasing company, for cancelling four A350s ordered by the previous government, Finance Minister Ravi Karunanayake said on Tuesday. The move comes as the government is in the process of finalizing a partner to revive the national carrier. It canceled four of eight…

    Reuters - Oct 04 12:32 GMT - more ...
    [ Tags: History, SriLanka, Economy ]

  • POST-WAR TOURISM: A TERROR TO MANY

    POST-WAR TOURISM: A TERROR TO MANY

    Though the government has pledged to navigate all communities collectively towards peace and reconciliation, war tourism and land-grabbing for purposes of tourism have rendered residents helpless and desolate in Pasikudah, Kalpitiya, Kuchaveli, Jaffna, Panama, Irudeniyaya and Batticaloa.the grabbing of lands allocated for the fishing and farming communities to…

    Daily Mirror - Sep 27 10:28 GMT - more ...
    [ Tags: SriLanka, Economy, WarCrimes ]

  • Sri Lanka Seeks to Grow Economy—With Help From Baker & McKenzie

    Sri Lanka Seeks to Grow Economy—With Help From Baker & McKenzie

    "Baker & McKenzie is proud to have been selected by the Sri Lankan government to advise on international aspects of developing the legal infrastructure necessary to build a regional financial hub in Colombo," the country's capital, according to a statement from a firm spokesman. The Sri Lankan government has turned to Baker & McKenzie to advise on financial models…

    American Lawyer - Sep 01 14:01 GMT - more ...
    [ Tags: Colombo, SriLanka, Economy ]

  • World Bank to improve transparency with new procurement system in Sri Lanka

    World Bank to improve transparency with new procurement system in Sri Lanka

    The World Bank in keeping pace with global trends has introduced a new procurement framework in South Asia including Sri Lanka to improve development impact and transparency.Unveiling the new framework in Colombo, World Bank Director for governance global practice Robert Hunja said the framework will allow the World Bank to better respond to the needs of its client…

    LBO - Aug 22 16:34 GMT - more ...
    [ Tags: History, Economy, WarCrimes ]

  • A Year of Political Rights and Economic Wrongs

    Now those who succeeded the Rajapaksas, promising to alleviate the economic suffering of the masses are imitating the Rajapaksas. They too are trying to impose the superstructure of a prosperous, developed nation on the base of an underdeveloped, cash-strapped economy. They are too are trying to waste borrowed money on unnecessary military hardware, such as the MIG…

    GV - Aug 21 11:07 GMT - more ...
    [ Tags: SriLanka, Economy, WarCrimes ]

  • Sri Lankan PM Wickremesinghe Blames Hidden Debt for Financial Crisis

    Sri Lankan PM Wickremesinghe Blames Hidden Debt for Financial Crisis

    Sri Lanka’s previous government hid debts of at least 1.36 trillion Sri Lankan rupees on the books of some state and semi-government institutions, aggravating the debt crisis, Prime Minister Ranil Wickremesinghe said on Wednesday.The prime minister told parliament: “We still don’t know the exact total debt number.” He said it would only become clear after a…

    Reuters - Aug 11 09:53 GMT - more ...
    [ Tags: History, SriLanka, Economy ]

  • Sri Lanka And China's Hambantota Debacle May Now Be 'Too Big To Fail'

    Sri Lanka And China\'s Hambantota Debacle May Now Be \'Too Big To Fail\'

    If there is a bright spot in Sri Lanka and China’s multi-billion dollar Hambantota debacle it’s that nobody has given up on it yet. “Too big to fail” is a term that’s often been applied to China’s large-scale developments which don’t take off right away or appear to be failures that the government continues pumping with new resources, funding,…

    Forbes - Aug 07 14:50 GMT - more ...
    [ Tags: World, Economy, China ]

  • Economists tell Sri Lanka president, finance minister, their policies inconsistent

    Economists tell Sri Lanka president, finance minister, their policies inconsistent

    Two Sri Lankan economists told a summit attended by President Maithripala Sirisena and his finance minister on Tuesday the government's economic policies were destabilising and inconsistent, one calling its price controls "supreme idiocy". Sri Lanka has been struggling against a balance of payments crisis, partly caused by heavy external borrowing under the…

    Reuters - Aug 04 02:14 GMT - more ...
    [ Tags: Economy ]

  • Japan reinforces maritime security ties with Sri Lanka to counter China

    Japan reinforces maritime security ties with Sri Lanka to counter China

    Sri Lanka’s strategic location is making it a hot spot and powerful countries such as Japan are boosting their ties with the island nation in a bid to enhance maritime security in the region. Also, China’s maritime initiatives in Sri Lanka and Bangladesh have sparked concern among countries such as Japan and India. While Japan is showing more interest in enhancing…

    Asia Times - Aug 01 09:50 GMT - more ...
    [ Tags: SriLanka, Economy, Japan ]

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