Sri Lanka has opened an investigation into the local investments of India’s Adani Group in the wake of US bribery charges against its tycoon founder, government spokesman Nalinda Jayatissa said Tuesday. Jayatissa, speaking at the first cabinet briefing of President Anura Kumara Dissanayake’s new government, said both the finance and foreign ministries had been asked […]
Read MoreThe construction sector shifted gears in October, looking past the election-related jitters, as the sector got into high gear, shifting to an expansion from a brief contraction in September. The Purchasing Managers’ Index (PMI) for the construction sector showed the index coming in at 54.3 for October, from 48.6 index points in September. The construction […]
Read MoreIn an effort to capitalise on the momentum of the rapid progress in debt restructuring, collective effort is key for supporting Sri Lanka’s success in this area, the International Monetary Fund (IMF) said. As the authorities continue to finalise the remaining debt restructuring agreements, IMF Managing Director Kristalina Georgieva emphasised that high creditor participation is […]
Read MoreSri Lanka must not bow to external pressure and must maintain an independent foreign policy, especially at a time when some ‘parties’ are trying to take advantage of its economic situation, China’s Ambassador to Sri Lanka, Qi Zhenhong told a group of journalists in Colombo last evening. In an in-depth interaction, clearing China’s stance and […]
Read MoreFormer Sri Lankan President Ranil Wickremesinghe said his successor Anura Kumara Dissanayake should fully implement the “vision document” adopted with India last year. President Dissanayake, elected to the top office in September this year, is scheduled to visit India in mid-December. During his India trip in July 2023, then-President Wickremesinghe had signed a vision document […]
Read MoreThe International Monetary Fund (IMF) reached a staff level agreement with Sri Lankan authorities, paving the way for the next tranche, for US$ 333 million, of the four-year Extended Fund Facility. “We are pleased to announce that the IMF team reached staff-level agreement with the Sri Lankan authorities on the third review under the 4-year […]
Read MoreThe National Consumer Price Index captures broad retail price inflation and is released with a lag of 21 days every month. Sri Lanka’s consumer price inflation reached minus 0.7% year-on-year in October after easing to minus 0.2% in September, official data showed on Thursday (21 November), as the island nation continued its economic rebound. The […]
Read MoreLeftist President Anura Kumara Dissanayake, who tightened his grip on power last week after winning a huge majority in the legislature following his own victory in September, vowed to maintain the IMF programme. Sri Lanka went to the IMF for a rescue package after the country defaulted on its $46 billion external debt in April […]
Read MoreThe Asian Development Bank (ADB) today approved a USD 200 million policy-based loan to further help the Government of Sri Lanka strengthen its financial sector, the Asian Development Bank (ADB)said. This second subprogram of ADB’s Financial Sector Stability and Reforms Program builds on the stabilization and crisis management measures put in place under the first […]
Read MoreDissanayake, whose leftist coalition won 159 seats in the 225-member parliament in general election, also reappointed veteran legislator Vijitha Herath to helm the foreign affairs ministry. Sri Lankan President Anura Kumara Dissanayake reappointed Harini Amarasuriya as the prime minister of the Indian Ocean island nation on Monday. Dissanayake, whose leftist coalition won 159 seats in […]
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