Sri Lanka’s fragile economic recovery will be delayed as Cyclone Ditwah’s devastation of homes, roads and vital crops pushes more families into poverty, with officials warning the bill to rebuild could soar to $7 billion. The worst economic crisis in decades, which peaked in 2022, had already doubled Sri Lanka’s poverty rate to nearly 25% […]
Read MoreIndia’s National Security Advisor (NSA) Ajit Doval has attributed the recent political instability and “non-constitutional regime change” in India’s neighbouring countries, including Bangladesh, Sri Lanka, and Nepal, to “poor governance”. Speaking at the Sardar Patel Memorial Lecture on governance yesterday (31 October), Doval asserted that governance is the deciding factor in political stability, stating, “The […]
Read MoreCOOMBO: Sri Lanka’s immigration chief was sentenced to two years in prison Tuesday, the latest top official jailed under the government’s anti-corruption drive. President Anura Kumara Dissanayake has revived corruption cases against members of the former administrations of the two Rajapaksa brothers – Mahinda and Gotabaya, and purged several top officials. In the latest case, […]
Read MoreChina has offered to invest $3.7 billion in Sri Lanka, stated to be the biggest-ever foreign investment in the island nation, to build a state-of-the-art oil refinery at Hambantota as the two countries signed a new plan to upgrade BRI cooperation during Sri Lankan President Anura Kumara Dissanayake’s state visit to China. On Thursday, Dissanayake […]
Read MoreThe massive coral bleaching episode signaled by US authorities last month is expanding and deepening in reefs around the globe, scientists warned Thursday. Amid record ocean temperatures, coral bleaching has been recorded in 62 countries and territories since February 2023, the US National Oceanic and Atmospheric Administration (NOAA) said — an increase of nine from […]
Read MoreEfforts to navigate Sri Lanka’s complex debt crisis hit a stumbling block on Tuesday as the government rejected a proposal put forth by international bondholders to restructure over $12 billion in debt. The decision not only jeopardizes crucial International Monetary Fund (IMF) support but also prolongs the island nation’s struggle to resolve a two-year-long […]
Read MoreIndia and South Korea are currently in early stages of discussing joint development projects in neighbouring countries such as Bangladesh and Sri Lanka. The discussion signifies a renewed focus on bilateral relations between India and South Korea, with Seoul seen expanding its strategic interests beyond East Asia, reports Mint. According to earlier reports by Mint, […]
Read MoreBankrupt Sri Lanka’s economic recovery was “not yet assured”, the International Monetary Fund warned Wednesday, after the first review of its $2.9 billion bailout aimed at repairing the island nation’s ruined finances. The Washington-based lender of last resort said Sri Lanka had been unable to meet its revenue targets and ensure growth although it had […]
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