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Lazard intensively evaluates State Banks asset quality

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Lazard intensively evaluates State Banks asset quality The Lazard Sovereign Advisory Group, which serves as a financial adviser to Sri Lanka’s debt restructuring programme, has undertaken an intense examination into the best way to approach State Banks for the local debt restructuring programme, a senior government official told Finance Today. According to official sources, Lazard is currently undertaking an in-depth study to determine how participation in domestic debt restructuring programme will affect the overall quality of assets held by each State Bank.   “In addition to the ongoing banking sector asset…

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CBSL Chief says Indian tourists to Sri Lanka can pay in INR

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CBSL Chief says Indian tourists to Sri Lanka can pay in INR Central Bank Governor Dr. Nandalal Weerasinghe yesterday said that Indian tourists to Sri Lanka pay in their currency Indian Rupee (INR). He reiterated that making INR a designated currency by the Central Bank of Sri Lanka enables not only trade settlement between the two countries in INR but also Indian tourists coming to Sri Lanka can use INR for transactions. Dr. Weerasinghe also expressed support for the linking digital payment interfaces between the two countries during his keynote…

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EU and FAO launch 4 m Euro initiative to improve efficiency, sustainability of paddy farming

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EU and FAO launch 4 m Euro initiative to improve efficiency, sustainability of paddy farming Program targets 71,000 smallholder paddy farmers and 1,200 paddy seed farmers across 7 districts The Food and Agriculture Organisation of the United Nations (FAO) together with the European Union (EU) on Saturday launched a new program to strengthen food security in Sri Lanka by boosting the productivity and sustainability of the paddy cultivation sector. The 4 million Euro (approximately Rs. 1.5 billion) initiative funded by the EU was initiated at an event held at the…

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Japan, UNDP launch fresh programs to boost socio-economic recovery

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Japan, UNDP launch fresh programs to boost socio-economic recovery $ 3.8 m initiative via home-based agriculture and energy security interventions 58,000 women and youth will directly benefit from these projects, while indirectly impacting over 132,000 vulnerable community members from the North-Central, North-Western and Eastern provinces The Government of Japan and the United Nations Development Program (UNDP) yesterday launched a new initiative to strengthen socio-economic recovery via home-based agriculture and energy security measures. The $ 3.8 million (Rs. 1.17 billion) initiative supports improvement of women’s economic wellbeing for smallholder farmer families…

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Sri Lanka expects to tap tourism niche, trade with India ferry service

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Sri Lanka expects to tap tourism niche, trade with India ferry service ECONOMYNEXT – Sri Lanka is expecting widen tourism and trade links with the start of a ferry service between the two countries from April 29, which is cheaper than air travel and has a higher baggage allowance officials said. Sri Lanka’s Ports Ministry has started to build a passenger terminal in Kankasanthurai (KKS) port in the northern Jaffna peninsula with the help of the Sri Lanka Navy at a cost of 144 million rupees to support the ferry…

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IMF facility only the beginning of a tough journey: Dr. Roshan Perera

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IMF facility only the beginning of a tough journey: Dr. Roshan Perera   Govt. needs to undertake several structural reforms within the year Sri Lanka must also focus on structural reforms to unlock growth Limited capacity and political space may affect speed of reforms SL governments in particular have very short-term policy orientation CB independence strengthens House oversight over public finances With independence comes need for greater transparency, accountability More independent central banks deliver and maintain lower inflation The securing of the International Monetary Fund (IMF) facility is only the…

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Peddling the Government’s Narratives

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Peddling the Government’s Narratives As of now, Ranil Wickremesinghe has three points in his favour. First, there is the IMF deal, which his government is more or less using as a shield against criticism of the many austerity measures being enforced in its name. Second, there is the SJB-UNP nexus or the many not so subtle commonalities that have linked the main opposition with the president’s party. Third, there is the SJB-JVP-NPP divide that has only fragmented the opposition to the government’s benefit. Contrary to what the neoliberal commentariat may…

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India-Lanka ferry service is still on rocky seas

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India-Lanka ferry service is still on rocky seas The chances of having a ferry service between India and Sri Lanka by the end of this year seem likely provided both India and Sri Lanka are clear about the details Replying to the demands for grants for the departments concerned in the Tamil Nadu Assembly early this month, Highways and Minor Ports Minister E V Velusaid that efforts are underway to launch a short ferry service between Rameswaram and Sri Lanka in a few months’ time. The idea is to link Rameswaram…

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Civil Society Collective calls on diplomatic missions to ensure LG polls are held

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Civil Society Collective calls on diplomatic missions to ensure LG polls are held The Civil Society Collective for Protecting the Franchise has sought the support of Diplomatic Missions with regard to their call to hold the 2023 Local Government (LG) election on time, in a bid to protect democracy.  Issuing a statement in this regard, the collective highlighted that failing to hold the LG polls in a timely manner would have serious implications for democracy and governance.  “It would mean that the constitutional right to elect representatives at the local…

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Sri Lanka to raise duty-free allowance for migrant workers to encourage remittance

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Sri Lanka to raise duty-free allowance for migrant workers to encourage remittance COLOMBO, April 3 (Xinhua) — Sri Lanka is set to increase duty-free allowances for migrant workers at the airport starting May in order to encourage remittance, Minister of Labor and Foreign Employment Manusha Nanayakkara said on Monday. The increase will be based on the amount of money remitted by the workers, Nanayakkara said during a media briefing. Under the new scheme, there will be five categories of concessions. For people having remitted 2,400-4,799, 4,800-7,199, 7,200-11,999, 12,000-23,999 and 24,000…

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