Category: Economy

Ranil, Modi unveil new Indo-Lanka economic partnership vision

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Ranil, Modi unveil new Indo-Lanka economic partnership vision Following historic meeting in New Delhi, announce series of measures to catalyse prosperity via promotion of greater cooperation and connectivity in areas of maritime, air, energy and power; trade, economic and financial services and people-to-people Agree to undertake discussions on Economic and Technology Cooperation Agreement with an aim to comprehensively enhance bilateral trade and investments in new and priority areas To undertake mutually agreed joint exploration and production of hydrocarbons in Sri Lanka’s offshore basins with an aim to develop Sri Lanka’s…

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India and SL must forge together long term: President

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India and SL must forge together long term: President In keynote at Indian CEO Forum’s annual fellowship banquet Wickremesinghe says together, India and Sri Lanka possess immense potential Ahead of visit to India and meeting with Modi next week President moots long-term relationship between the two nations must transcend individual leaders or political parties  Stresses relationship between India and SL not solely driven by governments but by people who are moving forward at a rapid pace President Ranil Wickremesinghe on Thursday said both India and Sri Lanka should forge together…

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Restoring Ferry Service Will Rewrite History of India-Lanka Ties

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Restoring Ferry Service Will Rewrite History of India-Lanka Ties The ferry service between India and Sri Lanka, as well as railway connections, have all but vanished since the turn of the 19th and the 20th centuries, and the use of a comfortable Singaporean passenger vessel ‘IndSri‘ to sail between Karikkal (KKL)Port in South India and Kankesanthurai (KKS) Port in Sri Lanka’s Northern Province next month (Mid-May), will rewrite the history of sea connections between Indo-Sri Lanka. There was formerly a regular ferry service between India and Sri Lanka that served…

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Northern Province, ILO and EY collaborate to advance private sector investments

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Northern Province, ILO and EY collaborate to advance private sector investments The Northern Province Governor’s Office, International Labour Organisation (ILO) and Ernst & Young (EY) collaborated to organise stakeholder meetings on generating investment-driven growth in the Northern Province.  These meetings focused on the agriculture, animal husbandry, fisheries/aquaculture, apparel, food processing, and tourism sectors and were attended by private and public sector representatives relating to these sectors. The Northern Province has extensive, but largely underutilised, resources that are very favourable for agriculture, animal husbandry, fisheries/aquaculture, and food processing activities and is…

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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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