Category: Economy

RW Govt. gears up to finalise IMF deal

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RW Govt. gears up to finalise IMF deal (The Morning 12-03-2023) China’s latest assurance on SL debt restructuring brings IMF deal closer Govt.-India in agreement to extend $ 1 b credit line by a few months As Sri Lanka nears the one-year mark of last year’s Aragalaya people’s power protest campaign, the country’s economic revival seems to be finally on track with the appreciation of the Sri Lankan Rupee and economic activities showing positive signs following news of the proposed International Monetary Fund (IMF) deal likely to be finalised this…

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Trinco Oil Farm- and related issues

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Trinco Oil Farm- and related issues (From The Island 8-03-2023)  New move on Trinco oil tank farm Having participated at the China Bay parade, President Wickremesinghe, accompanied by National Security Advisor and Chief of Presidential Staff, Sagala Ratnayake, and several others, including Power and Energy Minister Kanchana Wijesekera, toured the Trincomalee Oil Tank Farm, consisting originally of 100 tanks, situated in 827 acres of land. The tank No. 91, however, was destroyed in Japanese air attacks, launched by ship-borne bombers, and attack aircraft, during World War 11. President Wickremesinghe is…

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IMF chief welcomes Sri Lanka’s progress in taking policy actions, securing creditor assurances

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IMF chief welcomes Sri Lanka’s progress in taking policy actions, securing creditor assurances (Adederana 8- 03-2023) The Managing Director of the International Monetary Fund (IMF) has welcomed the progress made by the Sri Lankan authorities in taking decisive policy actions and obtaining financial assurances from all major creditors including China, India and the Paris Club. In a statement, Kristalina Georgieva said she looks forward to presenting the IMG-supported program to the organization’s Executive Board on March 20. “The Extended Fund Facility (EFF) will support the authorities’ program of ambitious reforms,…

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Indian fishermen issue: Permit talk gathers flak across the board

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Indian fishermen issue: Permit talk gathers flak across the board Move will violate sovereignty and affect all Sri Lankan fishermen: Annarasa Fisherfolk against this move, prepared to protest in the streets: NAFSO  A step back from progress made to resolve issue: Kadirgamar No decision taken to issue permits, only a proposal: Ministry  A proposal by the Government to permit Indian fishermen to fish in Sri Lankan waters has received widespread condemnation from Sri Lanka’s fishing community as well as from civil society groups.  The criticism comes as coastal fishermen, especially…

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US$ 36 billion of Sri Lanka’s export money held offshore

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US$ 36 billion of Sri Lanka’s export money held offshore (Daily Mirror  24-02-2023) If Sri Lankan can secure the 36 billion US dollars of export income owed by Sri Lanka it would be able to improve its economy The Sunday Times reported in July (2022) about an investigation carried out by the Global Finance Integrity (GFI); a think tank based in Washington, USA operating with government support. Its task is to keep an eye on the export trade of countries of the world. GFI observes whether money is properly exchanged between…

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Prez says SL completed all 15 tasks required for bailout, now up to IMF

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Prez says SL completed all 15 tasks required for bailout, now up to IMF (Daily Mirror 22-02-2023) After months of struggle and challenges, Sri Lanka has been successful in fulfilling the 15 tasks set by the International Monetary Fund (IMF), and now awaits for the verdict if enough has been done to unlock the bailout, the government said. President Ranil Wickremesinghe confirmed that only last week the final requirement of the Fund was fulfilled and with that Sri Lanka has done its part to obtain the relief package. The fifteenth…

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‘CBSL Chief disregards trade mis-invoicing; collaborates with corporate and political corruption’

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‘CBSL Chief disregards trade mis-invoicing; collaborates with corporate and political corruption’  Commercial and Industrial Workers’ Union and United Federation of Labour make fresh charges Claims CBSL seems to function on the personal ‘belief’ of Governor CBSL continues to bury its head in the sand while the country is robbed by business elites in the export and import sector, saying corporate corruption is ‘their business’ CBSL ignores crucial findings and recommendations of IMF, World Bank, ADB, UNCTAD and OHCHR on illicit financial outflows affecting countries like Sri Lanka Trade unions demand…

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Seized Indian trawlers gifted to northern fishermen

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Seized Indian trawlers gifted to northern fishermen (Sunday Times 12-02-2023) Donation coincides with Indian fisheries minister’s visit to Jaffna High-powered Indian vessels to be used in sea patrols by fishermen By S. Rubatheesan Fisheries Minister Douglas Devananda donated fishing boats seized from Tamil Nadu fishermen who were illegally fishing in Sri Lankan waters to Sri Lankan fishermen moments after welcoming an Indian Union State Minister who arrived in Jaffna on Thursday for the opening of the Rs. 1.3 billion Cultural Centre, a gift by the Government of India. Five massive…

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NEWSConcerns raised over Adani Group’s engagement in wind power project

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NEWS Concerns raised over Adani Group’s engagement in wind power project (The Island 10-02-2023) By Ifham Nizam Environmental scientists and social activists are expressing concern about the engagement of Adani Green Energy in developing wind power in Sri Lanka. In answer to a question raised by The Island at a recent symposium, ‘Discussion on Setting the Policy Direction for South Asia in Energy Sustainability’ Environmental Scientist Hemantha Withanage said that the Mannar wind power project also known as Thambapawani wind project was the most-cost effective energy power plant in Sri Lanka though it adhered…

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Chinese credit conundrum for Sri Lanka

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Chinese credit conundrum for Sri Lanka Daily FT 8th Feb 2023 Analysts opine China’s latest debt relief offer and reiteration still falls short Biggest bilateral creditor with nearly $ 7 b exposure urged to go the full distance in support of Sri Lanka The debt relief reiterated by China to Sri Lanka last week still falls short of overall burden on the latter, according to analysts. China’s Foreign Ministry Spokesperson Mao Ning’s during the regular briefing on Friday reiterated the announcement by Export-Import Bank of China on 19 January. As…

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