Category: Economy

Roundtable discussion on development of the Northern Province

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Roundtable discussion on development of the Northern Province A roundtable discussion on the development of the Northern Province was held last week hosted by Governor Jeevan Thiagarajah. Several Ambassadors and High Commissioners and representatives of international organisations attended the discussion which focussed on challenges and opportunities in Northern Province, some of the on-going initiatives and those planned to enhance socio-economic development. Northern Province Governor Jeevan Thiagarajah, Japanese Ambassador Hideaki Mizukoshi and Centre for Policy Alternative Executive Director Dr. Paikiyasothy Saravanamuttu addressed the forum. Korean Ambassador Santhush Jeong Woonjin, Thailand Ambassador…

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We should strive to be self-sufficient thus ensuring food security: Mahinda Amaraweera

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We should strive to be self-sufficient thus ensuring food security: Mahinda Amaraweera (Dily Mirror 29th Oct 2022) The World Food Programme estimates that 6.3 million people in Sri Lanka, which is more than 30 per cent of the country’s total population, are “food insecure” and in need of humanitarian aid. Of these individuals, around 5.3 million are either cutting down on the number of meals they eat or missing meals entirely, and at least 65,600 are in a state of acute food insecurity. Since its independence in 1948, Sri Lanka…

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50 kg bag of Urea at Rs. 10,000 for farmers

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50 kg bag of Urea at Rs. 10,000 for farmers First stock of 13,000 tons of urea received on World Bank concessionary loan                                                 The Ministry of Agriculture has received the first stock of 13,000 tons of Urea fertiliser yesterday under the World Bank concessional emergency loan of $ 110 million. The Government will provide a 50 kg bag of urea fertiliser to paddy farmers at Rs. 10,000.…

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Netherlands to provide innovative agro know-how to ‘Grow Food’ program

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Netherlands to provide innovative agro know-how to ‘Grow Food’ program PM appreciates assistance provided by Netherlands for infrastructure development, agriculture Calls for more investments in agriculture, IT, renewable energy, transport and tourism The Netherlands has assured to extend further support to Sri Lanka especially with know-how to the Government’s “Grow Food” program. This assurance was given by when Netherlands Ambassador Bonnie Horbach called on Prime Minister Dinesh Gunawardena on Thursday. The Premier thanked the Netherlands for the assistance provided to infrastructure development and agriculture and various other sectors and urged…

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President justifies tax hikes amidst criticism

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President justifies tax hikes amidst criticism Says country will have to revert to an era of queues if revenue is not raised through direct tax increases Admits new tax measures are IMF recommendations, hence critical to secure international support to salvage SL economy Insists tax hikes not being taken wilfully but being done reluctantly Reveals SL lost Rs. 700 b due to wrong economic policies in the past Inflation rate increased to 70% since Rs. 2.3 t printed during the past two-and-a-half years Suggests tougher times ahead but reassures Govt. ready…

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Dutch FMO proposes $ 10 m investment in Sri Lanka seafood exporter

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Dutch FMO proposes $ 10 m investment in Sri Lanka seafood exporter Taprobane Seafoods’ 15 facilities mainly employ underprivileged women HANOI – Dutch impact investor FMO said it has proposed a $ 10 million investment in one of Sri Lanka’s leading seafood exporters, which mainly employs underprivileged women including war widows. Established in 2010, Taprobane Seafoods has one main processing facility and 14 smaller locations in the South Asian nation and employs over 2,000 people. Taprobane processes blue swimming crab and white-leg shrimp, which it began farming two years ago.…

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Clifford Chance and Lazard update to Lankan creditors on Friday

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Clifford Chance and Lazard update to Lankan creditors on Friday Clifford Chance and Lazard are inviting those interested for an update on Sri Lanka’s debt restructuring on Friday at 5.30 p.m. local time. This will be the first open engagement with creditors of Sri Lanka since the appointment of Clifford Chance and Lazard as legal and financial advisors respectively to the Government. To date, it had individual meetings with bilateral creditors. Sri Lanka in April suspended servicing of $ 47 billion external debt held by bilateral and private creditors as…

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The Clarks Hotels and Resorts opens its first property in Sri Lanka

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The Clarks Hotels and Resorts opens its first property in Sri Lanka (Ceylon today 14th Sep 2022) The Clarks Hotels and Resorts strengthens its footprints in Sri Lanka by opening The Albatross Golf Resort in Kandy. They are aiming to promote the country to Indian travellers and take advantage of the growing Sri Lankan business and leisure travel market. The brand is aggressively looking for expansion in the neighbouring country by opening properties in different key locations in Sri Lanka, a spokesman said. The Albatross Golf Resort Digana, Kandy by…

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IMF agreement gives confidence, grateful to India, says envoy Moragoda

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IMF agreement gives confidence, grateful to India, says envoy Moragoda The preliminary agreement with the International Monetary Fund (IMF), under which Sri Lanka nation stands to receive $ 2.9 billion to tackle the ongoing economic crisis, is a “first step” in the long haul of economic recovery but will provide the country and investors “confidence” to attract increased investments and remittances, Sri Lankan High Commissioner to India Milinda Moragoda said on Thursday. Speaking at the Indian Express Idea Exchange, Moragoda said that with the IMF agreement taking shape, Sri Lanka…

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‘IMF has spoken diplomatically about minimising corruption in Sri Lanka’

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‘IMF has spoken diplomatically about minimising corruption in Sri Lanka’ Public appeal for economic reforms at an all-time high : economist By Sanath Nanayakkare It is time for Sri Lanka to make a series of economic decisions with important consequences, and making state owned enterprises (SOEs) directly accountable to the people rather than politicians is key among them, Shanta Devarajan, a professor of the Practice of Development at Georgetown University said on Saturday . “Economic reforms in Sri Lanka used to be a solitary concern weighing on the mind of the…

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