Economy Archives - Page 6 of 8

Clifford Chance and Lazard update to Lankan creditors on Friday

September 21, 2022September 21, 2022 admin

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…

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

September 14, 2022September 14, 2022 admin

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…

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

September 3, 2022September 3, 2022 admin

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…

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

August 29, 2022August 29, 2022 admin

‘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…

Exclusive-Japan seeks to organise Sri Lanka creditors’ meeting on debt crisis-sources

August 26, 2022August 26, 2022 admin

Exclusive-Japan seeks to organise Sri Lanka creditors’ meeting on debt crisis-sources (SWI Swissinfo.ch August 26, 2022 – 02:17) By Tetsushi Kajimoto and Takaya Yamaguchi TOKYO (Reuters) – Japan is seeking to organise a Sri Lanka creditors’ conference, hoping it could help solve the South Asia nation’s debt crisis, but uncertainties cloud the outlook for any talks, three people with knowledge of the planning said. Tokyo is open to hosting talks among all the creditor nations aimed at lifting Colombo from its worst debt crisis since independence, but it is not…

Committee on Public Finance new Chief Harsha promises transparency; holds first meeting

August 24, 2022August 24, 2022 admin

Committee on Public Finance new Chief Harsha promises transparency; holds first meeting The first Committee meeting of the Committee on Public Finance (COPF) for the Third Session of the Ninth Parliament was held yesterday under the chairmanship of SJB MP Dr. Harsha de Silva. In accordance with the Standing Order 121, the Committee of Selection appointed Dr. de Silva as the Chairman of the Committee recently. The Committee considered and approved the Appropriation (Amendment) Bill to amend the Appropriation Act No. 30 of 2021. Furthermore, the Social Security Contribution Levy…

Remittances continue to crash

August 22, 2022August 22, 2022 admin

Remittances continue to crash Worker remittances, Sri Lanka’s largest foreign-exchange earner, posted a decline, for the 14th consecutive month in July this year, as migrant workers only sent home USD 279.5 million during the month, down 38.3 per cent from USD 453.3 million a year earlier. According to data released by the Central Bank of Sri Lanka (CBSL), during the first seven months of this year, migrant workers sent home USD 1,889.4 million, down 50 per cent from USD 3,777.6 million sent during the same period last year. In June this…

Harsha unveils blueprint to bolster SL out of crisis

August 15, 2022August 15, 2022 admin

Harsha unveils blueprint to bolster SL out of crisis Presents 10-point common minimum plan for economy; laments lack of action by Govt. Says Opposition to support process through Parliamentary committees Warns delays impact confidence and recovery By Darshana Abayasingha In the absence of a specific roadmap for economic recovery and development from the Government, the Opposition has taken “a bold step” to provide the Government with its own blueprint titled ‘Out of the Debt Trap and Towards Sustainable Inclusive Development’, said SJB MP Dr. Harsha De Silva yesterday. The document…

President puts onus on IMF deal to all parties, MPs

August 8, 2022August 8, 2022 admin

President puts onus on IMF deal to all parties, MPs Opines program with IMF is the only solution whether people like it or not Recalls when negotiating with IMF, one of the biggest issues is “Government changes and the policies change” Says issue is not the substance but are we prepared to standby and to support IMF agreement Says Parliament could discuss any alternatives and make final decision Warns if MPs not prepared collectively then Parliament must take responsibility for consequences Insists MPs cannot say we are for half and…

Net cast at Sri Lankans coming home to lift tourist numbers

August 6, 2022August 6, 2022 admin

Net cast at Sri Lankans coming home to lift tourist numbers By Nadia Fazlulhaq Tamil Hindu devotees take part in the Ther Festival (Chariot Festival) at the Nallur Kandaswamy Kovil (Nallur Temple) in Jaffna, Sri Lanka, on August 21, 2017. Hundreds of thousands of Tamil Hindu devotees from across the globe attended this festival. (Photo by Creative Touch Imaging Ltd./NurPhoto via Getty Images)[/caption] Indian visitors and the Sri Lankan diaspora will be the target segments next month to help revive tourism. Sri Lanka Tourism Promotion Bureau Chairman Chalaka Gajabahu said…