Economy Archives - Page 6 of 8

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…

President calls for new economic model

August 6, 2022August 6, 2022 admin

President calls for new economic model (Financil Times 6th Aug) President Ranil Wickremesinghe yesterday declared that there can be no reliance on old economic models any longer and there should be innovative thinking, while paying prompt attention to the global changes. The President made these remarks delivering the keynote address at the inauguration of the two-day “Let’s reset Sri Lanka” forum organised by the Advocata Institute. President Wickremesinghe pointed out that whether the International Monetary Fund (IMF) proposal is good or bad, whether anyone likes it or not, it should…

Sri Lanka private credit negative in June 2022, Rs 189 bn printed

August 1, 2022August 1, 2022 admin

Sri Lanka private credit negative in June 2022, Rs 189bn printed ECONOMYNEXT – Sri Lanka’s credit from commercial banks to private borrowers fell 21 billion rupees in June 2022 with dollar denominated loans falling, while 189 billion rupees had been printed by the central bank official data showed, as forex shortages continued to persist. Credit to private sector from rupee banking units went by 16 billion rupees to 6,959 billion rupees, while dollar denominated loans fell from 794.6 billion rupees to 738.1 billion rupees. Sri Lanka is facing steep inflation…

No new financing to Sri Lanka until macroeconomic policy framework is ready – WB

July 29, 2022July 29, 2022 admin

No new financing to Sri Lanka until macroeconomic policy framework is ready – WB The World Bank Group says it is deeply concerned about the dire economic situation and its impact on the people of Sri Lanka. In a statement, the global financial institution said it is repurposing resources under existing loans in our portfolio to help alleviate severe shortages of essential items such as medicines, cooking gas, fertilizer, meals for school children and cash transfers for poor and vulnerable households. “To date, about US$160 million of these funds has been…

Long-term investments in Sri Lanka are India’s plan to fix economic crisis, envoy Baglay says

July 27, 2022July 27, 2022 admin

Long-term investments in Sri Lanka are India’s plan to fix economic crisis, envoy Baglay says. (NAYANIMA BASU 25 July, 2022 08:19 am IST (The Print)) High Commissioner of India to Sri Lanka Gopal Baglay added that New Delhi will also work with the island nation’s new govt to facilitate talks for a bailout package from the IMF. New Delhi: After helping Sri Lanka with an unprecedented assistance of around $4 billion since January as the country plunged into a deep economic crisis, India is now planning to invest heavily in newer…