Category: Featured

Basil concludes successful visit to India India agrees to support Sri Lanka, guided by its ‘Neighbourhood First’ policy Four key pillars of short-medium term economic cooperation will be on food and health, energy, currency swap to address BoP, facilitation of Indian investment in different sectors Early modernisation of Trinco tank farm, credit facilities to import essential food items, medicine, fuel from India among other measures Modalities to realise these objectives would be finalised early within mutually-agreed timeline Rajapaksa expresses gratitude to India for support extended to SL in many spheres…

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China pulls out of Northern hybrid power projects China said the hybrid energy projects to be constructed on three islands in the Northern Province have been suspended.  The Chinese Embassy in Sri Lanka tweeted that the suspension came after a third party’s security concerns. The Indian Government raised concerns several times over awarding the projects to China as the three islands are in close proximity to India and that is a major issue to them. The hybrid project was won by Sino Soar Hybrid Technology in an open tender. But…

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Divisions within Government on seeking IMF help Cabinet views contradict with parliamentary group Cabinet discusses pros and cons of turning to IMF Gammanpila in favour; Basil, Bandula, Vasu oppose BY Shenal Fernando -The Morning 25-11-2021) Amidst proposals and recommendations by various economists and international rating agencies to seek International Monetary Fund (IMF) assistance, the Government of Sri Lanka is divided on seeking such assistance, both within the Cabinet of Ministers and the parliamentary group, according to Co-Cabinet Spokesman and Minister of Mass Media Dullas Alahapperuma.  Speaking during the Cabinet press…

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Mannar oil block with gas well auction in 2022 Sri Lanka plans to auction M2 oil block with gas well in early 2022 ECONOMYNEXT – Sri Lanka will auction an oil block in the Mannar basin where traces of natural gas had already been found in early 2022, Energy Minister Udaya Gammanpila said. “In the beginning of 2022 we will have an auction to get investors for the M2 block,” Minister Gammanpila told parliament. Cairn Lanka, a unit of Cairn India found the presence of natural gas in two exploration…

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Cash-strapped govt. seeks Indian lifeline: Basil to visit New Delhi (By Shamindra Ferdinando The Island 23-11-2021) Declaring that Sri Lanka was experiencing the worst ever post-independence economic crisis, Foreign Minister Prof. G.L. Peiris yesterday said Finance Minister Basil Rajapaksa’s forthcoming visit to New Delhi might give the country an opportunity to explore ways and means of overcoming the overwhelming challenges. Prof. Peiris, who is also the Chairman of the ruling SLPP, emphasised that the Finance Minister’s visit was meant to seek not only loans but also wider cooperation on a…

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Confectionery exporters look to relocate overseas Exploring locations favourable and competitive for production Claim export orders in jeopardy as local manufacturing becomes expensive Looking at opportunities to outsource manufacturing or set up plants in Malaysia, Thailand, Indonesia, Vietnam, Bangladesh $ 200 m industry warns shift will result over 550,000 people losing jobs and livelihood Say doing business not conducive to investors; if no proactive measures taken to protect remaining exports, economy will suffer  Companies likely to stop most production lines due to supply constraints of raw materials By Charumini de…

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