When a country faces a severe financial crisis, it becomes increasingly clear that moving forward without the agreements and conditional frameworks of the International Monetary Fund (IMF) is nearly impossible. Global experiences have demonstrated time and again that economies emerging from financial turmoil often require the structured support and oversight of the IMF to stabilize…
President Ranil Wickremesinghe emphasized that even if he successfully resolves the economic crisis that others have failed to address, the country’s economy will collapse again if the necessary economic transformations are interrupted midway. He urged citizens to carefully consider their future when making decisions in the upcoming presidential election. The President made these remarks during…
Sri Lanka Tourism officials on Friday expressed confidence of 2024 achieving the targeted 2.3 million arrivals based on robust year to date performance and provided favourable conditions prevail in the forthcoming winter season. Last week, year to date tourist arrivals crossed the 1.2 million mark and Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Chalaka Gajabahu…
Sri Lanka is witnessing renewed international support as it implements critical measures to emerge from its economic crisis. Japan has announced the resumption of funding for stalled infrastructure projects, marking a significant milestone in Sri Lanka’s debt restructuring efforts. This development follows the completion of a $10 billion restructuring agreement with official creditors, including Japan,…
In a move aimed at bolstering economic growth, the Central Bank of Sri Lanka (CBSL) has cut interest rates by 25 basis points. This decision, announced on July 24, reduces the Standing Deposit Facility Rate to 8.25% and the Standing Lending Facility Rate to 9.25%. The central bank’s move is intended to sustain the revival…
The latest report released by the Ministry of Finance reveals that the total unpaid debt and instalments amount to USD 8.6 billion over the past 24 months, following the government’s decision to temporarily suspend foreign debt payments. According to the Ministry of Finance, since the temporary suspension of foreign debt and instalment payments on April…
During a recent legal proceeding, former President Maithripala Sirisena faced serious allegations related to the accumulation of significant wealth during his time in office. Counsel Sanjeewa Jayawardena, representing the petitioners in 11 Fundamental Rights (FR) petitions associated with the Easter Sunday attack, presented these accusations in the Supreme Court. The wealth report indicated that Sirisena…
Amaranath Thennakoon, Director of the Center for Drug and Alcohol Information, stated that people in Sri Lanka spend around 6 billion rupees daily on arrack and beer. He shared this information during a recent discussion with journalists at the Sarvodaya Institute in Kegalle. Dayarathna Bandara, reported this to Dinamina newspaper, highlighting the significant financial burden…
Chethana Gomis Pakistan has narrowly averted a severe economic crisis by heeding lessons from Sri Lanka’s financial collapse and engaging the International Monetary Fund (IMF) in a timely manner. While Sri Lanka faced controversy and criticism for its early declaration of bankruptcy, Pakistan proactively sought IMF support, securing a staff-level agreement on a 37-month Extended…
In a significant boost reflecting the international confidence in Sri Lanka’s economic reforms, the OPEC Fund has agreed to provide financial assistance of LKR 30 billion (USD 100 million) for the Mahaweli Water Security Investment Project. This support highlights the benefits of Sri Lanka’s successful debt restructuring efforts. State Minister of Finance Shehan Semasinghe announced…
