The second tranche of the USD 2.9 billion IMF bailout for cash-strapped Sri Lanka would be finalised within the next month, central bank governor Nandalal Weerasinghe said on Friday. The government is expecting around USD 330 million as the second tranche of the USD 2.9 billion 4-year bailout, following the first one that was extended … Read more
H.J.M Seneviratne cuts yellow paddy stems that dried following drought, at his paddy field in Anamaduwa, Sri Lanka. | Photo Credit: Reuters H.J.M Seneviratne (63) slices through yellowed paddy stems dried out by a drought that has destroyed more than 95% of his crop and is threatening crisis-hit Sri Lanka’s summer rice harvest. The island’s … Read more
External Affairs Minister S. Jaishankar. | Photo Credit: ANI External Affairs Minister S. Jaishankar’s visit to Colombo on Thursday will focus on “supporting Sri Lanka” in its current economic crisis, government sources said, adding that talks are ongoing in the field of energy security, food security, currency swap arrangements as well as talks about restructuring … Read more
Sri Lanka’s inflation surged to 70.2 per cent in August from 66.7 per cent a month ago as the island nation is grappling with the worst economic crisis, according to official data released on Thursday. The National Consumer Price Index (NCPI) which determines how much people spend on a selected basket of goods and services … Read more
Key foreign envoys to Sri Lanka and rights groups have expressed concern over President Gotabaya Rajapaksa‘s decision to declare a state of emergency for the second time in about 5 months, fearing that the security forces might use sweeping powers against peaceful protesters amid the country’s worst economic crisis. However, India was yet to issue … Read more
Sri Lanka’s state-owned petroleum corporation on Thursday re-introduced fuel rationing for vehicles, as the worst economic crisis in decades roils the country with massive public protests against the government. Ceylon Petroleum Corporation head Sumith Wijesinghe said that now motorcycles and other two-wheelers can purchase fuel up to worth Rs 2,000 per visit to a fuel … Read more
Cash-strapped Sri Lanka announced on Tuesday it would sell long-term visas to attract desperately needed foreign currency after the island nation ran out of dollars to pay even for food and fuel. Foreigners who deposit a minimum of $100,000 locally will be granted permission to live and work in Sri Lanka for 10 years under … Read more
Amid Sri Lanka‘s severe economic crisis, a high-level delegation, including the country’s Central Bank Governor and other senior officials, will attend an International Monetary Fund (IMF) meeting in Washington DC today. Earlier, Former Finance Minister Basil Rajapaksa was scheduled to visit Washington for the meeting with IMF to seek a debt re-restructuring and a bailout, … Read more