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MAS helps Sri Lankan Athletes go for the Gold

MAS named Official Clothing Partner for Sri Lanka Athletics Journey to the Olympics 2024 Bodyline (Pvt.) Ltd., a subsidiary of MAS Holdings, will be the official clothing partner for the Sri Lanka Athletics– SLA, from 2022 till the Paris Olympics in 2024. At an event held on the 28th of July 2022, Dinesh de Silva,…

(0)Comments | July 29, 2022 11:26 am

World Bank Statement on Sri Lanka

The World Bank Group is deeply concerned about the dire economic situation and its impact on the people of Sri Lanka.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, we are repurposing resources under existing loans in our…

(0)Comments | July 29, 2022 10:30 am

Japan hands over life-saving medicines procured through UNICEF in response to the economic crisis

In response to the ongoing economic crisis in the country, the Government of Japan today handed over the first consignment of a total donation of USD 1.5 million value of medicines being procured through UNICEF to address the severe shortage of medicines in hospitals and clinics in the country. The vital assistance will be used…

(0)Comments | July 29, 2022 10:11 am

Sri Lanka hopes for $4bn in China aid ‘soon’ as envoy defends ties

Ambassador insists Beijing is supportive; new president extends protest clampdown Sri Lanka hopes to conclude discussions with China “soon” on a $4 billion aid package, the bankrupt South Asian country’s ambassador to Beijing told Nikkei Asia. Ambassador Palitha Kohona said in an email that talks were progressing. “We hope that these discussions could be concluded…

(0)Comments | July 29, 2022 6:25 am

SriLankan Airlines’ Interest Payment Does Not Affect Bond Rating

SriLankan Airlines Limited’s (SLA) payment of USD 6.125 million interest on its government-guaranteed USD 175 million unsecured notes within the 30-day grace period has no impact on the notes’ long-term rating of ‘C’, Fitch Ratings says. The notes, which are due in 2024, remain in breach of two specific events of default tied to the…

(0)Comments | July 28, 2022 3:38 pm

Sri lanka: One in three families see changes in children’s mental health amid economic crisis

Nearly one in three parents in Sri Lanka have noticed negative changes in their children’s behaviour in the last 6 months as the country headed into economic collapse, according to a Save the Children survey conducted in June 2022. The survey of more than 2,300 families across nine districts in Sri Lanka also found nearly…

(0)Comments | July 28, 2022 2:53 pm

Political Risks Still Challenge Sri Lanka’s Emergence from Default

Fitch Ratings-Hong Kong-28 July 2022: The successful formation of a government under the new president, Ranil Wickremesinghe, is an important precondition for resolving Sri Lanka’s debt default, but many challenges remain as the country seeks financing support from the IMF and debt restructuring from private and official bilateral creditors, says Fitch Ratings. The new president…

(0)Comments | July 28, 2022 2:20 pm

Ideal Motors unveils Sri Lanka’s first home-grown electric car

Ideal Motors unveiled the ‘Ideal Moksha,’ Sri Lanka’s first home-grown fully-electric car at the JAIC Hilton on 28 July 2022. Drawing inspiration from the iconic Austin Mini Moke that took the world by storm, the Ideal Moksha is geared to be a game changer for the Sri Lankan market and the most practical solution in…

(0)Comments | July 28, 2022 1:38 pm

IMF says Sri Lanka needs to talk with China about debt restructuring

Reuters – The International Monetary Fund (IMF) said Sri Lanka should kick off debt restructuring talks with its bilateral lender China, while the island state’s government seeks a financing loan from the Washington-based fund. “China is a big creditor, and Sri Lanka has to engage proactively with it on a debt restructuring,” Krishna Srinivasan, director…

(0)Comments | July 28, 2022 8:05 am

Sri Lanka’s Runaway Inflation and the Limits of Monetary Policy

By Dr Dushni Weerakoon The bad news on inflation keeps coming. As of June 2022, year-on-year (YOY) inflation nationally is estimated at an all-time high of 59%. Annual inflation is lagging significantly behind at around 21%, indicative of the speed at which price inflation has been spiralling in recent months. This is in sharp contrast…

(0)Comments | July 27, 2022 6:16 pm

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