Asian Development Bank (ADB) Vice-President Shixin Chen met with Sri Lanka President Ranil Wickremesinghe on 5 December. Mr. Chen noted the measures that are being taken to contain the crisis and address its underlying causes, and supported the steps taken to seek international assistance. Mr. Chen briefed the President on ADB’s emergency response to the…
Earnings from merchandise exports declined in October 2022, on a year-on-year basis, for the first time since March 2022, mainly due to lower earnings from garments exports. The decline in import expenditure continued in October 2022, (y-o-y), for the eighth consecutive month, despite recording an increase, compared to September 2022. The merchandise trade deficit recorded…
World Bank (WB), Asian Development Bank (ADB), International Monetary Fund (IMF) and Asian Infrastructure Investment Bank (AIIB) representatives decided that a coordinated assistance program supported by the multilateral financial institutions is required for Sri Lanka to recover from the economic crisis the country is currently facing. They reached the agreement following a lengthy round table…
President Ranil Wickremesinghe stated that steps would be taken to introduce a strong new economic system that can face 2050 without implementing economic reforms that offer no solutions to the current economic crisis. Pointing out that the country’s economy cannot be recovered through outdated economic systems, the President said that the first, second and third…
98 Acres Resort & Spa becomes a feature property for the luxury travel segment to Sri Lanka World Luxury Hotel Awards 2022: 98 Acres Resort & Spa awarded as the number one ‘Luxury Mountain Resort’ in Asia 98 Acres Resort & Spa, a subsidiary of U.H.E. Group, was recently awarded as the Number 1 ‘Luxury…
SL is in a serious economic crisis & it’s a rare opportunity. Typical Sri Lankans may think that the leadership and the population should be always divided. May be it is a result of downloading the West Minister system from above. Most thriving civilisations which didn’t limit its mindset to above including Indian and Chinese…
The World Bank today approved Sri Lanka’s request to access concessional financing from the International Development Association (IDA). This type of financing, which is offered at low interest rates, will enable the country to implement its government-led reform program to stabilize the economy and protect the livelihood of millions of people facing poverty and hunger. The…
Fitch Ratings – World GDP forecasts for 2023 have been revised down again as central banks intensify their fight against inflation and the outlook for China’s property market deteriorates, says Fitch Ratings in its latest Global Economic Outlook (GEO) report published today. Fitch now expects world GDP to grow by 1.4% in 2023, revised down from…
President Ranil Wickremesinghe has appointed a committee consisting of representatives of the public and private sectors of Sri Lanka to work with the multidisciplinary team of the National Dairy Development Board of India to prepare a short, medium and long-term plan to increase local milk production to reduce the country’s dependence on imported milk powder….
The United States officially handed over 9,300 tonnes of urea fertilizer to the Ministry of Agriculture to distribute to more than 193,000 smallholder paddy farmers in Jaffna, Mullaitivu, Mannar, Vavuniya, Anuradhapura, Trincomalee, Batticaloa, and Monaragala districts. The fertilizer, procured by FAO with funding from the U.S. Agency for International Development (USAID), is the first shipment…
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