Will what happened in Kenya, happen in Sri Lanka
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Will what happened in Kenya, happen in Sri Lanka

ByEditor

Harsha Gunasena Ahilan Kadirgamar (hereinafter referred to as AK), whose colourful academic credentials i.e., bachelor’s degree in electrical engineering, master’s in economics and a doctorate in anthropology would impress anyone,  has written an article titled “Kenya to Sri Lanka: Protests, IMF and High Ambition” to the Daily Mirror published on July 1, 2024 (https://www.dailymirror.lk/opinion/Kenya-to-Sri-Lanka-Protests-IMF-and-high-ambition/172-286106). I…

Second Phase of “Aswesuma” Welfare Benefit Program to Collect Data from July 15
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Second Phase of “Aswesuma” Welfare Benefit Program to Collect Data from July 15

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The second phase of the “Aswesuma” welfare benefit program will begin data collection from July 15 to 30, as announced by the Welfare Benefits Board. Following the successful qualification of over 1.8 million individuals in the first phase, an additional 450,924 applications have been received for the second phase. The identification process to determine eligible…

Government to Impose Taxes on 14 Additional Sectors, Says State Minister Ranjith Siyambalapitiya
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Government to Impose Taxes on 14 Additional Sectors, Says State Minister Ranjith Siyambalapitiya

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The government has decided to impose taxes on 14 additional sectors, announced State Minister of Finance, Dr. Ranjith Siyambalapitiya. Among these sectors are large-scale private tutoring classes, private schools, private medical service centers, engineering service centers, and mining services. State Minister Siyambalapitiya stated that the Inland Revenue Department will conduct thorough investigations into the income…

Sri Lanka’s Government Debt Reduced by 2.76% as of April 2024
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Sri Lanka’s Government Debt Reduced by 2.76% as of April 2024

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Sri Lanka’s government debt stock has seen a notable reduction of 2.76%, amounting to Rs 803.2 billion, as of April 30, 2024. This decrease brings the total debt from Rs 29,150.4 billion on December 31, 2023, down to Rs 28,347.2 billion. A significant reduction was observed in the foreign debt stock, which fell by 9.2%…

Sri Lanka’s Debt Restructuring Agreement and Economic Measures
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Sri Lanka’s Debt Restructuring Agreement and Economic Measures

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Chethana Gomis Extending the principal loan repayment grace period till 2028 will save the country $500 crores. Sri Lanka has also concluded a debt restructuring agreement with International Sovereign Bondholders. Sri Lankan foreign debt amounts to USD 37 billion, comprising USD 10.6 billion in bilateral debt. Regarding accusations from many parties that the Government has…

Sri Lanka Reaches Landmark Debt Restructuring Agreement, Daily Reporter
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Sri Lanka Reaches Landmark Debt Restructuring Agreement, Daily Reporter

ByEditor

On June 3, 2024, Sri Lanka reached a groundbreaking agreement with its private creditors to restructure its debt, becoming the first country to utilize a Governance-Linked Bond (GLB). This innovative financial instrument was designed by Verité Research in Colombo. The Verité-GLB adjusts repayments based on the country’s achievement of mutually agreed governance benchmarks. If these…

Summary of President Ranil Wickremesinghe’s Speech in Parliament on July 2
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Summary of President Ranil Wickremesinghe’s Speech in Parliament on July 2

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1. Introduction Context: Restoring economic stability post debt default in 2022. Recent Achievement: Agreement with official creditors on loan repayment. Communication: National address and consistent updates to Parliament. 2. Four-Step Economic Plan IMF Extended Credit Facilities: Establish financial discipline. Debt Stabilization Plan: Collaboration with Lazard and Clifford Chance. Economic Policies: Secure foreign investment and promote…

Ever Ace’s Historic Call at Colombo East Container Terminal
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Ever Ace’s Historic Call at Colombo East Container Terminal

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The maritime world is abuzz with the news that the Megamax container ship, Ever Ace, was scheduled to dock at the Colombo East Container Terminal (CECT) of Colombo Port yesterday. This event marks the second visit of the Ever Ace to Colombo, but notably, it will be the first time the ship calls at a…

Strengthening Defense Ties: India Enhances Training and Support for Sri Lankan Officers
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Strengthening Defense Ties: India Enhances Training and Support for Sri Lankan Officers

ByEditor

In a recent development, India has announced a series of specialized capacity-building training courses for Sri Lankan officers at premier defense institutions across India, following a request from Sri Lanka. These institutions include the Central Detective Training Institutes and the National Security Guard. According to The Diplomat and writer Ratheendra Kuruvita, India is funding these…

Aswesuma Extends Benefits for Transitional and Vulnerable Groups
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Aswesuma Extends Benefits for Transitional and Vulnerable Groups

ByEditor

The Aswesuma Welfare Benefit Program has extended its special allowances for transitional and vulnerable categories, increasing the monthly payment to Rs. 5000 per beneficiary, effective June 2024. This decision, directed by President Ranil Wickramasinghe, aims to provide additional financial support in light of the current economic challenges. On June 27, the Welfare Benefits Board deposited…