Foreign Exchange Boost: Sri Lanka Surges Towards Recovery with $787 Million Aid Injection
|

Foreign Exchange Boost: Sri Lanka Surges Towards Recovery with $787 Million Aid Injection

Colombo, December 21, 2023 (Daily Reporter): Sri Lanka’s economic horizons are brightening as a much-needed international aid package of $787 million bolsters its foreign exchange reserves and fuels optimism for a sustained recovery. This month alone, the island nation received disbursements of $337 million from the International Monetary Fund (IMF), $200 million from the World…

New Sri Lankan Law to Hold Plantation Companies Responsible for Workers’ Conditions

New Sri Lankan Law to Hold Plantation Companies Responsible for Workers’ Conditions

Sri Lanka’s upcoming Employment Act is set to bring major changes for plantation workers, focusing on holding plantation companies (RPCs) directly responsible for deplorable working conditions. “We’re revamping our labour laws to hold all employers accountable, especially in tea estates,” declared Jeevan Thondaman, Sri Lanka’s Minister of Estate Infrastructure Development. His Twitter statement went straight…

IMF Praises Sri Lanka’s Progress on Bailout, Urges Continued Reform Efforts

IMF Praises Sri Lanka’s Progress on Bailout, Urges Continued Reform Efforts

In a press briefing today, Peter Breuer, Senior Mission Chief for Sri Lanka at the International Monetary Fund (IMF), announced the release of $337 million in additional funding for the island nation. This brings the total IMF support under the 48-month Extended Fund Facility to $670 million, part of a crucial $3 billion bailout package…

Continued ownership of reforms is essential to rebuild fiscal credibility in Sri Lanka – IMF says

Continued ownership of reforms is essential to rebuild fiscal credibility in Sri Lanka – IMF says

International Monetary Fund (IMF) says that continued ownership of reforms is essential to rebuild fiscal credibility to improve governance and reduce corruption vulnerabilities. Releasing the second tranch of the IMF’s $ 2.9 billion extended fund facility, IMF said that as part of the IMF-supported arrangement, Sri Lanka has undertaken significant reforms to pave the way…

Sri Lanka’s Debt Restructuring Enters Critical Phase
|

Sri Lanka’s Debt Restructuring Enters Critical Phase

Sri Lanka’s debt restructuring efforts have reached a crucial juncture as negotiations with international creditors intensify. The country’s crippling debt burden, which stands at a staggering 129% of its GDP, has been a major factor in the ongoing economic crisis. In recent weeks, there have been encouraging signs of progress towards a comprehensive debt restructuring…

End of an era as Sri Lankan firm takes charge at Finlays
|

End of an era as Sri Lankan firm takes charge at Finlays

James Finlay Kenya has completed its sale to Sri Lanka-based Browns Investments PLC. In the deal, 15 per cent of the sale value has been reserved for the local community through the Kipsigis Highlands Multipurpose Cooperative Society (KHMCS). The estate will now trade as Browns Plantations Kenya, the first investment by the multinational in the…

Sri Lanka and Creditor Nations Agree in Principle on Debt Restructuring
|

Sri Lanka and Creditor Nations Agree in Principle on Debt Restructuring

Sri Lanka and a group of its creditor nations said on Wednesday they have reached an agreement in principle on debt restructuring, a key step needed for the South Asian nation to emerge from its severe economic crunch. The deal will help Sri Lanka clear the first review of a bailout under the International Monetary…