The International Monetary Fund has welcomed the announcement of an agreement in principle between Sri Lanka and international bondholders’ representatives, subject to confirmation on comparability of treatment by Sri Lanka’s Official Creditors Committee. “This represents significant progress in Sri Lanka’s debt restructuring process,” said a spokeperson for the IMF. The spokesperson added that the IMF…
The East Coast Sea Aborigines are a marginalized group living along the coastline from Muthur in Trincomalee to Vakarai in Batticaloa. Following military conflicts in the area, particularly the Mavilaru humanitarian operation in 2006, many people from villages, including Santhoshpuram, were forced to leave. When they returned in 2009, the government allocated 200 acres of…
President Ranil Wickremesinghe has announced that IMF representatives are scheduled to visit Sri Lanka in two weeks to disburse the next instalment of funds, as outlined in the agreement between the Sri Lankan government and the International Monetary Fund. The President emphasised that on September 21, the public will have to decide whether to approve…
Sri Lanka Tourism officials on Friday expressed confidence of 2024 achieving the targeted 2.3 million arrivals based on robust year to date performance and provided favourable conditions prevail in the forthcoming winter season. Last week, year to date tourist arrivals crossed the 1.2 million mark and Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Chalaka Gajabahu…
The Spices and Allied Products Producers’ and Traders’ Associ-ation (SAPPTA) yesterday called on the Government to reconsider its decision to import spices for re-export, warning of potentially detrimental consequences for the local industry and economy. “The move could undermine the local spice industry, impacting numerous farmers, exporters, and stakeholders in the value chain,” – SAPPTA…
In a move aimed at bolstering economic growth, the Central Bank of Sri Lanka (CBSL) has cut interest rates by 25 basis points. This decision, announced on July 24, reduces the Standing Deposit Facility Rate to 8.25% and the Standing Lending Facility Rate to 9.25%. The central bank’s move is intended to sustain the revival…
Australia’s former Prime Minister Scott Morrison emphasized three key elements—priorities, plans, and partnerships—that have enabled Sri Lanka’s recent successes and will shape its future during his address at the Human Capital Summit. The event, held at Temple Trees and inaugurated by President Ranil Wickremesinghe, drew around 600 participants and featured over 60 global and local…
Elon Musk is likely to arrive in Sri Lanka next month to launch his Starlink satellite-based internet service in Sri Lanka, an official said yesterday. The government, earlier, gave Starlink, the satellite unit of SpaceX, preliminary approval to provide internet services there. Afterwards, the government fast-tracked the process by even amending the Telecommunications Regulatory Act…
Star Garments, a subsidiary of Charles Komar & Sons, has secured a $15 million loan from the International Finance Corporation (IFC) to establish a new garment factory in Togo, marking their first venture into Africa. This factory, to be built in the Plateforme Industrielle d’Adétikopé near Lomé, will adhere to Leadership in Energy and Environmental…
Chethana Gomis Sri Lanka has objected to India’s proposal to explore cobalt deposits in the Indian Ocean. Thus, our country had objected to India’s recent proposal to obtain the necessary right to explore a cobalt deposit that may belong to the jurisdiction of Sri Lanka. Colombo argues that the area India wants to explore for…
