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IMF staff concludes visit to Sri Lanka; discussions to continue for a staff-level agreement on EFF
An International Monetary Fund (IMF) mission team led by Peter Breuer and Masahiro Nozaki visited Colombo from June 20 to 30, 2022 to discuss IMF support for Sri Lanka and the authorities’ comprehensive economic reform program. Anne-Marie Gulde-Wolf, Deputy Director of the IMF’s Asia and Pacific Department, participated in policy discussions. At the end of […]
‘s first Comprehensive Pedal Cycle Insurance Cover
Keeping up with the evolving trends in the external environment, Fairfirst recently introduced “Pedal Cycle Insurance” as another industry-first insurance policy. Passionate about empathy-led innovation that always caters to evolving customer needs, the Company ensures that individuals are offered peace of mind when making sensible changes for the better. Thus, with much consideration given to […]
Sri Lanka economy contracted by 1.6-pct in 1Q 2022
The year-on-year GDP growth rate for the first quarter of 2022 has been estimated as negative 1.6 percent which indicated a considerable contraction of the economy compared to the first quarter of 2021, the Department of Census and Statistics revealed. The three major economic activities of the economy; ‘Agriculture’, ‘Industry’ and ‘Services’ have contributed their […]
Sri Lanka’s Food Crisis: What is the Role of Imports?
By Dr. Asanka Wijesinghe and Chathurrdhika Yogarajah: Food security has become a pressing concern for many Sri Lankans amidst a deepening domestic economic crisis, drastic loss of rice production, and post-Ukraine crisis commodity price surge in the world market. International organisations have started humanitarian programmes targeting the country’s most vulnerable citizens, while policymakers are pushing […]
Actions will be taken to liquidate five failed finance companies: Central Bank
Actions will be taken to liquidate the five failed finance companies in accordance with applicable legal provisions, Sri Lanka’s Central Bank said. The Monetary Board, having considered the Report of the Advisory Committee on the five failed finance companies, noted that the proposals received for perusal of the said Committee were not viable and entailed […]
Sri Lanka to introduce new law on contempt of court
As the offense of contempt of court has not been defined in Sri Lanka, there is no clear and uniform procedure for hearing and adjudicating such cases. As a result, it is difficult to identify the limits of interference in the justice process and the limits on the right to freedom of expression. It seems […]
VIDEO: Crisis-hit Sri Lanka seeking discounted oil from Russia, Qatar
Sri Lanka’s Energy Minister has said the country will send delegations to Russia and Qatar to try and secure cheap oil. It’s not immediately clear how far the government can stretch its fuel reserves, which are likely to run out in a day. Meanwhile, the government has extended the closure of schools and non-essential services […]
Fuel to be supplied only for essential services from midnight: Cabinet
The remaining fuel stocks will be distributed only for essential services with effect from midnight today (June 27) until the 10th of July, Cabinet spokesman Minister Bandula Gunawardena said. Accordingly, essential services include ports, the health sector, distribution of essential food items, and transportation of agricultural products. Inter-provincial transport services will also be temporarily halted […]
Sri Lanka exports recorded 5-billion-dollar mark in five months
Earnings from the merchandise exports increased by 9.9 % y-o-y to US$ 980.2 Mn in May 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the increase in earnings from export of Apparel & Textiles, Coconut based products and Electrical & Electronic Components. Table 1: Merchandise Export Performance […]
Troubled Transportation: Lessons for Colombo from Manila, Bangkok and Hong Kong
One of the most critical implications of Sri Lanka’s current economic crisis is the hard hit on the transport sector. The foreign exchange shortage has made importing fuel a major challenge, severely affecting road transportation and further impeding the performance of an already crippled economy. This Policy Insight gives context to the ongoing transportation issues […]