Category: Economy
Diplomat Podcast: Economist Dr. Ganeshan Wignaraja on SL economic crisis
July 25, 2022 (LBO) – Former Executive Director of the Lakshman Kadirgamar Institute Dr. Ganeshan Wignaraja gave a comprehensive analysis of Sri Lanka’s economic crisis to “The Diplomat” publication recently.The interview with Luke Hunt, one of the most articulate on the crisis so far, takes stock of the current situation and points a path forward. […]
Ceylon Chamber Congratulates New President & Highlights Key Priorities
The Chairman of the Ceylon Chamber of Commerce, congratulating the new President of Sri Lanka through a letter, has highlighted key areas that require priority attention. Key priorities: Resuming discussions with the IMF urgently to reach a staff level agreement soon. Expediting the negotiations with creditors to successfully conclude the debt restructuring process […]
IMF expects to resume discussions with Sri Lanka as soon as possible
The International Monetary Fund says that they are hoping for a resolution of the current turmoil in Sri Lanka in order to resume the discussions on an IMF-supported program. “We hope for a resolution of the current situation that would allow for our resumption of a dialogue on an IMF supported program,” Gerry Rice of […]
CBEOU requests all political parties to ensure that there is no anarchy in Sri Lanka
Central Bank Executive Officers’ Union (CBEOU) expressed its fullest support to the people’s movement against the futile regime, which should be directly responsible for destroying the Sri Lankan economy, and as promised, we emphasize that the failed President and Prime Minister must bow down to the people’s verdict and vacate their offices. Releasing a statement, […]
‘s Finance Minister should resign; he has no plan: Dhammika Perera
Newly-appointed Minister of Investment Promotion Dhammika Perera calls for the immediate resignation of Finance Minister Ranil Wickremesinghe. “Sri Lanka’s Finance Minister plans for a disaster. The Minister of Finance has no plan or appetite to resolve the current dollar crisis,” Perera pointed out. “I think for these reasons, the Minister of Finance should resign.” Perera […]
Nandalal Weerasinghe Re-appointed as Central Bank Governor
The Central Bank announces that President Gotabaya Rajapaksa has re-appointed Dr. P. Nandalal Weerasinghe as the Governor of the Central Bank for a further term of six years, with effect from 4th July 2022. The relevant appointment letter was handed over to Dr. Nandalal Weerasinghe by President Gotabaya Rajapaksa, at President’s House in Colombo, today […]
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 […]
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 […]
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 […]
‘s Cauvery and Mannar Basins from FTG and aeromagnetic data
Bell Geospace, the world leaders in gravity gradiometry, has conducted the first aerial mapping of petroleum resources in Sri Lanka in Q4 of 2021, and will be presenting these insights – together with Wintermoon Geophysics- at the prestigious SEAPEX (South East Asia Petroleum Exploration Society) Asia Pacific Conference in London on Thursday the 30th of […]
Zero chance for illegal migrants, says Australia’s new Minister for Home Affairs
Minister of Foreign Affairs of Sri Lanka Prof. G. L. Peiris held a meeting with Australia’s Minister for Home Affairs, Clare O’Neil MP during her visit to Colombo, Sri Lanka, from 19 to 21 June 2022. This is the first overseas visit Minister O’Neil has undertaken as the Home Affairs Minister reflecting the importance Australia places […]