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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 […]
Parliament elects Ranil Wickremesinghe as Succeeding President of Sri Lanka
Parliament on Wednesday elected Ranil Wickremesinghe as the Succeeding President by the votes of the Members of Parliament. Accordingly, Ranil Wickremesinghe received 134 votes, Dullas Alahapperuma received 82 votes and Anura Kumara Dissanayake received 3 votes. The names of three Members of Parliament were proposed and seconded in the Parliament yesterday (19) for the vacancy […]
Invest to progress, not to regress: bridging the infrastructure gaps in Sri Lanka
By : Tiffahny Hoole and Janani Wanigaratne Sri Lanka is going through a crisis of a magnitude that has never been witnessed in its economic history. The country is in disarray as people wait in lines to purchase essentials. Official reserve assets have plummeted to a US Dollar 1920 1 million by May this year […]
Sri Lanka’s Deepening Economic Crisis: The Plight of the Poor
By Lakshila Wanigasinghe: Empty supermarket shelves, endless queues to buy essentials and overnight camping around fuel stations are now regular sights in Sri Lanka. As the economy continues to plummet with no viable short-term solutions in sight, levels of frustration among the citizens continue to rise. The country’s worst economic crisis since independence has battered […]
Sri Lanka introduces QR-based National Fuel Pass to manage fuel usage
The Ministry of Power & Energy today introduced the National Fuel Pass allowing the general public to purchase a guaranteed quota of fuel per week. Accordingly, one vehicle can be registered under one National Identity Card, Passport, or Business Registration Number. Registrations are open via fuelpass.gov.lk website. “A QR code will be allocated to each […]
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 […]
Prime Minister Ranil Wickremesinghe sworn in as Acting President of Sri Lanka
Prime Minister Ranil Wickremesinghe was sworn in as Sri Lanka’s interim President on Friday until Parliament elects a successor to Gotabaya Rajapaksa. Wickremesinghe, 73, took his oath of office before chief justice Jayantha Jayasuriya, Wickremesinghe’s office said in a statement. Sri Lanka’s new president will be elected through Parliament next week, Speaker Mahinda Yapa Abeywardena […]
Sri Lanka President steps down officially
Sri Lanka’s Parliamentary Speaker Mahinda Yapa Abeywardena said President Gotabaya Rajapaksa has officially stepped down from his post. He made the announcement speaking to reporters from his official residence, earlier on Friday. Abeywardena said as per Article 38 (1) of the constitution he received the letter of resignation of President Gotabaya Rajapaksa , on Friday […]
Fitch Ratings: Non-European emerging markets vulnerable to EU growth shock
A recession in Europe, which is becoming more likely, would increase external strains and growth challenges for some vulnerable non-European sovereigns, including several in north Africa and south Asia that have high export exposure to the EU, says Fitch Ratings. We forecast the eurozone economy to expand by 2.6% in 2022 and 2.1% in 2023, […]
CCC urges immediate resignation of President & calls upon all parties to support constitutional process to resolve crisis
The Ceylon Chamber of Commerce notes with dismay that the President has not submitted his letter of resignation to the Speaker on 13th July as promised and urges that this is done without any further delay as requested by leaders of political parties, joint chambers, civil society organizations and the vast number of people who […]
Business as usual at Hambantota Port despite current fuel crisis in Sri Lanka
Operations at the Hambantota International Port (HIP) from port services, marine services, energy hub, Port Industrial Park and Integrated logistics are running uninterrupted, despite the current fuel crisis in the country. As an essential service, HIP has ensured continuous fuel supply to enable the port to function 24/7 with no disruptions in shipping, logistics operations […]
Investors continue to cash in on the Sri Lankan apparel sector’s resilience
Investors are cashing in on the strong prospects of Sri Lanka’s apparel and textile exports sector, the country’s main export industry, which caters to some of the leading fashion brands globally. Although the South Asian island announced that it would default on its foreign debt earlier this year, the country’s exports and Foreign Direct Investment […]