By Ajith Siriwardana and Yohan Perera Courtesy The Daily Mirror Sajith Premadasa  The main Opposition Samagi Jana Balawegaya (SJB) together with its economic experts are currently in the process of formulating a solution to the present economic crisis and are discussing with local and international experts on restructuring Sri Lanka’s debt, the Leader of Opposition […]

Source: Hindustan Times Indian Finance minister Nirmala Sitharaman and Sri Lankan high commissioner Milinda Moragoda on Friday discussed the finalisation of a USD 1 billion line of credit to be provided by India to the island nation to purchase essential items to tide over an economic crisis. Moragoda met Sitharaman and conveyed Sri Lanka’s appreciation […]

Courtesy Adaderana Sri Lanka is committed to honour all forthcoming debt obligations and the country is not on the brink of a sovereign default, the Central Bank of Sri Lanka reiterated on Wednesday (February 09). In a statement, the Central Bank dismissed the recent media reports on an impending sovereign default as totally unsubstantiated”. The […]

Courtesy Hiru News Central Bank says with the realization of expected forex inflows and the build-up of international reserves, the need for initiating discussions with investors on debt restructuring as claimed by media reports does not arise. The Sri Lankan Government would be able to ensure settlement of its sovereign debt without default.

By P.K.Balachandran Courtesy NewsIn.Asia Colombo, February 4 (Counterpoint): It is widely acknowledged that Sri Lanka has not been in such dire straits economically as it is now in its 74 th. year as an independent nation. Seven decades of erratic economic policies adopted in the midst of a 30-year war, two insurgencies, self-defeating nationalism and […]

Courtesy The Daily Mirror Central Bank Governor Ajith Nivard Cabraal was quick to set the record straight with regard to Sri Lanka’s intention to reach out to the International Monetary Fund (IMF) for assistance. Referring to the comments made by the Finance Minister Basil Rajapaksa last evening where he shared that the government had sought […]

Courtesy Adaderana The International Monetary Fund is ready to discuss options” with Sri Lanka if the government asks for financial support, its mission chief for the island told AFP on Thursday. The Covid-19 pandemic has had a disastrous impact on Sri Lanka’s economy, which has been deprived of its tourism bonanza while workers’ remittances from […]

Anusha Ondaatjie, Courtesy Bloomberg News Pedestrians and shoppers at Pettah Market in Colombo, Sri Lanka, on Thursday, Dec. 16, 2021. Sri Lanka’s gross domestic product unexpectedly contracted last quarter, adding a new layer of challenge to the economy facing default risks. , Bloomberg (Bloomberg) — Sri Lanka’s inflation rate surged past Pakistan to make it […]

Courtesy The Island Mr. Dhammika Perera, the controlling shareholder of the Hayleys group and a multitude of other listed companies who is widely speculated to be the country’s wealthiest individual, has proposed a seven-pronged strategy to overcome Sri Lanka’s foreign exchange crisis in a wide-ranging interview with the Irida Divayina Sangrahaya. In terms of market value […]

Courtesy Hiru News  පවතින ආර්ථික ගැටලුවලට විසඳුම් සෙවීම සඳහා ජාත්‍යන්තර මූල්‍ය අරමුදල සමග වැඩපිළිවෙලකට යාමට රජය සාකච්ඡා කරමින් සිටින බව මුදල් අමාත්‍ය බැසිල් රාජපක්ෂ පවසනවා. ඔහු මේ බව සඳහන් කර ඇත්තේ ලන්ඩන්හි ෆයිනෑන්ෂල් ටයිම්ස් සඟරාව සමග පැවති සම්මුඛ සාකච්ඡාවකදීයි. ශ්‍රී ලංකාවේ වත්මන් ආර්ථික තත්ත්වය සම්බන්ධයෙන් ෆයිනෑන්ෂල් ටයිම්ස් පුවත්පත මුදල් අමාත්‍ය බැසිල් රාපපක්ෂ සමග සම්මුඛ සාකච්ඡාවක් […]

Courtesy Adaderana Sri Lanka is negotiating debt relief with international bondholders and is weighing an approach to the IMF, as the country struggles with a foreign reserve crisis that has left it close to default, the Financial Times reported. Basil Rajapaksa, finance minister, told the Financial Times in an interview that the government was negotiating […]

By Huang Lanlan in Shanghai and Chen Runze in Colombo Courtesy The Global Times Photo taken on Jan. 10, 2022 shows tourists viewing the scenery at the Marina in Colombo’s Port City, Sri Lanka. (Photo: Xinhua) After Sri Lanka declared an economic emergency and asked China for help at the beginning of the year, some Western and Indian […]

by Arundathie Abeysinghe Courtesy Asia News For Sri Lanka, imports are increasingly expensive. China and India have granted lines of credit, but analysts note that they are short-term solutions. Due to the inability to buy fuel, the government announced daily power cuts. Colombo (AsiaNews) – In addition to a growing debt crisis and a shortage […]

Dr. Chula Rajapakse MNZM SL has laid out a plan that is in the public domain , for paying it’s loan commitments for 2022, 500 million paid 18/1 and about 5 Billion mid 2022 and beyond . Instead of securing bridging loans from the IMF , they have secured short term bridging  loans and currency […]

Courtesy Adaderana Sri Lanka’s central bank governor told CNBC that the South Asian nation doesn’t need an economic lifeline from the International Monetary Fund (IMF). Well, we don’t need relief if we have an alternative strategy,” Ajith Nivard Cabraal said on CNBC’s Squawk Box Asia” on Monday. He claimed Sri Lanka is able to finance […]

Courtesy Adaderana Earnings from exports in November 2021 have recorded the highest monthly export value in history, notching up a total of USD 1.211 billion, says the Central Bank of Sri Lanka (CBSL). According to the press release issued by CBSL’s Economic Research Department, this brings the cumulative export figures for the January to November period, to […]

Courtesy The Daily Mirror Having overcome the first debt hurdle for the year— yet with another US$ 6.0 billion dollars worth of debt waiting to be retired in the next eleven months— Sri Lanka is still showing aversion to seek International Monetary Fund (IMF) support to restore investor confidence and regain capital market access. Sri […]

Courtesy Adaderana Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1, increased to 14.0 per cent in December 2021 from 11.1 per cent in November 2021, according to the Statistics Department of the Central Bank of Sri Lanka. Meanwhile, on an annual average basis, the NCPI increased […]

Courtesy Nikkei Asia COLOMBO (Reuters) — The Sri Lankan central bank raised interest rates on Thursday, as expected, shifting its focus to controlling inflation, curbing imports and attracting foreign capital as it looks to build reserves and avoid a potential default later in the year. The island nation has reiterated its commitment to repaying the […]

Courtesy The Island The Central Bank expects economic activity to record a gradual recovery following a temporary setback due to the third wave of the Covid-19 pandemic, Central Bank Governor Ajith Nivard Cabraal said. We have noted that the External Sector remained resilient amidst heightened challenges. With the normalization of global economic activity, a notable […]

Courtesy Adaderana India has offered a new Line of Credit (LOC) of USD 500 million to Sri Lanka for purchase of petroleum products.  India’s External Affairs Minister Dr. S. Jaishankar extended this critical support in his letter addressed to the Foreign Minister of Sri Lanka, Prof. G.L. Peiris, the Indian High Commission in Colombo said […]

BY Madhusha Thavapalakumar Courtesy The Morning Responds to JVP’s Handunnetti and SLFP’s Piyadasa and claims they have no knowledge about ISBs  Questions whether foreigners would be ‘insane enough’ to supply defaulting country  Says doom-sayers are spoilt children whose ‘lies have been exposed’  Responding to allegations that the Central Bank of Sri Lanka (CBSL) is servicing […]

By Aldgra Fredly Courtesy The Epoch Times Sri Lanka’s government has set aside $500 million for maturing bond repayment, Central Bank Governor Ajith Nivard Cabraal said on Jan. 5, a move that some economists believe is a mistake given the country’s foreign currency shortage to pay for imports. Cabraal announced on Twitter that $500 million has been allocated […]

By Yakuta Dawood  Courtesy The Morning Attygalle optimistic of receiving financial assistance from lenders The Government of Sri Lanka is optimistic of succeeding in its plan to restructure its debt with bilateral and multilateral lenders if its current attempts to restructure the debt with the Chinese Government materialises, the Treasury told The Sunday Morning Business.  Speaking […]

Courtesy Finance Monthly When a company’s foreseeable future earnings are not sufficient to repay debts, the company in question may choose to restructure its debt. And this applies to countries too. In years gone by, several countries have chosen to restructure their debt, with Sri Lanka potentially soon to join them. How does debt restructuring […]

Courtesy Adaderana The High Commissioner of India to Sri Lanka, calling on Central Bank Governor Ajith Nivard Cabraal, has expressed his country’s strong support to the island nation in the wake of the Reserve Bank of India (RBI) extending over USD 900 million facilities over the last week. These comprise deferment of Asian Clearing Union […]

By P.K.Balachandran Courtesy NewsIn.Asia Colombo, January 12 (newsin.asia): China has plans to revise schedules for the repayment of loans given to Sri Lanka, in response to the request made by the Lankan President Gotabaya Rajapaksa during his meeting with the visiting Chinese Foreign Minister Wang Yi here on January 9, the Global Times said. The Communist Party-run Global […]

Courtesy The Straits Times COLOMBO (REUTERS) – The Sri Lankan government will meet all debt repayments in 2022 and work on a more comprehensive plan to address its dwindling foreign exchange reserves, said central bank governor Ajith Nivard Cabraal on Wednesday (Jan 12). Sri Lanka managed to boost its reserves to US$3.1 billion (S$4.2 billion) at […]

By P. K. Balachandran Courtesy Eurasia Review A part of interest-free loans may be the first to be rescheduled while arrangements for other loans will have to be negotiated China has plans to revise schedules for the repayment of loans given to Sri Lanka, in response to the request made by the Lankan President Gotabaya Rajapaksa […]

Courtesy Financial Express Last week, President Gotabaya Rajapaksa told the visiting Chinese foreign minister Wang Yi that Sri Lanka would be helped if the debt could be restructured. Sri Lanka is currently experiencing a shortage of almost all essentials due to a shortage of dollars to pay for the imports. Sri Lanka is negotiating a […]