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Sri Lanka

Sri Lanka to obtain $200 million loan from ADB for power sector development

Sri Lanka to obtain $200 million loan from ADB for power sector development

Tue, Dec 10, 2024

The Sri Lankan cabinet approved a proposal to sign two agreements with the Asian Development Bank (ADB) for strengthening its power system and integration of renewable energy projects, according to a statement from the government's information department on Tuesday.

IMF pledges continued support for Sri Lanka's economic reforms

IMF pledges continued support for Sri Lanka's economic reforms

Sat, Oct 05, 2024

The International Monetary Fund (IMF) said that it will continue its close engagement with Sri Lanka's economic team to set a date for the third review of the IMF-supported program. An IMF team led by Krishna Srinivasan, director of the Asia Pacific Department, visited Sri Lanka from October 2 to October 4.

Sri Lanka to lift ban on vehicle imports by February 2025

Sri Lanka to lift ban on vehicle imports by February 2025

Sat, Sep 14, 2024

Sri Lanka will lift the restrictions on the import of all vehicles in a phased-out manner by February next year as part of the island nation's efforts to "restore normalcy in the economy", according to an official release.

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India hands over first payment to Sri Lanka for power projects Colombo

India hands over first payment to Sri Lanka for power projects Colombo

Thu, Aug 29, 2024

Indian High Commissioner Santosh Jha has handed over the first payment for hybrid power projects in Sri Lanka's Delft, Nainativu, and Analaitivu islands under an $11 million Indian grant.

Sri Lanka and US to enhance cooperation on maritime security

Sri Lanka and US to enhance cooperation on maritime security

Tue, Jul 16, 2024

Both countries affirmed the US commitment to a free, open, and prosperous Indo-Pacific region during the 5th Sri Lanka–USA Partnership Dialogue held in Washington on July 12, the Lankan Foreign Ministry stated on Tuesday.

India-Russia joint venture to get to run Mattala airport in Sri Lanka soon: Aviation minister

India-Russia joint venture to get to run Mattala airport in Sri Lanka soon: Aviation minister

Wed, Jul 03, 2024

The India-Russia joint venture was awarded the management of the Mattala International Airport in Hambantota in southern Sri Lanka in April.

Sri Lankan cabinet clears proposal to turn military airbase into civil airport

Sri Lankan cabinet clears proposal to turn military airbase into civil airport

Tue, Jun 25, 2024

The department said that President Ranil Wickremesinghe, in his capacity as the minister of defence and Minister of Ports, Shipping and Aviation Nimal Siripala de Silva, submitted the proposal earlier, Xinhua news agency reported.

Jaishankar calls on Sri Lankan President Wickremesinghe

Jaishankar calls on Sri Lankan President Wickremesinghe

Thu, Jun 20, 2024

External Affairs Minister S Jaishankar called on Sri Lankan President Ranil Wickremesinghe in Colombo and appreciated the progress made on various bilateral projects and initiatives.

IMF releases $336 million tranche to Sri Lanka amid 'knife-edged' path to debt sustainability

IMF releases $336 million tranche to Sri Lanka amid 'knife-edged' path to debt sustainability

Thu, Jun 13, 2024

The IMF has disbursed the third tranche of USD 336 million from its USD 2.9 billion bailout package to Sri Lanka, despite the caution that the economy of the cash-strapped nation remains vulnerable.

Sri Lanka has made 'strong progress' on debt restructuring front: IMF

Sri Lanka has made 'strong progress' on debt restructuring front: IMF

Sat, Jun 08, 2024

Addressing a press conference on Friday, International Monetary Fund (IMF) Communication Department Director Julie Kozack asserted that Sri Lanka has made "sufficiently strong progress on the debt restructuring front".

IMF's second review for extended fund facility set for June 12: Sri Lanka Finance Minister

IMF's second review for extended fund facility set for June 12: Sri Lanka Finance Minister

Mon, Jun 03, 2024

In March, the International Monetary Fund (IMF) said it has reached a staff-level agreement with Sri Lanka for the next phase that would enable it access to USD 337 million from the nearly USD 3 billion bailout approved in 2023 for the cash-strapped country.

Sri Lanka looks for USD 17 billion debt reduction from restructuring

Sri Lanka looks for USD 17 billion debt reduction from restructuring

Wed, May 08, 2024

The current debt restructuring negotiations revolve around USD 46 billion, mainly involving private bondholders.

Sri Lanka rupee makes gains over major currencies: Finance Minister

Sri Lanka rupee makes gains over major currencies: Finance Minister

Fri, May 03, 2024

Sri Lanka's rupee, which suffered severe depreciation because of the island nation's unprecedented economic crisis since 2022, has started to make gains in comparison to other currencies, State Minister for Finance Ranjith Siyambalapitiya said.

India to grant full cost of Lanka northern port development

India to grant full cost of Lanka northern port development

Tue, Apr 30, 2024

. The original cabinet approval for the project was given on May 2, 2017.

IMF, World Bank cite significant progress in debt restructuring cases

IMF, World Bank cite significant progress in debt restructuring cases

Thu, Apr 18, 2024

The IMF and the World Bank convened the roundtable, which brings together debtor countries, creditors, international financial institutions and the private sector to jumpstart long-stalled debt restructuring processes and build greater understanding on ways to address challenges.

Srilankan Airlines to lease four new aircraft ahead of privatisation bid

Srilankan Airlines to lease four new aircraft ahead of privatisation bid

Tue, Apr 02, 2024

The airline is among the loss-making state-owned enterprises that the International Monetary Fund (IMF) has asked the cash-strapped island nation to privatise to maintain and implement key economic reforms needed for recovery.

World Bank raises Sri Lanka's growth forecast to 2.2% for 2024

World Bank raises Sri Lanka's growth forecast to 2.2% for 2024

Tue, Apr 02, 2024

The Indian Ocean island nation secured an agreement in principle with China, India and the Paris Club nations last November to restructure its debt and now needs agreements with each bilateral creditor - a key condition in its IMF bailout.

IMF reaches staff-level agreement with Sri Lanka for $337 million bailout

IMF reaches staff-level agreement with Sri Lanka for $337 million bailout

Thu, Mar 21, 2024

The IMF on Thursday said it has reached a staff-level agreement with Sri Lanka for the next phase that would enable it access to USD 337 million from the nearly USD 3 billion bailout approved in 2023 for the cash-strapped country.

Sri Lanka inflation to reach 5% during Q3-Q4: Central Bank official

Sri Lanka inflation to reach 5% during Q3-Q4: Central Bank official

Wed, Feb 21, 2024

Sri Lanka's inflation is expected to return to the government's 5% target starting from the last two quarters of the year, a Central Bank of Sri Lanka (CBSL) official said on Wednesday, as the economy stabilises from a crippling financial crisis.

India's Floating Power Arrives in Sri Lanka: INS Karanj in Colombo

India's Floating Power Arrives in Sri Lanka: INS Karanj in Colombo

Sun, Feb 04, 2024

Indian submarine reached Sri Lanka, submarine INS Karanj in Colombo

Japan to expand FY2024/25 budget reserves for earthquake aid

Japan to expand FY2024/25 budget reserves for earthquake aid

Tue, Jan 09, 2024

Japan has urged Sri Lanka and its creditor nations to sign a Memorandum of Understanding on the island nation's debt restructuring following an agreement reached in principle late last year.

Sri Lanka needs to stick to IMF programme to overcome crisis: Central Bank Governor

Sri Lanka needs to stick to IMF programme to overcome crisis: Central Bank Governor

Sat, Dec 30, 2023

Weerasinghe was responding to queries if the island nation was open to renegotiating the terms of the four-year programme on the back of claims by opposition parties that they would renegotiate conditions for the IMF's USD 2.9 billion bailout package.

IMF completes Sri Lanka's first review, allowing for disbursement of $337 million

IMF completes Sri Lanka's first review, allowing for disbursement of $337 million

Wed, Dec 13, 2023

The Executive Board of the International Monetary Fund (IMF) has completed Sri Lanka's first review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the South Asian country to access about $337 million to support its economic policies and reforms.

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