Sri Lanka clears global oil giants’ entry into retail fuel market

The move is aimed at diversifying Sri Lanka’s retail fuel market that is currently a duopoly, with the state-owned CPC and Indian Oil Corporation subsidiary Lanka IOC, which controls a third of the market | Photo Credit: Reuters Sri Lanka on March 27 decided to award licences to three global oil companies to operate in […]

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IMF-Sri Lanka reach staff level agreement, Fund provisionally agrees on $2.9 billion loan

Colombo must successfully restructure its foreign debt to secure the $2.9 billion programme Colombo must successfully restructure its foreign debt to secure the $2.9 billion programme The International Monetary Fund (IMF) has reached a staff-level agreement with crisis-hit Sri Lanka, in a first step before extending a $2.9 billion loan package that the Fund has […]

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Sri Lanka must manage existing resources: Central Bank Governor

Sri Lanka, a country of 22 million people, is under the grip of unprecedented economic turmoil, the worst in seven decades Sri Lanka, a country of 22 million people, is under the grip of unprecedented economic turmoil, the worst in seven decades Sri Lanka should learn to manage its economy with the limited foreign exchange […]

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Sri Lanka bans import of 300 items of consumer goods to stabilise economy

Sri Lanka has slapped a ban on the import of 300 consumer items like chocolates, perfumes and shampoos as part of the cash-strapped island nation’s bid to tackle its worst economic crisis triggered by the shortage of foreign exchange. Sri Lanka is going through its worst economic crisis since its independence in 1948. The worsening […]

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Sri Lanka inflation surges over 60% in July

Sri Lanka’s inflation surged to 60.8% in July, up from 54.6% in June, the crisis-hit country’s statistics department said on Saturday, as food and fuel remained scarce amid depleted foreign exchange reserves. The year-on-year inflation based on the Colombo Consumer Price Index was 60.8% in July, the Department of Census and Statistics said in a […]

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Sri Lanka’s inflation surges over 60% in July

Sri Lanka’s inflation surged to 60.8% in July, up from 54.6% in June, the crisis-hit country‘s statistics department said on Saturday, as food and fuel remained scarce amid depleted foreign exchange reserves. The year-on-year inflation based on the Colombo Consumer Price Index was 60.8% in July, the Department of Census and Statistics said in a […]

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Sri Lanka crisis live updates | Colombo hopes to revive economy with new leadership

Here are the latest updates on the ongoing political and economic crisis in Sri Lanka Here are the latest updates on the ongoing political and economic crisis in Sri Lanka Senior politician and staunch Rajapaksa loyalist Dinesh Gunawardena on Friday became the third Prime Minister to lead Sri Lanka in the last three months, amid political turbulence […]

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Sri Lanka President Gotabaya Rajapaksa flees as protesters storm home: report

Sri Lanka’s beleaguered President Gotabaya Rajapaksa fled his official residence in the capital Saturday, a top defence source told AFP, before television footage showed protesters demanding the leader’s resignation storming the compound. “The President was escorted to safety,” the source said, adding that troops fired in the air to prevent angry crowds from overrunning the […]

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China infra projects in focus as crisis worsens in Sri Lanka

An airport without planes, a revolving restaurant with no diners, a debt-laden seaport — Sri Lanka’s economic crisis has been exacerbated by Chinese-funded projects that stand as neglected monuments to government extravagance. The South Asian island nation borrowed heavily to plug years of budget shortfalls and trade deficits, but squandered huge sums on ill-considered infrastructure […]

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