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(Reuters) – Sri Lanka and India will sign a pact to link their power grids and start negotiations on an upgraded trade agreement within two months, a Sri Lankan diplomat said on Wednesday (15), as the island nation seeks a way out of its worst economic crisis in decades.India has provided some $4 billion in assistance to its southern neighbour since the crisis hit early last year, but Sri Lanka is now seeking to enhance trade and investments as it moves to close a $2.9 billion loan from the International Monetary Fund, the country's envoy to New Delhi told Reuters."We have to have growth, otherwise basically the economy will shrink," Milinda Moragoda, the Sri Lankan High Commissioner to India said."As far as growth is concerned, India offers that prospect. So we will have to move on that.

Indian Minister of Commerce and Industry, Piyush Goyal on Tuesday (14) met Sri Lanka's High Commissioner Milinda Moragoda and discussed support for economic recovery through bilateral trade expansion.During the discussion between Minister Goyal and High Commissioner Moragoda, which was held in a very cordial manner, a wide range of issues pertaining to the areas of bilateral trade and commerce, particularly aiming at the economic recovery in Sri Lanka, was discussed, read High Commission of Sri Lanka press release.Mechanisms relating to the expansion of bilateral trade, the ways to establish and promote rupee trade between Sri Lanka and India as a means of economic recovery in Sri Lanka, and the possibility of further bilateral integration in the textiles and garment sector were among the key issues discussed between the Indian Commerce Minister and the Sri Lankan High Commissioner.Moragoda thanked India for the unprecedented support that it has extended to Sri Lanka to mitigate the negative impact of the economic crisis.Recalling India's timely issuance of financial assurances to the IMF, the first creditor to do so, High Commissioner Moragoda emphasized the key role that India could play in the recovery phase of the Sri Lankan economy, added the press release.India sent financing assurances to the International Monetary Fund (IMF), becoming the first of Sri Lanka's creditors to officially back the crisis-hit island nation's debt restructuring programme.This takes Sri Lanka one step closer to getting a crucial USD 2.9-billion package from the IMF, made contingent on "receiving financing assurances from Sri Lanka's official creditors and making a good faith effort to reach a collaborative agreement with private

WASHINGTON - The pace of consumer price increases eased again in January compared with a year earlier, the latest sign that the high inflation that has gripped Americans for nearly two years is slowly easing.At the same time, Tuesday’s consumer price report from the government showed that inflationary pressures in the U.S. economy remain stubborn and are likely to keep prices elevated well into this year.

The Samagi Jana Balavegaya on Tuesday (14) presented its Economic Policy in Colombo.Blueprint 2.0: is a Ten-Point Program for Economic Stabilisation and Equitable Growth.1. Transparency and Accountability2. Debt Crisis Management3.

(Reuters) – Officials from China, India, Saudi Arabia and Group of Seven nations will participate in a first virtual meeting of a new sovereign debt roundtable on Friday, the International Monetary Fund said on Monday, confirming an earlier Reuters report.The roundtable will also include officials from countries that have requested debt treatments under the Group of 20 common framework – Ethiopia, Zambia and Ghana – as well as middle-income countries such as Sri Lanka, Suriname and Ecuador, which have faced their own debt crises, three sources had earlier said.The meeting will be co-chaired by the IMF, the World Bank and India, the current leader of the Group of 20, and comes a week before G20 finance officials are due to gather in Bengaluru, India, from Feb. 23-25.

Bloomberg: The International Monetary Fund said its approval for a $2.9 billion loan to bail out crisis-riddled Sri Lanka will depend on the island nation securing assurances on debt relief from its bilateral creditors.“Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms,” an IMF spokesperson said in a statement on the progress of its Extended Fund Facility to the South Asian nation. “As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, the EFF arrangement for Sri Lanka can be presented to the IMF’s Executive Board for approval.”The Paris Club – an informal group of rich western creditors — and India have provided formal support to the multilateral lender for the loan recast, leaving China — Sri Lanka’s biggest lender — as a holdout.

President Ranil Wickremesinghe as the Minister of Finance, Economic Stabilization and National Policy has instructed the Treasury Secretary to only provide provisions for essential government expenses in order to maintain public services until the state revenue situation improves.The list of expenditure to be funded include salaries, debt servicing, pensions, medical supplies for hospitals, subsidies for low-income groups, scholarships, farmers’ pensions, school nutrition programs, payments for war heroes and disabled soldiers, utility payments, food supplies for hospitals and prisons, among others.This move is expected to have a significant impact on the economy, as it will prioritize the most important needs of the people and prevent funds from being misused. The Treasury has stressed the importance of sticking to the list of essential expenditure, as releasing funds for any other purpose could negatively impact the people and slow down the country’s economic recovery.

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe said that if the country continues according to the existing plan, Sri Lanka can rise out of bankruptcy by 2026.While delivering his Government’s Policy Statement following the ceremonial opening of the parliament session, President Wickremesinghe said that people will realize the importance of the present unpopular decisions in two to three years."Due to the measures taken, we have been successful in reducing the burden gradually. Now there is stability in the economy. People are comfortable.

We must ensure that those targets are met. Therefore, the Government of Sri Lanka instructed the Minister of Foreign Affairs and the Minister for Environment to sound out other developing countries with whom they spoke last time on how a joint action plan could be made. Perhaps, a meeting of the heads of government, of the concerned countries could be convened in the UAE, prior to the next conference.That is the only way that we can achieve results and we must go hard on it as there is no halfway house.

Sri Lanka's President and Prime Minister issued statements to mark the 75th Independence Day.In his message, President Ranil Wickremesinghe says there is a new economic and social reform agenda before the country with the objectives focusing first on recovery and then on renewed development. The Head of State stated it is imperative for us to unite in its implementation so that we can emerge with a high level of economic prosperity. He pledged to make the extremely difficult though vital decisions to achieve this goal with courage and determination. Prime Minister Dinesh Gunawardena in his message to mark the 75th Independence Day said "today, we not only celebrate our freedom, but also pay tribute to the ones who fought for it, to the ones who held a vision for our country, and to the ones who sacrificed themselves for the same." The Premier says the bravery, heroic acts as well as untold miseries suffered by our forefathers during their struggle for freedom of the Motherland must not be allowed to fade away from our memories.The Prime Minister adds the government has taken a series of measures to ensure recovery of the economy, and increase agricultural production to attain self-sufficiency and food security. Opposition Leader Sajith Premadasa also issued a statement to mark the 75th Independence Day. He stated "despite the fact that Sri Lanka has been independent for 75 years, we have failed to make that independence meaningful on national, social, educational, and religious levels."The Opposition Leader stated being trapped in "narrow chauvinism and communalism" is not the way to experience true freedom.

The ranks of American workers are thinning—often because people aged out of the workforce, or never entered it. Their absence could impede the economy’s ability to grow, and make for a less prosperous future. “Your call is very important to us—please stay on the line." Some customer service agents have moved on to more lucrative pastures during the pandemic, but a lot of America’s “missing workers" might never be coming back.

COLOMBO (News1st) – The Catholic Church questions how Sri Lanka can proudly celebrate its independence at a time when the country's economy and the rule of law is in disarray.   At a media briefing in Colombo today, Media Spokesperson of the Catholic Church, Reverend Father Cyril Gamini stated, "We must question how independence day can be celebrated proudly at a cost of Rs.200 million in a country that is unable to meet its foreign debt obligations, a country that is bankrupt". He further explained the situation in the country, that "30% of the population is starving, 33.4% of children under 5 years are suffering from malnutrition, many people are being laid off, small and medium scale businesses are crashing, the rule of law has deteriorated severely,human rights are being violated without any remorse, laws including the PTA are being misused to suppress fundamentals rights of the people, electricity cannot be provided continuously even during the A/L exam period and the lives of patients are at risk due to medicine shortages".Rev.

COLOMBO (News 1st) – Victoria Nuland, the Under Secretary of State for Political Affairs of the United States, has arrived in Sri Lanka on an official visit.Her visit is said to mark the 75th anniversary of U.S.-Sri Lanka relations, according to the U.S. Department of State.The Department added that the visit will also symbolise the offering of continued U.S.

SHAZHOU (CHINA) : For years, thousands of tourists flocked almost daily to this village in China’s southern Hunan province—an early stronghold of the Communist forces during the country’s civil war—to steep themselves in revolutionary history. Pandemic-related travel restrictions and lockdowns over the past 12 months slowed that flow to a trickle.

Diversification, not decoupling  For now, US government figures through to November show total US-China trade could approach or hit a high in 2022. "Going forward, you're going to see more diversification," as opposed to a complete cut-off of shipments from China, said Sweet. Auto manufacturers, for example, experienced supply chain problems during the pandemic.

COLOMBO (News 1st) – The U.S. Department of State released a statement mentioning that the Under Secretary of State for Political Affairs Victoria Nuland will travel to Sri Lanka between the 28th of January and the 3rd of February, 2023.Under Secretary Nuland will travel to Nepal, India, Sri Lanka, and Qatar as well starting today (28).Her visit is said to mark the 75th anniversary of U.S.-Sri Lanka relations, according to the U.S.

COLOMBO (News 1st) – Sri Lankan President Ranil Wickremesinghe said that the time is now for reconciliation and solve the issues of all communities one by one.He was speaking at the 100th anniversary of the All Ceylon Jamiyyathul Ulama in Colombo on Thursday (19).The President said the government already started discussions with the Tamil community, and will also be talking with the Tamil communities in the Hill Country in order to integrate them into society."We must have a discussion with the Muslim community on the problems you face. What are the issues you face now? I think one example is the 2018 Dhigana riots.

Colombo (News 1st) – President of the Sri Lanka United Businesses Alliance Tania Abeysundara discusses ways to revive the economy's backbone and overcome challenges faced by the SME sector on Newsline.

COLOMBO (News 1st) – Notice was issued once again on Central Bank Monetary Board members Attorney Sanjeewa Jayawardena, and Rani Jayamaha, as they failed to appear in court.On Monday (9) the Fundamental Rights applications filed against 39 people for leading the country to an economic crisis were taken up, and the notice was re-issued to the CBSL Monetary Board members.The Former President, Former Prime Minister, and Former Finance Minister are among the 39 people named as the respondents in the petitions.The FR applications by Transparency International Sri Lanka, Former Ceylon Chamber of Commerce Chairman Chandra Jayaratne, Dr Mahim Mendis from the Open University of Sri Lanka, and Former National Swimming Champion Julian Bolling claim that the respondents named in the petition are directly responsible for the unsustainability of Sri Lanka’s foreign debt, its hard default on foreign loan repayments, and the current state of the economy of Sri Lanka.The applications were considered in the presence of Chief Justice Jayantha Jayasuriya, and Justices Buwaneka Aluvihare, Vijith Malalgoda, L. T.

In a contracting economy, when the country’s leading organisations are consolidating rather than making ambitious expansions, true to the ethos that the Capital Maharaja Group has become renowned for, expansion measures are being put in place under the stewardship of the Group’s Chairman, Sashi Rajamahendran.Looking to the next decade, three of CMG's companies have been entrusted to three industry leaders with proven track records of excellence.Suneth Kudaliyanage has been appointed CEO of Fox Resorts and Fox Vacations, the leisure arm of CMG, whilst Chandima Athukorala takes over Harcros Chemicals (HCPL), and M Chems, the agrarian sector of CMG, and Ramesh Sonaimuthu will provide leadership to M Entertainments in the Digital Rights Management sphere.Sunil Kanojia, Group Director / Chief Executive Officer weighing in on this decision says, “I don’t think CMG is a Group like any other in Sri Lanka. We have always been unconventional and bold in our decisions and agile in executing them.

Frederica Jansz, Former Editor of The Sunday Leader, penned these thoughts on the 14th death anniversary of Lasantha Wickrematunge.Last year, at the May 13th hearing of The People’s Tribunal at The Hague, there was compelling evidence presented by witnesses which named the highest in the land as having been complicit in the murder of Lasantha Wickrematunge.However, suspects have been released on bail, and official proceedings with regard to the case have all ground to a halt. A man who has blatantly committed the most heinous crimes against journalists may quite possibly be connected to the murder of Lasantha Wickrematunge.At some point, there has to be justice.

COLOMBO (News 1st) – The National Election Commission announced that the notice calling for nominations for 340 Local Government Institutions will be released by the District Secretaries on Wednesday (4).A Senior Official at the Election Commission said that nominations will be accepted two weeks after the notice is published.The notice will include the date of accepting nominations, location, bonds, candidates, female representation among other matters.Members for Local Government Institutions need to be appointed by the 20th of March, and for that elections needs to take place before the 10th of March 2023.Commissioner General of Elections Saman Sri Ratnayake speaking to News 1st said that the Election Commission plans to conduct the election before the 10th of March 2023.The Election Commission said that the necessary preparations are being made for the election,however, a retire military officer had filed an application with the Supreme Court seeking an order to prevent the elections from taking place.Retired Sri Lanka Army Colonel W. M.

COLOMBO (News 1st) – The National Election Commission announced that the notice calling for nominations for 340 Local Government Institutions will be released by the District Secretaries on Wednesday (4).A Senior Official at the Election Commission said that nominations will be accepted two weeks after the notice is published.The notice will include the date of accepting nominations, location, bonds, candidates, female representation among other matters.Members for Local Government Institutions need to be appointed by the 20th of March, and for that elections needs to take place before the 10th of March 2023.Commissioner General of Elections Saman Sri Ratnayake speaking to News 1st said that the date to call for nominations for the Local Government Election will be announced on or before Thursday (5).He said that the Election Commission plans to conduct the election before the 10th of March 2023.The Election Commission said that the necessary preparations are being made for the election,however, a retire military officer had filed an application with the Supreme Court seeking an order to prevent the elections from taking place.Retired Sri Lanka Army Colonel W. M.

New Delhi: A group of high-ranking Sri Lankan Buddhist Monks, who were on a pilgrimage to Bodh Gaya recently, is now seeking His Holiness Dalai Lama's visit to Sri Lanka, which is reeling under a severe economic crisis.They met the Buddhist spiritual leader the Dalai Lama in Bodh Gaya on December 27 and were overwhelmed by witnessing a large gathering at the holy city.Most Venerable Waskaduwe Mahindawansa Mahanayake Thero, Mahanayake Thero, Sri Sambuddha Sasanodaya Sangha Sabha told ANI in an interview, "His Holiness came to India and people should know why he came to India. Why he settled down in India? India helped His Holiness, and now because of His Holiness, we know thousands of tourists are in Bodh Gaya."He added, "These days, Bodh Gaya is very cold and people usually don't come, but people are there because of His Holiness.

COLOMBO (News 1st) – Sri Lankan President Ranil Wickremesinghe has urged all to work together to ensure that Sri Lanka returns to normalcy by the end of 2023.The Head of State made this remark during an event held at the President's Office in Colombo on Monday (2).President Ranil Wickremesinghe said that no one can shirk their responsibilities for the country in the year 2023, which is a crucial year for the Sri Lankan economy, and invited all public servants to dedicate themselves towards making Sri Lanka a prosperous nation in the New Year.He extended this invitation to the Presidential Secretariat staff during the oath-taking ceremony for the New Year 2023 before commencing their duties on Monday morning (02)."Five and a half months ago, we took over a historic task at this office. During those five and a half months, we took steps to establish normalcy in the country at a time when the government had collapsed and the economy had also collapsed.

COLOMBO (News 1st): President Ranil Wickremesinghe in his new year message stated that Sri Lanka has gone through the "bleakest of times" and thanked the public for their "patience and courage" in the face of measures taken to stabilise the economy. "2023 will be a critical year in which we plan to turn around the economy," stated the President while wishing all Sri Lankans a "happy and peaceful new year."The Head of State admitted that the cries of the youth for a system change "cannot be ignored" adding that "proposed social, economic and political reforms" need to be implemented boldly. President's New Year Greeting "We are looking at the New Year 2023 after having undergone the bleakest of times, immense hardships, as well as the uncertainties and hopelessness of the last year. I understand the great burdens that are placed on all of us and the setbacks that a majority of us have suffered due to the country’s abject economic collapse.

New Delhi: Welcoming the new year and saying goodbye to the old one is a celebratory affair indeed. But did India’s business world have a good year? Perhaps not. In the years leading into 2022, companies had used low interest rates and surplus liquidity as an opportunity to bring down their debts and increase current assets.

COLOMBO (News 1st) – Sri Lanka President Ranil Wickremesinghe said that the country has had to face adverse repercussions due to the short sighted popular decisions taken in the past and unpopular decisions have had to be taken for the prospects of the country.The President made this observation on Thursday (08) taking part in the third reading debate of the budget proposal for the financial year 2023.He said further that a Parliamentary Select Committee will be established on a resolution by the Parliament to look into those who led the economy to bankruptcy with their incorrect fiscal policies.The statement made by President Ranil Wickremesinghe is as follows:Some members discussed the Mahaweli lands. The lands of the state were under the Land Commissioner until 1977. Due to the rapid development, some of the urban and rural lands were brought under the Urban Development Authority, Mahaweli Authority, and several other corporations.

Indonesia's Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, held bilateral talks with Sri Lankan Foreign State Minister Tharaka Balasuriya on Monday (5) to discuss cooperation in maritime security and safety and blue economy investment."Indonesia and Sri Lanka need to better increase economic cooperation," Pandjaitan said at the meeting, which was held on the sidelines of the Archipelagic and Island State Forum (AID) in the Indonesian resort island of Bali.The two countries need to make optimal use of bilateral cooperation to open up opportunities to promote the development of their economy, including maritime resource-based economy, he added."We warmly welcome and are ready to participate in boosting the two countries' economic growth.

de facto police sieges of residential complexes and the rounding up of even those who merely came into contact with covid-positive people to send them off to institutional quarantines. In response to widespread protests since late November against these excesses of a surveillance state, the government allowed major cities such as Beijing, Shanghai and Guangzhou to relax rules significantly, with even home quarantine allowed and access to malls and other places eased.

The danger is a repeat of the economic, financial and political swings that created a boom-bust cycle in the rest of the world Thursday marks two years since the Covid-19 vaccination drive began, yet both the U.S. and the world economy continue to be dominated by issues created by the pandemic.

COLOMBO (News 1st) – Sri Lankan President Ranil Wickremesinghe on Monday (5) said that Japan is the first choice when it comes to giving out the East Container Terminal at the Colombo Port."Why don't we develop and become a logistics centre? When I last tried to develop the Colombo Harbour and tried to give out the East Terminal, there was a big debate, as to I am trying to sell the country. Now we have given the West terminal out. Very good, but if you really want to get going, you have to give the East terminal out.

₹65.31 lakh crore, as against ₹56.20 lakh crore in Q2 FY22, showing a growth of 16.2% as compared to 19.0% in Q2 FY22. Shares closed at record highs for a fifth straight day today, extending their daily rally to seven days and logging a second straight month of gains, as investors cautiously awaited gross domestic product data. Many analysts believed that the Indian economy will expand at a single-digit rate mainly due to the waning base effect.

COLOMBO (News 1st) – The Hambantota International Port (HIP) and Sri Lanka Navy partnered with Shangri La Hotel – Hambantota to kick off the year-end festive season with a mid-sea cake mixing ceremony.The event was held on board a Sri Lankan Naval vessel docked at Hambantota International Port. The Christmas cake, which is complex and unique in its making, is an age-old tradition. While each home has a special recipe for it, hotels have made it into a much anticipated seasonal activity that spells the beginning of the holiday season and this year HIP played an important role in it.“The coming together of the Hambantota International Port Group (HIPG) and the Sri Lankan Navy to host this event is significant as Sri Lanka positions itself to receive record numbers of tourists this year for the winter season. We are proud to be a part of this endeavour.

COLOMBO (News 1st) – According to the Governor of the Central Bank Dr. Nandalal Weerasinghe, market interest rates have been tightening since last August and the Central Bank has been continuing to tighten their monetary policy since April and July of this year; Central banks engage in tight monetary policy when an economy is accelerating too quickly or inflation is rising too fast.

COLOMBO (News 1st) – Human Rights Watch quoting economists says that the economic situation in Sri Lanka could deteriorate rapidly without action by foreign creditors, placing the basic needs of millions of people in further jeopardy.To stabilize the economy, international creditors should agree to restructure Sri Lanka’s debt so the country can secure final approval for an International Monetary Fund (IMF) loan and financing from other global agencies, it added.In April, Sri Lanka defaulted on over US$50 billion in debts to international creditors. In September, it reached a staff-level agreement with the IMF for a four-year, $2.9 billion bailout.

COLOMBO (News 1st) – The Central Bank of Sri Lanka has decided to maintain the policy interest rates at current levels.Accordingly, the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank will be at their current levels of 14.50 per cent and 15.50 per cent, respectively.The decision comes after considering the recent and expected developments in the domestic and global economy and macroeconomic projections. 

COLOMBO (News 1st) – Sri Lanka's Central Bank Governor Dr. Nandalal Weerasinghe said that the Central Bank cannot make popular decisions, and making popular decisions is the job of the government."When you listen the budget debate these days, there are a lot of allegations on the Central Bank saying that CBSL contracted the economy and this model is not sustainable, and as a result the people are suffering," he said while speaking at the 40th Annual General Meeting of the Sri Lankan Apparel Exporters Association in Colombo on Tuesday (22).He said as the Governor of the Central Bank he is the person who is in charge of the monetary policy, and would not like to creep into or encroach someone else's authority in terms of the fiscal policy.

COLOMBO (News 1st) – Sri Lanka is among the seven countries with a high risk of a currency crisis, warned Nomura Holdings, Japan’s top brokerage and investment bank.The other countries are  Egypt, Romania, Turkey, the Czech Republic, Pakistan, and Hungary.According to Reuters, the Japanese bank said that 22 of the 32 countries covered by its in-house "Damocles" warning system have seen their risk rise since its last update since May, with the largest increases in the Czech Republic and Brazil.It meant the sum of the scores generated on all 32 by the model had increased sharply to 2,234 from 1,744 since May."This is the highest total score since July 1999 and not too far from the peak of 2,692 during the height of the Asian crisis," Nomura economists said, calling it "an ominous warning sign of the growing broad-based risk in EM currencies".The model crunches 8 key indicators on a country's FX reserves, exchange rate, financial health and interest rates to give an overall score.Based on data from 61 different EM currency crises since 1996, Nomura estimates that a score above 100 indicates a 64% chance of a currency crisis in the following 12 months.Egypt, which has already devalued its currency heavily twice this year and sought an International Monetary Fund (IMF) programme, now generates the worst score at 165.Romania is next on 145 having been propping up its currency with interventions.

COLOMBO (News 1st) – The Sri Lankan Government’s intention was to resume the negotiations on free trade agreements said Secretary to the President Saman Ekanayake.It is the vision of the President that Sri Lanka will integrate with the global value chains and with the largest economies in South Asia and East Asia and then expand to the east region linking to the Regional Comprehensive Economic Partnership (RCEP).Further, the Secretary to the President invited private sector stakeholders to creatively engage in this development initiative as they are the ultimate beneficiaries.He made these observations during an awareness session on the resumption of negotiations of free trade agreements held for Trade Chambers and Industry Advisory Committees at the Finance Ministry on November (16).Secretary to the Treasury, Secretaries of the Ministries of Foreign Affairs, Trade and Industries, and the members of the National Trade Negotiation Committee also participated.The contours of Global trade have been significantly changed in recent years by bringing regional and global production networks as driving factors of international trade where Sri Lanka has not yet been engaged to tap the potential.

Annual growth of USD 3 billion from new export from 2023 to 2032. Foreign Direct Investment of more than 3 billion USD in the next ten years. Creating an internationally competitive workforce with high skills in the next ten years.

COLOMBO (News 1st) – It has been reported that the Sri Lankan government had taken a decision to restructure domestic debt.This was revealed in the first-ever report produced by the Sub-Committee in identifying short and medium-term programmes related Economic Stabilization of the National Council.Appointment of the Sub-Committee:The Resolution to constitute the National Council, moved by Dinesh Gunawardena, the Prime Minister was approved by Parliament on 20th of September 2022.According to the above Resolution, the National Council shall have general responsibilities and jurisdiction over three main areas. One of them is to agree on short and medium-term common minimum programmes in respect of the stabilization of the economy.At the first meeting of the National Council which was held on 29th of September 2022, the Secretary-General of Parliament, presenting the way forward of the Council, suggested to appoint a Sub-Committee to recognize short and mediumterm programmes for the stabilization of the economy. The members of the SubCommittee were announced as per the preferences indicated by them at the Second meeting of the National Council which was held on 6th of October 2022.The committee is chaired by Patali Champika Ranawaka and includes MPs Naseer Ahamed, Tiran Alles, Sisira Jayakody, Sivanesathurai Santhirakanthan, Wajira Abeywardana,  A.

COLOMBO (News 1st) – Sri Lanka's Central Bank Governor stressed that State-Owned Enterprises need to be reformed so that they are not a burden on the economy."For us to come of the crisis we have to address the root causes of the imbalances. This is where the government will have to collect more revenue, curtail expenditure, and maintain a sustainable level of sovereign debt.

COLOMBO (News 1st) – President Ranil Wickremesinghe as the Minister of Finance will present the 2023 budget to Parliament today (14) to create long-term, stable economic growth.The 2023 budget has given special attention to the sectors of the capital market, export market, labour market and digital economy and it is expected to achieve the budget targets through the social market economy.This year’s budget will focus more on providing social welfare benefits to the people who need them most and creating a policy environment to build the private sector as the driving force of the country’s economy.Through the 2023 budget, the process of building a new economy tailored for the new world has been initiated aimed at creating a program to ensure a decent country for the youth

PMD – President Ranil Wickremesinghe in his capacity as the Minister of Finance will present the 2023 budget to Parliament tomorrow (14) aimed at creating long-term, stable economic growth.The 2023 budget has given special attention to the sectors of capital market, export market, labour market and digital economy and it is expected to achieve the budget targets through the social market economy.

COLOMBO (News 1st) – A Backbench Business Committee debate on the UK response to the human rights and economic situation in Sri Lanka took place on Wednesday (9) in the House of Commons chamber.UK MPs called for Sri Lanka to cut down on its military spending to overcome the economic crisis.UK MP Elliot Colburn noted that for Sri Lanka to be rescued, it needs to reduce its military spending, which stands at $1.86 billion per annum. "All of Sri Lanka’s projections for emerging out of the economic crisis are predicated on the country retaining its generalised scheme of preferences and trade concession. That annual trade concession is worth more than $500 million and has boosted Sri Lanka’s exports to EU member states over the years," said the MP adding that however, Sri Lanka has failed to meet the key labour and human rights requirements for receiving that preferential treatment, and the EU recently issued a warning that it is set to lose its concession if it continues to ignore its obligations. "As a key stakeholder at the IMF, the UK Government should propose conditions on any IMF financial assistance for Sri Lanka during the current economic crisis, including that Sri Lanka should carry out a strategic defence and security review to reduce its military spending, remove the military from engaging in commercial activities, meet the criteria for GSP+, and re-engage with the UNHRC process.

COLOMBO (News 1st) – World Bank Group President David Malpass has affirmed the World Bank Group’s support to Sri Lanka in rebuilding their economy & creating a foundation for sustainable private sector-led growth, said the President's Media Division.President Ranil Wickremesinghe met World Bank Group President David Malpass at COP27 where discussions focused on the challenging macro-economic and social situation in Sri Lanka.Sri Lankan President Ranil Wickremesinghe returned to the country on Thursday (10) concluding his visit to Egypt where he attended the COP-27 summit.President Ranil Wickremesinghe held discussions on debt management with the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, Finance Minister of Ghana Ken Ofori-Atta and Speaker of the People’s Majlis of the Maldives Mohamed Nasheed on the sidelines of COP27.President Ranil Wickremesinghe addressing the COP 27 Climate Change Conference in Sharm El-Sheikh, Egypt said that unbridled industrialization of the developed countries is the root cause of climate change, leaving the poor to suffer the consequences.

COLOMBO (News 1st) – Former Minister of Public Security, Rear Admiral (Retd.) Sarath Weerasekara on Wednesday (9) criticized the decisions taken by the Gotabaya Rajapaksa government.Weerasekera was a minister under then-President Gotabaya Rajapaksa, and he told Parliament that despite explaining to the former President the need to involve the people to overcome the economic crisis, those pleas fell on deaf ears."I questioned the cabinet if our foreign policy was neutral, why can't we purchase oil from Russia? I was told that it cannot be done cause of American pressure," said the MP from the Sri Lanka Podujana Peramuna.He said a failed foreign policy angered China, Russia, and even Japan and Gotabaya Rajapaksa had to flee the country because he did not implement Sri Lanka's foreign policy properly."He did not accept the advice on the economy. He worked against all economic principles.