Cabraal says he alone is not responsible for economic crisis-By Sandun A. Jayasekara Source:Dailymirror Former Central Bank governor Ajith Nivard Cabraal in his recently released publication on the current economic meltdown ‘Amidst Economic Hit Men’ says that if anyone is to blame for the current predicament, it is not only him but the previous administration, previous cabinet, finance minister and the monetary Board of the Central Bank as all the fiscal and economic decisions were taken collectively and not by a single person. The decision to default debt payment, keep the rupee steady, increase or cut tax and obtaining bilateral and multi-lateral loans and issuance of ISB were taken following the approval of the cabinet, the monetary Board and the finance minister. ...
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‘There is no money left’: Covid crisis leaves Sri Lanka on brink of bankruptcy A rice wholesaler plies his trade in Pettah, a commercial hub in Colombo, Sri Lanka. The military has been given power to control prices of food essentials, such as rice. Photograph: Chamila Karunarathne/EPASource:Theguardian Half a million people have sunk into poverty since the pandemic struck, with rising costs forcing many to cut back on food Coronavirus – latest updates See all our coronavirus coverage Sri Lanka is facing a deepening financial and humanitarian crisis with fears it could go bankrupt in 2022 as inflation rises to record levels, food prices rocket and its coffers run dry. The meltdown faced by the government, led by the strongman president Gotabaya Rajapaksa, is in part caused by the immediate impact of the Covid crisis and the loss of tourism but is compounded by high government spending and tax cuts eroding ...
Jan 6, 2022
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Tagged Ajith Nivard Cabraal, Chamila Karunarathne, Ranjit Hulugalle
Seeking outside help on bended knees won’t solve SL’s debt woes: Cabraal-By Nishel Fernando Source:Dailymirror Says govt.’s unique approach to current economic woes will transform SL’s external sector and debt profile for better Reiterates reaching out to IMF will not solve current crisis Assures govt. is equipped with tools and expertise to find solutions within country Says ongoing national debt restructuring exercise is not much different to a corporate debt restructuring process Assures soft landing for COVID-hit biz and individuals, once moratoria end Central Bank Governor Ajith Nivard Cabraal sees a rare silver lining for the country to transform its external sector and the debt profile to a much resilient and sustainable position, with the unique approach taken by the government to emerge out of the current external sector crisis, instead of bending the knees to the International Monetary Fund (IMF). “Every crisis has a silver lining and we should ...
‘Invest Sri Lanka’ restarts in Dubai Source:Island The ‘Invest Sri Lanka’ Investor Forum organized by the Securities and Exchange Commission of Sri Lanka (SEC), Colombo Stock Exchange (CSE), in association with the Embassy of Sri Lanka in UAE and the Consulate General of Sri Lanka to Dubai and Northern Emirates was recently held at the Sheraton Grand Hotel Dubai. The forum made a strong case for investment flows into Sri Lanka. The event drew a strong turnout and a full house of leading Dubai–based Sri Lankans across multiple industries and was graced by Ajith Nivard Cabraal as the keynote speaker. A Sri Lankan delegation including senior representatives of the SEC, CSE, the Central Bank of Sri Lanka, and representatives of Stock Broker Firms collectively pitched for further investment flows into Sri Lanka, a call that was also boosted by strong endorsements for Sri Lanka by the representatives of the Embassy ...
Nov 14, 2021
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Tagged Ajith Nivard Cabraal, Malraj de Silva, Securities and Exchange Commission of Sri Lanka, Viraj Dayaratne PC
Six month Roadmap to spur economic growth-by Shirajiv Sirimane Source:Dailynews ‘The Six Month Roadmap for Ensuring Macroeconomic and Financial System Stability’ presented yesterday will bring immediate solutions to some of the current burning issues, said Governor of the Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal. He said that firstly the CBSL will remove the 100% Cash Deposit Margin Requirement on 600 items imposed earlier on import of non-essential goods. “We observed that this decision caused problems for many sectors and we have now reversed it. However we urge importers not to import excess stocks and import what is only necessary,” Governor said. He said plans would be in place to unwind moratoria gradually and devise long-term plans to support businesses affected by the Pandemic-related lockdown. Measures will be taken to Stop Parate Executions and the Repossession of Vehicles in the next six months for pandemic-affected borrowers. ...
Oct 9, 2021
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Tagged Ajith Nivard Cabraal, Central Bank of Sri Lanka
14-year-old Lankan-born Yevin carried Queen’s baton at Gold Coast C’wealth Games A 14-year-old Sri Lankan born boy from Brisbane, Yevin Samararatne was selected to carry the Queen’s Relay baton at Gold Coast Commonwealth Games,in 2018 Sri Lankan born Yevin Samararatne is a young golfer who has won many State and national golf championships in Australia. His achievements in golf and studies are the main reason for his nomination by the school to carry the baton. “We were living close to the Logan Golf Range. It was a common sight to see players indulge in practices on the course while we were passing by. One day we dropped in at the course with my plastic golf clubs. A coach came up to me and my family after he had observed my swing and told us that I possess a great swing. This prompted me to pursue golf as a career,” ...
Oct 6, 2021
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Tagged Ajith Nivard Cabraal, Mahindananda Aluthgamage, Namal Rajapaksa, Yevin Samararatne
Elected Sri Lanka ruling party MP to resign for diplomatic posting in US: source Source:Economynext ECONOMYNEXT – Elected ruling Sri Lanka Podujana Peramuna (SLPP) parliamentarian Mahinda Samarasinghe has decided to vacate his seat and take up an ambassador post in the United States, a source close to the MP said on Saturday (18). “He opted for the US ambassador post,” the source, who has been involved with Samarasinghe’s political career for more than a decade, told EconomyNext. Local media, however, said he will be appointed as the ambassador for the US and Mexico. Samarasinghe was not immediately available for comment. The ex MP was elected from the island nation’s Western coastal district of Kalutara in the 2020 parliamentary poll. He polled the least preferential votes out of the eight SLPP legislators elected to parliament. ...
Sep 19, 2021
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Tagged Ajith Nivard Cabraal, Mahinda Samarasinghe, Manju Lalith Varna Kumara
Sri Lanka repays US$ 1 Billion Bond Source:Dailynews Sri Lanka has transferred funds to repay a $1 billion bond by the Tuesday deadline, keeping intact its reputation for honoring debt as concern mounts about the nation’s overseas financing. The money was transferred Monday, Ajith Nivard Cabraal, the State Minister for Money and Capital Markets, said by phone. Moody’s Investors Service placed Sri Lanka’s ratings under review for a downgrade last week, citing its assessment of the country’s increasingly fragile external liquidity position and the risk of default. ...
Revenue decline puts pressure on govt’s fiscal management-by Sanath Nanayakkare Moves underway to strengthen gross official reserves Seeking support from IMF ruled out Source:Island As government revenues have fallen below expected levels, fiscal management of the government is under pressure, Ajith Nivard Cabraal, State Minister of Finance, Capital Markets and State Enterprise Reforms said in Colombo yesterday. He made this remark while speaking at a media briefing held at the Ministry of Finance. “Although a sovereign bond of USD one billion needs to be settled this month, the actual outflow would be USD 700 million as Sri Lankan citizens own a share of USD 300 million of it. The current reserves are at USD 4 billion. After making this payment, the reserves will technically remain at USD 3 billion. Agreements have been arrived at with People’s Bank of China for a SWAP loan of USD 1.5 billion. In addition, the ...
Cabraal: Prez appoints members to Port City Economic Commission-By Shyam Nuwan Ganewatta Source:Island The President of the country would always appoint members to the Colombo Port City Economic Commission, entrusted with running of that city under the proposed CPCEC Bill, State Minister of Money & Capital Market and State Enterprise Reforms, Ajith Nivard Cabraal, yesterday, told the media, in Colombo. State Minister Cabraal said that most critics of the Colombo Port City Economic Commission Bill had not even read it. ...
Apr 19, 2021
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Tagged Ajith Nivard Cabraal, MP Wijeyadasa Rajapakse
