Message to Sri Lankans living abroad from Dr. P Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka source:cbsl.gov.lk Currently Sri Lanka is facing social, economic and financial distress creating hardships to its people due to the long lasting impact of the COVID-19 pandemic, global political imbalances and macroeconomic imbalances of the country. Although the authorities are taking measures to address the above situation of the country, including taking steps to actively manage its debt obligations, finding immediate financial assistance from other nations and progressing at the discussions with the International Monetary Fund for a comprehensive programme, the positive impacts of such measures will benefit the people only in the medium to long term. Therefore, urgent measures are needed to enhance the foreign reserve position of the country to meet its day-to-day essential imports including food, fuel and medicine.  In this background, the Central Bank of Sri Lanka (CBSL) ...

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Sri Lanka Progress talks IMF Bailing Out Details – By Dr Harold Gunathilake Website: www.Doctorharold.com Transcript: Wickremesinghe requested that the staff-level delegation from financial institutions visit Colombo as soon as possible to finalise the staff-level agreement. Sri Lankan Prime Minister Ranil Wickremesinghe has urged IMF chief Kristalina Georgieva to send a team to Colombo “as soon as possible” so that a staff-level agreement could be finalised as his cash-starved government is seeking to find USD 6 billion to keep the country afloat for the next six months. During his talks with the IMF Managing Director on Tuesday, Wickremesinghe “requested that the staff-level delegation from the IMF visit Sri Lanka as soon as possible so that the staff-level agreement could be finalised,” online portal news first. Lk reported on Wednesday, quoting a statement issued by the Prime Minister’s Media Division. The statement said that Georgieva expressed her willingness to support Sri Lanka ...

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Sri Lanka-current 27th May 2022 – By Dr Harold Gunatillake *Sri Lanka PM to take over as finance minister too. Ali Sabry, previous finance minister, resigns *Wickremesinghe will present an interim budget within six weeks that will slash government expenditure ‘to the bone’. *The PM is seeking $4bn from the IMF, China and Japan to pay for food and fuel even as he slashes the budget to ‘bare bones’. *Sri Lanka’s Rajapaksa Appeals for Bridging Finance in TokyoLanka has run out of money to pay for food, fuel, medicines and other daily need. *Sri Lanka hikes fuel prices, hires financial and legal advisers *Sri Lanka’s inflation increased by 20-24 per cent Lanka’s Prime Minister Ranil Wickremesinghe will take charge as finance minister, the president’s office has announced. It will lead talks with the International Monetary Fund (IMF) as the crisis-hit nation seeks a bailout. “Prime Minister Ranil Wickremesinghe was sworn ...

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News In Sri Lanka – by Dr harold Gunatillake   Website: doctorharold.com Transcript: Bringing the most important latest news to your doorstep “If the ongoing protests diminish through fatigue and fail to monitor Wickremasinghe, Lanka’s fall into the abyss will not only be inevitable but extremely painful as well”. Sasanka Perera-Professor of Sociology and Dean of Social Sciences at South Asian University, New Delhi. In his first interview since taking office, Mr Wickremesinghe told the BBC he would ensure families get three meals a day. Appealing to the world for more financial help, he said, “there won’t be a hunger crisis; we will find food”. The new PM described the Sri Lankan economy as “broken”, but he said his message to Sri Lankans was to “be patient; I will bring things back”. Sri Lanka’s political and socio-economic disaster turned into deadly combat between the progovernment thugs with the backing of Mahinda ...

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Wickremesinghe chosen Sri Lanka PM in effort to quell crisis – by Krishan Francis and Bharatha Mallawarachi Source:ctvnews.ca COLOMBO, SRI LANKA – Five-time former Sri Lankan Prime Minister Ranil Wickremesinghe was reappointed on Thursday in an effort to bring stability to the island nation, which is engulfed in a political and economic crisis. Wickremesinghe, a contentious choice by President Gotabaya Rajapaksa, took his oath in a ceremony at the president’s residence. Protesters have blocked the entrance to the president’s office for more than a month. The president’s brother, Mahinda Rajakapsa, resigned as prime minister on Monday following violent attacks by supporters on peaceful anti-government protesters. His resignation automatically dissolved the Cabinet, leaving an administrative vacuum. The president’s selection of Wickremesinghe is an attempt to end the violence and restore international credibility as the government negotiates a bailout package with the International Monetary Fund. Sri Lankans for months have been forced to ...

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Tourism – restricting outflow of foreign exchange -by G. A. D. Sirimal Source:island.lk Minister of Tourism, Prasanna Ranatunga, has declared the arrival of large numbers of foreign tourists here. He says about 82,327 of them came here in January, bringing in much needed foreign exchange. Has the Minister found out how much dollars these tourists have brought in and how much has been spent in Sri Lanka? Except those who come on business and stay in five-star hotels, other tourists spend very little. Some female tourists overstay their visas and engage in sex trade. I wish to relate an experience, when I visited Russia to attend a seminar conducted by ESCAP in 1985, when Russia’s economy was poor. ESCAP had deposited a certain sum in dollars with the organiers in Russia to meet payments to delegates and this amount was converted to Russian currency – rubles and paid to delegates ...

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SRI LANKA NEWS (JANUARY 2022)Compiled by Victor Melder. Export earnings from rubber, coconut and cinnamon are on the verge of exceeding $ 4 billion, creating history by recording the highest annual income generated from these crops in a year, Plantation Industries Minister Dr. Ramesh Pathirana said. He also said that the Plantation Ministry was committed to make the tea industry a profitable industry in 2022. He said despite not being able to reach the target export earnings, tea crop was estimated to be 305 million kg in 2021. He outlined that the tea industry was a key export crop which contributed significantly to the national economy. “If we want to build up the economy, then we must strengthen the planters. The COVID pandemic and fertiliser problems have caused some setbacks in the industry. But, amidst all these problems, we are working to strengthen the smallholders who contribute to the national ...

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Tourist payments : Three new regulations from Central Bank Source:newswire.lk Statement from Central Bank CENTRAL BANK MAKES IT MANDATORY FOR HOTEL SERVICE PROVIDERS TO ACCEPT PAYMENTS FROM PERSONS RESIDENT OUTSIDE SRI LANKA IN FOREIGN EXCHANGE The Monetary Board of the Central Bank of Sri Lanka issued Rules making it mandatory for hotel service providers to accept payments from persons resident outside Sri Lanka, only in foreign exchange. These Rules are published in the Gazette Extraordinary No. 2263/41 dated 21 January 2022. With the issuance of the Rules, hotel service providers registered with and licensed by the Sri Lanka Tourism Development Authority are required to; • Accept payments for services rendered to persons resident outside Sri Lanka only in foreign exchange. • Deposit such foreign currency into a Business Foreign Currency Account of the hotel service provider or sell to a licensed bank within three business days. • Credit payments into ...

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Tourism earnings hit $ 500 m target for 2021 By Charumini de Silva Source:ft.lk Industry aims to springboard from recovery to resilience from 2022 onwards Govt. all set to declare 2022 as ‘Visit Sri Lanka Year’ along with Global Communication Campaign Tourism Ministry to set up Special Secretariat to coordinate 5-year GCC activities National Tourism Policy for Sri Lanka to be finalised and implemented from this month The COVID-hit tourism industry has managed to rebound with earnings of over $ 500 million in 2021. “Tourism holds a greater significance in the services sector and has been a driver of growth for the economy. The industry was the most vulnerable to COVID-pandemic, but it has proven again its resilience with remarkable resurgence. The year ended with 194,495 tourists, with earnings surpassing the target of $ 500 million,” Sri Lanka Tourism Development Authority (SLTDA) Director-General Dhammika Wijayasingha told the Daily FT. As ...

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SRI LANKA NEWS (DECEMBER 2021) Compiled by Victor Melder. Sri Lanka’s inflation, as measured by the change in the Colombo Consumers’ Price Index (CCPI) increased to 9.9 percent in November 2021 from 7.6 percent in the previous month, the Department of Census and Statistics reported Tuesday. The CCPI for all items for the month of November 2021 increased to 150.7 from 146.9 in October 2021. With respect to October 2021, the reported inflation for November 2021 was mainly due to the higher price levels prevailed in the month, the Department of Census and Statistics said. As a result, the Year on Year inflation of Food Group increased to 17.5 percent in November 2021 from 12.8 percent in October 2021 and the Year on Year inflation of Non Food Group increased to 6.4 percent in November 2021 from 5.4 percent in October 2021. For the month of November 2021, on year‐to‐year ...

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