SRI LANKA NEWS (OCTOBER 2024) Compiled by Victor Melder The value of Sri Lanka’s export of goods and services crossed the Rs. 10 billion mark in the first eight months of this year reflecting a near 6% growth year-on-year (YoY). The Sri Lanka Export Development Board (SLEDB) revealed yesterday that total merchandise exports in the first eight months were up 5.37% YoY to over $ 8.44 billion, while estimated total service sector earnings increased by 7.58% YoY to $ 2.24 billion. Thereby, the overall export earnings for the January to August period reached a high of $ 10.68 billion, marking a 5.82% YoY growth. In August merchandise export earnings reached a high of $ 1.16 billion in August, bringing the total value of goods shipped in the first eight months of 2024 to over $ 10 billion. Merchandise export earnings in August saw a 4.18% YoY increase reaching $ 1.16 billion, ...
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Monsoon Rains, Floods Wreak Havoc Source:ceylontoday The persisting inclement weather conditions, accompanied by the ongoing South-west monsoon, have wreaked havoc in 20 districts claiming the lives of 15 persons, injuring 23 and affecting a total of 3,727 families comprising 11,864 by yesterday (2). Major flood situations have been reported in Millakanda of the Kalu Ganga and Pitabeddara of Nilwala Ganga. Following that, several main roads, including the Bulathsinhala – Kalutara road, remain inundated. President Ranil Wickremesinghe has directed the Secretary of the Ministry of Finance to promptly allocate funds to the District Secretaries to provide urgent assistance to those impacted by the adverse weather conditions, the President’s Media Division said The situation was caused by the torrential rainfall of 149.8mm received by Millakanda of the Kuda Ganga basin of the Kalu Ganga, according to the Irrigation Department. The water level of the Kelani River has reached flood level in Kelanimulla, ...
SRI LANKA NEWS – DECEMBER 2022 – By Victor Melder Sri Lanka owed Chinese lenders $7.4 billion – nearly a fifth of its public external debt – by the end of last year, calculations by the China Africa Research Initiative (CARI) showed, an estimate higher than many others. The figure was above the “often-quoted 10 to 15 percent figures,” the study said, adding a “significant portion” of the country’s debt to China had been recorded under lending to state-owned enterprises rather than central government. Crisis-hit Sri Lanka is in the midst of a debt restructuring after years of economic mismanagement combined with the COVID-19 pandemic saw the country plunge into the worst economic crisis since independence from Britain in 1948 and tip into default. Export-Import Bank of China (EximBank) and China Development Bank are the two largest Chinese lenders, accounting for $4.3 billion and $3 billion respectively, according to the ...
SRI LANKA NEWS – JULY 2019 Compiled by Victor Melder. Demand for land in Thalahena, Gothatuwa and Kolonnawa are rising significantly, resulting in the highest percentage increases in land prices in Greater Colombo, according to a recently concluded study. LankaPropertyWeb.com analysed postings in its website to ascertain the change in asking prices for land in the Greater Colombo area. Thalahena topped the list, recording a year-on-year percentage increase of 64 percent. Ragama, Gothatuwa and Kolonnawa continues to be popular with land prices recording a percentage increase of between 55-35 percent The percentage increases are in line with the increases noted in the asking prices of land. In Thalawathugoda, the average price per perch is between 1.7 – 2 million Rupees. Interestingly, with the spike in percentage increase, neighboring suburb Thalahena, joins the same price category. While land in Kolonnawa and Wellampitiya both fall within the range of 700,000 to ...
