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The economy of Sri Lanka: Is there a way out? By by Prof. Arusha Cooray Source:island.lk Sri Lanka is currently facing an unprecedented set of economic challenges: a large and increasing public debt, rising fiscal and current account deficits, foreign exchange shortages and declining investor confidence. The collapse of tourist revenues and remittances due to the pandemic, have compounded the situation. Sri Lanka’s foreign exchange reserves are at an all-time low, currently sufficient to cover two months of imports. As a rule of thumb, a country’s foreign exchange reserves should be sufficient for at least three months of imports. The fall in foreign exchange reserves has led to a depreciation of the rupee against the US dollar, making it more difficult to service the debt denominated in foreign currency. Sri Lanka’s debt to GDP ratio currently stands at 101%. Businesses relying on imports are struggling to meet foreign currency payables. ...

Nov 22, 2021 Posted by eLanka admin In Articles Tagged Central Bank, economic challenges, economic policies, FDI, foreign exchange, GDP, James Cook University, Monetary policy, Prof Arusha Cooray

Sri Lanka on the way to successfully achieve UN SDGs – Sri Lanka’s Ambassador to Norway Prof. Arusha Cooray (from Sydney Australia) addresses the event marking Sri Lanka’s 71st Independence Day celebrations in Oslo Source: the Daily FT Sri Lanka Ambassador in Norway Prof. Arusha Cooray highlights Sri Lanka’s successes at 71st Independence Day celebrations in Oslo Says bi-lateral relationship between two countries has grown significantly in the recent past Asks Norwegians thinking of a holiday to make SL their next destination Sri Lanka has been a strong promoter of the UN’s Sustainable Development Goals (SDGs) and has successfully achieved a number of them, which include universal primary education and gender parity in school enrolment, Sri Lanka’s Ambassador to Norway Prof. Arusha Cooray noted recently. “We met the Millennium Development Goal (MDG) target of halving poverty at the national level, seven years before the 2015 MDG deadline. The Blue-Green Budget ...

Mar 8, 2019 Posted by eLanka admin In Articles Tagged Ambassador in Norway Prof. Arusha Cooray, Prof Arusha Cooray Comments 0

Sri Lankan Ambassadors and High Commissioners appointed – Prof Arusha Cooray of Sydney Australia Appointed as Ambassador to Norway ...

Aug 15, 2018 Posted by eLanka admin In Articles, Biz News, English Videos Tagged Arusha Cooray, Prof Arusha Cooray, Sri Lankan Ambassador to Norway, Sri Lankan Ambassadors, Sri Lankan High Commissioners Comments 0

Mirror Business interview with Prof Arusha Cooray Lack of fiscal discipline has plagued Lankan governments over the years: economist – Dr. Arusha Cooray Mirror Business conducted an email interview with Dr. Arusha Cooray, the Lankan born Professor of Economics at the Nottingham University Business School (Malaysia), over the current economic situation of Sri Lanka. Dr. Cooray’s work is widely published and she is one of the leading academics in the field of economics Sri Lanka has produced. Sri Lanka’s economy is currently undergoing extremely testing times amid depleting foreign reserves, an unsustainable debt pile and a looming balance of payment (BoP) crunch. The bad economic policies of successive governments are at fault for the current predicament the country is in, but the present global economic developments also haven’t been in favour of the US $ 82 billion economy. Following are the excerpts of the interview. What is your opinion of ...

Apr 11, 2016 Posted by admin In Articles Tagged Arusha Cooray, International Monetary Fund, Nottingham University Business School (Malaysia), Prof Arusha Cooray, Professor of Economics, Professor of Economics at the Nottingham University Business School, Professor of Economics at the Nottingham University Business School (Malaysia), Sri Lankan economy, Sri Lanka’s economy, status of the Sri Lankan economy Comments 0