SRI LANKA NEEDS POLICY CORRECTION – by N.S.Venkataraman Photo Source : dailymirror.lk here appears to be an unanimous view in Sri Lanka and other countries that appointment of the Ranil Wickremesinghe   as President of Sri Lanka is the best decision that has  happened in the present turbulent time in Sri Lanka.  Ranil  Wickremesinghe has served as Prime Minister of Sri Lanka six times  and he has not completed full term even once and is not   generally recognised as an exceptional administrator.  However, he has been recognised as a reliable and decent and least controversial  person by popular view  and that is perhaps why governance of Sri Lanka has been handed over to him.  Except a few professional demonstrators in Sri Lanka , the country is ,by and large , willing to support him if he would take appropriate policy decisions and implement them in a pragmatic way. This is a good situation ...

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A reset of economic fundamentals in Sri Lanka; Is IMF the only hope? By Raj Gonsalkorale Sri Lanka is at the precipice of an economic disaster. The country’s foreign debt is suffocating the country, it is its biggest immediate problem, and the problem for the foreseeable future unless urgent and drastic action is taken, now. The crisis arises due to several factors, the primary factor being the high component of market borrowings in the form of International Sovereign Bonds (ISBs) in the country’s foreign debt portfolio. ISBs account for 47% of the debt. The following Central Bank chart shows this ISBs are short term loans attracting high interest rates (around 6%) with no grace periods while loans from international institutions such as the World Bank, Asian Development Bank, IMF, attract low interests and long term repayment terms including grace periods. ISBs are usually not conditional while others like WB, ADB, ...

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Henarathgoda Botanical Gardens – evolution of Sri Lankan economy By Arundathie Abeysinghe   Situated in close proximity to Gampaha town and Gampaha Railway Station in Gampaha -Minuwangoda Road about 32 kilometers from Colombo, Henarathgoda Botanical Gardens also known as Gampaha Botanical Gardens was opened in 1876.  Surrounded by paddy fields, the picturesque water stream (Attangalu Oya) and a secondary forest, the Gardens has a large collection of tropical flower plants, an extensive collection of palms, orchids, endemic trees, properly designed shrubs, bushes and trees as well as a well-landscaped garden layout. Plants from every corner of Sri Lanka can be found in the Gardens. The Gardens is linked to the evolution of Sri Lankan economy as the first imported rubber tree to Sri Lanka was first planted in the Gardens from the first imported seedlings of Brazilian rubber tree (Hevea brasiliensis) planted in Asia. According to legends, British Explorer Sir ...

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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 ...

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