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China’s external lending increased massively over the last two decades Over 25% of the world’s bilateral external debt was owed to China by the end of 2023, making the country the leading debt collector. Two decades ago, the country rarely lent money; Japan lent the highest amount, followed by Germany, France, the United States and…
An unprecedented financial crash in 2022 brought months of consumer goods shortages, with inflation peaking at nearly 70% that year. File | Photo Credit: Reuters Sri Lanka’s consumer prices fell by 2.1% in November, the highest deflation rate recorded by the economically fragile island nation since 1961, official data showed Saturday (November 30, 2024). An…
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Sri Lanka’s new Cabinet sworn in on Monday, November 18, 2024, in Colombo. | Photo Credit: Special Arrangement President Anura Kumara Dissanayake on Monday (November 18, 2024) installed Sri Lanka’s new 21-member Cabinet, days after his National People’s Power [NPP] won a massive mandate in the parliamentary polls. He retained key portfolios of Defence, Finance,…
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Sri Lanka’s President Ranil Wickremesinghe. File | Photo Credit: Reuters Sri Lanka’s Supreme Court on Thursday (August 22, 2024) found President Ranil Wickremesinghe guilty of “arbitrary and unlawful” conduct, in the postponement of local body elections scheduled last year, even as he campaigns hard for a mandate in the September 21 presidential contest. President Wickremesinghe…
President of Sri Lanka Ranil Wickremesinghe. | Photo Credit: PTI Sri Lankan President Ranil Wickremesinghe will contest the Presidential election as an independent candidate, his aide said on July 7. Deputy Chairman of the United National Party Ruwan Wijewardene confirmed that the presidential election will definitely be held and Mr. Wickremesinghe, 75, will contest the…
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Copies of the ‘The Conspiracy’ book written by toppled Sri Lankan president Gotabaya Rajapaksa, are on display at a bookshop in Colombo on March 7, 2024. | Photo Credit: AFP Two years after his dramatic ouster from office by a popular people’s movement, Sri Lanka’s former President Gotabaya Rajapaksa has sought to defend his…
Sri Lankan President Ranil Wickremesinghe. File | Photo Credit: AP Sri Lanka hopes to avoid repaying debt till December 2027 after the completion of the ongoing restructuring process and repay them in the period running up to 2042, President Ranil Wickremesinghe said on March 5, as he defended his unpopular reform plans to revive the…
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“Despite early signs of stabilisation, full economic recovery is not yet assured,” the IMF said. Colombo: Bankrupt Sri Lanka’s economic recovery was “not yet assured”, the International Monetary Fund warned Wednesday, after the first review of its $2.9 billion bailout aimed at restoring the island’s finances. The Washington-based lender of last resort said Sri Lanka…
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People queue up to buy kerosene for domestic use at a supply station in Colombo on May 26, 2022. | Photo Credit: AFP Sri Lanka has formally announced an end to the fuel rationing scheme imposed one year ago during the height of the unprecedented economic crisis, a senior minister said on Friday, hinting at…
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