Basil says SLPP is being guided by Mahinda Rajapaksa

Final shipment of fuel under Indian Credit Line arrives in Sri Lanka

The final shipment of fuel under the Indian Credit Line arrived in Sri Lanka today. The Government said that 40,000 MT of diesel arrived at the Colombo Port today. The Export Import Bank (EXIM) of India and the Government of Sri Lanka (GOSL) had in February signed a USD 500 million Line of Credit (LOC) Agreement for the purchase of petroleum products. India?s support for fuel imports by Sri Lanka from India, through the LOC of USD 500 million was in response to Sri Lanka?s urgent requirement.

16 Jun, 2022

CB Governor says Sri Lanka should have gone to IMF sooner

Sri Lanka could have avoided its current economic turmoil if it had gone to the International Monetary Fund (IMF) for a bailout sooner, the country’s central bank governor says. P Nandalal Weerasinghe told BBC Newsnight that the delay in seeking outside help was a mistake. The country has said it needs $5bn this year in support from the international community, including the IMF. Sri Lanka defaulted on its foreign debt for the time in its history last month. “If we had taken the decision to

17 Jun, 2022

RBI warns of Sri Lanka’s fate without corrective measures

Referring to the economic crisis in Sri Lanka, the Reserve Bank of India says some states in India are showing warning signs of building stress and need to take corrective measures by cutting down expenditure on non-merit goods. State finances are vulnerable to a variety of unexpected shocks that might alter their fiscal outcomes, causing slippages relative to their budgets and expectations, said the?RBI?article prepared by a team of economist under the guidance of deputy governor Michael Debab

17 Jun, 2022