Popular singer Indrani Senaratne passes away

Sri Lanka seeks more cooperation with China and rejects ‘debt trap’ claims

Sri Lanka has sought more cooperation with China and also rejected ‘debt trap’ claims. China has invested a lot in Sri Lanka in recent years and Sri Lanka looks forward to expanding the mutually beneficial partnership, Ali Sabry, Sri Lanka’s minister of foreign affairs, told the media during his visit to China. Speaking at a press briefing at the Sri Lankan Embassy in Beijing on Wednesday afternoon, Sabry reviewed the country’s relationship with China and how it has helped Sri Lanka to develop

29 Jun, 2023

President assures local debt restructuring will not affect deposits

President Ranil Wickremesinghe today assured that local debt restructuring will not affect deposits in the banking system or interest on bank deposits that is currently being paid. Speaking at the opening ceremony of a new building of the Gampaha District Secretariat, President Wickremesinghe said that the Government anticipates the restructuring of $17 billion out of a total of 41.5 billion of foreign debt within a 5-year period. Accordingly, he said that local debt should also be restructure

27 Jun, 2023

World Bank approves $700 million in financing support for Sri Lanka

By Easwaran Rutnam The World Bank has approved $700 million in financing to help Sri Lanka implement foundational reforms that restore macroeconomic stability and sustainability. Issuing a statement, the World Bank said that its Board of Directors approved $700 million in financing for two operations to help Sri Lanka implement foundational reforms that restore macroeconomic stability and sustainability, mitigate the impact of current and future shocks on the poor and vulnerable, and support a

29 Jun, 2023