Page 23 - Sri Lanka

Jaishankar holds talks with Lanka; Indian projects to boost Lankan economy

S Jaishankar held talks with Sri Lankan Finance Minister Basil Rajapaksa and discussed projects and investment plans by India that would strengthen the economy of the island nation.

India grants over $900 million to Sri Lanka to overcome forex crisis

India has announced a $900 million loan to Sri Lanka to build up its depleted foreign reserves and for food imports, amidst a shortage of almost all essential commodities in the island nation.

Indian firms, banks cautious as Sri Lanka battles financial crisis

India is Sri Lanka's third-largest export destination and it has invested heavily in the infrastructure and social sector projects in that country

Sri Lanka rules out IMF bailout, seeks China loan: Report

"The IMF is not a magic wand," central bank Governor Ajith Nivard Cabraal said

S&P lowers Sri Lanka rating to 'CCC' citing greater sovereign default risk

At the same time, the rating agency affirmed 'C' short-term credit rating

Sri Lanka to return Indian inmates under SAARC prisoner exchange deal

Sri Lanka will hand over two Indian prisoners, who have been serving life imprisonment in the island nation, to India on Wednesday and Thursday under the SAARC prisoners exchange agreement

Dealing with Sri Lanka

New Delhi should lead the assistance

Crisis-hit Sri Lanka asks China to restructure the debt repayments

Sri Lankan President has asked China to restructure the crisis-hit island nation's debt repayments as part of efforts to help the South Asian country navigate its worsening financial situation

SL could go bankrupt this year as inflation rises to record levels: Report

Sri Lanka is facing a deepening financial and humanitarian crisis that could lead it to bankruptcy in 2022 as inflation rises to record levels, said a media report.Earlier, on August 30 last year, the Sri Lanka government announced a national financial emergency after a steep fall in the value of the country's currency which caused a spike in food prices.Writing in Colombo Gazette, Suhail Guptil said, Sri Lanka is continuously facing twin deficits, that is, fiscal deficit and trade deficit during a major part of the last decade. Since 2014, the foreign debt level of Sri Lanka has been on the rise and reached 42.6 per cent of GDP in 2019.Guptil explained that the cumulative foreign debt of the country was estimated at USD 33 billion in 2019, which puts a huge burden on the country for debt servicing.After this, several credit rating agencies including Standard and Poor's, Moody's and Fitch downgraded Sri Lanka's credit rating to B from C, which makes it difficult to obtain funds ...

Sri Lanka launches inter-city train service using Indian-funded coaches

Sri Lanka on Sunday launched an inter-city train service, using the Diesel Multiple Units procured from India

India in talks with Sri Lanka for modernisation of Trincomalee farm: MEA

India is in consultation with the Sri Lankan government for the modernisation of the Trincomalee oil tank farm, said the Ministry of External Affairs

Sri Lanka signs deal to lease oil tanks to Indian Oil amid financial crisis

Sri Lanka signed a deal with the local unit of Indian Oil Corp, Lanka IOC, to lease 75 oil tanks, as the island moved closer to securing a $500 million fuel credit line from India

India will support Sri Lanka in these difficult times: Jaishankar

India welcomed the Trincomalee tank farms project

Sri Lanka to start vaccinating children aged 12-15 against Covid-19

Sri Lanka will unveil its vaccination drive to children aged between 12 and 15, from January 7, Health Minister Keheliya Rambukwella said here on Wednesday.

Lanka announces $1 bn economic relief package; says won't default on debt

Sri Lanka would duly pay the $500 million international sovereign bond payment due in a fortnight, Finance Minister Rajapaksa told reporters here.

Sri Lanka sees a tourism boom with highest holidaymakers from India

Although the Sri Lankan tourism sector is still struggling due to the Covid-19 pandemic, the island nation received the highest number of foreign tourists in December 2021

Sri Lanka to extend lease of 14 out of 99 oil tanks to India for 50 years

The new agreement will be an extension of the 2002 agreement with the local operators of the Indian Oil Company, LIOC

Sri Lanka, Indian Oil Corp unit to sign oil tank restoration deal

The island nation is facing dwindling foreign exchange reserves and has nearly $4.5 billion worth of debt repayments in 2022, prompting it to look at innovative ways to bring in foreign exchange

Chinese foreign minister to visit Maldives, Sri Lanka to shore up ties

The foreign minister's visit to the two South Asian countries come at the 50th anniversary of China-Maldives diplomatic relations, 65th anniversary of China-Sri Lanka diplomatic relations

Sri Lanka to shut three foreign missions as dollar crisis worsens

Sri Lanka's tourism-dependent economy was severely hit by the pandemic and the government in March last year imposed a broad import ban to shore up forex reserves