Category: Local News

Main Opposition Samagi Jana Balawegaya (SJB) says that the international rating agencies have downgraded the country, banks and financial institutions in April as a defaulter and watch negative status.

The cash-strapped Government is implementing tough new measures in the public sector to control public finance.

After a month of intense civilian-led protests over Sri Lanka’s deteriorating economy, President Gotabaya Rajapaksa agreed to appoint a new council on Friday to lead the formation of an interim government.

Power and Energy Minister Kanchana Wijesekera has instructed The Ceylon Petroleum Storage Terminals Limited (CPSTL) to immediately open up registration for new suppliers to transport Fuel and to cancel the registration of suppliers who fail to report to duty.

Cash-strapped Sri Lanka announced a 40 percent price hike for dozens of commonly used medicines on Saturday as the island nation labours through its worst economic crisis in decades.

Sri Lanka’s Finance Minister Ali Sabry said yesterday (April 29) his office had started initial consultations on the increase of fiscal revenue from the present 8.5 percent of the Gross Domestic Product (GDP) to 13-14 percent.

President Gotabaya Rajapaksa said the the goal is to find solutions to existing crises by resorting to methods that can alleviate the suffering of the people.

All Sri Lanka’s creditors will be treated equally in a planned restructuring of the country’s debt, its central bank governor said on Friday, adding that he expected progress in talks with the International Monetary Fund (IMF) in the next two months.

Former Kegalle SSP K.B. Keerthiratne who was arrested by the Criminal Investigation Department over the shooting incident during the protest in Rambukkana has been remanded until the 06th of May.

Sri Lanka’s president has agreed to replace his older brother as prime minister in a proposed interim government to solve a political impasse caused by the country’s worst economic crisis in decades, a prominent lawmaker said Friday.

The Government has declared May 02 as a special public holiday, the Secretary to the Ministry of Public Administration, J.J. Ratnasiri announced today (April 29).

Sri Lanka’s economy is heading for a tough time in the coming months with power tariff and fuel price hikes as a result of increasing losses of the Ceylon Electricity Board (CEB) and Ceylon Petroleum Corporation (CPC), former Prime Minister Ranil Wickremesinghe said yesterday (April 28).

While external debt restructuring remains a top priority for the Sri Lankan government, domestic debt in the form of Government securities and Sri Lanka Development Bonds will not be restructured, Central Bank Governor Dr. Nandalal Weerasinghe announced Thursday (April 28).

What was good for Sri Lanka under British colonial rule 75 years ago may be worth a try again. Or at least that’s what Mark Mobius, the former emerging markets guru at Franklin Templeton Investments, seems to be suggesting.

A joint pricing formula for Lanka Indian Oil Company (LIOC) and the Ceylon Petroleum Corporation (CPC) is under discussion, Power and Energy Minister Kanchana Wijesekera stated.

Inspector-General of Police (IGP) C.D. Wickramaratne has instructed the Criminal Investigation Department (CID) to take immediate action based on the court order to arrest the police officers who were involved in the Rambukkana shooting incident which claimed the life of a protester and injured many others.