Presidential candidate Anura Kumara Dissanayake has attributed Sri Lanka’s 2022 financial crisis to incumbent President Ranil Wickremesinghe, while largely absolving former President Gotabaya Rajapaksa. Speaking at an election rally, Dissanayake claimed that Wickremesinghe was the architect of the crisis, whereas Rajapaksa’s missteps stemmed from ignorance. “They ended essential supplies like oil, gas, and electricity. Ranil
Sri Lanka is expecting a mission from the International Monetary Fund (IMF) in two weeks, President Ranil Wickremesinghe announced at a campaign rally in Homagama on Wednesday. “In two weeks when the IMF team comes, we must either confirm that we will implement the agreement and receive the next installment, or inform them of any
Sri Lanka has successfully restructured defaulted loans and past due interest owed to the Export Import Bank of China, transforming them into $4.187 billion in new loans, according to the Finance Ministry’s June 2024 debt bulletin. In March 2024, Sri Lanka owed $3.993 billion to the Exim Bank of China, including $903.8 million in arrears.
Sri Lankan President Ranil Wickremesinghe has unveiled his 2024 election manifesto, focusing on economic development, reducing the cost of living, creating jobs, raising wages, and improving welfare measures. The manifesto was officially launched on August 29 at the Taj Samudra Hotel in Colombo, in front of politicians, celebrities, and other distinguished guests. The full manifesto,
A $1.5 billion Light Rail Transit (LRT) project, previously canceled unilaterally by former Sri Lankan leader Gotabaya Rajapaksa, may be considered as a potential future project, according to Japanese Ambassador to Sri Lanka Mizukoshi Hideaki. Japan recently announced the resumption of 11 suspended projects in Sri Lanka, following the country’s default on sovereign debts and
At the Sri Lanka Human Capital Summit 2024 held on July 18 at Temple Trees, President Ranil Wickremesinghe highlighted the need for significant reforms in the country’s post-school education system. “We have too many agencies, departments, and ministries overseeing post-school education,” said Wickremesinghe. “I propose creating a single agency to manage all aspects of post-school
President Ranil Wickremesinghe announced a Rs 13 billion financial aid package for micro, small, and medium-scale enterprises (MSMEs) in Sri Lanka. This initiative includes both investment and working capital facilities to support MSMEs ahead of local elections. The scheme offers loans at a concessional interest rate of 7% for a period of 10 years, with
The completion of the Bingiriya Investment Zone is projected to generate $2.6 billion in export income and create 75,000 job opportunities, stated President Ranil Wickremesinghe during the inauguration ceremony of the second and third phases of the Export Processing Zone in Bingiriya. He emphasized ongoing efforts to establish new investment zones to further bolster the
The European Union (EU) plans to leverage the expertise of the International Finance Corporation (IFC) to promote Ceylon cinnamon exports to higher-value markets, according to a statement from the EU Delegation to Sri Lanka and the Maldives. The EU is also supporting Sri Lanka’s newly established Department of Cinnamon Development through the Export Agriculture in
Sri Lanka’s President Ranil Wickremesinghe has indicated plans to designate teaching as an essential service to safeguard children’s education, emphasizing the necessity for teachers to be present in schools during crucial morning hours. He warned of potential measures if educational continuity is disrupted due to teacher absences. These remarks were made during a discussion with