Sri Lanka News

  World Bank lashes out at Sri Lanka The World Bank has stated that the statement made by the Sri Lankan Ministry of External Affairs that the World Bank will provide US $ 700 million to Sri Lanka in the next few months is untrue. The World Bank says it plans to extend its financial support to Sri Lanka after implementing an adequate macroeconomic policy framework. Under the current circumstances, there is no agreement on the provision of a fixed amount of money, said the Director of the World Bank, Mr. Faris H. Haddad emphasizes by releasing a Twitter message. Resources From lankacnews    

  Shashi Weerawansa sentenced to two years in prison Wimal Weerawansa's wife Shashi Weerawansa has been sentenced to two years imprisonment with hard labor by the Colombo Magistrate's Court. He was also ordered to pay a fine of Rs. 100,000 and an additional six months imprisonment if he did not pay. The order was issued by Colombo Chief Magistrate Buddhika Sri Ragala today. However, she has appealed against the order.  The Colombo Magistrate's Court said that the lawyers' request to release her on bail will be considered on Monday the 30th.  Resources From lankacnews      

  SATHOSA raises prices of many food items, restricts essential food items  Consumers say that the prices of many essential food items have been increased at SATHOSA branches islandwide from the 26th.   Last week Sathosa sold a kilo of Ponni Samba for Rs. 175, a kilo of local red rice for Rs. 145, a kilo of sugar for Rs. Consumers say that a kilo of imported red dhal sells for less than Rs. 560. Despite the increase in prices, the CWE had issued limited quantities of certain food items to its branches, but the CWE had taken steps to restrict the distribution to consumers. Resources From lankacnews    

  Many will lose their jobs in the future - Central Bank Governor Central Bank Governor Dr. Nandalal Weerasinghe has said that no one can bring inflation below 30% to 40% in the next six months and that the economy is expected to shrink at a rate higher than anyyear we have ever seen in history. The Governor of the Central Bank Dr. Nandalal Weerasinghe addressing a forum organized by the Press Club of Sri Lanka said, The Governor further said, “In the next 3-6 months, there will be only a limited amount of economic activity in the country. That is, the economy is shrinking. It is our expectation that this year the economy will shrink at a rate higher than any year we have ever experienced in history. No one can bring inflation below 30% to 40% in the next 6 months. This is an issue that severely affects the poor and vulnerable. Especially if the government does not provide support, it will be difficult for the low income poor to live on their income. You will see poverty level...

UN assures assistance to Sri Lanka in addressing current economic challenges  The Minister of Foreign Affairs Prof. G. L. Peiris met the UN Resident Coordinator in Colombo, Hanaa Singer- Hamdy on 23 May, 2022 to discuss multiple impacts arising out of the current economic situation in the country such as supply of essential items, concerns regarding food security and livelihood matters. The Minister underscored that the Government has anticipated the difficulties that may arise in the times ahead and is taking precautionary measures to mitigate the impact. The Foreign Minister explained the steps taken by the Government to ensure political and economic stability in the country, including the ongoing negotiations with the IMF and the World Bank. Minister Prof. Peiris stated that a central mechanism with the participation of key government agencies as well as the UN and donor countries is under consideration in order to address the urgent need...

  Introduction of a fuel price mechanism for deciding the sale price of petroleum products.  Introduction of a fuel price mechanism for deciding the sale price of petroleum products. The requirement of a mechanism to decide the sale price of petroleum products owing to a scientific methodology so that all the cost factors / components are exemplified with transparency for deciding the local sale price of petroleum products has been identified. Through such a methodology, building the trust within the consumers as well as building positive effect for financial constraints confronted by the Lanka Petroleum Corporation can be created. Accordingly, the cabinet of ministers granted approval for the proposal submitted by the Minister of Power and Energy to appoint a committee comprised of representatives of the Minister of Power and Energy pioneering while representatives of other relevant institutions in order to furnish appropriate recommendations to enable deciding the ...

  CBSL summoned before Committee on Public Finance today   The Central Bank of Sri Lanka (CBSL) has been summoned before the Committee on Public Finance today (24) at 10.00 a.m. The Committee on Public Finance, chaired by Hon. Anura Priyadarshana Yapa, Member of Parliament, recently decided to summon the Governor of the Central Bank, the Secretary to the Ministry of Finance and other officials to discuss the prevailing economic situation and solutions. Resources From  www.news.lk