Sri Lanka

As Fitch upgrades ratings, Sri Lanka claims it has ended debt default

With the decision by the Hong Kong based Fitch Ratings to upgrade Sri Lanka's credit rating, the island nation has officially ended its debt default, the Finance Ministry said here on Saturday. Fitch upgraded Sri Lanka's long term credit default rating to CCC+ from CCC- on Friday as it said that the risk of another default on local currency debt has been reduced by the completion of the international sovereign bond restructuring and an improved outlook for macroeconomic indicators. Mahinda Siriwardana, a top bureaucrat in the Finance Ministry, said in a statement: December 20 marked a major milestone in our economic recovery process as Sri Lanka officially exited sovereign default. Sri Lanka had plunged into an economic crisis when the island nation declared sovereign default in mid-April of 2022, its first since gaining independence from Britain in 1948. Almost civil-war-like conditions and months of public protests led to the fleeing of the then president Gotabaya Rajapaksa. Rani

Sri Lanka announces to lift vehicles import ban for first time in 4 years

Sri Lanka has announced that they will lift the vehicles import ban which was put in place in 2020 to ease the pressure on foreign exchange reserves due to the COVID-19 pandemic. By the gazette issued on Wednesday the importation of public transport vehicles have been allowed for the first time since early 2020. The Ministry of Finance said the policy to ban vehicle imports was implemented with the intention of easing the pressure on foreign exchange reserves due to the COVID-19 pandemic and the economic downturn of 2022. President Anura Kumara Dissanayake addressing Parliament on Wednesday said the importing cars for private use will be allowed from February 2025. However, the decision is subject to rules so as to protect the island nation's effort to build foreign reserves. All importers must sell their imports within three months, if not a three per cent fee would be charged. These conditions have been imposed with the intention of safeguarding foreign exchange reserves of the

Sri Lanka to focus on $1 bn Adani projects, unconcerned about global issues

Sri Lanka decided to review two projects worth about $1 billion linked to the Adani Group after US authorities last month accused Adani Group Chairman Gautam Adani and seven others

SL secures tax relief deal with IMF, imports to resume in 2025: Dissanayake

President Anura Kumara Dissanayake on Wednesday announced that Sri Lanka has achieved flexibility with the IMF on its rigid state revenue tax regime, something that was part of his election promise. Also, import of private cars -- banned from 2020 -- would be allowed from February 2025, Dissanayake, who is also the Minister of Finance, told the parliament. Speaking about the agreements reached with the International Monetary Fund (IMF) during its third review of the USD 2.9 billion Extended Fund Facility (EFF), the president said his government has been able to raise the tax threshold. We have been able to raise the tax threshold of pay as you earn (PAYE tax) so that those who have bigger incomes pay more while those who earn pay less, Dissanayake said, adding there would be other VAT exemptions and withholding tax on interest incomes for the retired. An income of Rs 1,50,000 per month will be tax free, Dissanayake said referring to the current free amount upto only Rs 1,00,000. F

Watch: Sri Lankan President Anura Kumara Dissanayake visits Mahabodhi Temple in Bodh Gaya

President Murmu discusses long-standing ties with Sri Lankan counterpart

Terming it a "meaningful meeting," Dissanayake said that their discussions on Monday focussed on regional security and mutual cooperation

India to continue backing Sri Lanka's sustainable economic growth: Murmu

President Droupadi Murmu on Monday said India would continue to support sustainable economic development of Sri Lanka as its close and trusted partner. Welcoming Sri Lankan President Anura Kumara Disanayaka and his delegation to the Rashtrapati Bhavan, she congratulated him for his victory in the recent presidential and parliamentary elections. President Murmu also hosted a banquet in his honour. She said that Sri Lanka is an important part of India's 'Neighbourhood First' policy and SAGAR Vision, according to a statement issued by her office. President Murmu said that as a close and trusted partner, India would continue to support the Sri Lankan government's efforts for the sustainable economic development of Sri Lanka. Disanayaka, who is on a three-day visit to India, held wide-ranging talks with Prime Minister Narendra Modi earlier in the day. As a trusted and reliable partner, India has conveyed its continued commitment to working closely with Sri Lanka in advancing its defen

Won't permit Sri Lankan territory to be used against India: Prez Disanayaka

Sri Lankan President Anura Kumara Disanayaka on Monday clearly conveyed to Prime Minister Narendra Modi that the island nation's soil will not be allowed for use against India's interests, an assurance that came amid concerns in New Delhi over China's attempts to increase its influence over Colombo. Disanayaka, on a three-day visit to India, held wide-ranging talks with Prime Minister Modi that saw both sides deciding to soon conclude a defence cooperation agreement and ramp up energy ties by establishing electricity grid connectivity and multi-product petroleum pipelines. In his media statement, Modi said he and the Sri Lankan president were in "full agreement" that security interests of both the countries are interconnected and it was decided to quickly finalise the security cooperation agreement. Modi conveyed to Disanayaka India's consistent support to the island nation in its quest for economic recovery and stability. Sri Lanka was reeling under a massive economic crisis two ..

Sri Lanka President's India tour: Energy, defence ties to be ramped up

The proposal for establishing a pipeline between Tamil Nadu and Sri Lanka is expected to ensure an affordable and reliable supply of fuel to Sri Lanka

‘India supported us immensely during economic crisis,’ says Sri Lankan President Dissanayake

India to supply LNG to Sri Lankan power plants, connect power grids

Sri Lankan President Anura Kumara Dissanayake is on a three-day visit to India for bilateral talks centred around economic cooperation, defence collaboration, and energy connectivity

PM Modi holds talks with Sri Lanka Prez Dissanayake over trade, defence

Prime Minister Narendra Modi Monday held extensive talks with Sri Lankan President Anura Kumara Disanayaka, focusing on further shoring up India-Sri Lankan cooperation in a range of areas, including defence, trade and investment. The Sri Lankan leader arrived in Delhi on Sunday, his first foreign trip after becoming president in September. Ahead of the talks, Disanayaka was accorded a ceremonial welcome at the Rashtrapati Bhavan. "An extensive agenda encompassing trade, investment, development and security cooperation will be discussed," External Affairs Ministry spokesperson Randhir Jaiswal said on 'X' ahead of the Modi-Disanayaka talks. On Sunday, the Sri Lankan leader held separate meetings with External Affairs Minister S Jaishankar and NSA Ajit Doval. The Sri Lankan leader will also meet President Droupadi Murmu. Disanayaka is scheduled to attend a business event in Delhi to promote investment and commercial linkages between India and Sri Lanka. He is also scheduled to visit

Sri Lanka key to Neighbourhood First policy: Jaishankar tells Dissanayake

He further affirmed confidence that President Dissanayake's talks with Prime Minister Modi today will lead to greater cooperation

Sri Lankan prez Dissanayake meets FM Sitharaman to discuss economic ties

Earlier on Sunday, Dissanayake also met External Affairs Minister S Jaishankar and National Security Advisor Ajit Doval

Sri Lankan President begins 3-day India visit to boost bilateral ties

Sri Lankan President Anura Kumara Disanayaka arrived in India on Sunday on a three-day visit in his first foreign trip after assuming the top office in September. Prime Minister Narendra Modi will hold wide-ranging talks with the Sri Lankan leader on Monday that is expected to focus on trade, investment, energy and maritime security. The Indian side is also likely to convey to the Sri Lankan leader New Delhi's expectations from Colombo to fulfil the aspirations of the Tamil community in the island nation. Disanayaka was received at the Delhi airport by Union Minister of State for Information and Broadcasting L Murugan. In a post on 'X', External Affairs Ministry spokesperson Randhir Jaiswal said Disanayaka's visit will be an opportunity to further deepen India-Sri Lankan ties and add momentum to the people-centric partnership. "Warm and special welcome!" he said along with photos of the Union minister receiving Disanayaka. The Sri Lankan leader will also meet President Droupadi

No problem with Adani funding Colombo Port project: Sri Lankan minister

The Sri Lankan government wants to see the deep-water container terminal project at the Colombo port go ahead and has no issue with the Adani-led conglomerate using its own resources to fund it, ports minister Bimal Rathnayaka has said. In an exchange filing late on Tuesday, Adani Ports and SEZ Ltd said the project "is on track for commissioning by early next year" and added that the company will fund the ongoing project through "internal accruals", aligning with its capital management strategy. It is a very important project for revenue generation for the port, we are keen to see it going ahead," Rathnayaka told reporters during a tour of the port on Thursday. He said the Adani group's decision to reject funding from the US International Development Finance Corporation (DFC) was its own and Sri Lanka had no issues with it. The DFC, in November last year, agreed to provide a USD 553 million loan to support the development, construction, and operation of a deep-water container termi

Why Adani Group opted out of $553 mn US funding for Colombo port project

The Adani group has said it would finance the Colombo West International Terminal redevelopment project through its internal resources and capital management plan

Will use own resources: Adani opts out of US funding for Colombo project

Billionaire Gautam Adani-led conglomerate on Tuesday said it will use its own resources to fund a Sri Lankan port project and not seek US funding. In an exchange filing late on Tuesday, Adani Ports and SEZ Ltd said the project "is on track for commissioning by early next year" and added that the company will fund the ongoing project through "internal accruals", aligning with its capital management strategy. The company said it has withdrawn its 2023 "request for financing from the US International Development Finance Corporation (DFC)". The US International Development Finance Corp, in November last year, agreed to provide a USD 553 million loan to support the development, construction, and operation of a deep-water container terminal called the Colombo West International Terminal (CWIT) at the Port of Colombo in Sri Lanka. The CWIT is being developed by a consortium of Adani Ports, Sri Lankan conglomerate John Keells Holdings Plc, and the Sri Lanka Ports Authority (SLPA). DFC ...

SL Navy arrests 8 Indian fishermen for crossing border, seizes 2 boats

Fishermen who went to sea in 324 boats from Mandapam north coast of Ramanathapuram district on Dec 7 were fishing near Delft Island in Palk Bay Sea area when Sri Lanka Navy arrived and seized 2 boats

Senior US diplomat to visit India, Nepal, Sri Lanka for cooperation talks

Biden Administration's point person for South and Central Asia will visit India, Sri Lanka and Nepal this week, the first after the November 5 presidential elections. The trip by the Assistant Secretary of State for the Bureau of South and Central Asian Affairs Donald Lu will be on a visit to the three countries from December 3 to December 10, the State Department said. The visit aims at strengthening cooperation with key partners in South Asia to promote regional prosperity and security, it said. In New Delhi, Lu will support US-India collaboration in the Indo-Pacific and beyond. He will join Assistant Secretary of State for the Bureau of East Asian and Pacific Affairs Daniel Kritenbrink to lead US participation in the US-India East Asia Consultations. The Consultations, along with separate meetings with senior Indian officials, will provide an opportunity to exchange perspectives on global and regional issues, an official release said. On December 5, Lu will travel to Colombo t