Debt

By Emily Schmall and Salman Masood Muhammad Nazir cancelled his daughter’s wedding. He parks his motorcycle at home and walks to his shop. Many of his shelves are empty because he cannot afford to stock the same supply of candy, soft…
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COLOMBO – Sri Lanka aims to make a ‘significant reduction’ in the runaway fiscal deficit in 2022 and have a ‘non-traditional budget’, Presidential Secretary P. B. Jayasundara, said as the country faces severe monetary instability due to…
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COLOMBO – Sri Lanka’s central bank is aware that its net foreign assets are negative and is working to reverse the situation, officials said, as the note-issue bank got deeper into debt with money printed to keep rates down or pay…
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COLOMBO – Sri Lanka’s government debt had climbed to 104% of gross domestic product (GDP) by June 2021 from 101% in December 2020, based on the latest national income estimates and debt data. Sri Lanka’s nominal GDP for the 12 months…
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By The News Desk Long queues have been reported at food markets and prices of staples are trending upwards as Sri Lanka grapples with an economic crisis that has hit imports and now forced the government to declare an emergency. The…
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By Amiti Sen NEW DELHI  - Sri Lanka’s economic emergency declared by the country’s President, Gotabaya Rajapaksa, last week to control spiralling food prices and declining foreign reserves has exporters in India worried,  as the curbs…
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COLOMBO - Sri Lanka's debts were mainly to Western countries and international finance institutions, and debts to China were "extremely well manageable," a Sri Lankan official said in an article published Saturday (4). "This myth that…
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COLOMBO – The International Monetary Fund (IMF) has allocated 650 billion unconditional special drawing rights (SDR)to all members which can be counted as foreign reserves in a country and exchanged for usable currencies, with Sri Lanka…
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By Chiyo Kanda Stepping into the new role of a Country Manager for Sri Lanka and the Maldives in July 2020 during a global pandemic was no easy feat. For the first three months, I worked from Washington DC, due to travel restrictions.…
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By Chandrasena Maliyadde At the time of gaining independence 74 years ago, Sri Lanka was a prosperous country that was recognized as a model economy with a per capita income of $120, on par with Japan. At that time, the per capita income…
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