Sri Lanka has been hit by severe flooding after excessive rains, resulting in the deaths of three people. The heavy rainfall has triggered widespread flooding, disrupting daily life and causing significant damage in affected areas. Authorities have responded by shutting down schools as a safety measure, while rescue and relief efforts are ongoing. Residents in vulnerable regions have been advised to remain cautious as officials work to mitigate the impact of the floods

Sri Lanka Floods: Three Killed After Excessive Rains, Schools Shut

The world bank has announced a significant upward revision in Sri Lanka’s economic growth forecast for 2024, now projected at 4.4%, up from an earlier estimate of just 2.2%. This growth comes after a tumultuous period, marked by the country's first-ever sovereign default in April 2022. Watch in for more details!

World Bank Cautions Sri Lanka's Recovery Still Fragile Despite Growth

In the upcoming Sri Lanka elections, the country's prominent political family, the Rajapaksas, is taking a backseat, marking a significant shift in the nation's political landscape. Once dominant in Sri Lankan politics, the Rajapaksa family has seen its influence wane following economic crises and widespread protests against their governance. The upcoming polls will see new contenders and political factions vying for power, as the country seeks change and recovery. This development signals a potential end to the family’s long-held political dominance and could reshape Sri Lanka’s future leadership.

Sri Lanka Elections: Mahinda, Gotabaya Rajapaksa Decide To Not Contest Elections

The World Bank has announced a positive outlook for the Sri Lankan economy, which has stabilised following a severe crisis in 2022. With critical structural and policy reforms in place, the country is expected to experience a growth rate of 4.4 per cent in 2024, significantly higher than the previous projection of 2.2 per cent. However, the World Bank has also warned that while the situation is improving, Sri Lanka is not yet fully out of danger.<o:p></o:p>

Gevorg Sargsyan, the World Bank's country director, highlighted the encouraging news during a recent press briefing as detailed in a report by the Press Trust of India. He noted that the economy has shown resilience by growing faster than anticipated but cautioned that challenges remain. "The good news is that it grew faster than most expected but the not so good news is that it is not out of the woods yet," Sargsyan stated.<o:p></o:p>

The backdrop to this recovery includes Sri Lanka's declaration of its first-ever sovereign default in April 2022, marking a significant milestone since gaining independence from Britain in 1948. The country is currently engaged in negotiations with the International Monetary Fund (IMF) regarding the next tranche of a $2.9 billion bailout package. The IMF has made external debt restructuring a condition for further financial assistance.

In its bi-annual Sri Lanka Development Update titled "Opening Up to the Future," released on Thursday i.e., October 10, the World Bank cautioned that the recovery remains fragile and dependent on maintaining macroeconomic stability, successfully restructuring debt, and continuing structural reforms aimed at boosting medium-term growth and reducing poverty.

Sargsyan pointed out that Sri Lanka achieved remarkable milestones in 2023, including four consecutive quarters of growth and a current account surplus. He also mentioned that there is untapped export potential estimated at USD 10 billion annually, which could create approximately 150,000 new jobs if the necessary reforms are implemented effectively.

Looking ahead, the World Bank report projects modest growth of 3.5 per cent for 2025, with poverty levels expected to gradually decline but remain above 20 per cent until at least 2026. This highlights ongoing economic challenges that will need to be addressed to ensure sustainable progress.

The newly elected government led by President Anura Kumara Dissanayake has committed to adhering to the IMF's stringent bailout programme initiated by his predecessor Ranil Wickremesinghe. However, Dissanayake has expressed intentions to renegotiate some of the tougher conditions that have placed significant economic burdens on the citizens of the country as he prepares for upcoming elections.<o:p></o:p>

Therefore, as Sri Lanka navigates its path towards recovery, it remains crucial for the government and policymakers to implement effective reforms and maintain stability to foster sustainable economic growth and alleviate poverty in the coming years.

The World Bank has announced a positive outlook for the Sri Lankan economy, which has stabilised following a severe crisis in 2022. With critical structural and policy reforms in place, the country is expected to experience a growth rate of 4.

The World Bank has announced a positive outlook for the Sri Lankan economy, which has stabilised following a severe crisis in 2022. With critical structural and policy reforms in place, the country is expected to experience a growth rate of 4.4 per cent in 2024, significantly higher than the previous projection of 2.2 per cent. However, the World Bank has also warned that while the situation is improving, Sri Lanka is not yet fully out of danger. Gevorg Sargsyan, the World Bank's country director, highlighted the encouraging news during a recent press briefing as detailed in a report by the Press Trust of India. He noted that the economy has shown resilience by growing faster than anticipated but cautioned that challenges remain. "The good news is that it grew faster than most expected but the not so good news is that it is not out of the woods yet," Sargsyan stated. The backdrop to this recovery includes Sri Lanka's declaration of its first-ever sovereign default in April 2022, marking a significant milestone since gaining independence from Britain in 1948. The country is currently engaged in negotiations with the International Monetary Fund (IMF) regarding the next tranche of a $2.9 billion bailout package. The IMF has made external debt restructuring a condition for further financial assistance. In its bi-annual Sri Lanka Development Update titled "Opening Up to the Future," released on Thursday i.e., October 10, the World Bank cautioned that the recovery remains fragile and dependent on maintaining macroeconomic stability, successfully restructuring debt, and continuing structural reforms aimed at boosting medium-term growth and reducing poverty. Sargsyan pointed out that Sri Lanka achieved remarkable milestones in 2023, including four consecutive quarters of growth and a current account surplus. He also mentioned that there is untapped export potential estimated at USD 10 billion annually, which could create approximately 150,000 new jobs if the necessary reforms are implemented effectively. Looking ahead, the World Bank report projects modest growth of 3.5 per cent for 2025, with poverty levels expected to gradually decline but remain above 20 per cent until at least 2026. This highlights ongoing economic challenges that will need to be addressed to ensure sustainable progress. The newly elected government led by President Anura Kumara Dissanayake has committed to adhering to the IMF's stringent bailout programme initiated by his predecessor Ranil Wickremesinghe. However, Dissanayake has expressed intentions to renegotiate some of the tougher conditions that have placed significant economic burdens on the citizens of the country as he prepares for upcoming elections. Therefore, as Sri Lanka navigates its path towards recovery, it remains crucial for the government and policymakers to implement effective reforms and maintain stability to foster sustainable economic growth and alleviate poverty in the coming years.

Sri Lankan economy stabilised with projected growth of 4.4%, says World Bank

Sri Lanka Elections: Sri Lanka's Political Family Takes A Backseat In Upcoming Polls

Sri Lanka has allowed a Chinese naval vessel to dock in its waters, despite the ongoing ban on foreign research vessels. The timing of it is raising questions if this is a coincidence or a worrying sign for India. The development comes just days after India’s External Affairs Minister, S. Jaishankar met new Sri Lankan president Anura Kumara Dissanayake in Colombo.

Sri Lanka Govt Uses Deception to Permit Chinese Ship to Dock

Cuba, Sri Lanka, and Azerbaijan have expressed interest in joining the BRICS bloc, which currently includes Brazil, Russia, India, China, and South Africa. These nations aim to strengthen economic ties, enhance political influence, and gain access to BRICS' growing global trade network. Expanding the BRICS membership could boost cooperation among developing nations and challenge the dominance of Western-led institutions in global affairs.

Cuba, Sri Lanka, Azerbaijan Among Nations Who Want To Join BRICS

Sri Lanka’s new government on Tuesday (Oct 8) allowed a Chinese navy ship to dock in Colombo, a move likely to raise eyebrows in New Delhi. The move came despite Sri Lanka’s ban on foreign research vessels. However, Foreign Minister Vijitha Herath later tried to allay concerns saying the permission was given because it was a “training vessel and not a research craft”.

“There is no change in the policy regarding research vessels,” the foreign minister told reporters.

Sri Lankan Navy earlier said the Chinese vessel, with 130 crew aboard, will stay docked till Friday (Oct 11). It added the crew will visit “tourist attractions of the country” as well as offer “briefings” to Sri Lankan sailors.

India looks askance upon such visits by Chinese vessels in its neighbourhood amid concerns about Beijing’s increasing influence on Sri Lanka and Maldives. Following India’s objections, Colombo last year denied permission to China’s Xiang Yang Hong 3 research ship to enter its waters.

On Tuesday, foreign minister Herath said Sri Lanka will follow a balanced approach, where no country is given preferential treatment.

“We are doing business with China just as we are doing business with India,” he added.

Also read:&nbsp;<a data-ved="2ahUKEwjy79PG1oCJAxWSja8BHbJbAYIQxfQBKAB6BAgREAE" href="https://www.wionews.com/business-economy/deflation-returns-to-sri-lanka-after-29-years-boon-or-bane-763438" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/business-economy/deflation-returns-to-sri-lanka-after-29-years-boon-or-bane-763438&amp;ved=2ahUKEwjy79PG1oCJAxWSja8BHbJbAYIQxfQBKAB6BAgREAE">Deflation returns to Sri Lanka after 29 years: Boon or Bane?</a>

He also confirmed a visit by a Chinese military training vessel to Sri Lanka later this month, saying it was a part of regular diplomatic engagements. “The ship is scheduled to arrive in the port of Colombo this month,” he noted on Tuesday.

The new government took charge in Colombo last month, with President Anura Kumara Dissanayake saying he doesn’t want to be sandwiched between giants India and China.

Dissanayake, in his interview with Monocle magazine, emphasised that under his leadership, the country will avoid being drawn into geopolitical rivalries.

“We won’t be a competitor in that geopolitical fight, nor will we be aligned to any party. We don’t want to be sandwiched, especially between China and India. Both countries are valued friends and, under an NPP government, we expect them to become close partners. We also want to maintain relations with the EU, the Middle East and Africa,” the president had said.

(With inputs from agencies)

Sri Lanka’s new government on Tuesday (Oct 8) allowed a Chinese navy ship to dock in Colombo, a move likely to raise eyebrows in New Delhi. The move came despite Sri Lanka’s ban on foreign research vessels.

Sri Lanka’s new government on Tuesday (Oct 8) allowed a Chinese navy ship to dock in Colombo, a move likely to raise eyebrows in New Delhi. The move came despite Sri Lanka’s ban on foreign research vessels. However, Foreign Minister Vijitha Herath later tried to allay concerns saying the permission was given because it was a “training vessel and not a research craft”. “There is no change in the policy regarding research vessels,” the foreign minister told reporters. Sri Lankan Navy earlier said the Chinese vessel, with 130 crew aboard, will stay docked till Friday (Oct 11). It added the crew will visit “tourist attractions of the country” as well as offer “briefings” to Sri Lankan sailors. India looks askance upon such visits by Chinese vessels in its neighbourhood amid concerns about Beijing’s increasing influence on Sri Lanka and Maldives. Following India’s objections, Colombo last year denied permission to China’s Xiang Yang Hong 3 research ship to enter its waters. On Tuesday, foreign minister Herath said Sri Lanka will follow a balanced approach, where no country is given preferential treatment. “We are doing business with China just as we are doing business with India,” he added. Also read: Deflation returns to Sri Lanka after 29 years: Boon or Bane? He also confirmed a visit by a Chinese military training vessel to Sri Lanka later this month, saying it was a part of regular diplomatic engagements. “The ship is scheduled to arrive in the port of Colombo this month,” he noted on Tuesday. The new government took charge in Colombo last month, with President Anura Kumara Dissanayake saying he doesn’t want to be sandwiched between giants India and China. Dissanayake, in his interview with Monocle magazine, emphasised that under his leadership, the country will avoid being drawn into geopolitical rivalries. “We won’t be a competitor in that geopolitical fight, nor will we be aligned to any party. We don’t want to be sandwiched, especially between China and India. Both countries are valued friends and, under an NPP government, we expect them to become close partners. We also want to maintain relations with the EU, the Middle East and Africa,” the president had said. (With inputs from agencies)

Prez Dissanayake’s ‘balanced approach’ under scrutiny as Colombo welcomes Chinese vessel

India's foreign minister S Jaishankar is meeting with the new Sri Lankan leadership in Columbo. His visit marks the first by any foreign minister to the island nation after the new government was sworn in last week. Watch in for more details!

Indian EAM Jaishankar Reviews Bilateral Ties With Lankan Leadership

Sri Lanka's newly elected President, Anura Kumara Dissanayake, met with International Monetary Fund representatives in Colombo to discuss the country's ongoing $2.9 billion bailout.

Sri Lanka's New President Seeks IMF Deal Revisions, Eases Austerity

In his first meeting with the IMF in Colombo, newly elected Sri Lankan President Anura Kumara Dissanayake, a self-avowed Marxist, advocated for tax cuts on lower-income groups. Having won the September 21 election, he pledged to reverse steep tax hikes, raise public servant salaries, and renegotiate the bailout secured by his predecessor, Ranil Wickremesinghe, while committing to continue the IMF's four-year reform programme.

Sri Lankan President Dissanayake Seeks IMF Deal Revisions, Eases Austerity

Indian External Affairs Minister S. Jaishankar met with Sri Lankan leaders to strengthen bilateral ties. He is set to meet leaders from Pakistan and Maldives soon, continuing diplomatic engagements in the region.

BREAKING: Indian EAM Jaishankar Meets Sri Lankan Leaders; To Meet Pakistan, Maldives Leaders Soon

Indian EAM Jaishankar Meets Sri Lankan Counterpart, Assures India's Support For Economic Rebuilding

A growing movement in Sri Lanka is calling for at least 50% female representation in politics, advocating for greater gender equality and stronger voices for women in decision-making roles. Activists are urging reforms to ensure women's participation in shaping the nation's political future.

Sri Lankans Call For Minimum 50% Women Representation In Politics

A growing movement in Sri Lanka is calling for at least 60% female representation in politics, advocating for greater gender equality and stronger voices for women in decision-making roles. Activists are urging reforms to ensure women's participation in shaping the nation's political future.

Sri Lankas Demand At Least 60% Women Representation In Politics

Sri Lanka has recorded its first instance of deflation in 29 years. The Colombo consumer price index shows a decline of 0.5 per cent in September 2024. This marks a significant shift, as inflation stood at 0.5 per cent just a month earlier.&nbsp;

Deflation is when prices decrease over time. The last time Sri Lanka experienced deflation was in March 1995, with a rate of negative 0.9 per cent.&nbsp;

Both food and non-food categories saw price drops, with food prices falling by 0.3 per cent and non-food prices dropping by 0.5 per cent.&nbsp;

The deflation comes after the island nation battled soaring inflation, which peaked at nearly 70 per cent in 2022. This, along with rising debt defaults and foreign exchange shortages, led to widespread protests and the ousting of President Gotabaya Rajapaksa.&nbsp;

Current measures, including tighter monetary policies and import restrictions, have played a key role in cooling inflation. Despite the drop in prices, the Central Bank of Sri Lanka has maintained its inflation target of 3 to 5 per cent.&nbsp;

Deflation meets Sri Lanka’s growth ambitions&nbsp;

Meanwhile, the country has embraced fiscal tightening to secure the IMF’s $2.9 billion bailout. While these efforts have reduced inflation, economists caution that deflation, if sustained, could result in a contraction of economic activity. Although deflation indicates a temporary easing of price pressures, the challenge now lies in ensuring that this does not trigger a long-term economic slowdown.&nbsp;

Deflation's return also signals the government's inability to stimulate demand despite reforms. Newly elected president Anura Kumara Dissanayake has vowed to maintain IMF measures while reviewing austerity policies. However, his tactics need to align Sri Lanka's short-term reforms with long-term economic recovery.

Sri Lanka has recorded its first instance of deflation in 29 years. The Colombo consumer price index shows a decline of 0.5 per cent in September 2024. This marks a significant shift, as inflation stood at 0.

Sri Lanka has recorded its first instance of deflation in 29 years. The Colombo consumer price index shows a decline of 0.5 per cent in September 2024. This marks a significant shift, as inflation stood at 0.5 per cent just a month earlier. Deflation is when prices decrease over time. The last time Sri Lanka experienced deflation was in March 1995, with a rate of negative 0.9 per cent. Both food and non-food categories saw price drops, with food prices falling by 0.3 per cent and non-food prices dropping by 0.5 per cent. The deflation comes after the island nation battled soaring inflation, which peaked at nearly 70 per cent in 2022. This, along with rising debt defaults and foreign exchange shortages, led to widespread protests and the ousting of President Gotabaya Rajapaksa. Current measures, including tighter monetary policies and import restrictions, have played a key role in cooling inflation. Despite the drop in prices, the Central Bank of Sri Lanka has maintained its inflation target of 3 to 5 per cent. Deflation meets Sri Lanka’s growth ambitions Meanwhile, the country has embraced fiscal tightening to secure the IMF’s $2.9 billion bailout. While these efforts have reduced inflation, economists caution that deflation, if sustained, could result in a contraction of economic activity. Although deflation indicates a temporary easing of price pressures, the challenge now lies in ensuring that this does not trigger a long-term economic slowdown. Deflation's return also signals the government's inability to stimulate demand despite reforms. Newly elected president Anura Kumara Dissanayake has vowed to maintain IMF measures while reviewing austerity policies. However, his tactics need to align Sri Lanka's short-term reforms with long-term economic recovery.

Deflation returns to Sri Lanka after 29 years: Boon or Bane?

Ahead of the upcoming Sri Lanka elections, opposition leader Sajith Premadasa has laid out conditions for forming an alliance with the United National Party (UNP). Premadasa, leader of the Samagi Jana Balawegaya (SJB), has expressed willingness to collaborate but insists on key policy agreements and leadership roles within the coalition. The potential alliance could reshape the electoral landscape, as both parties seek to strengthen their positions against the ruling government. Negotiations are ongoing as the election date approaches.

Dissanayake and Wijewardene to Join Sajith Premadasa: Reports

Sri Lanka has recorded its first instance of deflation in 29 years. The Colombo consumer price index shows a decline of 0.5 per cent in September 2024. This marks a significant shift, as inflation stood at 0.5 per cent just a month earlier. Watch in for more details!

Sri Lanka's Inflation Turns Negative For First Time In 29 Years

Sri Lanka Elections: Sajith Premadasa Sets Conditions For Alliance With UNP

Sri Lanka begins a new chapter under President Anura Dissanayake, though there's some way yet before the country can pull out of an unprecedented economic crisis. Dissanayake faces big challenges. He's started out by dissolving Parliament, installing a new PM, and calling fresh elections. This week's top story on Inside South Asia looks at the new dimensions.

Anura Dissanayake: New Man at the Helm

The change of guard in Sri Lanka potentially adds to the state of economic flux in the country. IMF funding could be delayed with fresh negotiation efforts. Can ADK renegotiate the IMF playout?

Can Anura Dissanayake Renegotiate IMF Bailout?

- Can Dissanayake steer the country out of its economic woes? A big cleanup job lies ahead for the new Sri Lankan President - Muhammad Yunus meets Shehbaz Sharif in New York - Meryl Streep speaks up for Afghan women and girl's rights at the United Nations.

The Rise of Anura Dissanayake | Bangladesh's Yunus Meets Shehbhaz Sharif | Inside South Asia

As Sri Lanka moves towards snap parliamentary elections the country's political parties are now working towards forming alliances to appear strong at the polls. Watch to know more!

Sri Lanka Parliamentary Elections: Wickremesinghe's UNP Seeks To Rally Opposition, Form Alliance

Sri Lanka Elections: Sri Lanka Gears Up For Parliamentary Polls

As Sri Lanka grapples with an economic crisis, the newly elected President, Anura Kumara Dissanayake is taking decisive steps to reshape the country's financial future. In a televised address...president Dissanayake called for immediate talks with the IMF regarding a crucial $2.9 billion bailout.

Sri Lanka President Dissanayake Urges Immediate Talks With IMF

Sri Lanka will hold a parliamentary election on Nov. 14, the government announced on Tuesday, less than two months after the Indian Ocean island nation elected Anura Kumara Dissanayake as its new president.

Sri Lanka Elections: New Sri Lankan President Addresses The Nation

Sri Lanka's newly elected president Anura Kumara Dissanayake made his first national address. He has said that the priority is to stabilize the economy and also said that his government intends to continue with the current Loan program with the international monetary fund and also focus on debt restructuring. Watch in for more details!

Dissanayake: Will Take Measures To Elevate People's Standard Of Living

Sri Lanka: President Anura Kumara Dissanayake Urges Immediate Talks WIth IMF

Sri Lanka's long-term foreign currency rating at Rd which is restricted default while keeping the long-term local currency at CCC. Now an RD rating indicates that a country has defaulted on a financial obligation but has not yet filed for default or entered into any other formal winding up procedures.

Fitch Holds Sri Lanka's Foreign-Currency Rating At RD

#gravitas | For long, India has dreaded the prospect of being encircled by nations leaning toward china, and now, it seems that fear has become a stark reality. With the recent political shifts across its neighborhood, India finds itself increasingly cornered by countries aligning themselves with Beijing. It began with the Maldives, then we saw Bangladesh gravitating toward China, and now, it appears Sri Lanka is the latest to become Beijing-leaning.

China’s Ring Around India: Could Sri Lanka’s New Leader Strengthen Ties With China

Sri Lanka faces the prospect of holding two elections within a year, raising concerns about the financial strain on the country’s already struggling economy. As political leaders debate the necessity of both presidential and parliamentary polls, many question whether Colombo can afford the costs amid ongoing economic challenges and recovery efforts.

Sri Lanka Elections: Two Elections In A Year, Can Colombo Afford It? | WION Race To Power

sri-lanka-0

Sri Lanka, News on Sri Lanka, stories on Sri Lanka, articles on Sri Lanka, Sri Lanka stories at Wion, Sri Lanka news, Sri Lanka latest news

sri lanka-0