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Ranil Wickramasinghe

Sri Lanka to save $5 billion after bilateral debt rework: Wickremesinghe

The cash-strapped South Asian country inked deals with China and other creditor nations to restructure about $10 billion

Sri Lanka to save $5 billion after bilateral debt rework: Wickremesinghe
Updated On : 02 Jul 2024 | 12:46 PM IST

Modi's swearing-in on June 8: Which global leaders are attending?

Bangladesh's PM Sheikh Hasina and Sri Lankan President Ranil Wickremesinghe are among foreign dignitaries attending Modi's third consecutive term swearing-in ceremony

Modi's swearing-in on June 8: Which global leaders are attending?
Updated On : 06 Jun 2024 | 10:51 AM IST

Sri Lanka's economy records 4.5% growth in fourth quarter of 2023

After six successive quarters of negative growth, Sri Lanka's bankrupt economy is estimated to have recorded a growth of 4.5 per cent year-on-year in the fourth quarter of 2023, the Central Bank announced here on Tuesday. It was only during the third quarter of 2023 that the economy recorded positive growth after six successive quarters of negative growth experienced by the cash-strapped economy. The headline inflation, as measured by the year-on-year change in the Colombo Consumer Price Index, had decelerated to 5.9 per cent in February from 6.4 per cent in January. The gross official reserves improved to USD 4.5 billion by the end of February 2024, which includes the swap facility from the People's Bank of China. Governor Nandalal Weerasinghe said the reserve buildup was better than the Central Bank's expectations. The reserve buildup was supported by considerable net purchases by the Central Bank from the domestic foreign exchange market amidst increased foreign currency inflow

Sri Lanka's economy records 4.5% growth in fourth quarter of 2023
Updated On : 26 Mar 2024 | 2:49 PM IST

Sri Lanka hopes to seek respite from debt repayment: Wickremesinghe

Sri Lanka hopes to avoid repaying debt till December 2027 after the completion of the ongoing restructuring process and repay them in the period running up to 2042, President Ranil Wickremesinghe said on Wednesday, as he defended his unpopular reform plans to revive the bankrupt economy. Sri Lanka is currently stuck with debt restructuring with negotiations taking a long to reach an agreement. By 2022, Sri Lanka had to meet external debt repayments worth 6 billion per year. It is 9.5 per cent of the GDP and an amount hard to sustain," he said. "We hope to reduce this to 4.5 per cent of the GDP by debt restructuring, Wickremesinghe, also the cash-strapped island nation's finance minister, stressed. Currently we are actively engaged in discussions regarding the restructuring of all loans including domestic and foreign loans. We are optimistic that these negotiations will reach a successful resolution soon. Our goal is to obtain temporary relief from debt defaults from 2023 to 2027. .

Sri Lanka hopes to seek respite from debt repayment: Wickremesinghe
Updated On : 06 Mar 2024 | 3:07 PM IST

No alternative to IMF program: Sri Lankan president on economic crisis

Sri Lankan President Ranil Wickremesinghe on Sunday said that there was no alternative to the IMF programme for the cash-strapped island nation to get out of its economic bankruptcy. Last week, the International Monetary Fund (IMF) approved the release of the second tranche worth USD 337 million to the island nation, bringing the value of disbursements to USD 670 million in the four-year facility. Responding to the strong criticism from the opposition to the reforms, President Wickremesinghe, who is also the finance minister, said that he opted for the IMF programme as it was the only option available. People who make statements to please the gallery are not prepared to take the tough decisions needed. I opted for the IMF programme as it was the only option available, he said and urged all political parties to act responsibly while demeaning the USD 2.9 billion bailout. He added that tough decisions had to be taken to set in the reforms to correct the economic wrongs of the past.

No alternative to IMF program: Sri Lankan president on economic crisis
Updated On : 17 Dec 2023 | 10:52 PM IST

Sri Lankan sports min Roshan Ranasinghe sacked after claiming risk to life

Sri Lankan President Ranil Wickremesinghe on Monday sacked Sports Minister Roshan Ranasinghe, hours after he claimed that his "life is at risk" for "highlighting corruption" in the country's chaotic cricket administration and said that if anything happens to him, the president and his chief of staff should be held responsible. Ranasinghe was handed the termination letter, signed by President Wickremesinghe, as he arrived to attend the weekly Cabinet meeting. The letter states that Ranasinghe has been removed from the portfolios of Minister of Sports and Youth Affairs, and Minister of Irrigation, with immediate effect. Earlier in the day, Ranasinghe told Parliament that Wickremesinghe was trying to frame him for political vengeance and using false facts related to a vehicle. The minister said a vehicle imported by him was seized by the authorities under the pretext of tax manipulation to frame him on false charges. Is this the reward I get for highlighting corruption in cricket? I

Sri Lankan sports min Roshan Ranasinghe sacked after claiming risk to life
Updated On : 27 Nov 2023 | 7:28 PM IST

Sri Lanka's sports minister Roshan Ranasinghe says his 'life is at risk'

Sri Lanka's Sports Minister Roshan Ranasinghe on Monday claimed that his "life is at risk" for "highlighting corruption" in the country's chaotic cricket administration and if anything happens to him, then President Ranil Wickremesinghe and his chief of staff should be held responsible. Addressing Parliament, Ranasinghe said Wickremesinghe is trying to frame him for political vengeance and using false facts related to a vehicle. The minister said a vehicle imported by him was seized by the authorities under the pretext of tax manipulation to frame him on false charges. Is this the reward I get for highlighting corruption in cricket? I took action based on audit reports, Ranasinghe said, referring to his move to appoint an interim committee to run the Sri Lankan cricket administration. He further questioned why the President is taking political revenge, when he, as the Sports Minister, had only exposed corruption. My life is at risk, I may be killed today or tomorrow. If something

Sri Lanka's sports minister Roshan Ranasinghe says his 'life is at risk'
Updated On : 27 Nov 2023 | 4:27 PM IST

PM Modi holds talks with Lankan president to boost economic cooperation

Wickremesinghe arrived in Delhi on a two-day visit which is the first tour of India by a senior Sri Lankan leader since the island nation was hit by an unprecedented economic crisis last year

PM Modi holds talks with Lankan president to boost economic cooperation
Updated On : 21 Jul 2023 | 11:53 AM IST

Sri Lankan President Ranil Wickremesinghe to visit India on July 21

Sri Lankan President Ranil Wickremesinghe will embark on a two-day visit to India on July 21 during which he is expected to meet Prime Minister Narendra Modi, officials here said on Sunday. This will be Wickremesinghe's first visit to India since being appointed President of the cash-strapped country last year following the ouster of Gotabhaya Rajapaksa in a people's uprising in July. Wickremesinghe was appointed President for the balance term of Rajapaksa till September 2024. India's Foreign Secretary Vinay Mohan Kwatra will arrive in Sri Lanka early next week to work out the arrangements for Wickremesinghe's visit to New Delhi, the Daily Mirror newspaper reported on Saturday. According to officials, Wickremesinghe is expected to meet Prime Minister Modi during his two-day visit to India. Officials said Wickremesinghe will finalise the implementation of several Indian projects related to power and energy, agriculture, and maritime issues in the island nation ahead of his departure

Sri Lankan President Ranil Wickremesinghe to visit India on July 21
Updated On : 09 Jul 2023 | 4:04 PM IST

Sri Lankan President expresses sorrow over tragic train collision in Odisha

Sri Lankan President Ranil Wickremesinghe has conveyed his heartfelt condolences to the people and the government of India following the tragic train accident in Odisha that killed around 275 people. Wickremesinghe extended his condolences to the Government of India and the bereaved families who have suffered an unimaginable loss, Daily Mirror Newspaper reported on Sunday. Addressing Prime Minister Narendra Modi, the president said the thoughts and prayers of Sri Lanka were with the families of the victims and hoped that they would find the strength and resilience to overcome their grief. Several world leaders including US President Joe Biden, Russian President Vladimir Putin, Chinese President Xi Jinping, British Prime Minister Rishi Sunak and French President Emanuel Macron have expressed their condolences to the families and the Government of India over one of the country's worst train accidents that also left 1,175 persons injured. The Coromandel Express rammed into a stationar

Sri Lankan President expresses sorrow over tragic train collision in Odisha
Updated On : 04 Jun 2023 | 11:03 PM IST

Sri Lanka cabinet approves incentives to businesses at Colombo Port City

Primary and secondary businesses that are strategically important to the Port City have been identified, according to Gunawardena

Sri Lanka cabinet approves incentives to businesses at Colombo Port City
Updated On : 23 May 2023 | 4:05 PM IST

Sri Lanka earned $900 million through rubber exports in 2022: Official

Director General of the department Madawa Kulasuriya told the media on Saturday that this was a slight drop from 2021 revenue, which was $1 billion

Sri Lanka earned $900 million through rubber exports in 2022: Official
Updated On : 22 Jan 2023 | 7:28 AM IST

India's response to debt restructuring request expected by Jan end: SL

President Ranil Wickremesinghe has said that India's response to cash-strapped Sri Lanka's request for debt restructuring is expected by the end of this month. Sri Lanka, which is trying to secure a USD 2.9 billion bridge loan from the International Monetary Fund (IMF), has been trying to to get financial assurances from its major creditors -- China, Japan and India -- which is the requisite for Colombo to get the bailout package. Talking to the media, Wickremesinghe on Friday also said that he is hopeful of obtaining the USD 2.9 billion IMF facility in the first quarter of this year. Sri Lanka had begun debt restructuring talks with its creditors since September last year as warranted by its agreement with the IMF for the USD 2.9 billion facility over four years. The cash-strapped country began negotiating with the IMF for a bail-out after having announced its first-ever sovereign debt default in April last year. Wickremesinghe had earlier said that India and Sri Lanka held ...

India's response to debt restructuring request expected by Jan end: SL
Updated On : 07 Jan 2023 | 5:25 PM IST

2023 will be critical, plan to turn around the economy: Sri Lankan Prez

Sri Lanka President Ranil Wickremesinghe on Sunday said 2023 will be a critical year for the cash-strapped country, as his regime desperately scrambles to inject much-needed impetus to galvanise the beleaguered economy. Sri Lanka was hit by an unprecedented financial crisis in 2022 due to a severe paucity in foreign exchange reserves that also sparked political turmoil in the island nation that led to the ouster of the all-powerful Rajapaksa family. We are looking at the New Year 2023 after having undergone the bleakest of times, immense hardships, as well as the uncertainties and hopelessness of the last year, Wickremesinghe said in his New Year's message, as Sri Lanka turns 75 as an independent nation later this year. I understand the great burdens that are placed on all of us and the setbacks that a majority of us have suffered due to the country's abject economic collapse, he said. From April to July, chaos reigned supreme on Sri Lanka, with miles-long queues forming at fuel ..

2023 will be critical, plan to turn around the economy: Sri Lankan Prez
Updated On : 01 Jan 2023 | 10:18 AM IST

Sri Lanka passes Constitutional amendment curtailing President's powers

The Sri Lankan Parliament on Friday passed, with over 2/3 majority, the 22nd Amendment to the Constitution curtailing certain powers of the President.

Sri Lanka passes Constitutional amendment curtailing President's powers
Updated On : 21 Oct 2022 | 10:40 PM IST

Sri Lanka will not be part of any Indian Ocean turf war, says President

Sri Lanka will not take part in any "big power rivalry" in the Indian Ocean and it is unfortunate that his country has been made the "punching bag" for Hambantota, President Ranil Wickremesinghe has said, weeks after India and China clashed over the docking of a high-tech Chinese ship at the country's southern port. Sri Lanka certainly does not want the problems of the Pacific coming to the Indian Ocean, he said while speaking on the crisis-hit country's position on the geo-political stage. "We don't participate in a military alliance, and we certainly do not want the problems of the Pacific coming to the Indian Ocean. We don't want this to be an area of conflict and an area of war. Sri Lanka will not take part in any big power rivalry," said Wickremesinghe on Wednesday while addressing the graduation ceremony of the National Defense College. His remarks came weeks after the Chinese embassy and the Indian High Commission here clashed verbally over the docking of the Chinese ship 'Yu

Sri Lanka will not be part of any Indian Ocean turf war, says President
Updated On : 15 Sep 2022 | 11:10 PM IST

Sri Lankan Prez says Govt won't oppose Bill to decriminalise homosexuality

Sri Lankan Pres Ranil Wickremesinghe said that the government will not oppose the Private Member's Bill presented to Parliament to decriminalise homosexuality

Sri Lankan Prez says Govt won't oppose Bill to decriminalise homosexuality
Updated On : 12 Sep 2022 | 6:45 AM IST

Sri Lankan President Wickremesinghe reviews progress of Indian projects

Sri Lankan President Ranil Wickremesinghe on Friday advised officials to act immediately and amend government circulars if they impede Indian investment projects in the cash-strapped island nation. Wickremesinghe at a meeting attended by Vinod K Jacob, the Deputy Indian High Commissioner, examined the progress of several development projects in the country based on Indian investment cooperation, an official statement said. Wickremesinghe advised the office to amend the relevant government circulars immediately if they impeded the development projects. New Delhi at different times had raised the slow progress in implementing the Indian projects in the country. In the ongoing economic crisis, India has provided Sri Lanka with credit lines for fuel, fertiliser and essential commodities worth USD 3.5 billion. Additionally, three credit lines were provided to the tune of USD 1.5 billion and foreign exchange crisis support of USD 2 billion, the Indian High Commission said. The governme

Sri Lankan President Wickremesinghe reviews progress of Indian projects
Updated On : 09 Sep 2022 | 8:20 PM IST

Sri Lanka to form unit to help restructure state-owned enterprises: Prez

He also said value-added tax will be increased from 12 to 15 per cent effective from September 1 and the retirement age of government and semi-government employees will be reduced to 60 years

Sri Lanka to form unit to help restructure state-owned enterprises: Prez
Updated On : 31 Aug 2022 | 9:11 AM IST

Amid soft-peg crisis, Sri Lanka suspends imports of over 300 items from Wed

The list also included bags, bottle cases, jewellery boxes, powder-boxes, cutlery cases, toilet or facial tissue stock, towel or napkin stock

Amid soft-peg crisis, Sri Lanka suspends imports of over 300 items from Wed
Updated On : 24 Aug 2022 | 11:07 PM IST