{"id":110406,"date":"2023-03-15T16:45:22","date_gmt":"2023-03-15T16:45:22","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=110406"},"modified":"2023-03-15T16:46:15","modified_gmt":"2023-03-15T16:46:15","slug":"upcoming-sri-lanka-by-dr-harold-gunatillake","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/upcoming-sri-lanka-by-dr-harold-gunatillake\/","title":{"rendered":"Upcoming Sri Lanka &#8211; By Dr harold Gunatillake"},"content":{"rendered":"<h2 style=\"text-align: center;\"><span style=\"color: #800080;\"><strong>Upcoming Sri Lanka &#8211; <span style=\"color: #333399;\">By Dr harold Gunatillake<\/span><\/strong><\/span><\/h2>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-77916 aligncenter\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2021\/11\/Harold-Gunethilake.jpg\" alt=\"Harold-Gunethilake\" width=\"160\" height=\"160\" \/><\/p>\n<p style=\"text-align: center;\"><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/u2DuzRQDngc\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"font-size: 16px; color: #000000;\">Website: <a style=\"color: #000000;\" href=\"http:\/\/www.Doctorharold.com\" target=\"_blank\" rel=\"noopener\">www.Doctorharold.com<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Transcript:<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">* Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves, sparking political turmoil in the country, which led to the ouster of the all-powerful Rajapaksa family.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">* Economy improves, and forex reserves rise for Sri Lanka,<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The Theme of the 2023 International Women\u2019s Day Celebration in Sri Lanka\u2013 is \u201cShe is the pride of the nation.\u201d International Women\u2019s Day is observed annually on March 8th, Sri Lankan President Ranil Wickremesinghe promotes women&#8217;s empowerment and well-being. In Sri Lanka, the first Women&#8217;s Day celebration was held in 1978, and every year since then, the celebration has centred around different themes.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Despite the current social and economic challenges Sri Lanka faces, its women continue to exhibit strength and resilience, earning respect and admiration. As such, this year&#8217;s Women&#8217;s Day celebration, themed &#8220;She is the Pride of the Nation,&#8221; is dedicated to honouring the remarkable achievements of Sri Lankan women.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">President Wickremesinghe praises three women leaders, including FM Sitharaman, for providing much-needed assistance to Sri Lanka on International women\u2019s day.<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">On this occasion, Sri Lankan President Ranil Wickremesinghe lauded three women leaders, including Finance Minister Nirmala Sitharaman, for providing much-needed assistance to the debt-ridden island nation during the ongoing economic crisis. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Addressing a state function here marking International Women&#8217;s Day, Wickremesinghe admitted that while several persons have provided aid to Sri Lanka, three women have dominated this sector. He said, &#8220;I want to make a special mention of them. The foremost of them is Nirmala Sitharaman &#8211; the finance minister of India. It was she who discussed with the prime minister<a style=\"color: #000000;\" href=\"https:\/\/youtu.be\/u2DuzR\" target=\"_blank\" rel=\"noopener\"> https:\/\/youtu.be\/u2DuzR <\/a>Website:<a style=\"color: #000000;\" href=\"http:\/\/www.Doctorharold.com\" target=\"_blank\" rel=\"noopener\"> www.Doctorharold.com<\/a><\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">and the Cabinet and made the decision to lend 3 billion dollars to us in April. That was after we had declared our bankruptcy,&#8221; the president said.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">&#8220;It was a courageous decision to lend money to a bankrupt country. We have to thank her in the first place. I don&#8217;t have to tell you how bad we would have been without that USD 3 billion,&#8221; Wickremesinghe added.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Wickremesinghe also praised US Treasury Secretary Janet Yellen and IMF Managing<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">Director Kristalina Georgiva, saying, &#8220;without those three women leaders, we would have been in serious trouble&#8221;.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The International Monetary Fund on Tuesday welcomed the progress made by Sri Lanka in taking some decisive policy actions to address its economic woes and obtaining financing assurances from all their major creditors, including China, India and the Paris Club. &#8220;Look forward to presenting Sri Lanka&#8217;s IMF-supported program to our Executive Board for approval on March 20,&#8221; Georgieva said.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Sri Lanka\u2019s Probable IMF Support Deal Positive for Debt Negotiations<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">Fitch Ratings-Hong Kong-10 March 2023:<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">Fitch Ratings believes Sri Lanka is likely to secure financing support from the IMF after<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">the fund\u2019s Executive Board set a date of 20 March to review the USD2.9 billion staff-level agreement that the country signed with the<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">IMF in September 2022.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">IMF funding should improve Sri Lanka\u2019s external liquidity, but the timing of any debt<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">restructuring agreement with official and private creditors remains uncertain. We view the announcement of a date for the Executive Board review as an indication that the<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">IMF regards the financing assurances it has received from key official creditors as<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">sufficiently credible to move forward.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Sri Lanka\u2019s president on 7 March indicated that China had provided its support, following earlier assurances from India and Paris Club official creditors. The president also indicated that Sri Lanka had completed all prior actions required under the IMF programme. However, the IMF Board will assess this in deciding whether to approve the package.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">China promises Sri Lanka deal on debt treatment in coming months<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">EXIM Bank of China has told Sri Lanka that it will not seek immediate repayment of debt for 2022 and 2023 and will expedite negotiations on &#8220;medium- and long-term debt treatment&#8221; to finalise specifics in the coming months. This news sets the stage for final approval of the IMF&#8217;s $2.9 billion, four-year bailout for the island nation on March 20.<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">By end-2020, Sri Lanka owed EXIM $2.83 billion, or 3.5% of its external debt, according to IMF data.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">How much loan has India given to Sri Lanka?<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">India emerged as the top lender to Sri Lanka in 2022, disbursing USD 377 million in loans to the island nation as it grappled with an unprecedented political crisis and economic turmoil, according to the Verite Research think-tank.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The credit line is due to expire on March 17, with Sri Lanka having used only about two thirds of it, mainly for medicines and food,<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">What is the line of credit given by India?<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">The Line of Credit \u2013 LOCs also helps to promote exports of Indian goods and services, as<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">75% of the value of the contract must be sourced from India. The projects under LOCs are spread over different sectors (Agriculture, Infrastructure, Telecom, Railway, Transmission\/Power, Renewable Energy, etc.).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Presently, Sri Lanka in talks to extend $1 bln Indian credit line as IMF deal looms \u2013<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">Sri Lanka is negotiating with India to extend a $1 billion credit line by a few months, two<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">sources told Reuters, as the island nation tries to line up funds for the rest of the year while the IMF looks set to approve a $2.9 billion loan for it soon.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Electricity bill increase pushes crisis-weary Sri Lankans to the brink.<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">The power price increase is the latest measure by Sri Lanka to clinch a $2.9 billion loan from the International Monetary Fund (IMF) to tackle a crisis that evolved from the confluence of the COVID-19 pandemic battering its tourism-reliant economy, rising oil prices and populist tax cuts by a previous government.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The latest electricity price rise in crisis-hit Sri Lanka has left small business people in a<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">quandary: the 66% increase means Most businesses can&#8217;t afford to pay for electricity. Still, it can\u2019t manage without it, so it goes deeper into debt to keep it on. Over the last month, with inflation hovering at 55% year-on-year,most small business people\u2019s income has fallen by about a third as fewer customers purchase the goods. More of them struggle under the island&#8217;s worst financial crisis in seven decades.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Sri Lanka gains US$ 170mn from tourism trade in February Sri Lanka received US$ 169.9 million from the tourism trade in February, slightly up from US$ 169.4 million in the same month, a year ago.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Hello Viewers, whatever you hear from various sources, including the media, the country is progressing slowly, in spite of the price rises in certain commodities, mainly electricity.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Prices of everyday home commodities have come down because of the revaluation of the rupee against the US dollar. Unfortunately, Power and Energy Minister Kanchana Wijesekera said the country has no choice but to move towards cost-reflective pricing. &#8220;We know that this will be hard on the public, especially the poor,\u201d said the minister to reporters, adding, \u201cWe hope that with this step, Sri Lanka has moved closer to getting the IMF programme.&#8221;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Hope this programme gave you a glimpse of the news what is happening in your motherland.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Let me say goodbye until we meet again.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Upcoming Sri Lanka &#8211; By Dr harold Gunatillake Website: www.Doctorharold.com Transcript: * Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves, sparking political turmoil in the country, which led to the ouster of the all-powerful [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":110409,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20,1103],"tags":[51720,627,34219,4743,687,51721],"class_list":{"0":"post-110406","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"category-dr-harold-gunatillake","9":"tag-2023-international-womens-day","10":"tag-international-monetary-fund","11":"tag-international-womens-day","12":"tag-ranil-wickremesinghe","13":"tag-sri-lanka","14":"tag-sri-lankan-women","15":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Upcoming Sri Lanka - By Dr harold Gunatillake - eLanka<\/title>\n<meta name=\"description\" content=\"Transcript:*Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst sinceits independence from Britain in 1948,due\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Upcoming Sri Lanka - By Dr harold Gunatillake\" \/>\n<meta property=\"og:description\" content=\"Transcript:*Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst sinceits independence from Britain in 1948,due\" \/>\n<meta property=\"og:url\" content=\"https:\/\/websitedesigns.com.au\/elankanew\/upcoming-sri-lanka-by-dr-harold-gunatillake\/\" \/>\n<meta property=\"og:site_name\" content=\"eLanka\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/eLanka.com.au\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-15T16:45:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-15T16:46:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2023\/03\/Upcoming-Sri-Lanka-e1678898706902.png\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"143\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"eLanka admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"eLanka admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/upcoming-sri-lanka-by-dr-harold-gunatillake\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/upcoming-sri-lanka-by-dr-harold-gunatillake\/\"},\"author\":{\"name\":\"eLanka admin\",\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/#\/schema\/person\/f6e635b74ab35ef88a68a9973cacc5bd\"},\"headline\":\"Upcoming Sri Lanka &#8211; 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