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3 days ago · Sri Lanka revokes power purchase deal with Adani Group, AFP reports. Reuters – Sri Lanka has revoked a power purchase deal with India’s Adani Group after a probe into U.S. allegations that the conglomerate’s executives paid bribes to secure Indian power supply contracts, according to an AFP report published by the Economic Times newspaper on Friday.
Sri Lanka records highest ever export revenue of USD16.17 bn in …
9 hours ago · The latest report from the Sri Lanka Export Development Board reveals that the country achieved a record-breaking total export revenue of US$ 16.17 billion in 2024. This marks the highest export earnings in Sri Lanka’s history, surpassing the previous peak of US$ 15.72 billion recorded in 2018. The 2024 figure comprises US$ 12.70 billion from...
Sri Lanka revokes power purchase deal with Adani Group, AFP …
3 days ago · Reuters – Sri Lanka has revoked a power purchase deal with India’s Adani Group after a probe into U.S. allegations that the conglomerate’s executives paid bribes to secure Indian power supply contracts, according to an AFP report published by the Economic Times newspaper on Friday. Sri Lanka opened the probe into the Group’s local projects,...
Business Sentiment: Confidence at a 10 year high
6 hours ago · The index soars for the fourth consecutive month as economic indicators strengthen Recent upgrades by international rating agencies and healthy economic indicators have ignited a wave of optimism about biz prospects. Moody’s Ratings upgraded Sri Lanka’s long-term foreign currency issuer rating from ‘Ca’ to ‘Caa1’ with a stable outlook, after creditors approved the country’s US$...
Adani refutes claims of wind power project cancellation
3 days ago · The Adani Group has denied reports that its 484 MW wind power projects in Mannar and Pooneryn have been cancelled, calling them “false and misleading.” In an official statement, a spokesperson clarified that the Sri Lankan Cabinet’s decision on January 2, 2025, to reevaluate the tariff approved in May 2024 is a standard review process...
Sri Lanka's Economy Stabilized; Continued Reforms Critical to …
Oct 10, 2024 · Sri Lanka’s economy has stabilized, with growth expected to reach 4.4 percent in 2024, surpassing earlier forecasts. This positive outlook follows four consecutive quarters of growth driven by the industrial and tourism sectors and supported by critical structural and policy reforms, says the World Bank. Released today, the World Bank’s bi-annual Sri Lanka Development Update, titled Opening...
Sri Lanka holds rates steady, sees rosy inflation, growth outlook
Sep 27, 2024 · Reuters – Sri Lanka’s central bank kept interest rates unchanged on Friday in line with expectations, citing domestic and global uncertainties, but said inflation was likely to remain low and the economy was doing much better than initially expected. The Central Bank of Sri Lanka (CBSL) kept the Standing Deposit Facility Rate at 8.25% and...
Sri Lanka's Economic Turnaround: A Beacon of Resilience and …
Jun 27, 2024 · By Jithendra Antonio In a historic address to the nation on June 26, Sri Lankan President Ranil Wickremesinghe announced the successful signing of bilateral debt restructuring agreements with the Paris Club, India, and China. This milestone marks a significant turning point in Sri Lanka’s recent history, demonstrating the effectiveness of strategic leadership, resilience, and international...
Sri Lanka targets debt restructuring framework in first 6 months of ...
Reuters – Sri Lanka expects to implement a debt restructuring framework within the first six months of 2024, the country’s president said on Wednesday, expressing confidence that the nation was recovering from its worst financial crisis in decades. President Ranil Wickremesinghe, who took over in mid-2022 amid a debilitating financial crisis caused by a severe...
Remarkable Surge in Agricultural Exports in First Half of 2024
Jul 16, 2024 · Of the USD 250.9 million expected to be settled from tea exports to Iran for fuel debt, US$ 55 million has been paid so far – Chairman of Sri Lanka Tea Board. A Coconut Triangle established in the Northern Province to improve living conditions in the region – Chairman of CDA. Special program initiated to...