SRI LANKA POWER CRISIS
Sri Lanka to cut power prices by 22.5% from Tuesday
Sri Lanka is set to reduce power prices by 22.5% starting Tuesday to alleviate the financial strain on its population amid a severe economic crisis. The price cuts come after significant increases to meet IMF bailout conditions. The move is expected to benefit industries and low-income users, aiding economic recovery and maintaining inflation targets.
Vitol Asia and Bharat Petroleum among bidders for Sri Lanka LGP terminal
The eight bidders can now submit proposals to the Sri Lankan government for the acquisition of shares in Litro Gas Lanka Limited and Litro Terminals (Private) Limited, a statement released by Sri Lanka's finance ministry said.
Ranil Wickremesinghe to contest Presidential polls as independent candidate, says aide
Sri Lankan President Ranil Wickremesinghe plans to contest the upcoming Presidential election as an independent candidate. The election date will be announced by the Election Commission soon. Wickremesinghe's government has implemented economic reforms in response to the country's financial crisis.
Sri Lanka says it will not ban any foreign research ships from its ports from next year
With the increased movement of Chinese research vessels in the Indian Ocean, New Delhi had expressed concern that those might be spy ships and urged Colombo not to allow such vessels to dock at its ports.
India-Russia joint venture to get to run Mattala airport in Sri Lanka soon: Aviation minister
Sri Lanka strategically partners with India and Russia amidst 2022 financial turmoil, entrusting Mattala Airport's management for sustainable growth. The joint venture marks a pivotal step towards economic recovery, reflecting the nation's resilience and commitment to fostering strategic alliances for infrastructure development and long-term prosperity.
India keen to speed up power grid link talks with Sri Lanka
India is actively pursuing discussions with Sri Lanka to establish a power grid link, focusing on renewable energy for electricity trading. The project includes overhead and under-sea cables, with economic benefits being evaluated by PwC India and plans for a joint consultant for investment decisions.
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Sri Lanka reaches deal on debt restructuring with bilateral creditors including India, China and France
Sri Lankan President Ranil Wickremesinghe announced a debt restructuring deal with India, France, Japan, and China, a critical step in economic recovery after the 2022 debt default. Under an IMF bailout program, the agreement is expected to revive stalled foreign projects. Sri Lanka declared bankruptcy in 2022 due to economic mismanagement, COVID-19 impacts, and tax cuts. The deal defers loan payments until 2028 and extends repayment until 2043. Supporters celebrated the announcement in Colombo as it promises to restart crucial infrastructure projects.
Sri Lanka survived two tough years of economic crisis; possibly because of India's support: President Wickremesinghe
Sri Lanka's President Ranil Wickremesinghe expressed gratitude for India's financial support of USD 3.5 billion, helping the country survive an economic crisis. Wickremesinghe emphasised a strong partnership with India, focusing on sustainable energy projects and infrastructure development. Sri Lanka recently declared its first-ever sovereign default, but is working on debt restructuring with international organisations. Wickremesinghe is optimistic about the country's economic recovery.
EAM Jaishankar & Sri Lanka President Wickremesinghe formally commission Maritime Rescue Coordination Centre
External Affairs Minister S Jaishankar and Sri Lankan President Ranil Wickremesinghe commissioned the Maritime Rescue Coordination Centre built with a USD 6 million grant from India. Jaishankar discussed bilateral cooperation in various sectors. They unveiled a virtual plaque for the MRCC and housing projects. This the EAM's first overseas visit. He will focus on ongoing Indian projects and arrangements for a potential visit by PM Modi.
"Actively collaborating with India": Sri Lankan president on several development initiatives
Wickremesinghe, while addressing the inauguration of International Industry Expo 2024 on Wednesday said that plans are underway to introduce a new entity called Enterprise Sri Lanka, to support the small and medium-scale entrepreneurs.
EAM Jaishankar to visit Sri Lanka, Mauritius this month as Modi 3.0 pushes Indian Ocean region outreach
The aim of Jaishankar's visit will be to review bilateral ties as both Sri Lanka and Mauritius prepare to hold elections this year. New Delhi is keen to maintain its influence in the southern and western Indian Ocean amid China's growing presence in the region.
Feasibility study on proposal to establish land connectivity with India in final stages, says Sri Lankan President
Sri Lankan President Ranil Wickremesinghe announced that the feasibility study for a land connectivity proposal with India is nearing completion. This initiative, along with discussions on a potential power grid connection and the sale of excess renewable energy to India, will be on the agenda during External Affairs Minister S Jaishankar's upcoming visit to Sri Lanka on June 20.
IMF approves second review of Sri Lanka's $2.9 bln bailout, warns of economic risks
The IMF approved the second review of Sri Lanka's $2.9 billion bailout, emphasizing the need for Colombo to ensure debt sustainability through finalizing the MoU with key lenders.
With neighbourhood leaders as guests, India focuses on Indian ocean region
India is inviting heads of state and government from Sri Lanka, Maldives, Mauritius, and the Seychelles to the swearing-in ceremony of the next Narendra Modi government on June 9. The focus is on the western and southern Indian Ocean (IOR), where India has been a security provider and first responder for decades. The other key overseas guests are Bangladesh, Nepal, and Bhutan, affirming long-standing ties and bolstering India's push to counterbalance Chinese influence in the immediate neighborhood.
Pitch imperfect: Can India and Pakistan match hype and anticipation around the game expected to promote cricket in the US?
The ICC, in a brief statement, have acknowledged that the pitches have not played as consistently as they would have liked and insists the best in the business are looking to sort this out. But, the fact of the matter is that drop-in pitches, used to best effect in Australia where cricket shares spaces with other sporting codes, need time before they can settle. Typically, once a drop-in pitch is put in place it is allowed to acclimatise to the conditions and then actual matches are played on it, to determine the state of readiness.
Adani to invest over $1 bn in Sri Lankan wind projects
Adani Group plans to invest over USD 1 billion in setting up projects in Sri Lanka through Adani Green Energy Ltd. The projects include two wind farms in Sri Lanka's Mannar town and Pooneryn village with a total capacity of 484 megawatts.
Operators of illegal betting apps moving from Dubai to Sri Lanka
As Dubai's scrutiny intensifies on the online gambling empire Mahadev, illegal betting operators are relocating to Sri Lanka. Offshore call centers and offices, crucial for these betting apps, are being established there. Staff running multiple betting websites are now operating discreetly from Sri Lankan villas, drawn by the country's cheaper costs and less rigorous enforcement compared to Dubai.
Sri Lanka police arrests wanted handler of 4 ISIS suspects detained in India
The arrested individual suspected of handling four Sri Lankans linked to ISIS, detained at Ahmedabad airport, was identified as Gerard Pushparaja Osman. Sri Lankan Police offered a cash award of Rs. 2 million for information on his whereabouts. Security forces suspect Osman, aged 46, facilitated the individuals' activities.
Rajapaksas to launch political comeback bid in Sri Lanka
The ruling Sri Lanka People's Front of the Rajapaksas, commonly known by its Sinhalese name Sri Lanka Podujana Peramuna (SLPP), will hold a public rally later in the day in the north central rural town of Thalawa, party member and former minister SM Chandrasena told reporters.
Sri Lanka's presidential election first, parliamentary polls later: President Wickremesinghe
President Ranil Wickremesinghe confirms the scheduling of the presidential election before the parliamentary election, in line with the Elections Commission's timeline and amid pressure from the ruling SLPP party.
Country depends on tourism; 60 pc people come from India: Sri Lankan MP V Radhakrishnan
Sri Lankan MP V Radhakrishnan said that tourism is a major reason for the two nations' positive ties. Sri Lanka is reliant on travel. About 60% of the population is Indian. Sri Lanka is now experiencing economic growth. In the future, the two nations ought to collaborate, particularly in the travel and tourist sector."
PhonePe UPI payments launched in Sri Lanka
The transactions will be facilitated by the UPI and LankaPay National Payment Network. Users can scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. The amount will be debited in Indian currency, showing the currency exchange rate.
Maldives gets IMF debt warning as more Chinese loans loom
Maldives warned by IMF of 'debt distress' due to heavy borrowing from China. Urgent need to increase revenue, reduce spending, and limit external borrowing to avoid economic crisis amid high risks and dependence on Chinese funding.
Adani Green signs a 20-yr agreement with Sri Lanka government for wind power stations
The Sri Lankan government has greenlit a partnership with Adani Green Energy, led by Indian billionaire Gautam Adani, to construct wind power stations in Mannar and Poonerin. A negotiation committee has been tasked with assessing Adani Green's proposal, culminating in a 20-year power purchase agreement between the parties
India-Russia joint venture to manage strategic Sri Lanka airport
A joint venture between an Indian and a Russian firm has won a 30-year contract to manage Sri Lanka's Mattala Rajapaksa International Airport, located near Hambantota. The airport, once known as the "world's emptiest airport," was built at a cost of $209 million. This marks the second India-Russia joint project in India's neighborhood, following the Roopur nuclear power plant in Bangladesh. The airport's management contract was awarded to the JV of Shaurya Aeronautics (Pvt) Ltd of India and Russia's Airports of Regions Management Company after the Sri Lankan Cabinet called for expressions of interest.
Sri Lanka leases white elephant airport built with Chinese loans
Sri Lanka has leased its underutilized Mattala Rajapaksa International Airport, built with Chinese loans, to a joint venture between India's Shaurya Aeronautics and Russia's Airports of Regions Management Company for 30 years. The airport, plagued by problems since its 2013 opening, has struggled with financial losses. The lease marks part of Sri Lanka's efforts to privatize state-owned enterprises after an IMF bailout. The airport's location on a bird migratory route and poor passenger traffic have contributed to its challenges.
Indian company to manage Sri Lanka's China-funded airport
Sri Lanka plans to transfer management of its Chinese-built Mattala Rajapaksa International Airport to Indian and Russian companies to mitigate losses. The airport, funded by China EXIM Bank, has faced operational challenges since 2013. Sri Lanka is also seeking to restructure its loan with China EXIM Bank amid financial crisis.
China reaffirms financial support for Sri Lanka
China has said it would continue to support Sri Lanka, as the crisis-hit island nation's prime minister on Saturday wrapped up a visit to Beijing to try to finalise a debt restructuring deal. China had agreed "in principle" to restructure Sri Lanka's debt in December, but neither Colombo nor Beijing had given details and the two are yet to finalise an agreement.
Sri Lanka reduces policy rates by 50 bps to boost growth
The central bank has now slashed interest rates by a total 700 basis points since last year as Sri Lanka's economy began a painful recovery from its worst financial crisis since independence from the British in 1948.
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