Latest news with #Colombo
Bloomberg
2 days ago
- Business
- Bloomberg
An Ex-Marxist Is Taking Risks to Reshape Sri Lanka
Last week, regulators in cash-strapped Sri Lanka raised power prices by 15%. President Anura Dissanayake, who during his successful election campaign last year promised to lower the cost of electricity by a third, had to explain his U-turn. The treasury could no longer afford to subsidize power, he said. Seven months into his term, the former radical has realized that keeping his country from one more crisis requires him to break promises and lose friends.
Bloomberg
4 days ago
- Business
- Bloomberg
Sri Lanka's Growth Cools as Monetary Policy Easing Renewed
The Sri Lankan economy grew at a slower pace last quarter, as a high base is beginning to catch up. Gross domestic product rose 4.8% in the three months to March from a year ago, the Statistics Department said Monday. That compares with a reading of 5.4% in the October-December period.
Zawya
4 days ago
- Business
- Zawya
Sri Lanka economy reports 4.8% growth in first quarter
Sri Lanka's economy grew 4.8% year-on-year in the first three months of 2025, official data showed on Monday, indicating a deepening recovery from its worst financial crisis in decades. (Reporting by Hritam Mukherjee, Editing by Louise Heavens)
BBC News
5 days ago
- Sport
- BBC News
Schedule confirmed for Women's World Cup in India
The schedule has been confirmed for the ICC Women's World Cup which is being hosted by India this autumn, with England starting their campaign against South Africa in Bengaluru on 3 then led by Heather Knight, reached the final of the last 50-over tournament in 2022 but were beaten by world-dominating Australia. They will meet in the group stages of the tournament on 22 tournament will also be opened in Bengaluru on 30 September with the hosts facing Sri Lanka, while Australia's first game is against T20 world champions New Zealand in Indore on 1 this month it was confirmed that Sri Lanka will also host matches as part of ongoing arrangements surrounding fixtures involving India and will host Pakistan's seven group games, including against India and England. It will also host a semi-final and the final if Pakistan make it that other host cities in India are Guwahati and Visakhapatnam. The eight-team tournament sees all teams play each other once before the first semi-final takes place on 29 October in either Colombo or Guwahati and the second will be the following day in Bengaluru. Either Bengaluru or Colombo will host the final on 2 previously hosted the Women's World Cup in 2013 and in their own conditions, they are strong contenders to challenge Australia for the title. The World Cup will be a defining occasion for England under their new coach Charlotte Edwards and captain Nat memorable World Cup win at Lord's in 2017 was their last triumph at an ICC tournament. Alongside losing the 2022 final, in the T20 World Cups since they have been runners-up to Australia in 2018, exited at the semi-final stage in 2020 and 2023 and suffered a disastrous group-stage exit to West Indies last year. The West Indies defeat led to questions surrounding England's fitness, their fearless approach under coach Jon Lewis and their ability to handle pressure criticisms were amplified by the Women's Ashes clean sweep at the beginning of this year which led to Lewis and Knight being removed from their positions. But England have started the summer positively with an unbeaten run against West Indies, though a much bigger test will come when India arrive for a white-ball series which starts on 28 June.
Reuters
5 days ago
- Business
- Reuters
Sri Lanka plans IMF talks on ways to lure foreign investors
COLOMBO, June 16 (Reuters) - Sri Lanka plans to discuss strategies with the International Monetary Fund (IMF) to lure foreign investment, President Anura Kumara Dissanayake said on Monday, in the aftermath of the Indian Ocean nation's financial crisis. Sri Lanka has recovered strongly from the crisis caused by a record shortage of dollars, thanks to a $2.9-billion bailout from the IMF and efforts to cut inflation, rebuild reserves, and stabilise its currency over four years from March 2023. Beyond last year's economic growth of 5%, Sri Lanka still needs to focus on deeper reforms such as reforming loss-making state enterprises and trimming a bloated public service, Dissanayake said. "As part of efforts to grow sustainably we will offer incentives to attract foreign investment and will hold discussions with the IMF in this regard," he told a conference in Colombo, without giving a timeframe. Sri Lanka defaulted on its foreign debt at the height of the crisis in 2022 but is close to finalising a $22.5-billion rework with support from the global lender. Colombo boosted power prices by 15% last week in its effort to secure IMF executive board approval for the fifth tranche of its facility, standing at about $334 million. Sri Lanka is among the small open economies that face major risks such as tariffs, geopolitical conflict and economic fragmentation, said Gita Gopinath, the IMF's first deputy managing director. "That is why there is no room for policy errors," she added, pointing out that about half of Sri Lanka's 16 past IMF programs had ended prematurely, with reform fatigue setting in and hard-won gains reversed. Sri Lanka started talks with Washington after the United States imposed tariffs of 44% in April on its exports of about $3 billion, which were later suspended.
