Sri Lanka

2023 - 2 - 11

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Sri Lanka President launches assembled Hyundai car amid ... (EconomyNext)

President Ranil Wickremesighe has launched locally assembled Hyundai vehicle with Sri Lanka's Abans group, as the country is gripped by an import ban on ...

“I hope that this step will be a good start for the arrival of other investors to Sri Lanka based on the cooperation between South Korea and Sri Lanka as well as the higher investment made by Korea here. “Assembling the Hyundai Grand i10 in Sri Lanka is a tribute to the firm determination of [Abans Chairperson] Mrs. “But the initiation was taken with the belief that the economy of the country would recover and I would again extend my heartiest thanks to you all for it.”

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Indian support helped overcome debt trap, says Sri Lankan ... (WION)

Sri Lankan President Ranil Wickremesinghe praised India's support for his country amid the economic crisis at the opening of the Jaffna Cultural Centre ...

Jaishankar in 2022. Sri Lanka and India are two sides of the same coin and our shared culture should be conserved and protected. The president highlighted the ongoing discussions between the two nations on economic development projects in the Northern Province, development projects in the Trincomalee Port, and the energy sector

India dedicates Jaffna Cultural Centre to people of Sri Lanka (ThePrint)

Sri Lanka President Ranil Wickremesinghe and Union Minister of State for Information and Broadcasting L Murugan were present at the event. “The iconic Jaffna ...

The minister would also visit various sites that underline the scale and extent of India’s people-centric development partnership in Sri Lanka and also interact with a cross-section of leaders and stakeholders, the Indian High Commission here said on Thursday. The centre, whose foundation stone was laid by Prime Minister Narendra Modi in March 2015, was dedicated to the people of Sri Lanka after a colourful cultural show that projected the diversity and richness of Sri Lankan culture. Colombo, Feb 11 (PTI) India on Saturday dedicated to the people of Sri Lanka the state-of-the-art Jaffna Cultural Centre which was built with India’s assistance and is a magnificent example of the bilateral development partnership.

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Sri Lankan President Ranil Wickremesinghe dedicates Jaffna ... (All India Radio)

Union Minister Dr. L. Murugan participated in the event and said that the centre is an iconic one. Prime Minister Narendra Modi had laid the foundation stone ...

He further said that the cultures of India and Sri Lanka are inseparable and shared, which makes it obligatory to develop and preserve it. He added that the centre will serve as a lasting symbol of India’s commitment to the people of Sri Lanka. The Minister added that India has started its journey into Amrit Kaal and will achieve the development goals.

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Sri Lanka thankful to Indian govt for Jaffna Cultural Centre: Northern ... (Rising Kashmir)

"We are grateful to the government and the people of India for this endowment. It reaches out and connects with the world of art," Thiagarajah said at an event ...

"The government is currently designing a visa regime for people of Sri Lankan origin overseas to enable seamless, sustained access and presence. It reaches out and connects with the world of art," Thiagarajah said at an event marked for the dedication of the Jaffna Cultural Centre to the people of Sri Lanka. "We are grateful to the government and the people of India for this endowment.

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Union Minister Hails India, Sri Lanka Relations At Jaffna Cultural ... (NDTV)

Participating in the dedication of the Jaffna Cultural Centre, constructed with the Indian government's grant, to the people of Sri Lanka today, ...

The centre is envisaged as a public space to "promote, preserve and foster the cultural heritage of Jaffna", and serve as "a hub of cultural activities" in Sri Lanka. Jaffna Cultural Centre, located next to the iconic Jaffna Public Library is the tallest building in Jaffna town. We are very happy that as the High Commission of India in Sri Lanka and as the Consulate General of India in Jaffna, we are implementing that policy and supporting the people of the northern province, our Tamil brothers and sisters and also strengthening ties between India and Sri Lanka," the envoy added.

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Sri Lankan President says Jaffna Cultural Centre a gift by PM Modi (OpIndia)

Speaking further about the Tamil culture, the President added that the culture is inspired by the Southern states in India and the Tamil culture in Jaffna ...

Jaffna cultural centre, located next to the iconic Jaffna Public Library is the tallest building in Jaffna town. The Jaffna Cultural centre is a glowing example of India-Sri Lanka development partnership, he said. Wickremesinghe called the centre one of the major projects between India-Sri Lanka.

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Jaffna Cultural Centre Dedicated To People Of Sri Lanka; President ... (Swarajya)

The occasion saw the participation of Sri Lankan President Ranil Wickremesinghe and Union Minister of State for Information and Broadcasting (I&B) L Murugan.

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. It was conceived as a reconciliation project primarily aimed at expanding cultural infrastructure for people of Northern Province. It is located next to the iconic Jaffna Public Library, which was

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Maiden locally-assembled Hyundai Grand i10 rolls off Abans ... (Sunday Observer)

Sri Lanka's first locally assembled Hyundai Grand i10 1.2l Auto was unveiled by President Ranil Wickremesinghe, at the Hyundai Showroom, Colombo City Centre ...

This is the second such venture by a global automotive manufacturer in Sri Lanka. The project is a direct technical collaboration with Hyundai, the world’s third-largest automobile manufacturer and the most prominent to enter into vehicle assembly and localization in Sri Lanka. The massive enterprise is expected to further uplift the national automobile assembly and automotive components manufacturing industry to greater heights, giving Sri Lankan industry much-deserved recognition on the international stage.

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Sri Lanka's Dialog Axiata lose Rs8.2bn in Dec quarter (EconomyNext)

Annual forex losses were 30.2 billion rupees. Currency depreciation has also pushed up energy costs. In the December 2022 quarter Dialog Axiata revenues rose to ...

The group had contributed 35.7 billion rupees in taxes to the government. Dialog Axiata had invested 52 billion rupees in high speed broadband and other infrastructure. Dialog reported losses of 1.01 rupees per share for the quarter.

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PM Modi calls Jaffna Cultural Centre signifies close cooperation ... (ThePrint)

New Delhi [India], February 12 (ANI): Prime Minister Narendra Modi on Saturday called Jaffna Cultural Centre, which was inaugurated on Saturday, ...

The Jaffna Cultural Centre is a “magnificent example” of a development partnership between India and Sri Lanka, the Ministry of Information and Broadcasting said in the press release. The centre is equipped with multiple facilities such as a museum of two floors, an advanced theatre-style auditorium for more than 600 people, an 11-storeyed learning tower, and a public square that could also act as an amphitheatre. It was conceived as a reconciliation project primarily aimed at expanding the cultural infrastructure for the people of Northern Province, according to the press release. In another tweet, Indian High Commission in Sri Lanka wrote, “H.E @RW_UNP thanked PM @narendramodi for the Center and underlined that JCC is a major project between the two countries. @RW_UNP”,”PM Modi tweeted while acknowledging the presence of President Ranil Wickremesinghe on the occasion. The august presence of President Ranil Wickremesinghe made the programme even more special.

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India dedicates Jaffna Cultural Centre to people of Sri Lanka (Economic Times)

The centre was conceived as a reconciliation project primarily aimed at expanding the cultural infrastructure for the people of the Northern Province.

The centre, whose foundation stone was laid by Prime Minister [Narendra Modi](/news/narendra-modi)in March 2015, was dedicated to the people of Sri Lanka after a colourful cultural show that projected the diversity and richness of Sri Lankan culture. The minister would also visit various sites that underline the scale and extent of India's people-centric development partnership in Sri Lanka and also interact with a cross-section of leaders and stakeholders, the Indian High Commission here said on Thursday. [Sri Lanka](/topic/sri-lanka)the state-of-the-art [Jaffna Cultural Centre](/topic/jaffna-cultural-centre)which was built with India's assistance and is a magnificent example of the bilateral development partnership. The centre was conceived as a reconciliation project primarily aimed at expanding the cultural infrastructure for the people of the Northern Province. It consists of multiple facilities such as a museum, an advanced theatre-style auditorium that can accommodate more than 600 people, a 11-storey learning tower and a public square that can also double up as an amphitheatre, according to an official statement. "H.E @RW_UNP thanked PM @narendramodi for the Center and underlined that JCC is a major project between the two countries," it said.

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Sri Lanka or Bangladesh? (The News International)

In 2021, the Sri Lankan economy faced a significant setback as the value of its currency, the rupee, began to decline due to an imbalance between the country's ...

Will Pakistan be the next Sri Lanka, with scarcity of crucial items such as petrol, diesel, and life-saving drugs? In September 2021, the SBP had $20 billion in net reserves. As of February 3, the State Bank of Pakistan (SBP) reported net reserves of $2.9 billion barely enough to cover two weeks of imports. There is not even a single respite in sight. Sri Lanka Maha Bankuwa, the central bank, had $1.8 billion of foreign exchange reserves when Sri Lanka defaulted on its foreign debt obligations. On February 9, as the economy was hanging by a thread, all that our Ministry of Finance could claim was to have received a draft Memorandum of Economic and Financial Policies (MEFP) from the IMF. Shortages, coupled with significant price increases, resulting in widespread social unrest sparking violent street protests followed by troop deployment? Bangladesh, however, sought the IMF's assistance as soon as its foreign exchange reserves declined from $44 billion to $33 billion. This devaluation of the rupee resulted in high inflation rates and the depletion of foreign exchange reserves. On January 30, the IMF Executive Board approved a $3 billion, 42-month arrangement with Bangladesh under the Extended Fund Facility and $1.4 billion under the Resilience and Sustainability Facility. As of February, the SBP had external payment obligations of $8 billion over the following five months. Pakistan’s economy is hanging by a thread; fragile and vulnerable at a risk of breaking down.

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Indian minister Murugan hails India, Sri Lanka relations during ... (adaderana.lk)

Participating in the dedication of the Jaffna Cultural Centre, constructed with the Indian government's grant, to the people of Sri Lanka, Union Minister of ...

The centre is envisaged as a public space to “promote, preserve and foster the cultural heritage of Jaffna”, and serve as “a hub of cultural activities” in Sri Lanka. We are very happy that as the High Commission of India in Sri Lanka and as the Consulate General of India in Jaffna, we are implementing that policy and supporting the people of the northern province, our Tamil brothers and sisters and also strengthening ties between India and Sri Lanka,” the envoy added. We are happy to dedicate this to the people of Sri Lanka”, he added.

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Sri Lanka sees India-led MICE tourism boom amid recovery (EconomyNext)

ECONOMYNEXT – Sri Lanka is expected to see a boom in MICE (Meetings, Incentives, Conferences and Exhibitions) tourist arrivals this year mainly from India, ...

The European market is mostly for the Incentives because Sri Lanka is the direct connectivity.” We started to pick up in January, February and March 2022,” she said. MICE can also be referred to as Business Tourism or Business Events.

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Sri Lanka to settle Rs87bn to contractors with bonds (EconomyNext)

Sri Lanka plans to pay 87 billion rupees of arrears to its contractors of the Ministry of Transport in 2023 through bonds, Cabinet Spokesman Bandula ...

We should be ashamed as a country to import eggs for a loan,” Chairman Gunasekara said. “Since they can’t sell the eggs at the proper price. He said the high price helped the farmer to earn an extra profit.

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Visa official hopeful of country's economic recovery (Sunday Observer)

Visa, presenting its Security Roadmap 2023-2025, expressed confidence in Sri Lanka's tourism industry and said that the island's economy can rebound with ...

Networks like Visa also have their own mechanisms to detect fraudulent transactions as per risk levels; Visa tokens have led to a 28 percent reduction in fraud rates and a three percent increase in approval rates – increasing sales for merchants while saving them money on fraud-related expenses. Tourism contributes 12 to percent of GDP and is third largest source of foreign exchange and MICE events in Sri Lanka to attract corporate tourism and ‘bleisure’ (business and leisure) travellers; expected to bring in USD 300 million and more travellers to the country, the security roadmap cited. “In the realm of tourism, Visa also firmly believes that small and medium enterprises would be a foundation of this recovery.

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11 stranded pilot whales saved in Sri Lanka (FRANCE 24)

Eleven pilot whales were saved on Saturday after they became stranded near the shore on Sri Lanka's west coast in the early hours, wildlife officials told ...

The navy took them in their boats and dropped them." Three pilot whales and one dolphin died of injuries following the mass beaching on the country's western coast at Panadura, south of the capital Colombo. Kudawa (Sri Lanka) (AFP) – Eleven pilot whales were saved on Saturday after they became stranded near the shore on Sri Lanka's west coast in the early hours, wildlife officials told AFP.

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Sri Lanka to settle Rs87bn to contractor arrears with bonds (EconomyNext)

Sri Lanka plans to pay 87 billion rupees of arrears to its contractors of the Ministry of Transport in 2023 through bonds, Cabinet Spokesman Bandula ...

We should be ashamed as a country to import eggs for a loan,” Chairman Gunasekara said. “Since they can’t sell the eggs at the proper price. He said the high price helped the farmer to earn an extra profit.

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14 pilot whales stranded on beach in Sri Lanka (The Statesman)

A pod of 14 pilot whales were stranded on Kalpitiya beach in northwestern Sri Lanka, said the country's Wildlife department.

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Sri Lanka : Pod of 14 pilot whales stranded on Sri Lanka's Kalpitiya ... (Colombo Page)

The Kalpitiya Wildlife Conservation Office said the 14 baby whales were found stranded on the beach near Ocean View Beach Tourist Hotel in Kudwa this morning ...

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Fishermen, navy team rescue 11 stranded pilot whales in Sri Lanka (India Today)

Later, members of the Kandakuzhi fishermen community, along with the Lankan Navy, battled for several hours to take them back into the deep waters to make sure ...

The navy took them in their boats and dropped them." They are considered the biggest oceanic dolphins. They are highly social.

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Sri Lanka : Dialog grows 26% in FY 2022, Forex flips NPAT to ... (Colombo Page)

Sri Lanka : Dialog grows 26% in FY 2022, Forex flips NPAT to negative Rs33.4Bn while investments in infrastructure tops Rs52Bn (Sri Lanka - latest news ...

Consequently, Company NPAT recorded a loss of Rs38.3Bn for FY 2022 and a loss of Rs18.1Bn for Q4 2022. Accordingly, NPAT was recorded at Rs3.3Bn for FY 2022. Accordingly, EBITDA was recorded at Rs35.4Bn for FY 2022 representing a decline of 12% YTD and Rs5.9Bn for Q4 2022 down 43% QoQ. DBN EBITDA recorded a growth of 2% to reach Rs14.8Bn for FY 2022. Accordingly, DTV revenue recorded a strong growth of 14% YTD to reach at Rs12.0Bn for FY 2022. Normalized for the one-off provision Group EBITDA decline moderated to 5% YTD to reach Rs55.8Bn for FY 2022 albeit increasing 2% QoQ to reach Rs14.3Bn for Q4 2022. Group NPAT for Q4 2022 recorded a loss of Rs8.3Bn. Group consolidated revenue was recorded at Rs178.1Bn for FY 2022 demonstrating a growth of 26% Year-to-Date (“YTD”). Group Revenue for Q4 2022 was recorded at Rs50.9Bn up 12% Quarter-on-Quarter (“QoQ”). Company revenue was recorded at Rs101.4Bn for FY 2022 up 11% YTD and Rs26.5Bn for Q4 2022 up 2% QoQ driven mainly by Data and Voice segments. However, the operating cost escalations and forex depreciation along with one-off provisions led to Group Earnings Before Interest, Tax, Depreciation and Amortization (“EBITDA”) declining 12% YTD to reach Rs51.6Bn for FY 2022 whilst Group EBITDA reached Rs10.1Bn for Q4 2022, down 28% QoQ. FY 2022 was one of the most challenging years in Sri Lanka’s recent history marked by social unrest, political uncertainty and an economic crisis.

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Sri Lanka to settle contractor arrears with bonds in cash crisis (EconomyNext)

Sri Lanka plans to pay 87 billion rupees of arrears to its contractors of the Ministry of Transport in 2023 through bonds, Cabinet Spokesman Bandula ...

The Government has carried out an initial set of reforms and we expect more reforms to take place post IMF Board approval, that will provide an impetus towards economic revival. The Ceylon Chamber would like to urge the IMF to consider the assurances received thus far and initiate the approval process, as continual delays will place Sri Lanka in an extremely vulnerable social and economic position. China has given an upfront moratorium of two years and offered to re-structure debt.

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