News

China calls on commercial & multilateral creditors to take part in SL debt restructuring

Published

2 years ago

March 21, 2023

editor

China has called on commercial and multilateral creditors to take part in Sri Lanka’s debt restructuring under the principle of fair burden-sharing.

Chinese Foreign Ministry Spokesperson Wang Wenbin has expressed these sentiments at the MFA’s Regular Press Conference held today (01).

Mr. Wang was responding to a query on whether the Chinese MFA had any comment on the IMF approving a $3 billion loan program for Sri Lanka.

“We think this is good news and believe this will better help Sri Lanka address the crisis and get out of the difficult situation. The Export-Import Bank of China has provided financing support documents to Sri Lanka to help it truly address the debt issues swiftly and effectively, which fully speaks to China’s sincerity and effort to support Sri Lanka in achieving debt sustainability. China stands ready to work with relevant countries and international financial institutions and continue to play a positive role in helping Sri Lanka navigate the situation, easing its debt burden and helping it achieve sustainable development. In the meantime, we call on commercial and multilateral creditors to take part in Sri Lanka’s debt restructuring under the principle of fair burden-sharing,” he has said.

News

PNB seize over Rs. 280 mn. in biggest drug money bust

Published

9 hours ago

January 17, 2025

editor

The Police Narcotics Bureau (PNB) has seized a stash of currency notes amounting Rs. 283 million.

It is said that this is the largest amount of cash ever confiscated from a drug trafficker in Sri Lanka.

The banknotes were recovered from a residence in Kurunegala during a search operation. 18 grams of ‘Ice’ (Crystal Methamphetamine), a double-cab, and a van were also seized during the raid.
According to police, the money allegedly belongs to a suspect who is currently in prison.

The suspect was presented before the Kurunegala Magistrate’s Court and the Magistrate has granted permission for authorities to detain and further interrogate him.

News

Energy Ministry differs on electricity tariffs (Update)

Published

9 hours ago

January 17, 2025

editor

Hours after the Public Utilities Commission of Sri Lanka (PUCSL) announced a 20% average reduction in electricity tariffs effective from midnight today (Jan. 17), the Energy Ministry has stated that the tariff revision would be implemented only upon receiving approval from the Finance Ministry.

In a media release, the Ministry has said that the proposals should be first officially received and thereafter they would need Finance Ministry advice.

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(Previous News : January 17, 2025 3.05pm)

Electricity tariffs slashed by 20%

The Public Utilities Commission of Sri Lanka (PUCSL) has decided to slash electricity tariffs by an overall average of 20 percent.

The tariff reduction will affect all consumer categories and will come into effect from midnight today (Jan. 17).

The PUCSL’s proposed reductions are as follows;

Domestic tariff – reduced by 20%
Places of worship – reduce by 21%
Hotels – reduced by 31%
Industries – reduced by 30%
Government Institutions – reduced by 11%

Electricity tariffs reduction (Domestic)

0-30 units reduced by 29%
31-60 by 28%
61-90 by 19%
91-180 by 18%
More than 180 by 19%

BIZ

SL – China currency swap agreement, renewed

Published

10 hours ago

January 17, 2025

editor

The Central Bank of Sri Lanka and the People’s Bank of China, in December 2024, successfully renewed the Bilateral Currency Swap Agreement signed in 2021, for a period of another three (03) years, under the terms and conditions stipulated in the original agreement.

The CNY 10 billion (approximately USD 1.4 billion) currency swap facility reflects the financial cooperation between China and Sri Lanka.

Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, signed the agreement on behalf of the Central Bank of Sri Lanka, while Mr. Pan Gongsheng, Governor of the People’s Bank of China, signed on behalf of the People’s Bank of China.

(CBSL)