News

Lanka’s poverty rate doubled, says World Bank

Published

12 months ago

May 7, 2023

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Sri Lanka’s ongoing economic crisis is estimated to have doubled the poverty rate from 13.1 percent to 25 percent and it is projected to remain above 25 percent for the next few years due to the multiple risks to households’ livelihoods, the World Bank said in its twice-a-year update on Sri Lanka this week.

“The crisis reversed years of gains in poverty reduction and human capital development,” the update said, noting that the crisis had added an additional 2.5 million poor people.

Vulnerability to income shocks has also increased with many non-poor households living close to the poverty line – 5.7 percent of the population lives less than 10 percent above the poverty line and a further 5.6 percent lives between 10 and 20 percent above it. All these households are highly vulnerable to falling into poverty in the event of a negative income shock, according to the report.

The international financial outfit also projected that the country’s economy would continue to face significant challenges this year and beyond with the country’s economy contracting by 4.3 percent this year, while demand continued to be subdued, job and income losses intensified, and supply-side constraints adversely affected production.

“Growth prospects are subject to high uncertainty and will depend on the progress of debt restructuring with timely and effective implementation of fiscal consolidation, and growth-enhancing structural reforms,” the World Bank said, while pointing out that the country could use this crisis as an opportunity to build a strong and resilient economy.

(Sunday Times)

News

Damitha Abeyratne & husband granted bail

Published

12 mins ago

April 24, 2024

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Actress Damitha Abeyratne and her husband were granted bail on the orders of the Colombo Fort Magistrate’s Court today (April 24).

Accordingly, the couple was released on a surety of Rs. 5 million each.

The actress and her spouse were arrested on April 04.

The Computer Crimes Division of the CID initiated an investigation into the alleged defrauding of Rs. 3 million by the couple on the promise of employment in South Korea. Subsequently, the CID informed the court that Abeyratne and her husband would be named as suspects of the relevant case.

News

Uma Oya project launched (Video)

Published

52 mins ago

April 24, 2024

editor

President of the Islamic Republic of Iran – Dr. Ebrahim Raisi and Sri Lankan President – Ranil Wickremesinghe have jointly inaugurated the Uma Oya Multipurpose Development Project (UOMDP) a short while ago.

This project is one of the largest irrigation projects in Sri Lanka following the Mahaweli Development Project.

(Video – PMD)

News

SLFP crisis : 2 more court orders

Published

1 hour ago

April 24, 2024

editor

The Colombo District Court today (April 24) delivered an injunction preventing former President Maithripala Sirisena from functioning as the chairman of Sri Lanka Freedom Party (SLFP).

The order was issued with regard to a complaint filed by former SLFP executive committee member Montague Sarathchandra.

Accordingly, the injunction will be effective until the conclusion of the trial.

Meanwhile, the court order preventing the SLFP Executive Committee from ousting its members Mahinda Amaraweera, Duminda Dissanayake, and Lasantha Alagiyawanna from their respective party positions has also been extended.

Accordingly, the interim injunction will be in place until May 08 on the orders of the Colombo District Court.

Colombo District Judge Sandun Withana delivered this extension when a complaint filed by the three MPs was taken up this morning (24).