Connect with us

News

Lanka’s poverty rate doubled, says World Bank

Published

on

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

Heavy rains over 50 mm expected in some areas

Published

on

By

The Department of Meteorology says showers or thundershowers will occur at several places in Western, Sabaragamuwa, Central, Uva, Southern and Eastern provinces and in Polonnaruwa district after 1.00 p.m today (May 08).

Fairly heavy rains above 50 mm are likely at some places in these areas.

Showers or thundershowers may occur at a few places elsewhere on the island during the afternoon or night.

Meanwhile, showers may occur in coastal areas of the Western and Southern provinces and in Puttalam district in the morning too.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

Misty conditions can be expected at some places in Central and Uva provinces and in Ampara and Polonnaruwa districts during the morning

Continue Reading

News

World Bank Group President meets with President AKD (Pics)

Published

on

By

President of the World Bank Group Ajay Banga met with President Anura Kumara Disanayake this afternoon (07) at the Presidential Secretariat in Colombo.

This visit marks a milestone, as it is the first time in nearly two decades that a World Bank Group President has visited Sri Lanka.
During the meeting, discussions centred on strengthening collaboration to support Sri Lanka’s future development agenda. Priority areas identified included digitalisation, tourism, agriculture and infrastructure development, with particular emphasis on identifying short-term rewards, including advancing development in the Northern and Eastern provinces.

The Sri Lankan government’s efforts to establish a robust legal framework conducive to attracting new investments and recent policy initiatives were also discussed during the meeting.

Attendees at the meeting included Trevor Kincaid, Special Advisor – World Bank Group, David Sislen, Country Division Director – Maldives, Nepal and Sri Lanka – World Bank Group, Imad Fakhoury, Regional Director – South Asia International Finance Corporation and Gevorg Sargsyan, Country Manager – Maldives & Sri Lanka¸ World Bank Group.

Minister of Labour and Deputy Minister of Economic Development Anil Jayantha Fernando, Deputy Minister of Finance and Planning Harshana Suriyapperuma and Senior Additional Secretary to the President Russell Aponsu, along with several other dignitaries, also attended the occasion.

(President’s Media Division)

Continue Reading

News

NPP won’t join with parties rejected by people – Tilvyn

Published

on

By

The National People’s Power (NPP) says they will not join hands with opposition parties “rejected by the public” to form administrations in LG bodies it has won but has failed to secure an outright majority.

However, the NPP would consider joining forces with candidates who were elected to the councils contesting independently, said Janatha Vimukthi Peramuna (JVP) General Secretary Tilvyn Silva, at a media briefing in Colombo today (May 07).

Silva said that only the party that has the largest number of members at a local authority has the power and the moral right to form its administration. 

“After the election, if small parties who contested separately try to combine their results and claim a majority, we believe that is neither realistic nor fair… Adding together the percentages won by each opposition party does not mean it is the people’s mandate. The people’s mandate is reflected in the number of votes given to a single party,” he stated.

The National People’s Power (NPP) has emerged as the dominant force at the 2025 Local Government (LG) polls, securing over 3,900 seats and majorities in more than 150 local bodies.

However, when compared to the General Election and Presidential Election last year, the NPP had suffered some setbacks while regional political parties in North and East had made a strong comeback.

The NPP also failed to win control of the Colombo Municipal Council (CMC), despite winning the highest vote share (36.92%) and securing 48 of 117 seats.

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved