Skip to content
Search

Latest Stories

Sri Lanka calls for diaspora investment

Sri Lanka calls for diaspora investment

SRI LANKA marked its Independence Day on Friday (4) with an appeal to its diaspora to send money home to overcome the island's worsening economic crisis and a pledge to protect foreign investments.

President Gotabaya Rajapaksa urged millions of Sri Lankans abroad to invest their savings in their home country, which is facing its worst debt crisis since independence from Britain 74 years ago.

"Expatriate Sri Lankans who provide foreign exchange to the country are a major resource to us," Rajapaksa said.

"I invite all expatriate Sri Lankans to invest in their homeland."

Colombo's foreign reserves, which stood at $7.5 billion (£5.53 bn) when Rajapaksa took office in November 2019, have fallen by more than half to $3.1 bn (£2.29 bn).

Worker remittances, Sri Lanka's number one foreign currency source, fell nearly 60 per cent in December. For 2021 as a whole, the figure dropped a record 22.7 per cent to $5.49 bn (£4.05 bn).

Tourism, another key source of income for the country, has been battered by the coronavirus pandemic.

The government imposed a broad import ban in March 2020 in a bid to save foreign currency, leading to shortages of food and fuel as well as raw materials needed for manufacturing and export-oriented industries.

Rajapaksa, who came to power two years ago pledging to "retake" all state enterprises either leased or partly sold to foreign companies by the previous administration, called for greater foreign involvement in Sri Lanka's economy.

"Foreign investment is especially important for large-scale projects, industries requiring modern technological know-how and new ventures that open up global market opportunities for us," he said.

He criticised "those who attempt to propagate incorrect public opinion against foreign investments, based on political motives".

His own coalition cabinet is divided on a move to sell a stake in a state electricity utility to a US company.

Faced with record inflation, falling reserves and warnings from international rating agencies about Sri Lanka's ability to service its $35 bn (£25.81 bn) external debt, Rajapaksa's finance minister brother Basil announced Wednesday (2) that he had sought technical advice from the International Monetary Fund.

The IMF responded by saying it was ready to discuss "options" if the government asked for financial support.

"While the IMF has not received a request for financial support from Sri Lanka, the staff stands ready to discuss options if requested," mission chief Masahiro Nozaki said in Washington.

In an address to the nation ahead of a military parade, Rajapaksa made no reference to seeking IMF help, but said he was focused on finding both short- and long-term solutions and called for an "optimistic approach".

(AFP)

More For You

Sri Lanka forms committee to address UK sanctions
Anura Kumara Dissanayake

Sri Lanka forms committee to address UK sanctions

THE Sri Lanka government on Wednesday (2) formed a committee to recommend measures regarding the UK's decision to impose sanctions on three former military commanders who led the campaign that crushed the Liberation Tigers of Tamil Eelam (LTTE) in 2009.

Health minister Nalinda Jayatissa told reporters that foreign minister Vijitha Herath, justice minister Harshana Nanayakkara and deputy minister of defence Aruna Jayasekara would comprise the committee that would consult experts for the purpose.

Keep ReadingShow less
Gujarat-blast-ANI

The blast caused the factory’s concrete roof to collapse, scattering debris and body parts across the area, officials confirmed. (Photo: ANI)

ANI

Death toll rises to 21 in Gujarat firework factory explosion

AN EXPLOSION at an illegal firecracker factory in Gujarat's Deesa town killed 21 people and injured several others on Tuesday, officials said.

The blast caused the factory’s concrete roof to collapse, scattering debris and body parts across the area, officials confirmed.

Keep ReadingShow less
Child benefit payments set to rise for UK families

Child benefit, normally paid every four weeks directly into bank accounts, has undergone significant changes in recent months (Photo: Getty Images)

Child benefit payments set to rise for UK families

MILLIONS of British families are set to receive a financial boost as child benefit payments increase from April 7, according to HM Revenue and Customs (HMRC).

From next week, parents will receive £26.05 per week for the eldest or only child, amounting to £1,354.60 annually - up from the current rate of £25.60. For each additional child, payments will rise to £17.25 weekly, totalling £897 per year - an increase from the present £16.95 rate. This represents a 1.7 per cent increase across all payment categories.

Keep ReadingShow less
Anant Ambani Walks 140 Km in Spiritual Tribute on 30th Birthday

Anant’s padyatra is a reflection of the larger cultural fabric of India

Getty

Anant Ambani embarks on a 140-kilometer spiritual journey on foot to celebrate 30th birthday

Anant Ambani, a director of Reliance Industries Limited and a prominent figure in Indian industry, has chosen a unique and spiritual way to mark his 30th birthday. As part of his celebrations, he is currently undertaking a padyatra—a traditional pilgrimage on foot—from Jamnagar to Dwarka, covering a distance of approximately 140 kilometres. The journey reflects his devotion to Lord Dwarkadhish, the presiding deity of the Dwarkadhish Temple in the city of Dwarka.

Anant began his journey from his family’s residence in Moti Khavdi, Jamnagar, and has been progressing steadily for the past five days. Walking an estimated 10-12 kilometres each night, he travels under the protection of Z+ security and local police, ensuring his safety during this significant journey. The padyatra is expected to take between seven to nine days in total, with plans to conclude at the Dwarkadhish Temple in time for his birthday on April 10.

Keep ReadingShow less
New TB action plan proposed as cases surge

Government urged experts to come forward to help draw up a new five-year TB action plan. (Photo: Getty Images)

New TB action plan proposed as cases surge

BRITAIN on Wednesday (2) urged health experts and sufferers of tuberculosis (TB) to come forward to help draw up a new five-year action plan as it deals with record rises in the disease.

In 2023, England recorded its largest annual increase (11 per cent) in cases since enhanced surveillance began in 2000.

Keep ReadingShow less