Democratic Socialist Republic of Sri Lanka : News & DIscussions

MPedo

New member
Nov 19, 2019
2
2
Wakanda
Rajpaksa is Sri Lanka's hawk. His election is a reaction to the action done by islamist terrorist. His coming is neither good for us nor for Pakistan or Maldives. He will invite more termites.
 

lingesh92

Member
Mar 14, 2019
36
36
Chennai
Sri Lanka to seek $ 400 mn financial facility from RBI to meet short term financial needs
By Press Trust of India | Colombo | Last Updated at April 24 2020 14:32 IST


SriLanka is set to enter into an agreement with the Reserve Bank of India for a currency swap worth USD 400 million to boost the foreign reserves and ensure the financial stability of the country which is badly hit by the COVID-19 pandemic, a top minister has said.

The Cabinet has approved a proposal made by Prime Minister Mahinda Rajapaksa as the Finance Minister to enter into an agreement with the RBI for the financing facility to meet short-term international liquidity requirements, Co-Cabinet spokesman Information and Communication Minister Bandula Gunawardena said.

Sri Lanka will enter into the agreement with the RBI for a Bilateral Currency Swap Arrangement worth USD 400 million, Gunawardena said, adding the facility from the RBI is aimed at boosting the island nation's foreign reserves.

Sri Lanka has placed critical economic measures to save the resources hit badly by the COVID-19 pandemic which has infected 373 persons in the country and the death toll reached 7.

Addressing the Cabinet media briefing yesterday, Gunawardena said the Cabinet meeting chaired by President Gotabaya Rajapaksa paid special attention to the control of the coronavirus pandemic, its success and the distribution of goods and relief to the people.

The minister pointed out that the whole world is now experiencing the economic collapse since World War II resulted from the COVID-19 outbreak and a single country alone cannot find a solution to the crisis.

So the Cabinet of Ministers has approved this proposal in order to ensure the financial stability of the country, Gunawardena said.

The country has ordered imports restrictions to prevent non-essential imports. This is in view of the local rupee falling to its historical low against the US dollar. The rupee now hovers over 195 to the dollar gaining somewhat from being down to 200 mark.

The government has also announced talks with Asian Development Bank and China's Asian Infrastructure Investment Bank. A USD 300 million budgetary support is anticipated from the ADB, officials said.

The announcement for getting the USD 400 million financial facility from India came as the rating agency, Fitch on Wednesday warned Sri Lanka to reform its soft-peg and block the ability of its domestic operations department to inject large volumes of cash below the ceiling policy rate to stop monetary instability.

Last month, during a video conference of Prime Minister Narendra Modi along with leaders and representatives from SAARC nations, Sri Lankan President Gotabaya Rajapaksa said, "Our economy has taken a severe blow due to the coronavirus, particularly in tourism... Our exports are also adversely affected."

Tourism is the third-largest earner of foreign exchange in Sri Lanka. The decline in tourist arrivals has hit the island nation's tourism industry in a big way.

Largely owing to the COVID-19 pandemic, the World Bank recently forecast Sri Lankan economy to contract by 3 per cent this year as against a 2.4 per cent estimated growth last year, whilst the IMF predicted the global economy to contract by 3 per cent as well.

Sri Lanka to seek $ 400 mn financial facility from RBI to meet short term financial needs

Now SriLanka looking towards India for rupee swap; must lend them, else they will lose another port to chinkis cause headache to us.
 
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RISING SUN

Senior member
Dec 3, 2017
4,459
2,557
Halal labelling withdrawn in Sri Lanka
Islamic clerics announced the withdrawal of a halal labelling system for food in Sri Lanka on Monday "in the interests of peace" after protests from Buddhist groups.

The All Ceylon Jamiyyathul Ulama (ACJU), Sri Lanka's main body of Islamic clergy, said the halal certificate issued by them would be used only for products that are exported to Islamic countries.

"We are giving up what is important to us. We are making a sacrifice in the interest of peace and harmony," ACJU president Mufti Rizwe said, adding that they were keen to avoid any escalation of religious tensions.

Food manufacturers in Sri Lanka have long made all their products using halal methods and labelled them with the ACJU halal certificate.

They argued it is impractical and uneconomical to have two manufacturing processes for the same product.

The halal method of killing an animal requires its throat to be slit and the blood to be drained.

The Ceylon Chamber of Commerce said that manufacturers agreed to drop the halal logo from all food with immediate effect.

Nationalist Buddhist monks and their supporters had launched a campaign last month to boycott halal-slaughtered meat, as well as other products that carry a halal certificate.

The monks argue that Buddhists should not be forced to consume food that is prepared according to Islamic rites, saying it demonstrates the undue influence of Muslims in Sri Lanka.

President Mahinda Rajapakse, who is a Buddhist, had urged monks not to incite religious hatred.

Sri Lanka is 70 per cent Buddhist, while Muslims comprise less than 10 percent of the population of 20 million.
 

Quicksilver

Active member
Dec 6, 2019
242
146
New york
Nationalist Buddhist monks and their supporters had launched a campaign last month to boycott halal-slaughtered meat, as well as other products that carry a halal certificate.

The monks argue that Buddhists should not be forced to consume food that is prepared according to Islamic rites, saying it demonstrates the undue influence of Muslims in Sri Lanka.
this! something other countries can learn from SL