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Sri Lanka sinks deeper into China's grasp, seeks $2.2 billion from Beijing as reserves shrink

Story highlights
Official figures show Sri Lanka s foreign reserves plummeted to $4.8 billion at the end of January, the lowest since September 2009 when they fell to $4.2 billion.
Sri Lanka has again turned to China for a fresh injection of cash, the country is seeking $2.2 billion from Chinese banks.
Money and capital markets Minister Nivard Cabraal said the government was hopeful of finalising a $1.5-billion swap facility with China s central bank.
Within the next two weeks we should be able to finalise it, Cabraal told reporters in Colombo while maintaining that the funds would be used as a buffer to meet the government s foreign currency needs. ....

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Vehicle Imports to be reviewed end of the year - CBSL clarifies conversion of export proceeds

Thursday, 25 February 2021 - 20:04
State Minister Ajith Nivard Cabraal states that a follow up and review will be carried out at the end of this year regarding the resumption of vehicle imports.
He stated this at a media briefing held at the Ministry of Finance today. Attygalle also commented.
Meanwhile CBSL stated the reasons for the Repatriation and Conversion of Export Proceeds stating why were these measures needed?
On 18 February 2021, the Monetary Board issued Rules in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lanka rupees, and also issued Operating Instructions to Licensed Banks on the same. ....

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CPEC to enhance S Lanka connectivity up to Central Asia

COLOMBO: Prime Minister Imran Khan Tuesday said Sri Lanka could enhance its connectivity up to the Central Asian states by benefiting from the China Pakistan Economic Corridor project.“My. ....

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'CPEC to enhance Sri Lanka connectivity up to Central Asia'

‘CPEC to enhance Sri Lanka connectivity up to Central Asia’
Top Story
February 24, 2021
COLOMBO: Prime Minister Imran Khan Tuesday said Sri Lanka could enhance its connectivity up to the Central Asian States by benefiting from the China Pakistan Economic Corridor (CPEC) project.
“My visit is aimed at strengthening the bilateral relationship [with Sri Lanka], especially trade and economic ties through enhanced connectivity,” he said while addressing a joint press conference with his Sri Lankan counterpart Mahinda Rajapaksa here after holding one-on-one and delegation level talks.
The prime minister, who is in Sri Lanka on a two-day visit, said he had asked his delegation to find ways and means to enhance trade and economic relations between the two countries through increased connectivity. ....

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Pakistan, Sri Lanka agree to further strengthen cooperation in diverse fields

Pakistan, Sri Lanka agree to further strengthen cooperation in diverse fields ....

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