Our country’s external debt obligations in 2022 exceed US$7 billion. But the country’s forex reserves as of March 2022 is just US$1.6 billion. In April, the country announced a default on all its foreign debt and said it would seek an IMF bailout.
The private sector workers of Sri Lanka are required by law to transfer 23% of their incomes to the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF) every month, towards their retirement savings. The EPF is managed by a special division within the Central Bank of Sri Lanka (CBSL), and the Monetary Board of CBSL is tasked with overall stewardship of the Fund.
Parliament on Saturday approved a domestic debt restructuring program that would rework nearly half of the country’s US$ 42.1 billion domestic debt. The plan covered US$ 19.5 billion of Domestic debt in Treasury...
This article focuses on the evergreen ‘Dingiri Dingaale’ song from the Tamil film ‘Anbu Engey?’ (Where is love?) that was first screened 65 years ago. Although a Tamil film song, the number was hugely popular among Sinhalese too. I have written about this song in my blog earlier.
With the restructuring program, Governor of Central Bank and Government has confirmed that there is no impact for the existing members’ balances and assured to release the fund on claim by members. Also guaranteed 9% annual interest to be paid within next two years and decide the interest rate according to the investment returns of future years.
Since the violent birth of Israel on May 14, 1948, in what was originally the State of Palestine, ‘Brittanica’ estimates that of the number of Arabs displaced from their original homes, villages, and neighbourhoods during the period from December 1947 to January 1949 range from about 520,000 to about 1,000,000.
The domestic debt restructuring plan announced by the Government last Wednesday and passed by parliament on Saturday, targets only one significant domestic financial asset, namely retirement funds. Far reaching changes to the future of working people’s lives are never a done deal, and much can change between the Government’s plan and what can be politically sustained as resistance mounts. Why did the Government target retirement funds,
Not too long ago, I tried to remember all the states of the United States of America. I missed Iowa, Kansas, Louisiana and Mississippi. A well-informed and well-read friend of mine, a citizen of the US was impressed. He said that most Americans (of the US) wouldn’t be able to name all 50.
In this era where the Government is taking bold moves to stabilise Sri Lanka’s economy after the worst ever crisis since independence in 1948, a vital move would be the revival and modernization of the co-operatives and societies in Sri Lanka. According to the Co-operative Development Department, the co-operative societies system started in 1906 to fulfil the economic needs of rural farming community by granting loans.
The government has launched a social welfare scheme called “Aswesuma Social Welfare Programme” to help the poor segment of the society that has been affected by the ordinary economic system that has been shaped up for the high-income segment to further benefit and also by the current economic crisis. This seems to be a project under the social safety net envisaged by the International monetary Fund (IMF) in its programme for Sri Lanka
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