The Lanka Indian Oil Corporation (LIOC) would invest in storage tanks and other equipment while the dealers are expected to have the land and bear other infrastructure costs, Lanka IOC Managing Director Manoj Gupta said.
The rupee closed at 228.80 to the dollar, up from 238.38 a day earlier, the central bank said, a day after the International Monetary Fund said Pakistan had cleared all prior actions needed to unlock much-needed bailout money.
"We are confident of successfully completing discussions," Wickremesinghe said in a speech, in which he also called on lawmakers to come together to form an all-party government.
The year-on-year inflation based on the Colombo Consumer Price Index was 60.8 per cent in July, the Department of Census and Statistics said in a statement.
The island nation of 22 million is in the midst of an unprecedented economic crisis that has led to severe shortages of fuel and other essentials.
Though in same choppy waters, India isn’t in same boat as its South Asian neighbours
The Fed continues to be “highly attentive to inflation risks” and determined to take the measures needed to bring down inflation to 2 percent goal
Battered by Russia's invasion launched on Feb. 24, Ukraine faces a 35%-45% economic contraction in 2022 and a monthly fiscal shortfall of $5 billion and is heavily reliant on foreign financing from its Western partners.
This comes at a time, when the World Bank appointed Indermit Gill as the second Indian chief economist and senior vice president for development economics.
Our specially curated package of the most interesting articles to help you stay at the top of your game.
Gourinchas also said the synchronised tightening of monetary policy across countries would hurt growth, but it was a bitter pill that must be swallowed to tame inflation.
The multilateral agency's latest forecast is only marginally higher than that of the Reserve Bank of India. Economists, however, see the risk of India's growth slipping below 7 percent this fiscal
Policymakers and leaders in science and industry are pinning their hopes on further innovation to drive economic recovery.
Sri Lanka is going through a deepening political and economic crisis. President Gotabaya Rajapaksa has resigned, and Parliament Speaker Mahinda Yapa Abeywardenaon officially announced on Friday, after a week of dramatic developments and massive protests against the government for mishandling the economy that has bankrupted the country.
India’s Debt Service Ratio, a measure of a country’s ability to service debt given current receipts, has declined from around 40% in the 1990s to around 5% today.
The outlook for this year and next will be downgraded later this month when the IMF releases its World Economic Outlook Update, Managing Director Kristalina Georgieva wrote in a blog post published Wednesday, without providing specific figures.
“Our talks with IMF have been completed, the fund is going through its internal process. Hopefully, an announcement will come soon,” Miftah Ismail, the finance minister, told private news channel Geo on Wednesday night.
India has also assured all help regarding food and medical aid, subject to requests from Colombo, sources in the know have told Moneycontrol.
The Fund also cut its 2023 real GDP growth forecast to 1.0% from 1.7% on June 24, when it met with U.S. officials for an annual assessment of U.S. economic policies.
Sources said New Delhi has also assured Colombo of its participation in a proposed aid consortium being planned by Sri Lanka with India, Japan, and China.
The situation was exacerbated by deep tax cuts enacted by the Rajapaksa government soon after it took office in 2019. Months later, the COVID-19 pandemic struck.
Georgieva said almost a third of emerging market countries and twice that proportion of low-income countries were in debt distress, with the situation worsening as advanced economies raised interest rates.
The decision will enable an immediate disbursement of $143 million, which Benin authorities intend to use for budget support, the IMF said.
“Breaking the trend… I joined the wall of former Chief Economists of the IMF,” wrote Gita Gopinath.