Economy of Sri Lanka

Sri Lanka must not allow entrenched corruption to undermine a bailout for its bankrupt economy, the International Monetary Fund (IMF) said yesterday after signing off on a $3 billion loan for the crisis-hit nation.

The IMF approved its long-delayed rescue program on March 20 after China, the South Asian nation's biggest bilateral lender, offered debt relief assurances.

The United States has announced $40 million in aid to buy fertilizer and other key agricultural inputs in time for the next cultivation season in crisis-hit Sri Lanka.

USAID Administrator Samantha Power, who is visiting Sri Lanka, made the announcement after she met farmer representatives in Ja-Ela outside the capital, Colombo.

International credit rating agency Fitch has raised its Turkey growth forecast for 2021 from 9.2 percent to 10.5 percent, while it changed its outlook assessment from stable to negative.

Foreign agencies and international banks have made a barrage of upward revisions for the growth rate of the Greek economy in order to better capture the stronger-than-expected start of the Greek economy this year, with the recovery rising in the second half, as a result of  domestic demand, the start of the Recovery Fund projects, as well as the increase of tourist receipts, while  increased sa

Clad in traditional Chinese, Western and Sri Lankan costumes, 50 Chinese couples were married at a mass ceremony in Sri Lanka's capital to mark the 60th anniversary of diplomatic relations between the two countries and to promote the island nation as a tourist destination.

The tug of war between China and Japan over their roles in the Indian Ocean Region (IOR) has prompted Tokyo to strengthen ties with Sri Lanka. Japanese Prime Minister Shinzo Abe has announced that Tokyo is ready to help the island nation become a regional hub of the Indian Ocean once again.