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COLOMBO (News 1st) – Today’s exchange rates from the Central Bank of Sri Lanka:USD Buy 359.1671 Sell 369.9156GBP Buy 399.4396 Sell 415.2984EUR Buy 349.8950 Sell 364.6177JPY Buy 2.4607 Sell 2.5639AUD Buy 228.9209 Sell 239.7898.

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Is Sri Lanka on track to access funds from the IMF? - newsfirst.lk - China - city Beijing - Japan - India - Sri Lanka - Washington
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Is Sri Lanka on track to access funds from the IMF?
Sri Lanka, which is under an ongoing economic crisis, is headed for another major turbulence as the country will not be able to secure the much-needed IMF loan in December as its ally and debtor China is yet to initiate a dialogue on debt restructuring with Colombo.A report in the Hindustan Times quoting financial analysts based in Washington said that Sri Lanka will miss the IMF deadline and will have to wait till March next year to secure a loan of $2.9 billion, as Beijing was involved in the 20th National Party Congress.The next meeting of the IMF executive board is in March 2023, Sri Lanka will most likely have to wait until then for IMF Board approval, and access to the funds.Why is China's involvement so important to access IMF funds?Sri Lanka is now considered a country that defaulted on its external debt because the island nation lacked foreign reserves for debt servicing.According to the Central Bank of Sri Lanka and the Finance Ministry, Sri Lanka's total debt was $36 billion at the end of 2021.Of this total debt, Colombo owes some 52% in bilateral credit to China, 19.5% to Japan, and 12% to India.One of the main conditions for Sri Lanka to tap the USD 2.9 Billion funding from the International Monetary Fund is debt reconciliation and restructuring.Bilateral means transactions between two countries, and there is an institution that operates with the support of the International Monetary Fund to talk about bilateral debt, and this is called the Paris Club.Sri Lanka has obtained a large number of loans from Japan, India, and China, and among them, only Japan is a member of the Paris Club.India is openly supporting Sri Lanka's engagement with the IMF, and avenues are open for Sri Lanka to discuss debt
5.7 Mn Sri Lankans need urgent assistance – IFRC - newsfirst.lk - Sri Lanka
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5.7 Mn Sri Lankans need urgent assistance – IFRC
COLOMBO (News 1st) – The International Federation of Red Cross And Red Crescent Societies says At least 5.7 million people require humanitarian assistance in Sri Lanka..The International Federation of Red Cross And Red Crescent Societies in its Needs Assessment Report for October 2022 said that At least 5.7 million people or 26 per cent of the population require humanitarian assistance.IFRC warned that without immediate humanitarian assistance, and ‘upstream’ interventions to address the fragility of systems, services and facilities, this number will multiply, and the consequences will deepen.IFRC said that at the community and family level, the macroeconomic collapse in Sri Lanka has translated into a complex humanitarian emergency, as millions of people are increasingly suffering, with severe shortages of food, fuel, cooking gas, medicine and other essentials.The IFRC assessment found that household purchasing power is constrained by food inflation and that disruptions to livelihoods and food insecurity have increased, raising worries about malnutrition.People are suffering from poorer health because the healthcare system has become compromised, and the household economic stresses have resulted in rising concerns over basic needs and protection for the most vulnerable such as those already living below the poverty line, people with disability, and marginalised people.
Dhammika Dasanayake - Susil Premajayantha - Yapa Abeywardana - Canadian Businesses to support Sri Lanka - newsfirst.lk - Sri Lanka - Canada
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Canadian Businesses to support Sri Lanka
COLOMBO (News 1st) – The Canadian business community has accorded support to the development of Sri Lanka's economy to overcome the economic crisis.This was accorded at the meeting on Thursday (03), between Mahinda Yapa Abeywardana, Speaker of Parliament and a group of Canadian business leaders in Parliament. The Canadian business community said that they hope to increase their friendship with Sri Lanka and also expressed their desire to support the young entrepreneurs in Sri Lanka to build their enterprises.Mahinda Yapa Abeywardana, Speaker of Parliament addressing the delegation, said that they will work expeditiously to bring about the development of the country. The speaker showed that the support of Canada's business leaders is also important for this purpose and pointed out the need for cooperation between the two sides.Furthermore, the speaker told the delegation present that an Overseas Sri Lankan Coordination Secretariat to help expatriates is in the process of being established in Sri Lanka and the necessary discussions are currently underway and that he hopes to get the support of each party for economic development.The Minister of Education and Leader of the House of Parliament, (Dr.) Susil Premajayantha was also present at this event and he pointed out the need to increase the friendship between the two parties.
Ranil Wickremesinghe - Yapa Abeywardena - Speaker blames opposition for delayed SOCs - newsfirst.lk - Sri Lanka
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Speaker blames opposition for delayed SOCs
COLOMBO (News 1st) – Sri Lanka's Parliament Speaker Mahinda Yapa Abeywardena said that it impossible to activate the Sectoral Oversight Committees in Parliament in the absence of representatives from the Opposition.Speaking to News 1st the speaker said the leader in the opposition was repeatedly informed to make the appointments to those committees, however, a positive response is yet to be received.Recently, the Sri Lankan Parliament gave the green light to activate 17 Parliamentary Sectoral committees, and the speaker said he hopes to complete the appointment of representatives to the committee during the next parliament week.President Ranil Wickremesinghe on Thursday (3) pointed out that although the formation of the National Assembly has been concluded to bring far-reaching systematic changes, satisfactory progress has not been made with regard to other proposals.The President has indicated this in a letter to Speaker Mahinda Yapa Abeywardena.The establishment of a National Assembly and the appointment of three committees related to public finance and banking were proposed under far-reaching systematic changes.In addition, it was also proposed to appoint the Banking and Financial Services Committee, the Economic Stabilization Committee and the Committee on Ways and Means related to banking affairs, as well as to delegate five youth representatives for the Sectoral committees and to establish the Parliamentary Budget Office.President Ranil Wickremesinghe has expressed that although 17 Parliamentary Sectoral committees should be established as indicated by these proposals; the chairpersons have not been designated for them and the criteria for selecting the youth representatives to be appointed for this purpose has yet
Ranil Wickremesinghe - Yapa Abeywardena - Speaker blames opposition for delays SOCs - newsfirst.lk - Sri Lanka
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Speaker blames opposition for delays SOCs
COLOMBO (News 1st) – Sri Lanka's Parliament Speaker Mahinda Yapa Abeywardena said that it impossible to activate the Sectoral Oversight Committees in Parliament in the absence of representatives from the Opposition.Speaking to News 1st the speaker said the leader in the opposition was repeatedly informed to make the appointments to those committees, however, a positive response is yet to be received.Recently, the Sri Lankan Parliament gave the green light to activate 17 Parliamentary Sectoral committees, and the speaker said he hopes to complete the appointment of representatives to the committee during the next parliament week.President Ranil Wickremesinghe on Thursday (3) pointed out that although the formation of the National Assembly has been concluded to bring far-reaching systematic changes, satisfactory progress has not been made with regard to other proposals.The President has indicated this in a letter to Speaker Mahinda Yapa Abeywardena.The establishment of a National Assembly and the appointment of three committees related to public finance and banking were proposed under far-reaching systematic changes.In addition, it was also proposed to appoint the Banking and Financial Services Committee, the Economic Stabilization Committee and the Committee on Ways and Means related to banking affairs, as well as to delegate five youth representatives for the Sectoral committees and to establish the Parliamentary Budget Office.President Ranil Wickremesinghe has expressed that although 17 Parliamentary Sectoral committees should be established as indicated by these proposals; the chairpersons have not been designated for them and the criteria for selecting the youth representatives to be appointed for this purpose has yet
High demand for McDonald’s adult Happy Meals overwhelms workers - fox29.com - Usa - France
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High demand for McDonald’s adult Happy Meals overwhelms workers
The Cactus Plant Flea Market Box (Credit: McDonald's USA, LLC) McDonald’s adult Happy Meals have gone viral, so much so that McDonald’s staff are drowning in orders and are now begging the public to stop ordering them, according to multiple reports and posts on social media.  The fast-food chain announced Tuesday a collaboration with Cactus Plant Flea Market to create a boxed meal that contains one of four collectible figurines: Grimace, the Hamburglar, and Birdie and Cactus Buddy. Meal options include a Big Mac, or the 10-piece Chicken McNuggets with french fries and a drink. The announcement had adults running (or maybe more like driving) to their local McDonald’s to snag a box. The adult meals are only available for a limited time, which is probably why McDonald’s employees are feeling the sting of handling an avalanche of orders for the specialized meals. People on social media claiming to be McDonald’s workers are venting their frustrations on Reddit and TikTok as orders pile up for the coveted adult Happy Meals and staff struggle to meet demand. One user on Reddit posted under the title: "New Adult Happy-meals are killing me" and said workers need to "literally stockpile them (happy meals) to survive a rush." Another person commented under the Reddit post, saying their McDonald’s location allegedly ran out of boxes the first day they received them and then ran out of toys on the second day.  "And on the third day we had to say the truck doesn’t come till tomorrow.
CBSL maintains policy interest rates - newsfirst.lk - Sri Lanka
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CBSL maintains policy interest rates
COLOMBO (News 1st) – The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 05 October 2022, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 14.50 percent and 15.50 percent, respectively. In arriving at this decision, the Board considered the latest macroeconomic conditions, expected developments, and macroeconomic projections. The Board noted the tight monetary conditions prevailing at present, the decelerating pace of inflation, and the envisaged disinflation path in the near term supported by both domestic and global factors. The Board was of the view that the monetary conditions remain sufficiently tight to achieve the envisaged disinflation path in the period ahead. The contractionary fiscal policies would complement the effects of tight monetary policy measures already in place, helping to mitigate any build-up of aggregate demand pressures, thereby anchoring inflation expectations and bringing down headline inflation to the targeted level of 4-6 percent over the medium term.-Domestic economic activity is expected to remain subdued during 2022, before recovering in 2023 As per the GDP estimates published by the Department of Census and Statistics (DCS), the real economy is estimated to have contracted by 4.8 percent in the first half of 2022, on a year-on-year basis. The economy is expected to contract in the second half of 2022 as well, impacted by tighter monetary and fiscal conditions, along with the continuation of supply-side constraints and uncertainty surrounding the business environment amidst shortages of foreign exchange in the domestic foreign exchange market, among
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