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Sri Lanka at high risk of a currency crisis, warns top Japanese bank - newsfirst.lk - Japan - Sri Lanka - Pakistan - Turkey - Hungary - Romania - Egypt - Czech Republic
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Sri Lanka at high risk of a currency crisis, warns top Japanese bank
COLOMBO (News 1st) – Sri Lanka is among the seven countries with a high risk of a currency crisis, warned Nomura Holdings, Japan’s top brokerage and investment bank.The other countries are  Egypt, Romania, Turkey, the Czech Republic, Pakistan, and Hungary.According to Reuters, the Japanese bank said that 22 of the 32 countries covered by its in-house "Damocles" warning system have seen their risk rise since its last update since May, with the largest increases in the Czech Republic and Brazil.It meant the sum of the scores generated on all 32 by the model had increased sharply to 2,234 from 1,744 since May."This is the highest total score since July 1999 and not too far from the peak of 2,692 during the height of the Asian crisis," Nomura economists said, calling it "an ominous warning sign of the growing broad-based risk in EM currencies".The model crunches 8 key indicators on a country's FX reserves, exchange rate, financial health and interest rates to give an overall score.Based on data from 61 different EM currency crises since 1996, Nomura estimates that a score above 100 indicates a 64% chance of a currency crisis in the following 12 months.Egypt, which has already devalued its currency heavily twice this year and sought an International Monetary Fund (IMF) programme, now generates the worst score at 165.Romania is next on 145 having been propping up its currency with interventions.
Dinesh Gunawardena - Parliament committee says government trying to restructure domestic debt - newsfirst.lk - Sri Lanka
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Parliament committee says government trying to restructure domestic debt
COLOMBO (News 1st) – It has been reported that the Sri Lankan government had taken a decision to restructure domestic debt.This was revealed in the first-ever report produced by the Sub-Committee in identifying short and medium-term programmes related Economic Stabilization of the National Council.Appointment of the Sub-Committee:The Resolution to constitute the National Council, moved by Dinesh Gunawardena, the Prime Minister was approved by Parliament on 20th of September 2022.According to the above Resolution, the National Council shall have general responsibilities and jurisdiction over three main areas. One of them is to agree on short and medium-term common minimum programmes in respect of the stabilization of the economy.At the first meeting of the National Council which was held on 29th of September 2022, the Secretary-General of Parliament, presenting the way forward of the Council, suggested to appoint a Sub-Committee to recognize short and mediumterm programmes for the stabilization of the economy. The members of the SubCommittee were announced as per the preferences indicated by them at the Second meeting of the National Council which was held on 6th of October 2022.The committee is chaired by Patali Champika Ranawaka and includes MPs Naseer Ahamed, Tiran Alles, Sisira Jayakody, Sivanesathurai Santhirakanthan, Wajira Abeywardana,  A.
UK MPs want conditions on aid given to Sri Lanka - newsfirst.lk - Sri Lanka - Britain - Eu
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UK MPs want conditions on aid given to Sri Lanka
COLOMBO (News 1st) – A Backbench Business Committee debate on the UK response to the human rights and economic situation in Sri Lanka took place on Wednesday (9) in the House of Commons chamber.UK MPs called for Sri Lanka to cut down on its military spending to overcome the economic crisis.UK MP Elliot Colburn noted that for Sri Lanka to be rescued, it needs to reduce its military spending, which stands at $1.86 billion per annum. "All of Sri Lanka’s projections for emerging out of the economic crisis are predicated on the country retaining its generalised scheme of preferences and trade concession. That annual trade concession is worth more than $500 million and has boosted Sri Lanka’s exports to EU member states over the years," said the MP adding that however, Sri Lanka has failed to meet the key labour and human rights requirements for receiving that preferential treatment, and the EU recently issued a warning that it is set to lose its concession if it continues to ignore its obligations. "As a key stakeholder at the IMF, the UK Government should propose conditions on any IMF financial assistance for Sri Lanka during the current economic crisis, including that Sri Lanka should carry out a strategic defence and security review to reduce its military spending, remove the military from engaging in commercial activities, meet the criteria for GSP+, and re-engage with the UNHRC process.
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.
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