Sri Lanka

A Crucial Review Amid Economic Crisis The International Monetary Fund (IMF) is currently monitoring the anticipated shortfall in Sri Lanka's revenue collection for the current year. Despite this concern, the shortfall is not expected to disrupt the $2.9 billion loan program that aims to aid the economically beleaguered nation. In recent times, a delegation from the IMF has met with Sri Lankan officials, including the President and the central bank governor, as part of a review of the four-year loan deal agreed upon in March. This review is of utmost importance for the continuation of the program, which is crucial for Sri Lanka as it gradually recovers from its most severe economic crisis in over seven decades. It is noted that Sri Lanka has managed to meet most of the prerequisites required for the completion of the first review, including making headway on domestic debt restructuring. The Anticipated Revenue...

  PetroChina International Secures Major Diesel Supply Contract PetroChina International's Singapore branch, the largest oil and gas company in Asia, has been awarded a contract to supply four shipments of diesel to Sri Lanka. This development followed an invitation by the Ceylon Petroleum Corporation (CPC) for bids to obtain a long-term contract for the provision of four diesel shipments over a four-month period, from November 1, 2023, to February 29, 2024. (Read Also: Implementing Xi Jinping’s Socialist Philosophy: A Deep Dive into Jiangmen’s Mobilization Initiative) Out of the five bids received, the Cabinet of Ministers approved the proposal put forth by the Minister of Power and Energy, Kancha...