News
Growth in South Asia to slow down in 2023, WB
Sri Lanka is among three South Asian governments that increased borrowing from domestic banks to finance their record debt, and, as a result, sovereign-bank nexus increased, heightening the financial sector’s vulnerability, according to a World Bank report.
The other two countries are the Maldives and Pakistan, says a WB report, titled ‘A mixed bag for South Asian economies: Challenges and opportunities ahead.’
It said: “Banks in South Asia could also face liquidity problems if there are sudden deposit withdrawals, for example. Some countries, like Sri Lanka and Bangladesh, are especially vulnerable, given rising non-performing loan ratios—a key indicator of worsening asset quality—in the banking sector as well as non-bank financial institutions.
South Asia, battered by three years of upheaval from the Covid-19 pandemic, and spillovers from Russia’s invasion of Ukraine, faces a combination of good and bad news for its economies. On the positive side, global energy and fertiliser prices are down, both tourism and business services continue to recover strongly, and the reopening of China’s economy is relaxing supply bottlenecks.
However, rising interest rates, and risks in the banking sector, in the United States and Europe, have increased uncertainties in South Asia’s outlook, given their significant impact on balance of payments, exchange rates, and financial markets.
Therefore, growth in South Asia is expected to slow down in 2023, according to our latest South Asia Economic Focus (SAEF). In this blog, we discuss the challenges and opportunities the region faces, and highlight expert opinions from the bi-annual survey of the South Asia Economic Policy Network (SAEPN)—a group of policy makers, academics, and macroeconomists across the region.
The bi-annual survey of the SAEPN reveals a more bearish outlook for the region, compared to last fall, reflecting the slowdown in economic growth and shift in risks for the economy:Forty-eight percent of the respondents—as opposed to 56 percent in the fall of 2022—believe that economic activity has recovered to at least 85 percent of the pre-COVID-19 level.
Indian Prime Minister Shri Narendra Modi departed today (06) from Air Force Base Anuradhapura concluding his State visit to Sri Lanka. The Indian Premier embarked on a tour to Sri Lanka at the invitation from President Anura Kumara Disanayake.
This visit underscores the enduring relationship encapsulated by the theme “Friendship of Centuries, Commitment to a Prosperous Future,” further solidifying the bonds between India and Sri Lanka.
This marks Prime Minister Modi’s fourth visit to Sri Lanka, which has further enhanced the economic, cultural, and historical relations between the two nations, while also reinforcing their multifaceted partnership. This visit by the Indian Prime Minister reinforces Sri Lanka’s important role in India’s “Neighbourhood First Policy” and ‘MAHASAGAR’ vision concerning diplomatic relations.
This state visit is anticipated to yield significant results on various collaborative initiatives, fostering a path towards mutual growth and development. The citizens of Sri Lanka will soon be able to witness the fruitful outcomes of these partnerships, and Indian Prime Minister Shri Narendra Modi’s visit will mark a significant milestone in the government’s pursuit of sustainable development focused on the needs of the people.
Accompanying Indian Prime Minister Modi were Indian External Affairs Minister Dr. S. Jaishankar, National Security Advisor Ajit Doval, Foreign Secretary Vikram Misri and a delegation of senior officials from the Indian government.
[PMD]
Latest News
President Dissanayake and Indian PM Modi jointly commission upgraded Maho-Omanthai railway line & Maho-Anuradhapura railway signalling system
The upgraded Maho–Omanthai railway line and the newly installed Maho–Anuradhapura railway signalling system were officially commissioned by Indian Prime Minister Shri Narendra Modi and President Anura Kumara Disanayake today (06)
The Prime Minister of India is currently visiting Sri Lanka at the invitation of President Anura Kumara Disanayake, reinforcing the longstanding bond encapsulated in the theme “Friendship of Centuries Commitment to a Prosperous Future” between the two nations.
Highlighting one of the key aspects of this visit, the two leaders participated in these inaugural ceremonies. The President and the Prime Minister of India jointly unveiled the commemorative plaque and commissioned the railway line and signalling system.
The upgraded Maho-Omanthai Railway Line project was carried out with funding through the Indian Credit Line, totalling an investment of US$ 91.27 million. The Maho–Anuradhapura railway signalling system, established as a result of President Disanayake’s recent visit to India, was funded by the Indian Government at a cost of USD 14.89 million.
[PMD]
Latest News
Prime Minister Modi and President Dissanayake pay homage to the sacred Jaya Sri Maha Bodhi
Indian Prime Minister Shri Narendra Modi, currently on a State visit to Sri Lanka, along with President Anura Kumara Disanayake paid homage to the sacred Jaya Sri Maha Bodhi in Anuradhapura this morning (06) and received blessings.
Following his visit to the sacred site, Prime Minister Modi proceeded to the Udamaluwa, where he met with the Chief Incumbent of the Atamasthanadhipathi and Chief Sanghanayake of Nuwarakalaviya, Most Venerable Dr. Pallegama Hemarathana Nayaka Thera, for a cordial discussion.
During the meeting, the Prime Minister shared that relics of the Buddha were discovered in excavations conducted in his home state of Gujarat during the 1960s. He further stated that he would discuss with the President of Sri Lanka the possibility of exhibiting these sacred relics in Sri Lanka.
Responding to a request made by the Atamasthanadhipathi to develop Bodh Gaya as a spiritual city, Prime Minister Modi assured that he would take the necessary steps after discussions with President Disanayake and work towards making it a reality.
The Maha Sangha, led by the Atamasthanadhipathi, chanted Seth Pirith and invoked blessings on the Indian Prime Minister.
The Indian Prime Minister also left a commemorative note in the special guest book at the site. In addition, he formally declared open the newly constructed ‘Makara Thorana’ within the Jaya Sri Maha Bodhi premises.
The occasion was also attended by Chief Incumbent of the Ruwanweli Maha Seya Temple Ven. Ethalawetunawewe Gnanathilaka Thera and other Atamasthana Viharadhipathi Theras, Minister of Foreign Affairs, Foreign Employment and Tourism Vijitha Herath, Minister of Trade, Commerce, Food Security and Cooperative Development, Wasantha Samarasinghe, Minister of Health and Mass Media Dr. Nalinda Jayatissa, North Central Province Governor Wasantha Jinadasa, Indian High Commissioner Santosh Jha and others.
[PMD]
Indian Prime Minister Shri Narendra Modi concludes State Visit to Sri Lanka
President Dissanayake and Indian PM Modi jointly commission upgraded Maho-Omanthai railway line & Maho-Anuradhapura railway signalling system
Prime Minister Modi and President Dissanayake pay homage to the sacred Jaya Sri Maha Bodhi
-
Business2 days agoDaraz Sri Lanka ushers in the New Year with 4.4 Avurudu Wasi Pro Max – Sri Lanka’s biggest online Avurudu sale
-
News7 days agoBid to include genocide allegation against Sri Lanka in Canada’s school curriculum thwarted
-
Business3 days agoStrengthening SDG integration into provincial planning and development process
-
Business2 days agoNew SL Sovereign Bonds win foreign investor confidence
-
Sports4 days agoTo play or not to play is Richmond’s decision
-
Features16 hours agoStarlink in the Global South
-
Latest News6 days agoIPL 2025: Rookies Ashwani and Rickelton lead Mumbai Indians to first win
-
Sports5 days agoTrinity, St. Anthony’s out to end decade long victory drought