News
India has done more for SL than IMF: Jaishankar

India has done more for Sri Lanka than the International Monetary Fund (IMF), Union Minister for External Affairs Dr S Jaishankar, has told the Indian Express.
The IE story, filed from Ahmedabad, said: The Modi government, he [Jaishankar] underlined, is working on developing an “extended neighbourhood” that involves islands in the Indian Ocean, Gulf countries and nations in South-East Asia.
“What we are also trying to do today is for a bigger, influential and ambitious India. We are trying to expand what should be our neighbourhood. We look at what this extended neighbourhood should be. It could be islands in the Indian Ocean, nations in South-East Asia and Central Asia, or Gulf countries. The relationship with the UAE and Saudi Arabia has undergone an enormous transformation. From what was a traditionally much more constricted view of our neighbourhood, we have undertaken something much more ambitious,” said Jaishankar during a talk on “Modi’s India: A Rising Power” at the Anant National University in the city.
Pointing out how the world has become more uncertain, volatile and turbulent, Jaishankar underlined it was time to use the “complex global landscape”
for the betterment and growth of India. The pandemic and the Ukraine-Russia conflict has helped to build “resilient and reliable supply chains”, “domestic capacities” and “trusted relationships,” he highlighted.
A Rajya Sabha MP from Gujarat, Jaishankar also spoke about the “linkages” and “perception” India has developed in the last nine years under the leadership of Prime Minister Narendra Modi.
“If you are the biggest in your neighbourhood, then it is in our interest that our other neighbours have a share in our prosperity, happiness and are linked to us. That will happen if we are generous and have a non-reciprocal way of engagement. Many of our neighbours like Bangladesh or Nepal and Bhutan are today linked with us through roads, railways, and waterways. We have electricity grid connections; there are fuel supplies. In many ways, they benefit from the scale and economy of India,” Jaishankar said while addressing an audience largely composed of students and faculty members from the private university.
“The linkages and perception today of India in the neighbourhood has changed. Nothing illustrated that more dramatically than what happened to Sri Lanka. Last year, when they went through a very deep economic crisis, we stepped forward in a way we ourselves have never done before. What we have done for Sri Lanka is bigger than what the IMF has done for Sri Lanka. If any of you have visited Sri Lanka recently, then you will note the popular perception that has accrued from this action,” he added.
Speaking about India’s relationship with China, the Union minister said, “The challenge from China is complicated. But in the last three years, it has been particularly visible in the border areas. There are clearly responses that are required and those responses have been undertaken by the government and a lot of it is to ensure that no attempt is made to unilaterally change the status quo in the border areas. We will ensure peace and tranquillity. It is the basis of our relationship. If peace is disturbed, it cannot be that the relationship remains unaffected.”
Both India and China, he said, will have to find some “kind of equilibrium” where there is mutual respect, sensitivity and recognition.
“Today, if we see that respect, sensitivity and recognition, we can have a better relationship with China. But if we do not, then we have to stand up for our rights. We need to be firm in asserting our positions. That is unfortunately the current situation,” he added.
“Modi’s India is different from its predecessors. It is different in its outlook,” he said while speaking about the decisive mandate and vision the Prime Minister has secured. “Modi’s India is a return to a political dispensation that has a majority in Parliament,” Jaishankar emphasised, pointing out that such a majority did not exist from 1989 to 2014.
Business
Sri Lanka’s foreign reserves up by USD 2billion over the past year – Acting Finance Minister

Acting Finance Minister Ranjith Siyambalapitiya during a press conference held today (21) at the Presidential Media Center, focusing on the theme of ‘Collective Path to a Stable Country’ said that over the past year, the government successfully increased the country’s foreign reserves from 1.8 billion dollars to 3.8 billion dollars.
He added that in August 2022, the exchange rate stood at Rs. 361 per dollar, but by August 2023, one dollar could be acquired for Rs. 321. This shift is not the result of artificial control but rather a reflection of the rupee’s value adjusting in response to supply and demand for the dollar, which holds significant economic importance.
The interest rate for deposits, previously at 14% in 2022, has been lowered to 11%, while the loan interest rate, previously at 15.5%, has been reduced to 12% this year. Notably, last year, the primary account deficit was Rs. -247 billion, but this year it has turned into a surplus of Rs. 27 billion. This marks the first surplus in the primary account balance in over 40 years.
Tourist arrivals, which numbered 496,430 in 2022, have surged to 904,318 during the first two quarters of this year. Equally impressive is the growth in tourism earnings, which rose from 832.6 million US dollars in 2022 to 1,304.5 million US dollars in the first two quarters of this year, reflecting a remarkable 56.7% increase compared to the previous year.
In the past year, the amount of money remitted by Sri Lankans living abroad to Sri Lanka has surged from 2,214.8 million US dollars to 3,862.7 million US dollars this year, marking a remarkable 74.4% increase according to data from the Ministry of Finance.
On August 1, 2022, the QR code system was introduced as a measure to manage petroleum demand due to foreign exchange shortages. This led to a significant disparity between normal demand and supply, resulting in a notable increase in diesel consumption by 28% and petrol consumption by 83% in June 2023, when the QR system was partially relaxed. However, as of September 1, the QR code system, which directly impacts economic growth, has been completely lifted.
Upon assuming office, President Ranil Wickremesinghe faced a daunting challenge of addressing a 14-hour power outage, which had a direct impact on the economy. Presently, the government ensures a continuous and stable electricity supply to the population.
As of August 23, 2023, there were 1467 imported goods banned due to foreign exchange shortages. Currently, the ban applies to only 279 items. Furthermore, the import of vehicles, which had been halted in 2020, now includes buses and trucks for public transport.
In April 2022, the country faced difficulties in meeting its debt obligations. However, the government has since secured the first installment under the International Monetary Fund’s Extended Credit Scheme, contributing to stabilizing the country’s economy compared to the previous year.
(PMC)
News
President Wickremesinghe meets US President Joe Biden in New York

President Joe Biden of the United States and President Ranil Wickremesinghe engaged in a cordial meeting in New York on Thursday (20).
The high-profile meeting took place amidst a lavish dinner hosted by President Biden, for all the heads of state who had participated in the 78th session of the United Nations General Assembly.
Latest News
Ministerial Consultative Committee unanimously consent to canceling the nominations submitted for the Local Government Elections

The Ministerial Consultative Committee on Public Administration, Home Affairs, Provincial Councils & Local Government chaired by Prime Minister Dinesh Gunawardena as well as the Minister of Public Administration, Home Affairs, Provincial Councils and Local Government unanimously consented to cancel the nominations submitted for the Local Government Elections given that those who have submitted nominations have faced great difficulties due to the postponement of the elections.
-
News7 days ago
C4 whistle-blower’s father among those killed with EPRLF’s Padmanabha in Chennai
-
News6 days ago
National Security House Committee head asks why Diaspora doesn’t want India and TNA investigated
-
Editorial7 days ago
Gota as scapegoat
-
Latest News6 days ago
President Ranil Wickremesinghe addresses G77 & China Summit in Cuba
-
News4 days ago
G-77 summit: President RW calls for earmarking 1% of GDP for R&D over a decade
-
Latest News5 days ago
More questions to answer for India, Sri Lanka in Asia Cup final
-
Latest News4 days ago
Siraj’s spell for the ages gives India eighth Asia Cup title
-
Features5 days ago
Channel 4 resurrects Easter Sunday, rips open can of squirming worms