Sri Lanka plans to transfer management of its Chinese-built Mattala Rajapaksa International Airport to Indian and Russian companies to mitigate losses. The airport, funded by China EXIM Bank, has faced operational challenges since 2013. Sri Lanka is also seeking to restructure its loan with China EXIM Bank amid financial crisis ..read more

Sri Lanka has leased its underutilized Mattala Rajapaksa International Airport, built with Chinese loans, to a joint venture between India's Shaurya Aeronautics and Russia's Airports of Regions Management Company for 30 years. The airport, plagued by problems since its 2013 opening, has struggled with financial losses. The lease marks part of Sri Lanka's efforts to privatize state-owned enterprises after an IMF bailout. The airport's location on a bird migratory route and poor passenger traffic have contributed to its challenges ..read more

Addressing the Second India-Sri Lanka Defence Seminar here, India's High Commissioner to Sri Lanka, Santosh Jha, said that like in other areas, India and Sri Lanka were cooperating closely on security and defence matters. "Because of our geography, our security is interlinked and intertwined. And when we speak of security, we must remember that it has acquired a wider meaning than we have traditionally associated with it," Jha said and added, after the Covid19 pandemic and impact of Russia-Ukraine conflict, it has come to include energy, health, food and even economic security ..read more

McDonald's stores in Sri Lanka have closed due to a legal battle with the local franchise holder over hygiene allegations. The Commercial High Court of Colombo ordered the closures until April 4, following the parent company's accusation of failing to meet international hygiene standards. The hearing is scheduled for early April ..read more

McDonald's has terminated its partnership with a local franchisee in Sri Lanka, leading to the closure of all 12 outlets in the country, as confirmed by attorney Sanath Wijewardane on Sunday. "The parent company ended the agreement due to standard issues," stated Wijewardane. McDonald's is currently not operating in Sri Lanka but may consider a comeback with a new franchisee in the future ..read more

Sri Lankan Prime Minister Dinesh Gunawardena is on a crucial six-day official visit to China, aiming to strengthen bilateral ties with talks scheduled with Chinese President Xi Jinping and Premier Li Qiang. The visit follows recent developments including Sri Lanka's debt issues and IMF agreement ..read more

The central bank has now slashed interest rates by a total 700 basis points since last year as Sri Lanka's economy began a painful recovery from its worst financial crisis since independence from the British in 1948 ..read more

Sri Lanka's bankrupt economy is expected to grow by 4.5% YoY in Q4 2023, following six consecutive negative quarters. The Central Bank reported a decrease in headline inflation to 5.9% in February from 6.4% in January. The gross official reserves improved to USD 4.5 billion by the end of February 2024, including a swap facility from the People's Bank of China ..read more

China has said it would continue to support Sri Lanka, as the crisis-hit island nation's prime minister on Saturday wrapped up a visit to Beijing to try to finalise a debt restructuring deal. China had agreed "in principle" to restructure Sri Lanka's debt in December, but neither Colombo nor Beijing had given details and the two are yet to finalise an agreement ..read more

The Central Commission for Discipline Inspection (CCDI), the ruling Communist Party of China's anti-corruption watchdog, made the call in a meeting on Tuesday with multiple agencies involved in the cross-border corruption hunt, the Hong Kong-based South China Morning Post reported ..read more