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2019–present Sri Lankan Economic Crisis
The Sri Lankan economic crisis is an ongoing crisis in the island-state of Sri Lanka that started in 2019. It is the country's worst economic crisis since its independence in 1948. It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. The crisis is said to have begun due to multiple compounding factors like tax cuts, money creation, a nationwide policy to shift to organic or biological farming, the 2019 Sri Lanka Easter bombings, and the impact of the COVID-19 pandemic in Sri Lanka. The subsequent economic hardships resulted in the 2022 Sri Lankan protests. Sri Lanka had been earmarked for sovereign default, as the remaining foreign exchange reserves of US$1.9 billion as of March 2022 would not be sufficient to pay the country's foreign debt obligations for 2022, with $4 billion to be repaid. An International Sovereign Bond repayment of $1 billion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquefied Petroleum Gas
Liquefied petroleum gas (LPG or LP gas) is a fuel gas which contains a flammable mixture of hydrocarbon gases, specifically propane, propylene, butylene, isobutane and n-butane. LPG is used as a fuel gas in heating appliances, cooking equipment, and vehicles. It is increasingly used as an aerosol propellant and a refrigerant, replacing chlorofluorocarbons in an effort to reduce damage to the ozone layer. When specifically used as a vehicle fuel, it is often referred to as autogas or even just as gas. Varieties of LPG that are bought and sold include mixes that are mostly propane (), mostly butane (), and, most commonly, mixes including both propane and butane. In the northern hemisphere winter, the mixes contain more propane, while in summer, they contain more butane. In the United States, mainly two grades of LPG are sold: commercial propane and HD-5. These specifications are published by the Gas Processors Association (GPA) and the American Society of Testing and Ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ranil Wickremesinghe
Ranil Wickremesinghe ( si, රනිල් වික්රමසිංහ, ta, ரணில் விக்கிரமசிங்க; born 24 March 1949) is a Sri Lankan politician who is the current president of Sri Lanka since 21 July 2022. He also holds the position of Minister of Finance of Sri Lanka. He has been the leader of the United National Party since 1994. He served as Prime Minister of Sri Lanka in five separate stints, leading six governments, from 1993 to 1994, 2001 to 2004, 2015 to 2018, 2018 to 2019, and in 2022. He also served as Leader of the Opposition from 1994 to 2001 and from 2004 to 2015. Born to a wealthy political family, he graduated from University of Ceylon and qualified as an advocate from the Ceylon Law College in 1972. Entering active politics in the mid-1970s with the UNP, he was first elected to Parliament from the Biyagama electorate in the 1977 parliamentary elections and was appointed Deputy Minister of Foreign Affairs, by his uncle ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sri Lanka Bonds
Shri (; , ) is a Sanskrit term denoting resplendence, wealth and prosperity, primarily used as an honorific. The word is widely used in South and Southeast Asian languages such as Marathi, Malay (including Indonesian and Malaysian), Javanese, Balinese, Sinhala, Thai, Tamil, Telugu, Hindi, Nepali, Malayalam, Kannada, Sanskrit, Pali, Khmer, and also among Philippine languages. It is usually transliterated as ''Sri'', ''Sree'', ''Shri'', Shiri, Shree, ''Si'', or ''Seri'' based on the local convention for transliteration. The term is used in Indian subcontinent and Southeast Asia as a polite form of address equivalent to the English "Mr." in written and spoken language, but also as a title of veneration for deities or as honorific title for local rulers. Shri is also another name for Lakshmi, the Hindu goddess of wealth, while a ''yantra'' or a mystical diagram popularly used to worship her is called Shri Yantra. Etymology Monier-Williams Dictionary gives the meaning of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Lebanon
The economy of Lebanon has been experiencing, as of late 2019, a large-scale, multi-dimensional crisis, including a banking collapse, a liquidity crisis and a sovereign default. It is classified as a developing, lower-middle-income economy. The nominal GDP was estimated at $19 billion in 2020, with a per capita GDP amounting to $2,500. In 2018 government spending amounted to $15.9 billion, or 23% of GDP. The economy significantly expanded after the 2006 Lebanon War, with growth averaging 9.1% between 2007 and 2010. After 2011, the local economy was affected by the Syrian civil war, growing by a yearly average of 1.7% on the 2011–2016 period and by 1.5% in 2017. In 2018, the size of the GDP was estimated to be $54.1 billion. Lebanon is the third-highest indebted country in the world in terms of debt-to-GDP ratio. As a consequence, interest payments consumed 48% of domestic government revenues in 2016, thus limiting the government's ability to make needed investments in infras ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sri Lanka Podujana Peramuna
The Sri Lanka People's Front ( si, ශ්රී ලංකා පොදුජන පෙරමුණ, translit=Śrī Laṃkā Podujana Peramuna; ta, இலங்கை பொதுஜன முன்னணி, translit=Ilaṅkai Potujaṉa Muṉṉaṇi), commonly known by its Sinhalese name Sri Lanka Podujana Peramuna (SLPP), is a political party in Sri Lanka. Previously a minor political party known as the Sri Lanka National Front (SLNF) and Our Sri Lanka Freedom Front (OSLFF), it was relaunched in 2016 as the SLPP and became the home for members of the United People's Freedom Alliance loyal to its former leader Mahinda Rajapaksa. The front's leader is Mahinda Rajapaksa. The front's chairman is G. L. Peiris and its secretary is Sagara Kariyawasam. History Sri Lanka National Front The Sri Lanka National Front (Sri Lanka Jathika Peramuna) contested the 2001 Sri Lankan parliamentary election in 15 of the 22 electoral districts across the country but failed to win any seats in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indrajit Coomaraswamy
Indrajit Coomaraswamy ( ta, இந்திரஜித் குமாரசுவாமி, si, ඉන්ද්රජිත් කුමාරස්වාමි; born 3 April 1950) is a Sri Lankan economist and the 14th Governor of the Central Bank of Sri Lanka. Early life and family Coomaraswamy was born on 3 April 1950 in Colombo, Ceylon. He was the son of civil servant Rajendra Coomaraswamy (Roving Raju) and Wijeyamani. His paternal grandfather C. Coomaraswamy was a civil servant and his maternal grandfather S. K. Wijeyaratnam was chairman of Negombo Urban Council. He has one sister, Radhika. Coomaraswamy was educated at Royal College, Colombo and at Harrow School. He was captain of Royal's primary cricket team. He was captain of Harrow's cricket team from 1967 to 1968 and also played rugby for the school for three years. After school he joined Emmanuel College, Cambridge from where he received BA (Hons) and MA degrees. He played first-class cricket for Cambridge Unive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fourth Sirisena Cabinet
The fourth Sirisena cabinet was the central government of Sri Lanka led by President Maithripala Sirisena. It was formed in December 2018 following the end of the constitutional crisis and ended in November 2019 following the election of Sirisena's successor Gotabaya Rajapaksa. Cabinet members Ministers appointed under article 43(1) of the constitution A constitution is the aggregate of fundamental principles or established precedents that constitute the legal basis of a polity, organisation or other type of entity and commonly determine how that entity is to be governed. When these princ .... Non-cabinet and state ministers Ministers appointed under article 44(1) of the constitution. Deputy ministers Ministers appointed under article 45(1) of the constitution. Notes References {{DEFAULTSORT:Sirisena cabinet 4 2018 establishments in Sri Lanka 2019 disestablishments in Sri Lanka Cabinets established in 2018 Cabinets disestablished in 2019 Cabinet of Sri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value-added Tax
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Direct Investment
A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct control. The origin of the investment does not impact the definition, as an FDI: the investment may be made either "inorganically" by buying a company in the target country or "organically" by expanding the operations of an existing business in that country. Definitions Broadly, foreign direct investment includes "mergers and acquisitions, building new facilities, reinvesting profits earned from overseas operations, and intra company loans". In a narrow sense, foreign direct investment refers just to building new facility, and a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor. FDI is the sum of equity capital, long-term capital, and short-term capital ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hot Money
In economics, hot money is the flow of funds (or capital) from one country to another in order to earn a short-term profit on interest rate differences and/or anticipated exchange rate shifts. These speculative capital flows are called "hot money" because they can move very quickly in and out of markets, potentially leading to market instability.CRS Report for Congress, July 21, 2008: China’s "Hot Money" Problems, by Micheal F. Martin and Wayne M. Morrison Illustration of hot money flows The following simple example illustrates the phenomenon of hot money: In the beginning of 2011, the national average rate of one year certificate of deposit in the United States is 0.95%. In contrast, China's benchmark one year deposit rate is 3%. The Chinese currency (renminbi) is seriously undervalued against the world's major trading currencies and therefore is likely to appreciate against the US dollar in the coming years. Given this situation, if an investor in the US deposits his or her mone ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ravi Karunanayake
Ravindra Sandresh Karunanayake (born 19 February 1963) is a Sri Lankan politician. A former Member of Parliament for the Colombo District, he served as the Minister of Foreign Affairs from May 2017 to August 2017, Minister of Finance from 2015 to 2017, and Cabinet Minister of Commerce and Consumer Affairs from 2001 to 2004 and Cabinet Minister of Power and Energy since December 2018 till November 2019. Karunanayake is also the assistant leader of the United National Party (UNP), the District Leader of Colombo, and the chief organiser for the Colombo North Electorate. Early life Ravindra Sandresh Karunanayake was born on 19 February 1963, the son of Tissa Anuruddha Mahanama Karunanayake and Carmaleka "Carmi" née Dissanayake, daughter of former Deputy Inspector General of Police Cyril Dissanayake. He is the eldest of two sons. His father was a planter, who died when he was 12 years old. Following the death of her husband, Carmi Karunanayake, gained employment at the Presiden ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daily FT
The ''Daily FT'' or the ''Daily Financial Times'' is a daily English-language newspaper published in Colombo, Sri Lanka, by Wijeya Newspapers. Its sister newspaper ''The Daily Mirror (Sri Lanka)'' and its Sunday counterpart ''Sunday Times'' are among the important newspapers in Sri Lanka. See also *''Lankadeepa'', Sinhala-language sister newspaper *''Tamil Mirror'', Tamil-language Tamil (; ' , ) is a Dravidian language natively spoken by the Tamil people of South Asia. Tamil is an official language of the Indian state of Tamil Nadu, the sovereign nations of Sri Lanka and Singapore, and the Indian territory of Pud ... sister newspaper Notes External links * Daily FT' – Official Website * Daily Mirror' – Official Website * Sunday Times' – Official Website Daily newspapers published in Sri Lanka English-language newspapers published in Sri Lanka Newspapers established in 2010 Wijeya Newspapers Mass media in Colombo {{SriLanka-newspaper-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
