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Monday December 5th, 2022

Sri Lanka extends visas of all foreigners till April 12

ECONOMYNEXT – Sri Lanka has extended the validity of all types of visas for foreigners in the country till April 12 asking no one to visit the immigration office until April 08 as the Indian Ocean island stepped up a battle against Coronavirus and discouraged public gatherings.

Sri Lanka’s Controller of Immigration has ordered all visas to be valid from March 14 to April 12 without having to visit the immigration office for stamping, the state information office said.

Foreigners are asked to come to Sri Lanka’s immigration office in Bataramulla on either April 08 or April 09 to get their passports stamped.

Any foreigner whose visa had expired could leave the island by paying any extension fees at the airport without being subject to any penalty.

Anyone who had given their passports to the Department of Immigration and Emigration and has an acknowledgement could use it till April 12.

If a foreigner who has given the passport to the immigration office wishes to leave the country, and only if they wish the leave the country, should forward a copy of their air ticket to several emails, and further instructions would be given by the department.

The contact emails are as follows.

piyumeei@gmail.com

sanjaya7777@gmail.com

bgayanmilinda@yahoo.com

hamarathunge@gmail.com

jithanieathukorala@gmail.com

Inquiries could be made at the following number 0771 388 724.

Sri Lanka is halting inbound passengers to all airports until March 25, the Civil Aviation Authority said, but departures are permitted. (Colombo/Mar18/2020)

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Sri Lanka’s shares gain in mid market trade

ECONOMYNEXT – Sri Lanka’s shares edged up in mid day trade on Monday (05), continuing the positive run for seven straight sessions on news over a possible debt restructuring from Paris Club, analysts said.

All Share Price Index gained by 0.69% or 60.10 points to 8,829, while the most liquid shares gained by 0.96% or 26.59 points to 2,801.

“The market was pushed up over the news of a potential 10 year debt moratorium,” analysts said.

The Paris Club group of creditor nations has proposed a 10-year debt moratorium on Sri Lankan debt and 15 years of debt restructuring as a formula to resolve the island nation’s prevailing currency crisis. 

Related – Paris Club proposes 10-year moratorium in 15-year Sri Lanka debt re-structure: report

The market generated a revenue of 2.1 billion rupees.

Top gainers during 1130 hours were Expolanka, Browns Investment and LOLC.  (Colombo/Dec05/2022)

 

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Sri Lanka bond yields slightly down

ECONOMYNEXT – Sri Lanka’s bond yields were slightly down at open on Monday while t- bills were inactive, dealers said.

The Central Bank’s guidance peg for interbank transactions was at 363.18 rupees against the US dollar, appreciated from 363.19 rupees on Friday.

“Only one bond is being quoted today, and the rest remaining unquoted” a dealer said.

A bond maturing on 15.05.2026 quoted at 29.30/30.00 percent down from 29.50/75 percent at Friday’s close.(Colombo/ Dec 03/2022)

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Sri Lanka should prioritize RCEP , not small FTAs: economist

ECONOMYNEXT – Sri Lanka should make joining the Regional Comprehensive Economic Partnership (RCEP) a priority instead of trying to negotiate multiple smaller deals, an economist has said.

“We do not have the bandwidth in government and the technical resources to do multiple trade agreements,” Anushka Wijesinghe an economist who has been involved in trade told a business forum in Colombo.

“I think RCEP should be number one priority, rather than three or four tiny bilateral goods agreements.”

Sri Lanka is trying negotiate a free trade deal with China and expand an existing one with India.

Data show that Sri Lanka has been able to boost exports with FTAs.

Sri Lanka has high tariff protection which ultimately backfire.

Sri Lanka has protectionist business interests their profits from overpriced goods have had priority over ordinary consumers and overall economic efficiency that comes from free trade.

Sri Lanka also has monetary instability, which has worsened under flexible inflation targeting, with a series of currency crises coming in rapid successions.

Forex shortages from mis-targeted interest rates under flexible or discretionary monetary policies have discredited free trade and liberalization in general and strengthened the hands of economic nationalists, analysts say.

The country also has monetary instability, which makes life difficult not only for investors but all economic agents.

Over the past two decades Sri Lanka’s exports have not grown as much as competitors. (Colombo/Dec05/2022)

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