March 11, 2016 Reading Time: 2 minutes
Reading Time: 2 min read
Cabinet sub-committee to call for oil price tenders
President Maithripala Sirisena has appointed a Cabinet sub-committee to call for new tenders to lower oil prices.
According to the Minister of Petroleum Resources Development, Chandima Weerakkody, the Government expects to move away from traditional methods of buying fuel. The move comes amidst allegations that the government is paying above market prices for ‘spot purchases’.
Cabinet approves Port City recommencement
The Cabinet has approved the recommencement of the Port City project. The Cabinet Committee on Economic Management allowed the project to resume following an environmental impact assessment.
The project, funded by a Chinese state-owned company, represents the biggest single foreign investment received by Sri Lanka.
Sri Lanka’s fiscal performance downgraded
The Rating agency Standard and Poor’s has downgraded Sri Lanka’s long-term sovereign credit rating from Stable to Negative.
According to a statement issued by the rating agency, Sri Lanka has under-performed in its external and fiscal performances, owing to the governments high debt and interest burden, and institutional incapacities.
EU to collaborate with Turkey over migrant crisis
The leaders of the European Union are considering a deal with Turkey to address the migrant crisis. According to the deal, Turkey will hold every illegal migrant attempting to enter Europe during their screening process.
In return it is expected that Turkey’s application for EU membership will be expedited, and Turks will be allowed to travel visa-free to Europe.
Ireland’s parliament fails to elect Premier and government
Ireland has entered new constitutional territory after its parliament failed to elect a prime minister and government, following last month’s inconclusive general election.
The issue has persisted as incumbent Premier, Enda Kenny, failed to obtain the required number of votes to become Prime Minister or form a government, at the parliamentary sitting yesterday.
New Zealand interest rates at record low
The Reserve Bank of New Zealand has cut its lending rates to a record low of 2.25%. This is the fifth time rates have been slashed since June 2015.
The Bank stated that the cut was due to both global economic concerns and the reduced demand from China, a chief trading partner.