COLOMBO: Sri Lanka will slash the price of 60 essential drugs by 16 per cent from Jun 15, the health minister said on Tuesday (Jun 6), as the country sees a glimmer of relief from its worst financial crisis in decades. The island off India's southern coast plunged into crisis last year as its foreign excha
COLOMBO: Sri Lanka will slash the price of 60 essential drugs by 16 per cent from Jun 15, the health minister said on Tuesday , as the country sees a glimmer of relief from its worst financial crisis in decades.
But its fortunes have improved over the last nine months as Sri Lanka secured a US$2.9 billion bailout from the International Monetary Fund , moderated its once soaring inflation and embarked on rebuilding foreign exchange reserves. "During the height of the crisis we had to raise prices. There was no choice. Some drug prices were increased by 97 per cent. There were shortages of important drugs but now the currency has appreciated so we are passing that benefit onto consumers," he told reporters at the weekly Cabinet briefing.
Helped by a stronger currency, Sri Lanka will also begin rolling back import restrictions on 300 to 400 items from this week, as per a statement from the finance ministry which gave no further details.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
350 employees affected by Turf Club closure, around 700 horses will be exportedThe first phase of retrenchments will begin in about 16 months.
Read more »
Russia says US-built F-16s could 'accommodate' nuclear weapons if sent to UkraineRussia's Foreign Minister Sergei Lavrov said on Monday (Jun 5) that US-built F-16 fighter jets can 'accommodate' nuclear weapons and warned that supplying Kyiv with them will escalate the conflict further. 'We must keep in mind that one of the modifications of the F-16 can 'accommodate' nuclear weapons,' L
Read more »
Cause and 'people responsible' for eastern India train crash identified: MinisterHe pointed to an electronic signal system without giving further details. Read more at straitstimes.com.
Read more »
President Halimah confers award on Indonesian minister for contributions to bilateral relationsMr Luhut Binsar Pandjaitant has worked closely with Singapore to strengthen bilateral relations for over 20 years, said the Ministry of Foreign Affairs. Read more at straitstimes.com.
Read more »
Bangladesh to see more power cuts as demand soars: MinisterA fuel shortage sparked shutdowns of several power generating units, including its biggest coal-fired plant. Read more at straitstimes.com.
Read more »
Ukraine has enough weapons to begin counter-offensive, says foreign ministerMembership of the military alliance would “probably” only be possible for Ukraine after the end of active hostilities. Read more at straitstimes.com.
Read more »