News

IMF not expected to approve SL’s bailout before year-end

Published

1 year ago

December 14, 2022

editor

The executive board of the International Monetary Fund (IMF) is not expected to formally approve Sri Lanka’s $2.9 billion bailout before year-end, two sources familiar with the matter said.

According to Reuters, the IMF stressed the importance of joint talks involving three of Sri Lanka’s main bilateral creditors – China, Japan and India.

The IMF’s online board calendar, which has added meetings through Dec. 22 to discuss progress and new tranches for a number of emerging economies, makes no mention of Sri Lanka.

In response to an inquiry, Sri Lanka’s finance ministry said it was “100% focused” on securing IMF approval. “We are taking every necessary policy step to secure financing assurances from our bilateral creditors as quickly as possible,” the ministry said in an emailed statement.

However, internal government sources said that another loan from neighboring India will have to be sought to restore the economy.

It is reported from a highly reliable source that this is the main reason why Sri Lankan High Commissioner to India Milinda Moragoda had met the Minister of Finance and Corporate Affairs Nirmala Sitharaman in New Delhi.

High Commissioner Moragoda has held several rounds of discussions with Minister Sitharaman since November last year regarding India’s economic cooperation and support to Sri Lanka.

Indian media reported that the latest meeting between them also focused on further promoting economic and financial relations.

High Commissioner Moragoda informed Minister Sitharaman about Sri Lanka’s ongoing discussions with the IMF and the current status of Sri Lanka’s debt restructuring process.

Mr. Moragoda had also mentioned the severe impact of the economic contraction on the poor and vulnerable communities of the Sri Lankan population.

News

Prof. Nalin de Silva no more

Published

2 hours ago

May 2, 2024

editor

Philosopher, intellectual and academician Professor Nalin de Silva has passed away at the age of 79. Prof. de Silva initially served as a professor in the Department of Mathematics and later as the Dean of the Faculty of Science at the University of Kelaniya.

He was also a former member of the University Grants Commission (UGC).

In addition to his academic pursuits, de Silva also worked as a former Sri Lankan Ambassador to Myanmar.

News

‘Company issuing visa at BIA not Indian or Indian based’

Published

6 hours ago

May 2, 2024

editor

The Indian High Commission in Colombo has issued a statement over reports of Indian companies taking over visa issuance at Bandaranaike International Airport (BIA) in Katunayake.

The statement notes “companies referred to in these reports are not India based or Indian and are headquartered elsewhere. Any reference to India in this context is unwarranted.”

News

Chaos at BIA raises questions (Video)

Published

8 hours ago

May 2, 2024

nipuni

Questions have been raised after chaos at the Bandaranaike International Airport (BIA) in Katunayake last night (May 01) has sparked widespread outrage.

This is with regard to a controversial takeover of the on-arrival visa issuance process at BIA by an Indian company – VFS Global since yesterday evening.

It is learnt that the company has levied an extra $25 alongside the standard $75 fee.

Long lines of frustrated travellers were also seen at the airport for several hours, which is a stark difference to the procedure smoothly managed in a matter of mere minutes by the Immigration and Emigration Department in the past.

Footage of a Sri Lankan citizen expressing outrage over Indian nationals deciding visa matters for fellow Sri Lankans, has also been making rounds on social media.

Although 10 Sri Lankan and Indian officers had commenced work from 5.00pm yesterday, the lines remained well over 9.00pm. Amid tensions, higher officials of the BIA and security forces had also arrived at the premises.

At 11.30pm the company officials temporarily suspended issuing visas and left the BIA with the money collected, reports say.

Upon the directive of the Controller General of Immigration and Emigration – Harsha Ilukpitiya, Immigration officers have commenced their usual duties with no issues since then, enabling the previous process to continue smoothly.

Concerns have been raised over the lack of transparency in this arrangement.