News

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

Published

3 years 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

Japan grants US$ 2.5 mn. to SL to strengthen anti-corruption mechanisms

Published

3 hours ago

July 1, 2025

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The Government of Japan has granted USD 2.5 million to Sri Lanka to strengthen anti-corruption mechanisms under a 3-year project for Promoting Prosecution of Corrupt Practices through the Establishment of Anti-corruption Mechanism.

Japanese ambassador in Sri Lanka – Mr. Akio Isomata and UNDP resident representative in Sri Lanka – Ms. Azusa Kubota, in the presence of Justice Minister – Harshana Nanayakkara, launched ‘The Project for Promoting Prosecution of Corrupt Practices through the Establishment of Anti-Corruption Mechanism’

The three year initiative is supported by the Government of Japan and implemented by the UNDP Sri Lanka, working in close collaboration with the (CIABOC) and the Ministry of Justice.

The project aims to promote transparency, accountability and integrity in governance and business practices through effective and institutionalised preventive mechanisms in the public and investment promotion sectors, strengthen institutions to enhance corruption related investigative processes, improve coordination with stakeholders and ensure quality of prosecutions, empower citizens to effectively mobilise against corruption and enhance social accountability.

The project also seeks to engage and empower youth, children and journalists to actively contribute to the fight against corruption and promote a culture of integrity.

News

3 ex-DMT officials including ex-commissioner, remanded

Published

3 hours ago

July 1, 2025

editor

Former Commissioner General Nishantha Weerasingha and two other former officials of the Department of Motor Traffic (DMT) have been arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

The arrests were made as part of an investigation into vehicles that were illegally registered with the Department of Motor Traffic without receiving proper clearance from Sri Lanka Customs, CIABOC said in a statement.

According to CIABOC, former Commissioner General Nishantha Weerasinghe has been arrested for granting approval to issue a number plate for a jeep.

Additionally, a former Assistant Director of Information Technology at the department and a clerk have also been taken into custody for facilitating the illegal data entry and executing it.

The suspects were produced before the Colombo Magistrate’s Court and were ordered to be remanded until July 08.

News

Ex-Immigration Controller pleads guilty

Published

6 hours ago

July 1, 2025

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Controller of Immigration and Emigration – Harsha Illukpitiya, today (July 01) unconditionally pleaded guilty before the Supreme Court in a case related to contempt of court.

The charge stemmed from his failure to comply with a court order related to the e-visa issuance process.

The Supreme Court announced that sentencing will take place on July 24.