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Paris Club Creditors provide financing assurances to support IMF programme

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The Paris Club Creditors have provided financing assurances to support the International Monetary Fund’s (IMF) approval for an Extended Fund Facility for Sri Lanka.

A statement issued by the Paris Club stated that its members held a meeting on January 25, 2023, in the presence of representatives from Hungary, Saudi Arabia, the Kuwait Fund for Arab Economic Development and India, as well as from the International Monetary Fund and the World Bank, to provide financing assurances to support the approval by the International Monetary Fund (IMF) Executive Board of the envisaged IMF program for Sri Lanka, which would allow to restore the country’s macroeconomic stability.

They examined the macroeconomic and financial situation of Sri Lanka, including its long-term debt sustainability, and the need for a debt treatment by all bilateral creditors to both fill the financing gap and to ensure Sri Lanka’s debt sustainability in line with the proposed Extended Fund Facility.

“We acknowledge that the Sri Lankan authorities had the opportunity to present Sri Lanka’s economic and financial situation to their creditors, which underscored the need for debt treatment from all creditors. They also presented their reform program that will be supported by an IMF arrangement requiring a debt treatment to restore debt sustainability, as well as the prior actions already implemented,” the statement said.

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Sri Lanka slips down Press Freedom Index

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Reporters Without Borders released the 2024 World Press Freedom Index on Friday (03).

According to RFS, Sri Lanka has slipped to the 150th position in the index, from 135th position last year.

Click here to read the RSF Sri Lanka Fact File

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Companies should be ashamed of not giving workers a raise – Vadivel Suresh

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Mr. Vadivel Suresh, General Secretary of the Lanka Jathika Estate Workers’ Union, emphasized that both the Government and the Plantation Employers’ Association bear the responsibility of providing wage increases to plantation workers. These workers, who play a pivotal role in sustaining the esteemed reputation of ‘Ceylon Tea’, contribute significantly to the national economy of Sri Lanka.

MP Vadivel Suresh, made this statement during his participation in today’s (03) news conference at the Presidential Media Centre (PMC), under the theme ‘Collective path to a Stable Country’.

The Member of Parliament noted that plantation companies, benefiting significantly from the fluctuating dollar value, ought to feel ashamed for not providing their workers with a salary raise. He emphasized that the salary increase outlined in the gazette notice issued by the Labour Commissioner General for plantation workers should be implemented.

MP Vadivel Suresh further commented:

“We express gratitude to the President and the government for raising the salary of plantation workers to LKR. 1700. However, the Plantation Employers’ Association is contesting this decision.

The estate companies that profited greatly from the dollar’s value should be ashamed of themselves for not giving their workers a raise. Expressing opposition to the decision to increase wages for their workers, who contribute significantly to strengthening the national economy by upholding the reputation of Ceylon Tea, is regrettable. The decision to raise estate workers’ wages was not made hastily; rather, it followed extensive negotiations over the course of a year involving the Department of Labour, trade unions, and relevant stakeholders.

Employers’ unions persistently refrained from engaging in wage-fixing negotiations. Similarly, they remained silent when a salary increase of LKR 1000 was requested. However, the Labour Commissioner General, utilizing his authority, lawfully issued a gazette notice for a salary hike of LKR 1700. It is unjust for estate companies to procrastinate without providing relief to the workforce amidst fluctuations in the dollar’s value.

Both the government and the plantation Employers’ Association bear responsibility in this matter. Consequently, companies cannot contravene government decisions. Estate companies claim they are in dialogue with the high-level committee for the ultimate verdict. However, all 22 estate companies are owned by five individuals. These owners are involved not only in tea plantations but also in sectors such as tourism, small-scale manufacturing, agriculture, and gems. Additionally, plantation workers and trade unions must unite in support of this wage increase.

(President’s Media Division)

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Planters’ Association clarifies on daily wage increase

Gazette issued to up estate workers’ daily wage

Unable to increase daily wage – Plantation owners

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CID records another statement from Maithri

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Former President Maithripala Sirisena has appeared before the Criminal Investigations Department today (May 03) to record another statement regarding the Easter Sunday terror attacks.

The CID had previously obtained a five-hour-long statement from the former President on March 25 over a statement he had made a few days earlier.

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