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World bank releases US$250mn budget support to SL

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Washington-based World Bank said has announced that it had released a 250 million US dollar budget support loan to Sri Lanka out of 500 million which was originally approved in June.

The second tranche is released after assessing that “satisfactory progress is being made on reforms, the macroeconomic policy framework remains adequate, and the Banking (Special Provisions) Act has been enacted, the statement said.

“Continued momentum on economic and structural reforms is critical not only to stabilize the economy, but also to unleash its potential for private sector-led growth and transformation,” Faris H. Hadad-Zervos, World Bank Country Director for Sri Lanka said in the statement.

The reform-based lending is co-ordinated with the IMF, ADB and other agencies, the World Bank said.

Sri Lanka is getting a series of budget support loans from lending agencies linked to completed structural benchmarks in the IMF program.

(economynext.com)

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CBSL presents Financial Statements and Operations Report 2024 to President

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The Governor of the Central Bank of Sri Lanka (CBSL) – Dr. Nandalal Weerasinghe, officially handed over the Financial Statements and Operations Report 2024 of the Central Bank of Sri Lanka to President Anura Kumara Disanayake at the Presidential Secretariat today (April 29).

A copy of the report was also presented to Secretary to the President Dr. Nandika Sanath Kumanayake.

Several senior officials from the Central Bank were present at the occasion.

(President’s Media Division)

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30 injured in a bus accident in Beliatta

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30 persons have been injured in a head-on collision between a private bus and a SLTB bus near the Hettiarachchi bend in the Beliatta police division today (April 29).

Police said that the injured have been admitted to the Tangalle and Beliatta hospitals.

Further investigations are underway.

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Millions lost due to Kompanna Veediya flyover construction delay

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Minister of Transport, Highways, Ports and Civil Aviation – Bimal Rathnayake yesterday (April 28) visited construction site of the flyover being built from Baladaksha Mawatha near the Kompanna Veediya Police Station to Chittampalam A. Gardiner Mawatha, in Colombo, to inquire about the cause of its delay.

He pointed out that the government has been compelled to pay over Rs.400 million to contractors as delay charges and a significant daily loss of Rs. 500,000 is being incurred.

The flyover has been planned to be built from Baladaksha Mawatha near the Slave Island Police Station to Chittampalam A. Gardiner Mawatha, in Colombo.

Accordingly, 06 police residential quarters had to be removed, and as a result, the project was delayed for about 02 years.

According to the Transport Ministry, it was informed during the inspection tour that steps will be taken to promptly remove the police residential quarters, which have caused the delay.

Stating that the matter must be resolved immediately, the minister has instructed the relevant officials to ensure that the construction of the flyover is completed by the end of this year under any circumstances.

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