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Agreement with private creditors, China Exim bank before IMF meeting

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The Government has announced that it will sign Memorandums of Understanding (MoUs) with the Paris Club and the Export-Import Bank of China (EXIM Bank) to restructure the country’s debt before the end of the International Monetary Fund (IMF) Executive Board meeting.

State Minister of Finance Shehan Semasinghe told the Daily News that Sri Lanka will make every effort to reach an agreement with the official creditor committee of the Paris Club and the Export-Import Bank of China on debt restructuring, and will sign the MoUs once an agreement is reached.

He emphasised that the IMF Board of Directors will promptly review Sri Lanka’s Extended Funding Facility (EFF)arrangements, and Sri Lanka is expected to sign the MoUs before that review.

The Minister stated that following this review, US$ 330 million in funds will be released to Sri Lanka by IMF. This amount represents the third installment of the extended loan programme provided to Sri Lanka by the IMF.

He also expressed confidence that the restructuring process with bilateral creditors will be completed very soon.

(dailynews.lk)

 (This story, originally published by dailynews.lk has not been edited by SLM staff)

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Forests on state lands to be designated as reserves

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The Ministry of Environment has decided to designate several forests located on state owned lands as official forest reserves.

Deputy Minister – Anton Jayakody has stated that such forests, each spanning 05 hectares or more, have been identified in every district.

Special priority will be given to designating forest reserves on mountain peaks.

In the first phase, 20 forests in districts including Monaragala and Ampara have been selected under the new program named ‘Vanaspathi’,  he said.

He further said the initiative aims to protect these forest areas and expand the country’s forest cover.

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No cases filed against 22 banned pyramid schemes – CBSL

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Although the Central Bank of Sri Lanka (CBSL) has banned 22 institutions operating illegal pyramid schemes, no legal action has been taken against any of them so far, according to reports.

This was disclosed during a workshop held at the CBSL yesterday (July 08) on the dangers of pyramid schemes.

According to CBSL officials, after initial investigations, the files were handed over to the Criminal Investigation Department (CID) for further inquiry.

The CID’s Financial Crimes Unit has reportedly completed its investigations and submitted findings to the Attorney General’s Department, which is responsible for filing cases.

However, it was noted that not a single case has been filed to date.

The CBSL states that investigations will be continued against companies engaged in these illegal practices and hopes at least one or two such cases would be filed by the end of this year or early next year (2026).

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NPP’s Nishantha Jayaweera sworn in as MP

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U. D. Nishantha Jayaweera was sworn in as a National People’s Power (NPP) National List Member of Parliament before the Speaker of the House – Dr. Jagath Wickramaratne, today (July 09).

He fills the Parliamentary seat left vacant following the resignation of Dr. Harshana Suriyapperuma last month.

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