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All eyes are on China – Nuland

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US Under Secretary of State for Political Affairs Victoria Nuland said on today (01) that the United States wants to see an IMF agreement for Sri Lanka as soon as possible.

Speaking to media in Colombo, she said that the United States and the Paris Club are doing their part to see an IMF agreement for Sri Lanka come through, however, added that what China has offered in terms of debt restructuring and relief is not enough.

“We need to see credible and specific assurances that they will meet the IMF standard of debt relief,” she added.

US Under Secretary of State for Political Affairs Victoria Nuland met with Sri Lankan President Ranil Wickremesinghe in Colombo for talks on the ongoing US support for Sri Lanka.

She noted that the United States is for a quick conclusion of the negotiations with the IMF, and expects all of Sri Lanka’s major creditors to work with the IMF.

“We expect that China will provide credible and specific assurances regarding its readiness to join the rest of us in meeting the IMF standards regarding debt restructuring. So, we are seeing the rest of Sri Lanka’s creditors come forward with those assurances, and now all eyes are on China to do the same,” she noted.

Ms. Nuland has also said it is important for Sri Lanka to go ahead with the March elections and the people of Sri Lanka must be allowed to have a voice in their future.

“It is vital time for Sri Lanka to strengthen its democracy, its governance, and its reconciliation. This includes proceeding with local elections this March, giving people across the country a voice in their future,” she said.

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Man arrested over selling overpriced Vadai to tourist

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The Tourist Police in Moragolla has arrested a man over selling an overpriced Vadai and tea to a foreign  tourist in Kalutara.

Footage of the incident had sparked public ire after going viral online.

It has been revealed that the suspect is a 60 year old residing in Kalutara and is usually seen loitering near the eatery.

Police say that investigtations have revealed that he had duped foreigners visiting the eatery many times.

He is to be produced before the Kalutara Magistrate Court tomorrow (April 19).

It is also reported that officials of the Consumer Affairs Authority (CAA) and the Moragolla Tourist police have also arrived at the eatery, and sternly advised the owner after questioning him.

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NPP’s 7-point statement on Easter attacks, presented to the Cardinal

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The National People’s Power (NPP) today (April 18) presented to Archbishop of Colombo – Cardinal Malcolm Ranjith, their 7-point statement pledging to mete out justice to the victims of the Easter Sunday attacks.

The statement included key points such as implementing law against those responsible for the attacks so as to mete out justice to those who lost lives in the attacks and family members of the victims and to take action against those who were directly or indirectly involved in the attacks.

NPP members Professor Krishantha Abeysinghe, Attorney-at-Law Sunil Watagala, President’s Counsel Upul Kumarapperuma, Rohan Fernando and Aruna Shantha Nonis participated in the occasion.

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IMF ready to support Sri Lanka’s discussions with bondholders

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The International Monetary Fund (IMF) stands ready to support Sri Lanka’s discussions with international bondholders and will provide a formal assessment after the parties reach a tentative agreement-in-principle, an IMF spokesperson said on Thursday.

“We hope an agreement consistent with the parameters of the IMF-supported program and official creditors’ Comparability of Treatment requirements can be reached soon, ahead of completing the second review under the program,” the spokesperson said.

Sri Lanka said it failed to reach an agreement with bondholders to restructure about $12 billion debt earlier this week, raising concerns there could be a delay in the island nation receiving a third tranche of its $2.9 billion IMF program in June.

The government said one of the main stumbling blocks had been that the “baseline parameters” of the bondholders’ plan had not matched those embedded in its IMF program.

“We encourage both parties to continue their discussions swiftly,” the IMF statement added.

Sri Lanka will consult with the IMF to assess if the latest proposals discussed with bondholders were within the parameters of its bailout program.
The island nation defaulted on its foreign debt in May 2022 and kicked off negotiations with bilateral creditors several months later, eventually securing an agreement in principle with China, India and the Paris Club last November.

Sri Lanka plunged into its worst financial crisis since independence from the British in 1948 after its foreign exchange reserves fell to record lows in early 2022, leaving it unable to pay for essentials including fuel, cooking gas, and medicine.

(Reuters) 

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