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Cabinet nod to obtain USD 200 mn. World Bank funding

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The Cabinet of Ministers has granted approval to enter into an agreement with the International Development Association of the World Bank Group in order to obtain funding for the implementation of a project to strengthen the social security system in Sri Lanka.

Earlier on May 08, 2023, the Cabinet had approved to negotiate agreements with the World Bank Group to obtain the necessary funds to implement a project that will provide better-targeted income support and livelihood opportunities to the poor and vulnerable, and strengthen the social security system.

During the negotiations held accordingly, the World Bank agreed to provide a loan amounting to USD 200 million in the form of three components including USD 185 million to support the ‘Aswesuma’ welfare benefits programme, USD 07 million to support the implementation of a pilot project to strengthen the selected beneficiaries, and USD 08 million to strengthen the overall project management and social security system.

Accordingly, the Cabinet of Ministers has approved the proposal presented by the President as the Minister of Finance, Economic Stabilization and National Policy to enter into the relevant agreement with the International Development Association of the World Bank Group to obtain the loan of USD 200 million from the World Bank.

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Chinese Minister of Commerce meets President AKD

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The Minister of Commerce of the People’s Republic of China, Mr. Wang Wentao, who is currently on an official visit to Sri Lanka, met with President Anura Kumara Disanayake this afternoon (29) at the Presidential Secretariat for discussions. 

Minister Wang noted that, considering the current political and economic stability in Sri Lanka, along with the clear policy direction being pursued by President Disanayake’s administration, there has been a notable rise in interest from Chinese investors looking to invest in the country.

He further stated that this visit undertaken with the participation of over 100 Chinese investors demonstrates a solid dedication to enhancing economic collaboration between the two nations.

The discussion also focused on the importance of working together to achieve mutually beneficial trade and economic goals during this challenging period. In light of global economic instability, the Chinese Minister of Commerce reiterated China’s commitment to providing the necessary support to Sri Lanka.

One of the key objectives of Minister Wang Wentao’s visit is to follow up on the agreements reached during President Anura Kumara Disanayake’s recent visit to China. The two sides also discussed the timely completion of on-going development projects in Sri Lanka with Chinese government support, as well as the prompt implementation of proposed new initiatives.

The Chinese delegation included Mr. Qi Zhenhong – Ambassador of China to Sri Lanka, Mr. Wang Liping – Director General of the Department of Asian Affairs and Ms. Shu Jueting – Director General of the Department of Foreign Affairs.

Representing Sri Lanka, Minister of Trade, Commerce, Food Security and Cooperative Development Wasantha Samarasinghe Secretary to the President Dr. Nandika Sanath Kumanayake and Senior Additional Secretary to the President Roshan Gamage, along with other officials, were also present at the occasion.

(President’s Media Division)

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Polish FM meets President AKD

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Minister of Foreign Affairs of the Republic of Poland, in the context of Poland’s Presidency of the Council of the European Union Radosław Sikorski, currently on an official visit to Sri Lanka, met with President Anura Kumara Disanayake this afternoon (29) at the Presidential Secretariat for discussions.

The discussions focused extensively on strengthening cooperation between Sri Lanka and the European Union. President Disanayake emphasized the importance of continued EU support in overcoming future global economic challenges facing Sri Lanka.

President Disanayake stated that, in the face of challenges arising from the newly introduced tariff regime by the United States and the fiscal constraints imposed by the International Monetary Fund, Sri Lanka hopes to engage in broader cooperation with the European Union to address emerging economic pressures.

The President expressed his appreciation for the positive response demonstrated by the European Union regarding the continued maintenance of the GSP+ concession granted to Sri Lanka.

Meanwhile Polish Foreign Minister Radosław Sikorski stated that his visit reflects the special attention both the European Union and Poland place on Sri Lanka.

The discussion also focused on further strengthening the historic ties between Sri Lanka and Poland, with both sides expressing interest in enhancing bilateral collaboration.

Polish Foreign Minister Radosław Sikorski recalled the 50 years of economic and trade and 30 years of development cooperation between Sri Lanka and Poland. He expressed his government’s intention to work closely with the new administration in Sri Lanka to further advance these relations.

The delegation including Ambassador of the European Union to Sri Lanka Carmen Moreno, Secretary to the President Dr. Nandika Sanath Kumanayake, Senior Additional Secretary to the President Roshan Gamage were among the other officials. 

(President’s Media Division)

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Galle Marvels owner gets sentenced

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Prem Thakkar, the Indian owner of the Galle Marvels franchise in the Lanka T10 League, has been sentenced to two years in prison, suspended for 10 years, after pleading guilty to a match-fixing charge under Sri Lanka’s Prevention of Offences Related to Sports Act.

Thakkar was also fined Rs. 6 million and ordered to pay Rs. 1 million in compensation. In addition, the Kandy High Court has granted a request by the ICC Anti-Corruption Unit to download and examine data from Thakkar’s mobile phone as part of ongoing investigations.

The Attorney General filed the indictment earlier this year, accusing Thakkar of attempting to corrupt West Indies cricketer Andre Fletcher by offering him incentives to influence the outcome of a game involving Galle Marvels during the Lanka T10 League in December 2024.

(newswire.lk)

(Except for the headline, this story, originally published by newswire.lk has not been edited by SLM staff)

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