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China calls on IMF to provide loan support to SL as soon as possible

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The Chinese Foreign Ministry has briefed about comprehensive efforts on Sri Lanka’s debt restructuring.

Speaking to media on Friday (03), Foreign Ministry spokesperson – Ms. Mao Ning has called on all other creditors to take synchronized and similar steps as well as the IMF to provide loan support as soon as possible.

The complete remarks of Ms. Mao are as follows :
Shenzhen TV: It is learned that the Export-Import Bank of China has provided Sri Lanka a letter as required, offering an extension on the debt service due in the next two years and saying it would like to have friendly consultation with Sri Lanka regarding medium- and long-term debt treatment. Can you confirm this?

Mao Ning: On January 19, the Export-Import Bank of China, as the official bilateral creditor, provided a financing support document to the Ministry of Finance, Economic Stabilization and National Policies of Sri Lanka, saying the Bank is going to provide an extension on the debt service due in 2022 and 2023, which means Sri Lanka will not have to repay the principal and interest due of the Bank’s loans during the above-mentioned period, so as to help relieve Sri Lanka’s short-term debt repayment pressure; meanwhile, the Bank would like to have friendly consultation with Sri Lanka regarding medium- and long-term debt treatment in this window period; and the Bank will make best efforts to contribute to the debt sustainability of Sri Lanka. The Bank also noted that it will support Sri Lanka in its loan application to the IMF; in the meantime, the Bank will continuously call on commercial creditors (including the International Sovereign Bondholders) to provide debt treatment in an equally comparable manner, and encourage multilateral creditors to do their utmost to make corresponding contributions.

As we have said several times, as a friendly neighbor and true friend, China has been providing assistance for Sri Lanka’s economic and social development to the best of our capabilities. The financing support document is aimed at combining an “immediate contingency measure” and “medium- and long-term debt treatment” to rapidly, effectively and truly resolve Sri Lanka’s debt issue. As far as I have learned, China is the first official bilateral creditor to have taken the initiative to announce debt extension to Sri Lanka. This speaks to China’s sincerity and action to support Sri Lanka’s effort to achieve debt sustainability.

China calls on all other creditors of Sri Lanka, especially multilateral creditors, to take synchronized, similar steps and give effective, strong support to Sri Lanka to help the country emerge from its default status at an early date and eventually work out an arrangement for Sri Lanka to achieve medium- and long-term debt sustainability. China also calls on the IMF to take into full consideration the urgency of the situation in Sri Lanka and provide loan support as soon as possible to relieve the country’s liquidity strain.

Going forward, China will continue to support relevant financial institutions in actively working out the debt treatment. We will work with relevant countries and international financial institutions to jointly play a positive role in helping Sri Lanka navigate the situation, ease its debt burden and achieve sustainable development.

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India, Sri Lanka Fishers Hold Firm on Fishing Rights

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Fishermen from India’s Rameswaram are demanding unrestricted access to harvest fish in the waters near Sri Lanka.

However, the Sri Lankan fishermen have reiterated their stance, asserting that there can be no room for concessions.

The recent sentencing of four Indian fishermen by the Delft court for trespassing in the Sea of Sri Lanka has ignited tensions, prompting protest actions among Tamil Nadu’s fishing community.

In response to the court’s decision, the President of Rameswaram Fishermen’s Association engaged in dialogue with Tamil Nadu Chief Minister MK Stalin.

“The fishermen detained in Sri Lankan prisons must be released. The boats held by the Sri Lanka Navy must also be released. As a permanent solution to the issue, Sri Lankan fishermen in Indian prisons, and Sri Lankan boats must be released,” said  P. Jesuraj, the Leader of the Rameswaram Fishermen’s Association.

The fishing community in Jaffna emphasize that there can be no further leniency or accommodation for any actions that violate established norms.

“The fishing community in the North have been very lenient with the fishermen from Tamil Nadu despite the use of Bottom Trawling to pillage our marine resources. Therefore, we will no longer allow them to pillage the Sea of Sri Lanka using illegal methods,” said Annalingam Annarasa, the Secretary of the Delft Fisheries Association.

(newsfirst.lk)

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“14.3% Surge in new HIV infections in 2023, reveals national program”

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The National Sexually Transmitted Diseases and AIDS Prevention Program states that the reporting of new HIV infections has increased by 14.3 percent.

This is higher in 2023 compared to 2022, director, Dr. Janaki Vidanapathirana, community medicine specialist said.
She said that last year, 694 new HIV infected people were identified, most of them were men, and the number is 611, which as percentage is 88%. Last year, 81 HIV infected women were reported, which is 11.7 percent as a percentage. It is also
reported that there are 4100 infected people in society.

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Sri Lanka to Host Digital Economy Summit in July

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The State Minister for Technology, Mr. Kanaka Herath, announced that the anticipated National Cyber Security Act will be introduced this year, followed by the establishment of the Cyber Security Authority.

Additionally, the State Minister underscored the preparations made for the Digital Economy Summit scheduled to take place in Sri Lanka by the end of July. The summit serves as a platform for fostering innovation, collaboration, and investment in digital technologies, thus propelling the country towards a more resilient and prosperous digital economy.

Speaking at a press briefing titled “Collective Path to a Stable Country” held at the President Media Centre (PMC) today (29),

State Minister Herath further said;

The digital economy, which previously stood at 4.73%, has now surpassed the 5% mark, indicating significant growth.

This expansion has notably bolstered the country’s overall economic resilience. To further enhance this momentum, preparations are underway for the Digital Economy Summit scheduled to take place in Sri Lanka at the end of July. The summit aims to attract both local and foreign investors, with collaborative efforts from foreign embassies, the Ministry of Foreign Affairs, and the Ministry of Investment Promotion facilitating this initiative.

Furthermore, a sum of Rs. 50 million derived from the profits of Sri Lanka Standards Institution (SLSI) was allocated to the treasury in the previous year. In line with President Ranil Wickremesinghe’s proposal, a new initiative has been launched to uplift small and medium-sized industrialists, who constitute 52% of the country’s economy. This endeavour seeks to empower such enterprises technologically, offering them Good manufacturing practice (GMP) and SLSI certifications. Additionally, plans are underway to facilitate access to low-interest loans through the Asian Development Bank (ADB), with the ultimate goal of guiding these small and medium-sized industrialists into the market.

(dailynews.lk)

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