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China gives Sri Lanka a two-year moratorium

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China yesterday responded to Sri Lanka’s long-standing request for a commitment on rescheduling its debts as a prelude to a bailout by the International Monetary Fund (IMF) with an offer for a two-year moratorium, the media has reported.

In a letter to President Ranil Wickremesinghe in his capacity as Finance Minister, the Exim Bank of China responsible for much of the loans given to Sri Lanka said the two-year moratorium would be a short-term suspension of the debts owed to China while asking all parties, i.e. Sri Lanka’s creditors to get together to work out medium-term and long-term commitments.

It is learned that the letter also extends China’s support to the IMF’s Extended Fund Facility (EFF) and requests the IMF to go ahead with the discussions on debt restructuring that will lead to an IMF program.

The letter giving China’s assurances arrived on the eve of a Paris Club meeting of Sri Lanka’s creditors scheduled for next week where Sri Lanka’s debt restructuring measures are to be discussed as a prelude to a US dollars 2.9 million IMF program to bail out Sri Lanka from its current economic crisis.

Sri Lanka’s efforts to get China’s support along with India’s support for rescheduling its loans were being negotiated for several months.

It comes shortly after India announced that it had written to the IMF extending its assurances in writing that it would support an IMF program for an Extended Fund Facility for Sri Lanka. China, India and Japan are Sri Lanka’s largest bilateral creditors.

Soon after the Indian assurances were given to the IMF, its External Affairs Minister S. Jaishankar called upon other countries to be “proactive” in supporting Sri Lanka. Dr. Jaishankar who was in Sri Lanka on a 24-hour visit on Thursday and Friday said India was willing to support Sri Lanka “fully” in its efforts to come out of its current financial crisis.

China’s International Department Vice Minister Chen Zhou who was in Sri Lanka earlier in the week, also announced that China was about to announce some “good news” on Sri Lanka’s request to consider rescheduling its debts.

The letter from the Chinese Exim (Export-Import) Bank, the state-run institution responsible for foreign loans, arrived in Colombo on the eve of the Chinese lunar New Year which begins today.

It was not immediately known if the Chinese assurances contained in the letter would meet the requirements of the Paris Club and the IMF.

Participation at the Paris Club by India and China was also not immediately known, but the Sunday Times learns that the Sri Lankan Finance Ministry was confident it was sufficient consent for the IMF to go ahead with discussions on its debt restructuring schedule leading to its bailout program. for Sri Lanka.

(Sunday Times)

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SLT, Colombo Lotus Tower placed under Finance Ministry

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A gazette extraordinary has been issued placing Sri Lanka Telecom, Colombo Lotus Tower, Sri Lanka Cement Corporation, State Engineering Corporation and several other state institutions under the purview of the Minister of Finance, Economic Stabilization and National Policies.
According to the gazette issued by President Ranil Wickremesinghe, the North Sea Limited, Sri Lanka Thriposha Co. Ltd., Galoya Plantation (Pvt.) Company, National Salt Limited, Paranthan Chemicals Ltd BCC (Pvt.) Limited, Mahinda Rajapaksa National Tele Cinema Park and the Lanka General Trading Company Limited will also be placed under the purview of the Finance Minister.

The gazette extraordinary has been issued by the Head of State by exercising the powers vested in him under paragraph (1) of Article 44 of the Constitution, with effect from the 30th of May.

Click here to read the complete gazette

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Fuel prices revised at midnight

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The CPC has reduced the prices of fuel with effect from midnight today (31).

The price of Petrol 92 Octane has been reduced by Rs.15 per litre to Rs.318 while the price of Petrol 95 Octane has been increased by Rs.20 to Rs.385 per litre.

In addition, the price of a Super Diesel litre has increased by Rs.10 to Rs.340 while a litre of Kerosene reduced by Rs.50 to Rs.245.

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Over 3,000 child abuse incidents in Jan. – April 2023

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There have been 3,102 reported child abuse related incidents in the first four months of this year, the National Child Protection Authority (NCPA) revealed.

These statistics were presented during a workshop at the NCPA on 24 May, with the aim of raising awareness among the media about child protection issues.

Sajeewani Abeykoon, Director of Law Enforcement at the NCPA, revealed that on average they receive over 600 complaints per month.

The highest number of reported cases this year occurred in March, with a total of 1,026 cases. The figures for the first four months of this year are as follows: January – 779 cases, February – 703 cases, March – 1,026 cases and April – 594 cases.

Furthermore, the statistics from 2022 indicate a total of 10,497 reported cases.

Abeykoon said, “There was a slight decrease in reported cases during the month of July last year, possibly due to the Aragalaya protest, as the fuel and economic crises may have had a positive impact for the first time. In the previous year, there were a total of 185 serious sexual harassment cases reported, along with 729 minor sexual harassment cases, 167 rape cases, and 132 reported cases of child smuggling.”

(Excerpts : Ceylon Today)

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