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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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Gary Anandasangaree appointed Public Safety Minister of Canada

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Sri Lankan-born Gary Anandasangaree has been sworn in as Canada’s new Minister of Public Safety under PM Mark Carney’s cabinet.

A former Minister of Justice and Crown–Indigenous Relations, Anandasangaree will now oversee national security, emergency preparedness, and border protection.

“As I step into this new role, I am grateful to Prime Minister Mark Carney for his trust. I am ready to work with my Cabinet and Caucus colleagues, our partner organizations, and all orders of government to unite, secure, protect, and build Canada,” he has Tweeted.

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Court grants leave to proceed with petition against MP Archuna

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The Court of Appeal has scheduled June 26 as the date to consider the petition seeking the revocation of MP Ramanathan Archuna’s parliamentary seat.

The petition was taken up today (May 14) before a bench comprising Justices Mayadunne Koraya and Mahen Gopallawa. 

The court ordered that the petition be called again on June 26 for confirmation.
The petition was filed by social activist Oshala Herath, requesting legal intervention regarding the MP’s parliamentary position.

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Train services operate as usual from today

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Starting today (May 14), train services will operate as usual, according to the Locomotive Operating Engineers’ Union of Sri Lanka Railways.

Due to a shortage of train drivers and their leave requests, about 23 train services were canceled over the past 02 days, affecting key routes like the Main, Coastal, Puttalam, and Kelani Valley lines.

The Railway Drivers Association claims that the cancellation of trains is primarily due to the government and the administration’s failure to address the long-standing shortage of railway drivers.

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