News

China gives Sri Lanka a two-year moratorium

Published

2 years ago

January 22, 2023

editor

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)

News

Ex-ASP Sanjeeva Mahanama granted bail in MP shooting case

Published

3 hours ago

September 14, 2024

editor

Former Assistant Superintendent of Police (ASP) Sanjeeva Mahanama, arrested by the Criminal Investigation Department (CID) in connection with the shooting of former MP Uddika Premarathna, has been granted bail.

Mahanama appeared before the Anuradhapura Magistrate’s Court on September 13.

He is accused of aiding and abetting the shooting, which took place on September 17, 2023, when Premarathna’s vehicle was attacked in front of his residence on Airport Road, Anuradhapura.

News

SC orders to file contempt charges against Immigration Controller General

Published

12 hours ago

September 13, 2024

editor

The Supreme Court has ordered to file contempt of court charges against the Controller General of Immigration and Emigration for failing to obey the court’s interim order to suspend the implementation of the electronic visa system.

The order was delivered today (13) by a three-member judge bench comprising Justices Preethi Padman Surasena, Kumuduni Wickramasinghe and Achala Wengappuli.

The court also ordered the petitioning party to draft the charges and present it before the court on September 25.

Earlier today, the Supreme Court had directed the Controller General of Immigration and Emigration to appear before the court in person today (13) with regard to his failure to implement the order issued by the court over the electronic visa matter.

The directive was issued by the Supreme Court after considering motions filed over the non-implementation of the interim order issued by the court regarding the issue.

On August 02, the Supreme Court issued an interim order suspending the contract given to private consortium IVS-GBS and VFS Global to operate the visa issuance.

The court had issued this order after considering several Fundamental Rights (FR) petitions filed by a group including opposition MPs M.A. Sumanthiran, Rauff Hakeem and Patali Champika Ranawaka.

(adaderana.lk)

(This story, originally published by adaderana.lk has not been edited by SLM staff)

News

2 more Bills come into effect

Published

12 hours ago

September 13, 2024

editor

Speaker Mahinda Yapa Abeywardana has endorsed the certificate on the Bills titled Reciprocal Recognition, Registration and Enforcement of Foreign Judgements Bill and Code of Criminal Procedure (Amendment) Bill today (Sep. 13) in accordance with Article 79 of the Constitution.

The said Bills were passed after the second reading debate held in Parliament on 03rd September.

The Reciprocal Recognition, Registration and Enforcement of Foreign Judgements Bill is to make provision for the Reciprocal Recognition, Registration and Enforcement in Sri Lanka of Judgments of Courts of other countries, to repeal the Enforcement of Foreign Judgments Ordinance (Chapter 93) and the Reciprocal Enforcement of Judgments Ordinance (Chapter 94) and to provide for matters connected therewith or incidental thereto. Accordingly, this Bill shall be known as the Reciprocal Recognition, Registration and Enforcement of Foreign Judgements Act No. 49 of 2024.

In addition, the Code of Criminal Procedure (Amendment) Bill is to amend the Code of Criminal Procedure Act, No. 15 of 1979. Accordingly, this Bill shall be known as the Code of Criminal Procedure (Amendment) Act No. 50 of 2024.