News

“China has already offered SL a debt extension”

Published

2 years ago

February 20, 2023

editor

The Export-Import Bank of China has provided Sri Lanka with a debt extension, China’s Foreign Ministry said on Monday, noting that China is willing to negotiate a medium- and long-term debt disposal plan with the country in a friendly manner, and do its best to promote Sri Lanka’s debt sustainability.

The remarks come as Bloomberg reported that the International Monetary Fund (IMF) is considering approving Sri Lanka’s bailout, even without the formal assurance of debt-restructuring support from China, citing people familiar with the discussions.

In response, Wang Wenbin, spokesperson for the Chinese Foreign Ministry, told a press conference on Monday that China has already provided Sri Lanka with a letter supporting the sustainability of Sri Lanka’s debt, expressing its willingness to extend the debt due in 2022 and 2023.

During the period, Sri Lanka will not have to repay the loan principal and interest of the Export-Import Bank, helping Sri Lanka to ease short-term debt pressure, the official said.

“We are willing to use this window to negotiate a medium- and long-term debt disposal plan with Sri Lanka in a friendly manner, and do our best to promote Sri Lanka’s debt sustainability,” Wang said.

The IMF, World Bank and Group of 20 nations chair India separately held virtual discussions Friday on global sovereign debt ahead of the finance ministers and central bank governors’ meeting in Bangalore this week.

The roundtable included officials from countries that have requested debt treatments under the G20 framework – Ethiopia, Zambia and Ghana – as well as middle-income countries such as Sri Lanka, Suriname and Ecuador, which have faced their own debt problems, Reuters reported.

The roundtable comes amid growing frustration over the slow pace of discussions on debt relief for some nations. Rather than seeking a global resolution, some have tried to blame China.

Chinese observers have urged developed countries to take more responsibility in addressing the debt risks faced by some nations, rather than using China as an excuse to shirk blame.

They pointed out that there are many reasons why some countries become mired in debt – the US Fed’s interest rate hikes, the global energy and food crises and other issues, warning some in the West to share the responsibility and seek a more “fair and just” solution.

(Global Times)

News

Japan grants US$ 2.5 mn. to SL to strengthen anti-corruption mechanisms

Published

3 hours ago

July 1, 2025

editor

The Government of Japan has granted USD 2.5 million to Sri Lanka to strengthen anti-corruption mechanisms under a 3-year project for Promoting Prosecution of Corrupt Practices through the Establishment of Anti-corruption Mechanism.

Japanese ambassador in Sri Lanka – Mr. Akio Isomata and UNDP resident representative in Sri Lanka – Ms. Azusa Kubota, in the presence of Justice Minister – Harshana Nanayakkara, launched ‘The Project for Promoting Prosecution of Corrupt Practices through the Establishment of Anti-Corruption Mechanism’

The three year initiative is supported by the Government of Japan and implemented by the UNDP Sri Lanka, working in close collaboration with the (CIABOC) and the Ministry of Justice.

The project aims to promote transparency, accountability and integrity in governance and business practices through effective and institutionalised preventive mechanisms in the public and investment promotion sectors, strengthen institutions to enhance corruption related investigative processes, improve coordination with stakeholders and ensure quality of prosecutions, empower citizens to effectively mobilise against corruption and enhance social accountability.

The project also seeks to engage and empower youth, children and journalists to actively contribute to the fight against corruption and promote a culture of integrity.

News

3 ex-DMT officials including ex-commissioner, remanded

Published

4 hours ago

July 1, 2025

editor

Former Commissioner General Nishantha Weerasingha and two other former officials of the Department of Motor Traffic (DMT) have been arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

The arrests were made as part of an investigation into vehicles that were illegally registered with the Department of Motor Traffic without receiving proper clearance from Sri Lanka Customs, CIABOC said in a statement.

According to CIABOC, former Commissioner General Nishantha Weerasinghe has been arrested for granting approval to issue a number plate for a jeep.

Additionally, a former Assistant Director of Information Technology at the department and a clerk have also been taken into custody for facilitating the illegal data entry and executing it.

The suspects were produced before the Colombo Magistrate’s Court and were ordered to be remanded until July 08.

News

Ex-Immigration Controller pleads guilty

Published

6 hours ago

July 1, 2025

editor

Controller of Immigration and Emigration – Harsha Illukpitiya, today (July 01) unconditionally pleaded guilty before the Supreme Court in a case related to contempt of court.

The charge stemmed from his failure to comply with a court order related to the e-visa issuance process.

The Supreme Court announced that sentencing will take place on July 24.