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China participating in Sri Lanka’s debt restructuring is a hopeful sign – US Treasury Secretary

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China participating in debt restructuring for Sri Lanka is a hopeful sign, said US Treasury Secretary Janet Yellen.

She told the AFP that “We have seen some movement by China on participating in debt restructuring for Sri Lanka, which is a hopeful sign”.

As global growth slows, the World Bank previously warned that the outlook is especially tough for the poorest economies — which face sluggish growth driven by heavy debt burdens and weak investment.

Yellen had earlier said that China should move more quickly on some debt restructurings.

Discussions on this front will continue next week as a newly formed global sovereign debt roundtable gathers, she told AFP.

“We’re having useful technical discussions on important elements of debt restructuring. China has been participating, and we all continue to press China for improvements,” she said.

Washington will continue pushing for a speedier and more predictable operation of the G20 “common framework” for debt restructuring as well.

The World Bank’s ongoing reform could result in a $50 billion lending boost over the next decade, US Treasury Secretary Janet Yellen told AFP ahead of stakeholders’ meetings next week where key changes are expected to be announced.

Central bankers, finance ministers and participants from more than 180 member countries are expected to gather in the US capital for the International Monetary Fund and World Bank’s spring meetings in the coming week.

A key topic of discussion will be the World Bank’s evolution, amid a push for lenders to revamp and meet global challenges like climate change. The United States is the largest shareholder of the World Bank Group.

(newsfirst)

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President attends progress review meeting of Energy Ministry

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President Anura Kumara Dissanayake attended the progress review meeting of the Ministry of Energy this morning (Oct. 15).

President Anura Kumara Dissanayake pointed out that, similar to other countries where the energy sector holds a prominent position, Sri Lanka too has given the energy sector a leading role, and he also mentioned that the Ministry of Energy is one that generates revenue, and with higher earnings, there are societal discussions about possible irregularities.

President Anura Kumara Dissanayake stated that during this Presidential election, the people had voted with expectations, and he is committed to fulfilling that mandate.

President Anura Kumara Dissanayake highlighted that the public has placed their trust in a new political tradition due to dissatisfaction with the old political culture, the economic problems they face, and their dissatisfaction with the performance of the public service.

The President mentioned that the public believes corruption, fraud, and mismanagement are behind the country’s economic collapse, and that the people have given this mandate to prevent these issues. He further stated that he would protect the trust placed in him by the people to stop corruption and fraud across the public sector, and urged public servants to fulfill their responsibilities properly.

The President further stated that public wealth must be protected like religious property, and no one has a legitimate right to subject that wealth to fraud or corruption.

President Anura Kumara Dissanayake stated that the commitment of the current public servants is essential to create an efficient and effective public service that satisfies the citizens, and he is ready to take every step necessary to achieve this.

The President emphasized that public servants must act with responsibility and accountability to fulfill the structure, goals, and expectations of this mandate, and stated that his political leadership team is prepared to provide the necessary leadership for this.

President Anura Kumara Dissanayake further noted that he stands by every public action taken in the public’s interest within the boundaries of official duty and will not hesitate to take necessary action if improper acts are committed.

A detailed and extensive review was conducted regarding the current projects in the energy sector and those scheduled for implementation over the coming years.

Further discussions were held on how to achieve the goals of the energy sector over the next three years, as well as the short-term and long-term relief that could be provided to the public.

Professor Udayanga Hemapala, Secretary of the Ministry of Energy; Dr. Tilak Siyambalapitiya, Chairman of the Ceylon Electricity Board; Engineer K.G.R.F. Comester, General Manager of the Ceylon Electricity Board; and Janaka Rajakaruna, Chairman of the Ceylon Petroleum Corporation and the Ceylon Petroleum Storage Terminals Limited, along with several officials from the Ministry of Energy, participated in this event.

(President’s Media Division)

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Man shot and killed by unidentified gunman in Matara

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A 53-year-old man was shot and killed by an unidentified gunman in the Ruwanwella area, Matara, today (15). 

The victim, traveling in a three-wheeler, was attacked by an assailant who arrived in a car and opened fire using a pistol, according to the police.

Preliminary investigations are ongoing, and while the motive remains unclear, police have noted that the victim had been involved in vehicle seizing. 

Matara Police continue to search for the suspects responsible.

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This week’s Cabinet decisions

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A number of decisions have been taken at the Cabinet meeting held yesterday (Oct. 14).

The decisions taken by the Cabinet of Ministers are as follows :

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