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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.

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Customs seizes three containers linked with an organized crime gang

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Sri Lanka Customs has seized three shipping containers imported by an organized crime gang under false declarations, containing a large stock of goods worth over Rs.120 million, including food items and cosmetic products.

The containers, imported from Dubai, were discovered at a private cargo clearance facility in Dematagoda, Colombo. The stock included turmeric, ginger, coffee, and cashew nuts, among other food products.

A team of officials, including Director General of SL Customs Sarath Nonis and Customs Media Spokesman, Additional Director General Sivali Arukgoda, inspected the seized goods.

The containers also contained cosmetic items, soap, chocolates, clothing, and footwear. The cosmetics were packed in cardboard boxes, with cashews, coffee beans, etc., hidden from view.

Upon inspection, the seized containers were found to hold six metric tons of turmeric, three metric tons of ginger, three metric tons of cashew nuts, and 1.5 metric tons of coffee beans.

The food items had been imported without the approval of the Plant Quarantine Division, while the cosmetic products, valued at millions of rupees, had been brought in without obtaining the necessary approval from the National Medicine Regulatory Authority of Sri Lanka (NMRA).

The Customs Media Spokesman stated that if these goods had not been intercepted, the government would have lost over Rs.120 million in tax revenue.

Investigations also revealed that the addresses provided for the shipment’s consignees were fake.

The Customs Media Spokesman also stated that steps will be taken to arrest individuals involved in this smuggling.

He also stated that around seven cargo clearance companies are operating in Colombo, with organized crime gangs allegedly linked to these firms.

Customs officials stated that the seized turmeric and ginger stocks will be inspected by the National Plant Quarantine Service before being distributed to the public through Sathosa, while the clothing and footwear will be sold through a tender process.

Meanwhile, cosmetic products and soaps imported without NMRA approval will be destroyed, according to Customs Media Spokesman.

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Cabinet proposal to slash solar panel tariffs

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It’s reported that the government has decided to revise the payment rate per unit of electricity generated by rooftop solar panels.

Sources from the Ministry of Energy indicate that a cabinet paper has been submitted to the Cabinet of Ministers to implement these revisions based on recommendations from the Ceylon Electricity Board (CEB).

Accordingly, the unit price paid for rooftop solar electricity will be revised, with proposed adjustments based on the amount of electricity generated.

At present, the payment per unit is Rs.27, but under the new revisions, it is expected to be reduced to Rs.19.

For solar power systems generating less than 20 kilowatts, the proposed payment per unit is Rs.19. Systems generating between 20 – 100 kilowatts will receive Rs.17 per unit, while systems generating between 100 – 500 kilowatts will receive Rs.15 per unit.

However, these new tariff rates will apply only to newly installed rooftop solar systems, while existing installations will continue to receive payments at the current rate.

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Another suspect arrested over Dondra shooting

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Police have arrested another suspect in connection with the fatal shooting incident on Sinhasana Road, in front of the Sri Vishnu Devalaya in Dondra.

The suspect was arrested on March 23rd in the Gandara police division.

According to the police, officers from the Matara Divisional Crimes Unit arrested the suspect for his involvement in setting fire to the van used by the assailants in the shooting incident. He was subsequently handed over to the Gandara Police Station.

The arrested suspect is a 34-year-old resident of the Dondra area.

The Matara Divisional Crimes Unit and the Gandara Police, are continuing further investigations.

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