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Finance Ministry & CBSL hold virtual meeting with creditors

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The Sri Lankan authorities held a virtual meeting with Sri Lanka’s official creditors today (03).

The meeting was chaired by the Secretary to the Treasury and the Ministry of Finance, Mr. K M Mahinda Siriwardana, and the Governor of the Central Bank of Sri Lanka, Dr. P. Nandalal Weerasinghe.

Sri Lanka remains fully committed to advancing engagements with all its creditors in an equitable and transparent way. The meeting represented another important step towards securing International Monetary Fund (IMF) Board approval for Sri Lanka’s IMF program, a media release by the President Media Division said.

The State Minister of Finance, Mr. Shehan Semasinghe, has said:

“Sri Lanka is at a critical stage, and we are seeking IMF program approval as soon as possible so that we can restore macroeconomic stability. We are grateful to our bilateral partners for their continued engagement and support during this process. The IMF program and our ambitious economic reforms will restore public debt sustainability, help protect the most vulnerable and restart our growth engine. This government is focused on re-establishing social and economic prosperity, and ensuring our citizens have access to critical public services.”

The Governor of the Central Bank of Sri Lanka, Dr. P. Nandalal Weerasinghe, has said:

“The IMF program and economic reform agenda will reconstitute Sri Lanka’s financial buffers. I thank the official creditors for joining this productive meeting where we were able to discuss Sri Lanka’s current financial position and progress on reforms.”

Sri Lanka reached a Staff-Level Agreement with the IMF on a four-year program supported by the Extended Fund Facility on 1st September 2022. The program, amounting to USD 2.9bn, is expected to restore macroeconomic stability and debt sustainability while protecting the vulnerable and safeguarding Sri Lanka’s financial system. This agreement remains subject to IMF Executive Board approval.

The IMF program has been centred around Sri Lanka’s ambitious reform program. The government’s reform agenda is based on four pillars:

  1. The first pillar is fiscal reform. The program foresees the implementation of ambitious revenue-based fiscal consolidation measures, combined with revenue administration reforms and the introduction of fuel and electricity pricing mechanisms to minimize fiscal risks stemming from SOEs. It also includes the enhancement of existing social safety nets to protect the most vulnerable;
  2. The second pillar will be to restore public debt sustainability. Sri Lanka’s debt situation has been deemed unsustainable by the IMF and will need to be addressed by a comprehensive debt treatment;
  3. Thirdly, the program will aim to restore price stability and rebuild external buffers. The government is committed to refraining from any monetary financing and the Cabinet will soon approve the Central Bank Act that will strengthen the Bank’s independence and modernise its policy framework;
  4. The fourth pillar of the program is the safeguarding of financial system stability, a key condition to Sri Lanka’s economic recovery. This will be achieved by ensuring that Sri Lanka’s banking system is adequately capitalised and by strengthening the resilience and governance of its state-owned banks.
  5. In addition to these pillars, the government will introduce a series of anti-corruption reforms that will align Sri Lanka’s legal framework with international standards and will implement broader structural reforms to unlock Sri Lanka’s growth potential.

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Over 29,000 electricity breakdowns reported across SL

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The Ceylon Electricity Board (CEB) has said that over 29,015 electricity breakdowns have been reported across the country due to the prevailing adverse weather conditions. 

CEB teams are actively engaged in attending to these breakdowns despite challenges posed by limited staffing and resources, the statement said.

The CEB requests the public to report any outages or safety concerns via the CEBCare mobile app or by calling the ‘1987’ hotline, so that their teams can prioritize and respond swiftly.

1,757 affected

Meanwhile, the Disaster Management Center (DMC) reports that a total of 1,757 individuals from 485 families have been affected by the adverse weather conditions.

‘Red’ warning for strong winds and rough seas 

The Department of Meteorology has issued a ‘Red’ warning for strong winds and rough seas for the sea areas off the coast extending from Chilaw to Kankesanthurai via Puttalam and Mannar, and from Galle to Pottuvil via Hambanthota.

Due to the effect of the active southwest monsoon condition, the sea areas off the coast extending from Chilaw to Kankesanthurai via Puttalam and Mannar and from Galle to Pottuvil via Hambantota will be very rough at times with very strong wind gusts up to 60-70 kmph, it said. 

Naval and fishing communities are advised not to venture into the above sea areas until further notice. 

Wind speed may increase up to 50-60 kmph at times in the sea areas off the coast extending from Chilaw to Galle via Colombo and from Kankasanthurai to Trincomalee via Mullaittivu. 

The naval and fishing communities engaged in fishing and naval activities in these sea areas are requested to be vigilant in this regard. 

The advisory further states that the wave height may increase about 3.0 meters in the sea areas off the coast extending from Mannar to Pottuvil via Puttalam, Colombo, Galle and Hambantota. 

It further said there is a possibility of surges due to swell waves over the coastal areas extending from Mannar to Pottuvil via Puttalam, Colombo, Galle and Hambantota. 

Naval and fishing communities are also requested to be attentive to future forecasts issued by the Department of Meteorology in this regard.

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ADNOC representatives meet with SL delegation

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A discussion between representatives of the Abu Dhabi National Oil Company (ADNOC) and a Sri Lankan delegation led by Minister of Energy Kumara Jayakody, Minister of Labour and Deputy Minister of Economic Development Anil Jayantha Fernando, was held today (30) at the Presidential Secretariat.

The meeting focused on identifying supply and investment prospects in the petroleum industry between the two nations and initiating groundwork for potential joint projects.

Discussions also covered the possibility of swiftly forming a long-term agreement to supply crude oil to Sri Lanka at a reasonable price, improving the country’s oil refining capacity and strengthening Sri Lanka’s position in the regional petroleum market.  

Also in attendance were H.E. Khaled Nasser Al Ameri, the Ambassador of the United Arab Emirates to Sri Lanka, along with Abdulla Al Qubaisi, Senior Vice President – Crude and Condensate at ADNOC, and other senior executives from the company.

(President’s Media Division)

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Thusitha Halloluwa remanded

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Former Executive Director of the National Lotteries Board (NLB) – Thusitha Halloluwa, has been remanded until June 02 by the Fort Chief Magistrate’s Court.

The remand order is in connection with an ongoing case being heard before the court concerning the alleged criminal misappropriation of government assets belonging to the National Lotteries Board (NLB).

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