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Finance Ministry & CBSL hold virtual meeting with creditors

Published

3 years ago

November 3, 2022

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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:

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;
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;
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;
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.
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.

News

3 dead in Dunhinda bus accident

Published

10 hours ago

June 21, 2025

editor

Three persons have died from the bus accident at Dunhinda in Badulla today (June 21), according to hospital sources.

A total of 34 individuals were injured when the bus toppled down a precipice this evening (June 21) at the 4th Mile Post area, near the Dunhinda bends on the Badulla–Mahiyanganaya road.

According to reports, the passengers were a group of pilgrims travelling from Badulla to Anuradhapura.

The injured persons have been admitted to the Badulla General Hospital.

Police are conducting further investigations.

(Pic : Accident1st)

News

11th International Day of Yoga celebrated in Colombo (Pics)

Published

10 hours ago

June 21, 2025

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The 11th International Day of Yoga (IDY) was celebrated with great enthusiasm by the High Commission of India in Colombo and its cultural arm, the Swami Vivekananda Cultural Centre (SVCC) in collaboration with the Ministry of Health and Ministry of Public Administration, Provincial Councils and Local Government Sri Lanka at the historic Independence Square in Colombo today (June 21).

This year’s theme, “Yoga for One Earth, One Health”, highlighted the universal relevance of yoga in fostering harmony between humans and nature.

The High Commissioner of India to Sri Lanka, H.E. Santosh Jha, joined the celebrations along with distinguished guests including Minister of Science and Technology – Dr. Chrishantha Abeysena, Minister of Labour and the Deputy Minister of Economic Development – Prof. Anil Jayantha Fernando, Deputy Speaker of the Parliament of Sri Lanka – Dr. Rizvie Salih, Deputy Minister of Defence – Major General K. P. Aruna Jayasekara, Deputy Minister of Buddhasasana, Religious and Cultural Affairs – Gamagedara Dissanayake Deputy Minister of Sports – Sugath Thilakaratna, and other senior dignitaries.
The event began with a spiritual invocation through prayers by Most Ven. Dr. Maitipe Wimalasara Nayaka Thera and the Maha Sangha, who offered blessings for peace and well-being. A dynamic and refreshing yoga and meditation session followed, conducted by experts from renowned yoga institutions in India and Sri Lanka. The event brought together hundreds of yoga enthusiasts, dignitaries, and students in a shared spirit of wellness and unity. As part of the celebrations, a specially curated Yoga Pendrive and a Sinhala translation of the Hatha Yoga Pradeepika were launched, aiming to make authentic yoga knowledge more accessible. Complementing the main event in Colombo, the Consulates in Hambantota and Jaffna, along with the Assistant High Commission in Kandy, also organized special events – reflecting the enthusiastic and widespread participation in the 11th International Day of Yoga across Sri Lanka.

In a significant prelude to the main event, the Department of Ayurveda, Ministry of Health, Government of Sri Lanka and Swami Vivekananda Cultural Centre jointly organized a landmark, island-wide celebration of the International Day of Yoga on 19 June 2025, with simultaneous yoga sessions held in 113 Ayurveda hospitals and four universities across all nine provinces – marking the first time such a nationwide initiative has been undertaken in Sri Lanka in a unified fashion.
It may be recalled that the United Nations General Assembly adopted a resolution piloted by India in 2014, proclaiming June 21 each year as the International Day of Yoga. The resolution was supported by more than 170 countries, with Sri Lanka being one of its proud co-sponsors.

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Mathews bows out of Test cricket

Published

10 hours ago

June 21, 2025

editor

Angelo Mathews ended his final Test innings today (June 21) after being dismissed during the Test match between Sri Lanka and Bangladesh at Galle International Stadium.

Mathews was dismissed after scoring just 8 runs off 45 balls after being caught by Mominul Haque. The match also ended as a draw.

Mathews retires from the longest format of the game as he made 8,214 runs from 119 Tests at an average of 44.4, with 16 centuries and 49 half-centuries to his name.

In 2013, Angelo Mathews was handed the leadership of the Test side for the first time in his career. He also became historic as the youngest Sri Lanka player to become Test captain.