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Finance Ministry & CBSL hold virtual meeting with creditors

Published

11 months ago

November 3, 2022

editor

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

19th Asian Games to kick off at Hangzhou in China Today

Published

20 hours ago

September 23, 2023

editor

The 19th edition of the Asian Games is all set to kick off today in the Chinese city of Hangzhou.

Delayed by a year due to coronavirus pandemic restrictions, the 19th edition of the event is set to officially begin with a two-hour opening ceremony from 5.30pm.

The opening ceremony for the Asian Games will take place at the Hangzhou Olympic Sports Centre Stadium, which is capable of accommodating up to 80,000 people.

The stadium was completed in 2018 and is mostly used for soccer matches, features a retractable roof, a circular LED screen, and a natural grass field.

Dating back to 1951, the Games are bigger than the Olympics when it comes to the number of athletes and sports – and this year’s competition is billed as the biggest in history.

Nearly 12,500 athletes – more than ever – from 45 countries and territories will be competing across 40 sports. The Games will be held in 56 venues, 12 of which have been newly built.

The programme includes the more traditional events, such as athletics and swimming but also those which reflect Asia’s diverse sporting culture, such as sepak takraw, or kick volleyball, kabaddi, and wushu, a martial art.

China, as the host country, has the privilege of choosing which sports to include in the programme, with bridge, chess and Xiangqi (Chinese chess) being among the non-Olympic events featured in the schedule.

Meanwhile, e-sports, breakdancing and sport climbing will be making their Games debut, in an effort to attract the interest of younger people.

FIFA Online 4, Street Fighter V and League of Legends are among the seven e-sport medal events.

The Games will see participants competing for 481 gold medals across 15 days.

Sri Lanka is fielding a 96-member contingent with 62 male and 34 female athletes.

The closing ceremony on October 8 will include the handover to Japan before the 2026 Aichi-Nagoya Games.

Qatar will host the Asian Games in 2030.

News

Minister of Agriculture explores opportunities to export eggs and chicken

Published

20 hours ago

September 23, 2023

editor

Minister of Agriculture Mahinda Amaraweera instructed the relevant officials to look into the opportunities of exporting eggs and chicken.

He says that chicken and eggs are already being exported to several countries including the Maldives.

Minister Amaraweera says that Sri Lanka will have to import eggs in the upcoming festive season.

However, he says says that steps have been taken to ensure that eggs and chicken will be produced within the country, by next year.

The Minister of Agriculture says that a surplus of eggs is expected to be created by August 2024, and that plans have already been made to look into the opportunities in the world market.

(newsfirst.lk)

News

Anura Kumara asks Pilleyan if he is still paid by intelligence services

Published

1 day ago

September 23, 2023

editor

Claiming that the group led by Parliamentarian Sivanesathurai Chandrakanthan alias Pilleyan has been paid Rs.3.5 million per month by the intelligence services, NPP MP Anura Kumara Dissanayake questioned whether the group is still being paid that amount.

He told parliament that Pilleyan’s group has been maintained and paid from the account of the Intelligence Services.

The MP said this during a cross-talk with Pilleyan after Dissanayake alleged that most of those who were accused of their failure to prevent the Easter attacks and those who were accused of committing the crime such as Pilleyan are with the government now.

“You and your group were paid and maintained by the intelligence units Rs. 3.5 million per month. We want to know whether you are still being paid,” MP Dissanayake questioned Pilleyan.

Speaking during the adjournment debate on the exposure by Channel 4 on the Easter Sunday attacks, Dissanayake said reasonable investigation into the Easter attacks cannot be expected as those who were accused of their failure to prevent the attacks and those who were accused of committing the crime such as Pilleyan are with the government now.

“The faction that failed to prevent the attacks such as then President Maithripala Sirisena, then Prime Minister Ranil Wickremesinghe, heads of intelligence units such as SIS are with the government. Those who are accused of committing the crime such as Pilleyan and Gotabaya Rajapaksa also represent the government. So, how can we expect a reasonable investigation,” he asked.