Connect with us

News

IMF acknowledges progress in Sri Lanka’s debt restructuring

Published

on

The International Monetary Fund (IMF) says that there is sufficient progress for Sri Lanka’s Debt Restructuring process to move forward.

However, the IMF further said Sri Lanka’s economy is still vulnerable and the path to debt sustainability remains knife- edged hence the country need to sustain the reform momentum.

Meanwhile, joining the IMF press briefing on Sri Lanka’s second review of EFF program held virtually this morning (14), IMF Senior Mission Chief for Sri Lanka Peter Breuer stated that the IMF fully respect the democratic process for elections to take place in any country and they adapt to the relevant process.

Furthermore, he mentioned that the elections may affect the timing of IMF’s missions they conduct in order to discuss compliance with the programme and reforms going forward.

“We of course fully respect the democratic process for elections to take place in any country and we adapt to that process. So, this may affect a little bit the timing of our missions that we conduct in order to discuss compliance with the programme and reforms going forward”, he said.

“The elections have not been called yet. We will await that and discuss with the authorities how we can adapt our schedule to that of the elections”, Mr. Breuer added.

In response to a question raised by a journalist whether there is scope to adjust the programme and reduce taxes by a newly appointed government following the elections, the IMF Senior Mission Chief for Sri Lanka expressed that it is significant how the reduction in government revenues had contributed to this very severe crisis in Sri Lanka.

He further said: “I just pointed you to these two charts [in the IMF report] to tell the story how the reduction in government revenues had contributed to this very severe crisis to this very severe crisis in Sri Lanka. Re-building these revenues is an important objective of the programme in order to allow Sri Lanka to emerge from the crisis.”

“Of course here we should bring revenue closer to the expenditures that the government is facing to reduce the gap between expenditure and revenue, and that will help to make the debt sustainable again and force Sri Lanka to be able to finance itself at interest rates it can afford and the debt are sustainable.”

“More broadly speaking, we are willing to listen to different views of how the programme objectives can be reached. These need to be realistic and achievable within the time frame of the programme”, he added.

Moreover, the IMF representative also stated that the ‘Public Financial Management’ law has now been sent to Parliament, which will help to strengthen the fiscal framework and enhance fiscal responsibility.

Mr. Breuer highlighted that the law will help to ensure that the funds are being spent by the government as intended.

(adaderana.lk)
(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

News

Application for Grade 1 admission for 2026, issued

Published

on

By

The Ministry of Education today (July 03) announced the release of instructions regarding the admission process for Grade One students in State schools for the Year 2026.

To enroll their children in Grade One of Government schools for the year 2026, parents or legal guardians are required to complete the application form following the provided specimen and instructions.

The application is as follows :

Continue Reading

News

SL – Hungary sign debt restructuring agreement

Published

on

By

The government of Sri Lanka and the Hungarian Export Credit Insurance Plc. have signed a bilateral agreement in relation to the External Debt Restructuring Process.

In a statement, the Ministry of Finance, Planning and Economic Development said the signing of the agreement is a significant milestone of the External Debt Restructuring Process and testament to the government’s commitment to conclude the restructuring process as soon as possible to restore debt sustainability and thereby revamp Sri Lanka’s economy.
Following bilateral discussions after the conclusion of the Memorandum of Understanding (MoU) with the Official Creditor Committee (OCC), the Hungarian Export Credit Insurance Plc. has agreed to provide a debt relief measure by rescheduling the outstanding debts, the Ministry noted.

The estimated rescheduled debt under this agreement amounts to Euro 30 million.

The signing of the agreement will pave the way to developing further the deep and long standing bilateral relationships between Hungary and the Government of Sri Lanka, the Ministry added.

The bilateral agreement was signed by Dr. Harshana Suriyapperuma, Secretary of the Ministry of Finance, Planning, and Economic Development, on behalf of the government and Györgyi Rehoregh, Director, Foreign Corporate Risk Management & Claims and Recoveries Directorate, and Dr. Adrienn Hegyi Szénásiné, Head of Claims and Recoveries, Foreign Corporate Risk Management and Claims and Recoveries Directorate, on behalf of the Hungarian Export Credit Insurance Plc.

Continue Reading

News

Govt appoints committee to tackle plastic pollution

Published

on

By

A committee has been appointed to investigate and submit a report on plastic-based products in the market that pose a threat to the health of children, the Ministry of Trade, Commerce, Food Security, and Cooperative Development has announced.

Speaking at a media briefing today (03), Subject Minister Wasantha Samarasinghe stated that the government will take the strongest possible measures within the next two months to prevent such harmful products from entering the market, based on the committee’s recommendations.

He warned that some plastic bottles used to fill hot water are unsafe and noted that tests have revealed serious risks due to the use of such material.

“We will summon importers and manufacturers and present the facts to them. A committee of experts will be appointed, and all relevant parties will have the opportunity to share their concerns with the committee. Based on its report, we will take the strongest possible decisions to ensure the safety of children,” the Minister added.

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved