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IMF acknowledges progress in Sri Lanka’s debt restructuring

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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)

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Passengers jump from plane’s wing after fire alert on Spain flight, triggers panic

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Wildfires have broken out on an island and in towns near Athens in Greece, with blazes also being sparked in Turkey and Syria.

The Hellenic Fire Service and local authorities said that two villages – Tsakeoi and Limnionas – had been evacuated on the island of Evia after the blaze started late on Friday.

One fire service official said more than 160 firefighters, 46 trucks and five aircraft were deployed in southern Evia to put out the fire.

Southern Evia, to the east of Athens, was one of several regions in Greece placed on high alert for wildfires over gale-force winds forecast for today.

Images from Koropi, a town to the southwest of Athens, also show houses burnt down and helicopters dropping water on burning forests.

It marks the latest wildfires to break out in Greece – where blazes are common during the summer – as it tackles strong winds and dry conditions amid an early summer heatwave in southern Europe.

Officials have linked the conditions to at least nine deaths across the continent.

A wildfire broke out in Achlia on the island of Crete on Wednesday, forcing thousands of residents and tourists to evacuate – with some taken to a nearby basketball arena and hotels in safer parts of the island.

The fire service official told Reuters on Friday that the fire in Crete was largely contained.

Meanwhile, blazes have also broken out on Turkey’s west coast – the latest in a series of blazes which started in late June – as well as its southerly neighbour Syria.

At least five fires have been reported in Izmir after extreme heat, strong winds and low humidity. Two people have been killed by the blazes, while tens of thousands have been evacuated.

Fires also flared on both sides of the Turkish-Syrian border on Friday, with a new blaze reported near the town of Dortyol in Turkey’s border province of Hatay.

According to Syria’s Civil Defence, wildfires have spread across large parts of mountainous areas in the Latakia province.

The government department added that conditions have hampered efforts to bring the fire under control, and noted unexploded ordnance could be in some of the areas affected.

Source: SKY NEWS

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CBSL extends Perpetual Treasuries suspension for six months

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The Central Bank of Sri Lanka (CBSL) has decided to extend the suspension of Perpetual Treasuries Limited (PTL) from carrying on the business and activities of a Primary Dealer for a further period of six months.

The extension is with effect from 4.30 p.m. on 05th July 2025, in order to continue the investigations being conducted by the Central Bank of Sri Lanka.

The suspension has been extended by CBSL acting in terms of the Regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance.

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Kataragama Basnayake Nilame pressured over complaint against Kapuwas’ donation misuse

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It has been reported that Dishan Wickramaratne Gunasekara – the Basnayake Nilame of the historic Ruhunu Kataragama Maha Devalaya, is facing pressure including from several parties including political circles to withdraw his complaint lodged against the custodians (Kapu Mahattaya) of the devalaya.

The issue had arisen after it was discovered that some custodians were collecting money into their own tills instead of allowing them to be deposited in the official donation box.

Public discussion about the transparency of the temple’s donations intensified after the Basnayake Nilame had begun using a portion of the funds for community projects like hospital construction.

Traditionally, devotees often handed donations directly to the custodians, but the Basnayake Nilame had urged the public via media to place offerings only in the official donation box managed by the Ministry of Buddha Sasana, Religious and Cultural Affairs.

He subsequently arranged a proper audit of all such donations for the first time.

In response, some custodians had reportedly begun pressuring devotees near the official box to hand over donations to them instead.

Upon learning of this, the Basnayake Nilame had lodged a complaint with the Kataragama Police, arguing that diverting funds from the official box amounts to fraudulent misappropriation.

Acting on the complaint, police arrested 02 custodians who were collecting offerings near the official box.

However, other custodians then surrounded the police station and pressured the officers to release the arrested individuals, resulting in their release.

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