Connect with us

News

IMF applauds SL’s progress in implementing economic reforms

Published

on

During a meeting between President Ranil Wickremesinghe, Sri Lankan authorities and the International Monetary Fund (IMF) yesterday (11), the IMF congratulated the country on completing the first review under its program.

 The IMF highlighted the positive start of the program, recognizing the challenging reforms undertaken by Sri Lanka and their significant impact on the domestic population. Directors at the executive board meeting applauded Sri Lanka’s courage in publishing the governance diagnostic, a pioneering effort in Asia. 
Senior Mission Chief for Sri Lanka, Peter Breuer noted that encouraging signs were noted regarding the program’s impact on stabilizing the economy, particularly in policy-oriented variables and fiscal areas. A recent meeting revealed promising revenue collection, indicating the effectiveness of implemented policies since reaching a staff level agreement in the second half of 2022. The IMF emphasized the positive surprise in these developments, boosting confidence with the international community, official creditors and private creditors. 

Mr. Peter Breuer told President Wickremesinghe, “With respect to revenue collection, in fact, we had a meeting that showed very encouraging numbers that basically highlight that the policies you implemented beginning from after we reached the staff level agreement in the second half of 2022 are working, that they have the intended effect, that you’re collecting the revenue that’s needed to address the cause of the crisis. So, that really is very good news.” 

The board meeting recognized Sri Lanka’s success in reducing inflation significantly, attributing it to the government’s efforts in monetary policy and scaling back monetary financing. Positive outcomes, such as an increase in reserves, were also observed. The ongoing governance reforms were acknowledged as positive indicators, contributing to tentative economic growth in the third quarter, particularly in capital formation and machinery.

As the IMF plans its upcoming formal review and Article 4 consultation, key areas of focus include the new public financial management law, potential conflicts with the public-private partnership law, electricity tariffs and urgent preparations for property taxation. The IMF stressed the importance of perseverance with ongoing reforms, addressing fiscal issues and advancing governance agendas.

The meeting also highlighted the urgency of addressing fiscal matters, including passing amendments to the Banking Act and recapitalizing the banking sector. 

On the governance front, operationalizing the Anti-Corruption Commission, publishing action plans and meeting with the Constitutional Council for insights into commissioner selection processes were discussed.

The IMF commended Sri Lanka’s partnership on capacity development, emphasizing the importance of enhancing the skills of the civil service for the success of ongoing reforms. The program aims to build capacity in the civil service, crucial for the implementation of reforms. 

The authorities expressed approval for the program and discussions on its rollout and impact will continue in the coming weeks.

As the two-week mission unfolds, further discussions between Sri Lankan authorities and the IMF are expected to delve deeper into these key areas, providing a comprehensive overview of the progress and challenges in Sri Lanka’s economic reform journey.

State Minister for Finance Mr. Shehan Semasinghe, President’s Senior Advisor on Economic Affairs Dr. R.H.S. Samaratunga, Central Bank Governor Dr. Nandalal Weerasinghe,  Secretary of the Ministry of Finance Mr. Mahinda Siriwardena and other officials participated at this event. 

(President’s Media Division)

News

94th Battle of the Maroons ends in a draw (Pics)

Published

on

By

The 94th Battle of the Maroons between Ananda and Nalanda concluded in a draw at SSC grounds. 

Despite the draw, Ananda secured a first innings lead, having declared their first innings at 286 for 9 wickets in response to Nalanda’s first innings total of 277 for 8 wickets, which was declared on the first day.

In the second innings, Nalanda, batting at 120 for 3 wickets, maintained a cautious approach, and the match ended without either team pursuing a more aggressive strategy in their first innings.

Ananda’s all-rounder Kithma Withanaparhirana played a notable innings, scoring 76 runs in 92 balls with 11 fours and a six on the second day. 

However, the team fell short of a century, with number three batter Dinada Athalage contributing a significant knock of 71 runs in 165 balls with 9 fours.

Despite the draw, the match witnessed commendable performances from key players, with Nalanda skipper Sajitha Vithanage earning the Man of the Match award for his unbeaten century.

Both teams showcased sportsmanship in the annual encounter, and Nalanda retained the N.M. Perera Trophy, presented by former Nalandian legend Stanley Jayasinghe. 

The trophy has been a symbol of the prestigious Battle of the Maroons series.

Continue Reading

News

Term tests for Western province suspended

Published

on

By

The term tests for grade 10 and 11 in the Western province schools has been postponed after some of the question papers were shared on social media ahead of the examination.

A senior official said that the decision had been taken after complaints that several question papers had been leaked out before the examinations.

Continue Reading

News

Russian Naval Ship Varyag Visits Colombo

Published

on

By

The Russian Naval Ship Varyag has arrived at the port of Colombo on a formal visit. 

This 187m long Missile Cruiser, manned by a crew of 529, is led by Flag Officer Captain 1st Rank Velichko Anatoly Vasicievich, with Captain 2nd Rank Glushakov Roman Nikolaevich serving as the Commanding Officer.

During their stay in Sri Lanka, the ship’s crew is expected to participate in various programs organized by the Sri Lanka Navy, fostering camaraderie and exploring tourist attractions in the country. 

The official visit will conclude, and Varyag is set to depart from the island tomorrow.

Continue Reading

Trending

Copyright © 2023 Sri Lanka Mirror. All Rights Reserved