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IMF Executive Board approves Sri Lanka’s program

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The International Monetary Fund (IMF) has announced that the IMF Executive Board approved Sri Lanka’s program under the Extended Fund Facility (EFF).

The program will allow Sri Lanka to access financing of up to US$ 7 billion from the IMF, International Financial Institutions (IFIs) and multilateral organizations.

This is a historic milestone for the country as the Government seeks to restore macroeconomic stability and achieve debt sustainability.

Earlier this month, Sri Lanka received IMF-compatible financing assurances from its official creditors, including Paris Club members, India and China, allowing the IMF to convene an Executive Board and consider Sri Lanka’s request for a loan.

The program is expected to provide much-needed policy space to drive the economy out of the unprecedented challenges and instill confidence amongst all the stakeholders.

President Ranil Wickremesinghe welcomed the announcement:

“In the 75 years of Sri Lanka’s independence, there has never been a more critical period for our economic future. Our official creditors have declared their support following continuous and positive engagements over the last few months, and we are pleased that the IMF Executive Board approved our program, enabling Sri Lanka to access up to US$ 7 billion in funding from the IMF and IFIs. From the very start, we committed to full transparency in all our discussions with financial institutions and with our creditors. I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda.

Since taking office last July, it has been my priority to stabilize Sri Lanka’s economy and achieve sustainable levels of debt. To do so, we have taken some tough decisions, but we did so with a commitment to widening our social safety nets, protecting the vulnerable, rooting out corruption and ensuring we can grow an inclusive and internationally attractive economy. The IMF program is critical to achieving this vision for our country, and we are committed to successfully completing the IMF program and achieving debt sustainability. We will continue to engage with all our creditors, and I encourage both our bilateral and commercial creditors to strengthen and foster coordination in the context of our forthcoming engagement. The IMF program will also be imperative to improving Sri Lanka’s standing in and access to international capital markets, and it will demonstrate that Sri Lanka is once again a country attractive to talent, investors and tourists.”

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Chamari Athapaththu fined for breaching ICC Code of Conduct

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Sri Lanka captain Chamari Athapaththu has been fined 10 percent of her match fee for breaching Level 1 of the ICC Code of Conduct.

The incident took place during the final group stage game of the recently concluded tri-series in Sri Lanka, with the hosts facing South Africa in Colombo. The Proteas emerged victorious in a high-scoring fixture.

Athapaththu was found to have breached Article 2.2 of the ICC Code of Conduct for Players and Player Support Personnel, which relates to “abuse of cricket equipment or clothing, ground equipment or fixtures and fittings during an International Match.”

In addition to this, one demerit point has been added to Athapaththu’s disciplinary record, for whom it was the first offence in a 24-month period.

The said incident occurred in the 32nd over of South Africa’s innings, when after being hit for a four by Annerie Dercksen, Athapaththu took off her sunglasses and smashed them to the ground, breaking them into several pieces.

The charges were levelled by on-field umpires Anna Harris and Dedunu de Silva, third umpire Lyndon Hannibal and fourth umpire Nimali Perera.

There was no need of a hearing as Athapaththu admitted the offence and accepted the sanctions proposed by Michelle Pereira of the Emirates ICC International Panel of Match Referees.

Level 1 breaches carry a minimum penalty of an official reprimand, a maximum penalty of 50 per cent of a player’s match fee, and one or two demerit points.

The tri-series was eventually won by India, who defeated Sri Lanka, the tournament hosts in the final by 97 runs.

(ICC)

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4-hour strike at Colombo port causes Rs. 300 mn. loss

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A four-hour strike by employees at the Jaya Container Terminal (JCT) and the East Container Terminal of the Colombo Port last night has resulted in an estimated loss of at least Rs. 300 million, a senior official of the Sri Lanka Ports Authority (SLPA) said.

He said the strike, which began at 8:00 p.m. yesterday and continued till midnight, was triggered by a controversial decision by the Ports Authority to cut incentive allowances paid to essential employees who worked on April 12 and 13, dates that coincided with the Vesak Poya holidays.

The workers resumed duties at around 12:30 a.m. today after the SLPA administration reissued a letter assuring that overtime allowances will be paid according to the previous system.

At the time the strike began, six cargo ships were anchored at the affected terminals, and all operations were brought to a complete halt, the official said.

The dispute stems from a decision by a senior SLPA official to limit the overtime allowances for work done on the Poya day (April 12) to Rs. 10,000 and the following day (April 13) to Rs. 5,000. This move broke with long-standing practices regarding holiday compensation for essential workers.

The Ports Authority official further alleged that the decisions were taken unilaterally by a senior administrator who has previously been criticised for making media statements regarding workers’ salaries.

The temporary halt in port operations has sparked renewed concerns over the administration’s handling of labour

relations and the broader financial impact of such disruptions on the national economy.

(dailymirror.lk)

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8,742 Vesak Dansals registered islandwide

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The Public Health Inspectors (PHI)’s Union states that a total of 8,742 Dansals have been registered islandwide, in line with Vesak celebrations this year.

According to the PHI’s Union chairman – Upul Rohana,  the highest number of ‘Dansal’ is registered in the Western Province, particularly in the Colombo Municipal Council (CMC) area.

The union has also urged organiser to reduce the use of polythene and plastic during food distribution efforts.

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