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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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“14.3% Surge in new HIV infections in 2023, reveals national program”

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The National Sexually Transmitted Diseases and AIDS Prevention Program states that the reporting of new HIV infections has increased by 14.3 percent.

This is higher in 2023 compared to 2022, director, Dr. Janaki Vidanapathirana, community medicine specialist said.
She said that last year, 694 new HIV infected people were identified, most of them were men, and the number is 611, which as percentage is 88%. Last year, 81 HIV infected women were reported, which is 11.7 percent as a percentage. It is also
reported that there are 4100 infected people in society.

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Sri Lanka to Host Digital Economy Summit in July

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The State Minister for Technology, Mr. Kanaka Herath, announced that the anticipated National Cyber Security Act will be introduced this year, followed by the establishment of the Cyber Security Authority.

Additionally, the State Minister underscored the preparations made for the Digital Economy Summit scheduled to take place in Sri Lanka by the end of July. The summit serves as a platform for fostering innovation, collaboration, and investment in digital technologies, thus propelling the country towards a more resilient and prosperous digital economy.

Speaking at a press briefing titled “Collective Path to a Stable Country” held at the President Media Centre (PMC) today (29),

State Minister Herath further said;

The digital economy, which previously stood at 4.73%, has now surpassed the 5% mark, indicating significant growth.

This expansion has notably bolstered the country’s overall economic resilience. To further enhance this momentum, preparations are underway for the Digital Economy Summit scheduled to take place in Sri Lanka at the end of July. The summit aims to attract both local and foreign investors, with collaborative efforts from foreign embassies, the Ministry of Foreign Affairs, and the Ministry of Investment Promotion facilitating this initiative.

Furthermore, a sum of Rs. 50 million derived from the profits of Sri Lanka Standards Institution (SLSI) was allocated to the treasury in the previous year. In line with President Ranil Wickremesinghe’s proposal, a new initiative has been launched to uplift small and medium-sized industrialists, who constitute 52% of the country’s economy. This endeavour seeks to empower such enterprises technologically, offering them Good manufacturing practice (GMP) and SLSI certifications. Additionally, plans are underway to facilitate access to low-interest loans through the Asian Development Bank (ADB), with the ultimate goal of guiding these small and medium-sized industrialists into the market.

(dailynews.lk)

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SC quashes Cabinet decision granting Paget Road residence to Maithripala

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The Supreme Court on Thursday (29 Feb.) quashed the Cabinet decision allowing former President Maithripala Sirisena to occupy his official residence at Paget Road in Colombo 07 even after he left office.

Accordingly, the court stated that an order will be issued invalidating the Cabinet decision taken on 15 October 2019 in this regard.

The relevant court order was issued by Supreme Court Justice Priyantha Jayawardena, with the concurrence of Justices Gamini Amarasekera and Kumudini Wickremasinghe, upon consideration of a Fundamental Rights (FR) petition filed by the Centre for Policy Alternatives (CPA) and its Executive Director Dr. Paikiasothy Saravanamuttu.

The petition further sought a court order stating that former President Sirisena had violated several fundamental rights of the public by taking decisions pertaining to his own privileges and rights during his tenure as the President, thereby making him the head of the Cabinet of Ministers.

Announcing the verdict, Supreme Court Justice Priyantha Jayawardena highlighted that the relevant Cabinet decision made by Sirisena was, in fact, unlawful, given that he was both, the President and the head of the Cabinet of Ministers at the time the decision in question was taken.

In their petition, the CPA and Dr. Pakiasothy Saravanamuttu claimed that the residence in question is of great financial value to the country, and thereby stated that such an allocation for a former President was irrational, illegal and arbitrary, and also violated several fundamental rights of the country’s citizens including that of the right to equality.

(adaderana.lk)

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