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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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French ambassador in SL, passes away

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The French Ambassador for Sri Lanka and Maldives Jean-François Pactet has passed away today (May 26).

According to the police, the ambassador has passed away at his official residence.

He was 53 years old.He has served as the Ambassador in Sri Lanka since October 2022.

A career diplomat, Pactet was previously Deputy Director of Culture and Education in the French Ministry of Foreign Affairs. 

From 2016 to 2019, Jean-François Pactet was in charge of the Ministry’s policy regarding global health, gender equality and education, and supervised French contributions to multilateral funds in these areas.

Prior to this, Jean-François Pactet has been posted at the French Embassy to the United States in Washington (2012-2016) and at the French Permanent Representation to NATO in Brussels. 

He was also a Deputy Spokesman for the Ministry of Foreign Affairs.

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Veteran singer and musician Ananda Perera passes away

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Renowned singer and musician Ananda Perera has passed away at the age of 67.

Family sources confirmed that he died while receiving treatment at a hospital in Kandy.

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Tea represents harmony, social inclusivity, says China – SL reps. to UN (Video)

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Tea as a popular drink shared by multiple countries around the world stands for harmony, diversity and social inclusivity, said representatives both of China and Sri Lanka to the United Nations at a ceremony held in the United Nations headquarter in New York on Tuesday.

The event themed “Tea for Harmony” was held to celebrate the International Tea Day, which also fell on Tuesday with a nod to China’s centuries-old tea traditions. It is co-sponsored by the Permanent Mission of China to the UN and China’s Ministry of Culture and Tourism.

“For thousands of years, tea has traveled along the Silk Road and the maritime routes to reach people around the world. Tea cultures from various countries, while sharing the same roots, have deeply integrated with their own customs and traditions. Just like this year’s theme ‘Tea for Harmony’ suggests, tea has indeed played an important role in promoting harmony within diversity,” said Dai Bing, China’s Deputy Permanent Representative to the UN.

In his opening speech, Mohan Peiris, Sri Lanka’s Permanent Representative to UN, noted that tea functions as a means to bring people together for a casual chat, and thus helps to encourage social interaction and stands for inclusivity.

“Drinking tea promotes social interaction. Sharing tea provides an opportunity for individuals to come together. And that’s something we do here in the delegates lounge. It facilitates conversation. Let’s have a chat over a cup of tea. It encourages inclusivity. Community drinking can bring people together. Well, it also fosters equal footing. The very act of sharing a cup of tea is typically egalitarian. It’s big,” he said.

Products from Xinyang, a well-known tea-producing region in central China’s Henan Province, were highlighted at the event, with tea masters making drink with Xinyang Maojian, a widely welcomed local green tea at the scene.

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