News

IMF Executive Board decision on US$ 2.9 b package tomorrow

Published

5 days ago

March 19, 2023

editor

Sri Lanka is on the verge of getting the first tranche of the crucial International Monetary Fund (IMF) Extended Fund Facility (EFF), a four-year US$ 2.9 billion program after an IMF Board Meeting on March 20.

IMF Chief Kristalina Georgieva who recently held an extensive Zoom discussion with President Ranil Wickremesinghe on this issue, is due to present the bailout program for the country to the IMF Executive Board on March 20. The IMF Executive Board members will meet in person at the IMF Headquarters to discuss Sri Lanka’s request for the EFF, IMF sources said.

The IMF officials are due to brief the international media on their decision regarding Sri Lanka’s request for the EFF the following morning (March 21) around 8 a.m. (US Eastern Time Zone). IMF’s Head of the Debt Capital Market Division for Asia Pacific Peter Breuer and senior IMF official Masahiro Nozaki who led several rounds of discussions with Sri Lankan officials will also participate in the media briefing.

State Ministers of Finance Shehan Semasinghe and Ranjith Siyambalapitiya told the Sunday Observer that they expect positive news from the IMF. The agreement is likely to be tabled in Parliament next week.

Last month, the IMF confirmed that Sri Lanka had received assurances from all its major bilateral creditors, including India and China, whose support for debt restructuring has been crucial to unlocking the IMF support.

State Minister of Finance Shehan Semasinghe said the IMF-backed program would restore the country’s macroeconomic stability and debt sustainability. It will also encourage other multilateral and bilateral donors to extend further loans for projects, some of which have been put on hold.

He said it would be necessary to safeguard financial stability, protect the vulnerable, and accelerate the structural reforms to unlock Sri Lanka’s growth potential in the long term.

President Wickremesinghe said recently that Sri Lanka has fulfilled all the 15 conditions put forward by the IMF to gain the EFF. Sri Lanka has sought IMF assistance on 16 previous occasions under different Governments.

(sundayobserver)

News

Visiting Indian delegation holds talks with Power minister

Published

51 mins ago

March 24, 2023

editor

A discussion had been on Energy sector cooperation & Investments today (24) with the visiting delegation from India led by Secretary of India’s Ministry of Petroleum and Natural Gas – Mr. Pankaj Jain, at the Ministry of Power and Energy in Colombo.

Taking to Twitter, Sri Lankan minister of Power and Energy said that several topics such as the development of Trincomalee as an energy hub, oil & gas exploration, renewable energy, LNG infrastructure development & supply and solar cooking burners were discussed.

The Indian delegation included the Officer on Special Duty, Ministry of Petroleum & Natural Gas – Ms. Esha Srivastav, IOC Chairman – Mr. S. M. Vaidya, Chairperson of Engineers India Limited – Ms. Vartika Shukla, MD of Petronet LNG Limited – Mr. A.K. Singh, MD of the ONGC Videsh Limited – Mr. Rajarshi Gupta, Director Hindustan Petroleum Corporation Limited – Mr. Amit Garg.

They were accompanied by the High Commissioner of India to Sri Lanka – Mr. Gopal Baglay, the Deputy High Commissioner – Mr. Vinod. K. Jacob as well as officials of the Indian High Commision.

S. M. Vaidya, Chairman, IOC, Vartika Shukla, Chairperson, Engineers India Limited, A.K. Singh,MD, Petronet LNG Limited, Rajarshi Gupta,MD, ONGC Videsh Limited, Amit Garg, Director Hindustan Petroleum Corporation Limited & officials of the High Commision. pic.twitter.com/PWZm4PTaK9
— Kanchana Wijesekera (@kanchana_wij) March 24, 2023

News

Dhananjaya denies claims on refusal to bat at No. 7

Published

1 hour ago

March 24, 2023

editor

Sri Lankan cricketer Dhananjaya de Silva has refuted claims that he refused to bat at No. 07 position in tomorrow’s ODI match against New Zealand.

Tweeting, he said: “The story circulating in social media saying that I have refused to bat at No. 07 during tomorrow’s game is false, and I wish to state that I am a player who always stands with the team”.

The story circulating in social media saying that I have refused to bat at No. 7 during tomorrow's game is false, and I wish to state that I am a player who always stands with the team.
— Dhananjaya De Silva (@dds75official) March 24, 2023

News

Ensure safety of Saliya Peiris – BASL

Published

2 hours ago

March 24, 2023

editor

In a letter to the Inspector General of Police, the Bar Association of Sri Lanka (BASL) has requested the police take necessary action to ensure the safety of the BASL President – Saliya Pieris.

The letter to the IGP relates to the protest that took place opposite the chamber of Saliya Pieris PC.

view the said protest seriously hinders his right to represent a client, a professional right which has been safeguarded by law,” the BASL said.

“Therefore, we strongly demand that you take action to ensure that Mr. Peiris’s professional duties as an Attorney-at-law, are not hindered and to ensure his safety,” the BASL added.