News

IMF Insists on creditor assurances to unlock SL bailout

Published

2 years ago

February 10, 2023

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Sri Lanka still needs adequate assurances from other bilateral creditors for its program to be approved, the International Monetary Fund said, after Paris Club lenders said they will re-structure debt.

“We welcome the recent statement by the Paris Club to provide financing assurances to Sri Lanka following the assurances provided by India,” an IMF spokesperson said.

“Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms,” an IMF spokesperson has said in a statement on the progress of its Extended Fund Facility to the South Asian nation.

“As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, the EFF arrangement for Sri Lanka can be presented to the IMF’s Executive Board for approval.”

The Paris Club and India have provided formal support to the multilateral lender for the loan recast, while has offered term extensions, urging others to adopt a similar approach.

Sri Lanka has about $50 billion in foreign currency debt, of which about $10 billion is mainly split between China, Japan and India, according to government data as of December.

(Excerpts : Bloomberg.com)

News

Tenders called for e-NIC project

Published

2 hours ago

July 2, 2025

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The Ministry of Digital Economy Affairs in Sri Lanka has said that Tenders have been called from Indian companies to develop Sri Lanka’s new digital National Identity Card (e-NIC).

Deputy Minister – Eranga Weeraratne stated that a 04 month period will be given for this process.

The Deputy Minister added that the new digital NIC is expected to be issued by mid-2026.

In January, Weeraratne had clarified that the government has decided to cover half of this cost through assistance from India to meet the financial burden.

News

Public consultation on renewable energy sector kicks off today

Published

2 hours ago

July 2, 2025

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The Public Utilities Commission of Sri Lanka (PUCSL) announced that a public consultation will be held today (July 02) to identify challenges faced by renewable energy developers in Sri Lanka.

The Commission stated that oral submissions from stakeholders will be gathered from 8.00 am – 4.00pm at the Bandaranaike Memorial International Conference Hall (BMICH).

The public consultation is being held under the powers granted to the Commission by Section 17 of the Sri Lanka Public Utilities Commission Act, No. 35 of 2002.

Meanwhile, President of the Solar E P C Association (SEPCA) – Dr. Shyam Pathiraja has said that many stakeholders are expected to present their views on the crisis in the renewable energy sector.

On a related note, National People’s Power (NPP) MP – Ravindra Bandara claimed that the current government has not imposed any restrictions on renewable energy production.

Entertainment

Court order issued against ‘Eh Yaye’ song

Published

2 hours ago

July 2, 2025

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The Commercial High Court has issued an interim injunction order, preventing popular artistes Romaine Willis and Mass Ramli Miskin (DJ Mass) from performing, reproducing and distributing the song ‘Eh Yaye’.

Colombo Commercial High Court Judge Priyantha Fernando issued the order after the Plaint filed under the Intellectual Property Act by popular singer Corrine Almeida.

The case also alleges that the musical composition and the lyrics of the song ‘Eh Yaye’ were substantially similar to the song ‘Api Natamu’.

Naming Willis and DJ Mass as defendants, the plaintiff Corrine Almeida had also stated that she is the owner of the copyright and economic rights to the musical composition and lyrics of her song titled “Api Natamu”.

The plaintiff instituted action in terms of the Intellectual Property Act, No. 36 of 2003 alleging that the musical composition and the lyrics of ‘Eh Yaye’ were substantially similar to the ‘Api Natamu’ song.

(Source : Dailymirror.lk)