News

IMF Insists on creditor assurances to unlock SL bailout

Published

2 years ago

February 10, 2023

editor

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)

Entertainment

Bollywood icon SRK to visit SL?

Published

1 minute ago

July 1, 2025

editor

Bollywood superstar Shah Rukh Khan is likely to attend the grand opening of City of Dreams Sri Lanka on August 02, 2025.

A post on the official Facebook page of City of Dreams Sri Lanka has hinted at his presence, with a silhouette featuring his signature pose, although no official confirmation has been issued yet.

Sources close to the organisers say the actor is expected to be the star attraction at the launch of South Asia’s first fully integrated luxury resort, developed by John Keells Holdings PLC (JKH) in partnership with Melco Resorts & Entertainment (MRE).

The USD 1.2 billion City of Dreams development includes a world-class casino, the ultra-luxurious Nüwa hotel, and a high-end shopping mall, making it the largest private sector investment to date in Sri Lanka’s luxury lifestyle sector.

The launch is expected to be a landmark moment in positioning Colombo as a global tourist and entertainment hub.

The event is likely to attract international celebrities, investors, and global media, marking a significant milestone in Sri Lanka’s post-crisis revival of its tourism and leisure industry.

A special someone is on the way. This one’s going to be iconic. 👑 #GuessWho #COD #CinnamonLife
Posted by City of Dreams Sri Lanka on Thursday, June 26, 2025

News

Decision on bus fare revision, in 02 days – NTC

Published

22 minutes ago

July 1, 2025

editor

The National Transport Commission (NTC) says a decision on revising bus fares following the recent fuel price adjustment will be made within the next 02 days.

NTC Director General – Naomi Jayawardena stated that the Commission will convene to finalize the decision.

She added that although the annual bus fare revision was scheduled to take effect today (July 01), it will not be enforced due to the fuel price change since midnight yesterday (June 30).

No increase in school transport or trishaw fares

Despite the increase in fuel prices, key transport unions in Sri Lanka have decided not to raise fares for school children and three-wheeler passengers.

All Island School Children Transport Association Chairman – Malshri de Silva has announced that it will maintain current fare levels.

Meanwhile, Nishantha Kumara, Secretary of the Professional Three-Wheeler Owners’ Association, has also stated that their members will not increase fares in response to the fuel price hike.