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IMF loan depends on decisions of India & China?

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It is reported that the International Monetary Fund (IMF) has already informed Sri Lanka that it cannot release the $2.9 billion loan to Sri Lanka without restructuring previous debt with China and India, two of Sri Lanka’s main creditors.

In the meantime, it is reported that China and India have called to sign two Free Trade Agreements (FTAs) with Sri Lanka before restructuring the debts.

Sources say that during an initial exchange of views with China, Sri Lanka has been informed that a FTA should be signed before restructuring the debt. Noting that a similar agreement has been signed with India in 1998, China is of the opinion that an equal opportunity is only fair.

Meanwhile, sources add that India has also informed Sri Lanka that the Economic and Technology Cooperation Agreement (ETCA) agreement, which would ensure Indian investments and service supply ventures being exempted from taxes, should be finalized before the debt restructuring talks.

It is learnt that neither China or India will participate in debt restructuring talks until these two pacts are finalized, which will in return, lead to a delay in the IMF loans.

Fabrication

Upon contacting the Chinese embassy in this regard, an embassy spokesman rejected the report as “a mere fabrication.”

Speaking to ‘Sri Lanka Mirror’, he said that “the ministries of Finance from China and Sri Lanka as well as the relevant financial institutes have been maintaining good communication.”

“Very recently, President Ranil Wickremesinghe, in his capacity as Financial Minister, had a virtual meeting with Chinese Minister of Finance Liu Kun. According to the PMD, the President had expressed his appreciation towards China and was optimistic on the process,” he further said.

Mutually beneficial

Meanwhile, informed official sources stated to ‘Sri Lanka Mirror’ that the ETCA, which paves way for stronger economic partnership between India and Sri Lanka, has been a matter under discussion between the two countries for several years now. 11 rounds of negotiations took place between the two countries till 2018 and clearly ETCA is not something that really popped up just now.

“The existing FTA benefits  60% – 65% of Sri Lanka’s exporters to India as opposed to around 5% of India’s exporters to Sri Lanka. But just as the country’s economies are different and asymmetrical, some asymmetries may exist and this was already factored in when the FTA was signed. Similarly for ETCA, the two sides could sit together and work out the finer details for ensuring a mutually beneficial agreement,” the source added.

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Proposals to reduce school grades from 13 to 12

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The Ministry of Education disclosing the proposed new educational reforms stated that it is intended to reduce school grades from 13 to 12.

This was disclosed on 01.12.2023 at the time of presenting the progress of the year 2023 and plans for the year 2024 for the budget of the Ministry of Education by Dr. Susil Premajayantha for the Ministers and Members of Parliament.

Accordingly, the educational authorities stated that through the proposed new education reforms, every child will be given the opportunity to finish school in 17 years. Accordingly, pre-school education is classified as 4 years old, primary section 1-5, junior section 6-8 and senior section 9 to 12.

Simplify Grade 5 scholarship

While it has been proposed to give a certain percentage of marks from school-based evaluations and a certain percentage from exams for the Grade 5 scholarship exam, the Ministry of Education has also proposed to simplify the Grade 5 scholarship exam and eliminate competition.

O/Ls in Grade 10, A/Ls in Grade 12

Furthermore, through the proposed new education reforms, the Ministry of Education has proposed to conduct the Ordinary Level examination in Grade 10 and the Advanced Level examination is scheduled for grade 12. It has also been decided to reduce the number of subjects for O/L’s from 9 to 7. Officials representing the Ministry of Education stated that among those 7 subjects, it has been proposed to make it mandatory to study three new subjects; Information and Communication Technology (ICT), technical and professional skills and religious and values.

The officials of the Ministry of Education, who pointed out that more than eighty thousand (80,000) students fail in the ordinary level examination in a year, have suggested that no child will fail through the new education reforms and that all children who passed the ordinary level examination should be given the opportunity to study vocational training courses.

For that, A-level subjects have been classified into two categories as academic education and vocational education and a path has been prepared for every child to obtain a degree. The Ministry of Education also pointed out that two new subjects have been added under academic studies by increasing the current subjects from 6 to 8. Furthermore, the officials of the Ministry stated that the children will receive the opportunity to obtain education through 10 subject areas under practical studies and through that, the children will get the opportunity to obtain degrees by going through vocational fields.

The Ministry pointed out that administrative restructuring is also taking place in the education service. The number of existing educational zones will increase from 100 to 122 and the total number of ten thousand one hundred and twenty-six (10,126) schools will be classified as cluster schools of one thousand two hundred and twenty (1220). All the existing national schools will be a flagship school in a cluster of schools as flagship schools at the provincial level.

Officials of the Ministry said that 517.05 billion rupees have been allocated for the Ministry of Education in this year’s budget for the year 2024. Of this, two thousand million rupees have been allocated for providing school textbooks, six million rupees for school uniforms, and two thousand five hundred million rupees for providing school shoes to seven hundred twenty-eight thousand four hundred and eighty (728,480) children. About 1.07 million school children are currently being given lunch and the same number is ready to be given to 1.5 million children in the year 2024, the Ministry of Education officials said.

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Upul Tharanga to chair cricket selection committee

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Sports Minister Harin Fernando today (04) announced that Upul Tharanga will replace Pramodya Wickramasinghe as Chairman of the Cricket Selection Committee.

The minister added that 10 names have already been recommended as selectors and that a new selection committee would be appointed soon.

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SLC complains to CIABOC over ex-sports minister

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Sri Lanka Cricket (SLC) says that they have formally lodged a complaint with the Commission to Investigate Allegations of Bribery or Corruption in Sri Lanka against Mr. Roshan Ranasinghe MP over the alleged misuse of funds provided by SLC to the National Sports Fund for the development of various other sports in Sri Lanka.

A statement issued by the SLC states :

The decision to file this complaint stems from the concern that Mr. Roshan Ranasinghe MP has not appropriately disclosed the utilization of funds allocated by SLC for the intended purposes.

This move comes in the wake of a discernible disparity between the information disclosed to the media by Mr. Ranasinghe MP and the response received by SLC under a Right to Information (RTI) application, outlining the specifics of the expenditures made.

SLC wishes to emphasize the importance of maintaining the integrity of financial transactions and ensuring that funds are utilized for their designated purposes and the said formal complaint filed with the Bribery Commission underscores SLC’s dedication to upholding the highest standards of governance and ethics within the realm of sports administration.

SLC trusts that the Bribery Commission will conduct a thorough investigation into the matter to ascertain the facts and take appropriate action as necessary and Sri Lanka Cricket will continue to collaborate with relevant authorities to ensure a fair and just resolution to this issue, as part of its ongoing commitment to the promotion and advancement of sports in Sri Lanka.

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