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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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New visa procedure implemented

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The Immigration and Emigration Department today (16) announced the implementation of new Visa procedures and the launch of an online Visa issuing system starting tomorrow, Immigration and Emigration Controller General I.S.H.J. Illukpitiya said.

As per the new system, the fees for the issue of Vidas, necessary amenities and the duration of stays in Sri Lanka are detailed in a gazette notification (2360/24) released on November 27, 2023.

According to the announcement, the durations and charges for Tourist, Business, Transit Visas are as follows:

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Sarvodaya founder Dr. A.T. Ariyaratne no more

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The founder of the Sarvodaya Shramadana Movement of Sri Lanka, Dr. A.T. Ariyaratne has passed away at the age of 93. 

The former Constitutional Council (CC) member had passed away on Tuesday (16) at a private hospital in Colombo, according to family sources. 

Sri Lankabhimanya Ahangamage Tudor Ariyaratne is the Founder and the President Emeritus of the Sarvodaya Shramadana Movement of Sri Lanka, a grass-roots humanitarian organization based on the concept of ‘sharing of labour, thought and energy for the awakening of all’. 

Sarvodaya has been active throughout Sri Lanka since 1958 despite numerous hardships it has faced over the years.

Born in 1931 in the South of Sri Lanka, Dr. Ariyaratne had his primary education in the village school, secondary education at Mahinda College, Galle, and his higher education at Vidyodaya University. He started his teaching career at Nalanda College, Colombo, and while still a teacher there he took forty high school students and twelve teachers on an educational tour to an outcaste village. During this memorable visit, Dr. Ariyaratne guided his students and fellow teachers along his vision of sharing labour, thought and energy with the villagers and helped them develop their village. This first shramadana work camp marked the beginning of the Sarvodaya Sharamadana Movement.

Right from its inception he called Sarvodaya Shramadana Movement an implementation of Buddha’s Teachings for Sustainable Development and Peace. He demonstrated in Practice how the Teachings of the Buddha could be applied to the advancement of Spiritual, Moral, Cultural, Social, Economic and Political life of the community.

For over sixty-three years, Sarvodaya has continued its service as the largest non-government movement in Sri Lanka and Dr. Ariyaratne has received many national and international awards in recognition of his commitment to the nation and its people. 

He received the highest national award, the Sri Lankabhimanya Award, from the President of Sri Lanka in 2007 and many International awards such as the Ramon Magsaysay Award (Philippines) 1969, King Baudouin Award for International Development (Belgium) 1982, Niwano Peace Prize (Japan) 1992 and Mahatma Gandhi Peace Prize (India) 1996 for his contribution to Human Wellbeing and Peace. Dr. Ariyaratne was also honoured with a Doctor of Letters (D.Litt.) degree from Sri Jayewardenepura University and a Doctor of Humanities (D.H.) degree from Amelio Aguinaldo College of Medicine in the Philippines.

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Palitha Thewarapperuma passes away

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Former Deputy Minister and former UNP parliamentarian Palitha Thewarapperuma has passed away at the age of 64 years, reports say.

According to reports, he had died from electrocution and his remains had been placed at the Kalutara Hospital. 

Mr. Thewarapperuma was popular among the locals in his constituency for his services to the public, especially during the COVID-19 pandemic for having provided food, dry rations and other necessities.

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