News

IMF MD lauds SL’s progress on debt restructuring efforts

Published

4 days ago

November 27, 2024

editor

International Monetary Fund (IMF) Managing Director – Kristalina Georgieva has commended Sri Lanka’s agreements with external bondholders and local creditors, marking a significant milestone in the country’s debt restructuring efforts.

She emphasised the need for swift completion of debt operations with high creditor participation to ensure the success of Sri Lanka’s IMF-supported economic reform program.

Ms. Georgieva issued the following statement about Sri Lanka to Members of the Financial Community yesterday (Nov. 26) :

“The Sri Lankan authorities have been implementing an ambitious economic reform program supported by the IMF, which aims to restore debt sustainability and external viability, underpin broad macroeconomic reforms, and strengthen economic governance and transparency. Sri Lanka’s economic reform program is supported by an SDR 2.286 billion (about US$3 billion), 48-month Extended Fund Facility arrangement, approved by the IMF’s Executive Board on March 20, 2023. The program has gotten off to a good start with the economy recovering, inflation remaining low, and reserves being accumulated. Following the completion of two reviews, IMF staff reached staff level agreement with the authorities on November 23 for the third review under the arrangement. In June 2024, Sri Lanka agreed on a memorandum of understanding with the Official Creditors Committee (OCC) and reached final agreement with China EXIM Bank that would deliver a debt treatment by those creditors aimed at restoring debt sustainability consistent with IMF program parameters.

“Building on this progress, and following several months of constructive discussions, the agreements reached by the Sri Lankan authorities with both the Steering Committee of the Ad Hoc Group of external bondholders, and the Local Consortium of Sri Lanka, mark a significant step forward. The terms of these agreements have been assessed by the Fund staff as being in line with the parameters of the IMF-supported program. Anchored by policies under the IMF-supported program, the successful implementation of these agreements will provide significant external debt service relief and further contribute to Sri Lanka’s efforts to restore debt sustainability.

“To capitalize on this momentum, rapid completion of the debt operation with high creditor participation would be vital for the success of the program. In parallel, the authorities continue to finalize other remaining debt restructuring agreements. This collective effort is key to supporting the success of Sri Lanka’s debt restructuring efforts.

“The Sri Lankan authorities have reaffirmed their determination to persevere with their reform agenda and put the economy on a path of sustained and high growth. The continued support from international financial institutions and other official creditors, together with the participation of bondholders in a debt exchange consistent with debt sustainability, is necessary to underpin the success of these reform efforts.

“The IMF remains a steadfast partner in supporting Sri Lanka and its people and stands ready to assist the country achieve its economic and social reform goals.”

FEATURES

Draft proposed for “North-East People’s Action Plan”

Published

9 hours ago

December 1, 2024

editor

Political commentator/analyst Kusal Perera has issued a people centric program for North – East for social discourse which is as follows :

“ _Post-war issues the north-east wanted answers for, will not get trashed merely because 29% in N-E voted for NPP_ .”

– Kusal Perera / Daily FT 30 Nov.2024

North-East clearly exhibited its frustration and anger against traditional political leaderships. It is a fact, traditional political parties and leaderships don’t have a “people-centric” perspective, working on the understanding they could always manipulate the vote, in the absence of alternate leaderships.

This 2024 elections proved the people are no more ready to be manipulated to vote them as representatives of the people. At least a substantial majority in North-East did not, creating a space for an alternate action programme at grassroot level.

That action programme is proposed here as a two-part programme with initial demands in this current context and as the organisational democratic platform for a campaign.

Demands are –
01. all 22 Tamil and Muslim MPs (including NPP) in North-East issue a joint statement, confirming they stand for “full implementation” of the 13 Amendment to the Constitution

02. all 22 Tamil and Muslim MPs (including NPP) in North-East table a motion in parliament within month of December 2024, demanding the government announce they would implement the 13A in full and hold PC elections before end March 2025.

03. Public demand asking the President to present the APRC Final Report in parliament immediately (as the LLRC Report was presented)

04. De-militarise North-East administration as stressed in LLRC Final Report in establishing a civil administration

05. Minister of Justice and National Integration to provide a comprehensive list of “enforced disappearances” during and after the war to the parliament, with details and the present situation/status within 03 months

Campaign platform to constitute –
1. District level action committees consisting of people’s organisations, trade unions and professional associations

2. Federation of district action committees forming the N-E campaign platform

3. District Action Committees to form its local actions committees as electoral or professional committees

This is meant for a public discussion among North-East social activists and remains open for due amendments and alterations for improvement and implementation.

Kusal Perera – Political commentator/Analyst
2024 December 01

BIZ

Special Commodity Levy on big onions, slashed

Published

10 hours ago

December 1, 2024

editor

The Special Commodity Levy imposed on imported big onions, has been reduced by Rs. 20 to Rs. 10 per kilogram.

This will be in effect during the period from today (Dec. 01) to December 31, 2024.

However, it has been decided to keep the Special Commodity Levy imposed on imported potatoes unchanged.

Announcing the decision, a media release issued by the Ministry of Finance, Planning and Economic Development states that the move comes amid a notable rise in the market price of onions.

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News

British citizen arrested at BIA over alleged terrorism financing

Published

10 hours ago

December 1, 2024

editor

Sri Lanka Police have arrested a 43-year-old British citizen of Sri Lankan origin for allegedly collecting and distributing funds for a terrorist group.

The suspect, originally from Kilinochchi, had left Sri Lanka in 2009 and later obtained British citizenship.

The arrest was made upon his arrival at Bandaranaike International Airport (BIA) in Katunayake on November 30, 2024.

Authorities from the Immigration and Emigration Department had apprehended the individual, acting on an overseas travel ban issued by the Colombo Magistrate’s Court at the request of the Colombo North Crimes Division. The suspect was subsequently handed over to the Airport Police.

According to police sources, the suspect is accused of raising funds while based in the United Kingdom and channeling the money to individuals in Colombo and the Vanni region.

The Airport Police, in coordination with the Colombo-North Crimes Division, is currently conducting further investigations.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)