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IMF not expected to approve SL’s bailout before year-end

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The executive board of the International Monetary Fund (IMF) is not expected to formally approve Sri Lanka’s $2.9 billion bailout before year-end, two sources familiar with the matter said.

According to Reuters, the IMF stressed the importance of joint talks involving three of Sri Lanka’s main bilateral creditors – China, Japan and India.

The IMF’s online board calendar, which has added meetings through Dec. 22 to discuss progress and new tranches for a number of emerging economies, makes no mention of Sri Lanka.

In response to an inquiry, Sri Lanka’s finance ministry said it was “100% focused” on securing IMF approval. “We are taking every necessary policy step to secure financing assurances from our bilateral creditors as quickly as possible,” the ministry said in an emailed statement.

However, internal government sources said that another loan from neighboring India will have to be sought to restore the economy.

It is reported from a highly reliable source that this is the main reason why Sri Lankan High Commissioner to India Milinda Moragoda had met the Minister of Finance and Corporate Affairs Nirmala Sitharaman in New Delhi.

High Commissioner Moragoda has held several rounds of discussions with Minister Sitharaman since November last year regarding India’s economic cooperation and support to Sri Lanka.

Indian media reported that the latest meeting between them also focused on further promoting economic and financial relations.

High Commissioner Moragoda informed Minister Sitharaman about Sri Lanka’s ongoing discussions with the IMF and the current status of Sri Lanka’s debt restructuring process.

Mr. Moragoda had also mentioned the severe impact of the economic contraction on the poor and vulnerable communities of the Sri Lankan population.

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Speaker endorses certificate on Local Authorities Elections (Special Provisions) Bill

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Speaker Dr. Jagath Wickramaratne endorsed the certificate on the Local Authorities Elections (Special Provisions) Bill today (Feb. 17) in Parliament, in accordance with Article 79 of the Constitution.

The Second Reading debate related to the Bill was held today (Sep. 17) from 2.00 p.m. to 7.00 p.m. and was passed in Parliament with a special majority, without amendments. The Local Authorities Elections (Special Provisions) Bill was presented to the Parliament on the 09th of January 2025 for its First Reading.
Accordingly, this Bill shall come into effect as the Local Authorities Elections (Special Provisions) Act No. 01 of 2025.

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Petition seeking to halt BASL election, dismissed

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The District Court of Colombo today (Feb. 17) dismissed a petition which sought to prevent the holding of the election of the Bar Association of Sri Lanka (BASL).

The petition, filed by attorney-at-law E. Lilanthi de Silva, was dismissed by Colombo District Judge Sandun Withana.

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Local Authorities Elections (Special Provisions) Bill passed

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The Local Authorities Elections (Special Provisions) Bill was passed by a special majority, without amendments in Parliament today (Feb. 17).
A division was called for the Third Reading of the Local Authorities Elections (Special Provisions) Bill which was passed in Parliament. During the Third Reading vote, 158 votes were cast in favor.

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