News

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

Published

1 year ago

December 14, 2022

editor

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.

News

Easter Sunday bombings : Rs. 295 mn. paid as compensation

Published

2 hours ago

April 20, 2024

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The annual reports of the Office of Reparations have revealed that over Rs. 295 million (295,499,069) have been paid as compensation to victims and property damage of the Sunday Easter bombings.

Under this, Rs. 273,747,000 have been paid as compensation for 719 victims while Rs. 21,752,069 have been paid as compensation for property damages.

News

350 medical specialists have left SL

Published

2 hours ago

April 20, 2024

editor

A study conducted by a group of specialist doctors at the Ministry of Health has revealed that 350 specialists have left the country during recent times.

Many of them have left for countries such as UK and Australia. According to a spokesperson of the ministry, economic hardships have been cited as one of the main reasons for them to do so.
Doctors suggest that the government should provide an immediate solution to this issue.

Commenting on the issue, Secretary of the Health Ministry – Dr. Palitha Mahipala says that there is still a shortage of anesthetists and pediatricians after most of them had left the country.

However, some who have gone for training, are returning after their training is complete, he adds.

Meanwhile, sources in the Health sector also say that over 200 nurses too have gone overseas, but new recruits have enabled to prevent hospital operations from continuing without hindrance.

(Source : Lankadeepa)

News

Details of SL recruits in Russian military, sought

Published

3 hours ago

April 20, 2024

editor

Sri Lanka has sought a report from Russian authorities on details of Sri Lankan military recruits and how many of them have died during the Russian-Ukraine conflict, the ‘Aruna’ newspaper reports.

According to a directive by the Ministry of Foreign Affairs of Sri Lanka, the Sri Lankan Embassy in Russia has forwarded this request to the Russian Ministry of Defence.

Previously, the Human Trafficking, Human Smuggling and Maritime Crime Investigation Division (CID) arrested a retired major and an employment agent, identified as leaders of an organized scheme that recruited retired military personnel as mercenaries for the Russian army.

The Defence Ministry in Sri Lanka has urged the Tri Force commanders to brief Tri Force personnel not to fall for such rackets.

(Source : Aruna)