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IMF staff concludes visit to SL

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An International Monetary Fund (IMF) mission led by Messrs. Peter Breuer and Masahiro Nozaki conducted a staff visit to Colombo from May 11 to 23, 2023 to discuss recent economic developments and implementation of the Fund-supported program.

At the conclusion of the visit, Messrs. Breuer and Nozaki issued the following statement:

“During the visit, we discussed recent macroeconomic and financial sector developments. Following strong policy efforts, the macroeconomic situation in Sri Lanka is showing tentative signs of improvement, with inflation moderating, the exchange rate stabilizing, and the Central Bank rebuilding reserves buffers. However, the overall macroeconomic and policy environment remains challenging.

“We welcome the authorities’ ongoing efforts in meeting key commitments under the Fund-supported program. Performance under the program will be formally assessed in the context of the first review of the Extended Fund Facility arrangement, which is expected to be undertaken in September 2023. The mission discussed additional fiscal efforts that will be critical to ensure successful revenue mobilization. We also discussed progress on debt restructuring, noting the ongoing discussions with both foreign and domestic creditors. Achieving timely restructuring agreements with creditors in line with the program targets by the time of the first review is essential to restoring debt sustainability. Keeping up the reform momentum and ensuring timely implementation of program commitments, including to ensure central bank independence, improve governance, and protect the vulnerable, are key for Sri Lanka to emerge from the economic crisis.

“The team met with President and Minister of Finance Wickremesinghe, Governor Weerasinghe, Secretary to the Treasury Siriwardana, senior government officials, members of the opposition parties, CSOs, think tanks, trade unions, the private sector, and development partners. We would like to thank the authorities for the open and collaborative discussions and look forward to our continued close engagement.”

(imf.org)

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Preliminary probe reveals S’gamuwa Uni student suicided due to ragging

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Preliminary investigations have revealed that a second-year student at the Faculty of Technology of the Sabaragamuwa University committed suicide recently due to ragging, the Criminal Investigation Department (CID) has stated.

Charith Dilshan, a student studying at the Sabaragamuwa University, died by suicide on April 29.

Subsequently, the CID launched an investigation into the incident.

As a result of the investigation, a group of senior students suspected to be involved in the incident have been arrested and are currently being held in remand custody.

Officers have also recorded statements from several factions, including the university administration of the Sabaragamuwa University.

According to the findings of the investigation thus far, it has been revealed that the student committed suicide due to ragging.

It has also been reported that the student was not suffering from depression or any mental illness, the CID said.

Additionally, investigations have revealed that some senior officials of the university administration were taking steps to prevent details of the ragging incidents within the university from becoming public.

So far this year, more than 30 complaints related to ragging have been reported to the CID, with the highest number coming from the Sabaragamuwa University, exceeding 10 complaints.

Complaints have also been received from the Eastern and Oluvil universities regarding ragging incidents.

CID officers have stated that further inquiries are being conducted and strict legal action will be taken against those involved.

If students found to be involved in ragging incidents, they may face up to 20 years of imprisonment, according to the CID.

Meanwhile, police have requested university students to report any ragging-related complaints via the 1997 hotline.

(adaderana.lk)

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

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New chairman appointed to CSE

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Dimuthu Abeyesekera has been appointed as the new Chairman of the Colombo Stock Exchange (CSE).

The CSE announced that Mr. Abeyesekera brings over 35 years of experience in the capital markets and has served on the CSE Board for the past six years.

He currently serves as the Director/CEO of Asha Securities Ltd, which is affiliated with Phillip Capital Singapore, a specialized financial services organization managing assets worth over US$ 35 billion with a network of offices around the world.

Abeysekera also currently serves as the Director at Asha Financial Services Ltd, a specialised margin Trading Company in Colombo.

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03 Presidents & ex-ministers named in US$ 110mn. cattle scam!

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Former Presidents – Mahinda Rajapaksa, Maithripala Sirisena and Ranil Wickremesinghe as well as former Ministers Basil Rajapaksa, P. Harrison, Wijith Wijithamuni de Soysa, Lakshman Yapa Abeywardena and Lakshman Wasantha Perera have been found to be involved in a USD 110 million cattle import scam, NPP MP Nihal Galappathi told Parliament today (June 19)

Noting that old cows have been imported as milch cows, he said none of them will be shown any mercy.

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