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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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Top defence officials of India – SL meet in Colombo (Pics)

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Indian Defence Secretary Mr. Rajesh Kumar Singh, leading a high-level delegation, held separate meetings today (Jun 05) with Sri Lanka’s Deputy Minister of Defence Major General Aruna Jayasekara and Defence Secretary Air Vice Marshal Sampath Thuyacontha (Retd). 

The meetings were also attended by the High Commissioner of India to Sri Lanka, H.E. Santosh Jha, reflecting the importance accorded to strengthening bilateral defence relations.

Discussions focused on key areas of mutual interest, including, bilateral defence cooperation, military exchanges and joint training opportunities, capacity building, collaboration in disaster management and humanitarian assistance.

During the meeting the Deputy Minister of Defence, recalled the close and long-standing friendship between neighbouring India and Sri Lanka, and expressed gratitude to the people and government of India for the support they have extended in the past, especially in times of need.

When the Indian delegation met the Sri Lankan Defence Secretary at the Ministry of Defence premises, Defence Secretary Thuyacontha (Retd.) expressed gratitude to the Government of India for the continued cooperation in strengthening Sri Lanka’s defence capabilities.

In response, his Indian counterpart reiterated India’s commitment to maintaining close and friendly relationship with Sri Lanka and expressed firm resolve to further enhance defence and security cooperation, contributing to peace, stability, and prosperity in the region.

Both sides agreed to continue regular high-level engagements and to explore new avenues for cooperation, particularly in maritime security, counter-terrorism, and capacity development.

(defence.lk)

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Marine Drive tree planting project held (Pics)

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In line with World Environment Day, a tree planting and conservation project was launched this morning (5) along the coastal stretch of Colombo’s Marine Drive, from the Kollupitiya Railway Station towards Wellawatte. The initiative is being implemented by the Clean Sri Lanka Secretariat Office.

Marking the commencement of the project, 1,600 Takkada (Scaevola taccada) saplings were planted today, with plans to expand the number to 6,000 in the near future. The project is being carried out with participation from state institutions, private organisations and the general public.

The Takkada plant, which includes two species highly resistant to saline environments, is listed as a threatened species on the Red Data List. The Scaevola taccada species planted today typically grows as a shrub reaching heights of 5 to 6 feet. Its dense green foliage and compact height make it ideal for urban settings, enhancing cityscapes with both environmental and aesthetic value.

This initiative is being carried out with the collaboration of the Sri Lanka Army, Sri Lanka Police (Environmental and Traffic Divisions), Sri Lanka Railways, Road Development Authority, Urban Development Authority and the Colombo Municipal Council. It is sponsored by LB Finance PLC and Hemsandu Marketing Company.

The event was attended by Colombo Municipal Councillor Vraie Cally Balthazaar, Senior Additional Secretary to the President (Finance and Economic Affairs) G.M.R.D. Appuhamy, along with representatives from the sponsoring organisations and other distinguished guests.

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5 -yr. Temporary Residence Visas for Lankans married to Filipino citizens

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The Government of the Philippines has officially commenced the issuance of 5-year Temporary Residence Visas (TRVs) for Sri Lankans who are married to Filipino citizens, a statement issued by the Embassy of Sri Lanka in Manila states.

The statement further notes : 

This development addresses one of the most pressing concerns of the Sri Lankan community residing in the Philippines. Previously, TRVs were issued only for two years and required frequent renewals. This process often led to lengthy retention of passports by authorities, causing significant inconveniences, particularly for individuals needing to travel for business and other urgent matters.

For several years, members of the Sri Lankan community have been advocating for an extension of the TRV validity period. In response to their concerns, Ambassador Chanaka Talpahewa, upon assuming office, assured the community of his commitment to resolving this issue during his tenure. In this regard, the Ambassador engaged in consistent and high-level diplomatic efforts with key stakeholders in the Philippines, including the Vice President, Foreign Secretary (Minister) and other Secretaries (Ministers), Under Secretaries (Deputy Ministers), relevant officials across various Departments (Ministries) and Government Institutions, decision makers and influencers.

Due to these sustained efforts, the Philippine government extended the TRV validity period from two years to five years, bringing immense relief to the affected Sri Lankan nationals.

This milestone stands as a testament to the strong and growing relations between Sri Lanka and the Philippines.

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