News

IMF team expected in Colombo next week

Published

4 months ago

January 6, 2024

editor

The International Monetary Fund (IMF) would evaluate Sri Lanka’s economic progress next week, with a team of officials expected to arrive in the country, the Finance Ministry said.

Finance State Minister Shehan Semasinghe yesterday told Mirror Business that a team from the IMF would be in Colombo and would engage in technical meetings. The team will also meet with President Ranil Wickremesinghe.

The visit will be the first for the year 2024.

While unsure of the duration of their stay in the country, Semasinghe shared that the team would evaluate the progress made thus far in the IMF-backed reform programme.
“It is not going to be an assessment per say. It is a routine staff visit before the upcoming review,” he said.

The second review under the 48-month Extended Fund Facility (EFF) arrangement is scheduled to be held in March-April this year and will look at the performance for the July to December 2023 period.

Following the completion of the first review in December 2023, the IMF stressed the need for Sri Lanka to enter into agreements with its official and private creditors before the second review takes place.

The finalisation of the first review paved the way for the disbursement of US $ 337 million. This brought the total IMF financial support disbursed to about US $ 670 million.

Following the executive board discussion in December, the IMF said Sri Lanka’s macroeconomic policy reforms have begun to bear fruit and the economy is showing tentative signs of stabilisation, with rapid disinflation, significant revenue-based fiscal adjustment and reserves build-up.

Noting that the performance under the EFF-supported programme has been satisfactory, the IMF said all quantitative performance criteria for end-June were met, except the one on expenditure arrears. Other than tax revenues, all indicative targets were met as well.

To meet the IMF’s tax revenue requirement, Sri Lanka made several changes to its tax regime, with the major change being in the Value Added Tax (VAT).

The total amount of Sri Lanka’s EFF arrangement is about US $ 3 billion as of the time of programme approval on March 20, 2023.

The programme supports Sri Lanka’s efforts to restore macroeconomic stability and debt sustainability, safeguard financial stability and enhance growth-oriented structural reforms.

(dailymirror.lk)

News

Sri Lanka slips down Press Freedom Index

Published

12 hours ago

May 3, 2024

editor

Reporters Without Borders released the 2024 World Press Freedom Index on Friday (03).

According to RFS, Sri Lanka has slipped to the 150th position in the index, from 135th position last year.

Click here to read the RSF Sri Lanka Fact File

News

Companies should be ashamed of not giving workers a raise – Vadivel Suresh

Published

12 hours ago

May 3, 2024

editor

Mr. Vadivel Suresh, General Secretary of the Lanka Jathika Estate Workers’ Union, emphasized that both the Government and the Plantation Employers’ Association bear the responsibility of providing wage increases to plantation workers. These workers, who play a pivotal role in sustaining the esteemed reputation of ‘Ceylon Tea’, contribute significantly to the national economy of Sri Lanka.

MP Vadivel Suresh, made this statement during his participation in today’s (03) news conference at the Presidential Media Centre (PMC), under the theme ‘Collective path to a Stable Country’.

The Member of Parliament noted that plantation companies, benefiting significantly from the fluctuating dollar value, ought to feel ashamed for not providing their workers with a salary raise. He emphasized that the salary increase outlined in the gazette notice issued by the Labour Commissioner General for plantation workers should be implemented.

MP Vadivel Suresh further commented:

“We express gratitude to the President and the government for raising the salary of plantation workers to LKR. 1700. However, the Plantation Employers’ Association is contesting this decision.

The estate companies that profited greatly from the dollar’s value should be ashamed of themselves for not giving their workers a raise. Expressing opposition to the decision to increase wages for their workers, who contribute significantly to strengthening the national economy by upholding the reputation of Ceylon Tea, is regrettable. The decision to raise estate workers’ wages was not made hastily; rather, it followed extensive negotiations over the course of a year involving the Department of Labour, trade unions, and relevant stakeholders.

Employers’ unions persistently refrained from engaging in wage-fixing negotiations. Similarly, they remained silent when a salary increase of LKR 1000 was requested. However, the Labour Commissioner General, utilizing his authority, lawfully issued a gazette notice for a salary hike of LKR 1700. It is unjust for estate companies to procrastinate without providing relief to the workforce amidst fluctuations in the dollar’s value.

Both the government and the plantation Employers’ Association bear responsibility in this matter. Consequently, companies cannot contravene government decisions. Estate companies claim they are in dialogue with the high-level committee for the ultimate verdict. However, all 22 estate companies are owned by five individuals. These owners are involved not only in tea plantations but also in sectors such as tourism, small-scale manufacturing, agriculture, and gems. Additionally, plantation workers and trade unions must unite in support of this wage increase.

(President’s Media Division)

Gazette issued to up estate workers’ daily wage

Unable to increase daily wage – Plantation owners

News

CID records another statement from Maithri

Published

13 hours ago

May 3, 2024

editor

Former President Maithripala Sirisena has appeared before the Criminal Investigations Department today (May 03) to record another statement regarding the Easter Sunday terror attacks.

The CID had previously obtained a five-hour-long statement from the former President on March 25 over a statement he had made a few days earlier.