Connect with us

News

IMF team expected in Colombo next week

Published

on

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

SL wins 1st T20I by 3 runs

Published

on

By

Sri Lanka won the 1st T20I match against Bangladesh by 03 runs, after a thrilling game.

Winning the toss, Bangladesh invited the visitors to bat first, where the visiting Sri Lankans scored 206/3 before limiting the Bangladesh team to 203/8.

Continue Reading

BIZ

Fuel prices revised

Published

on

By

The Ceylon Petroleum Corporation (Ceypetco) has announced that fuel prices will be revised with effect from midnight today (March 04).

Accordingly, prices of Petrol Octane 92 and Auto Diesel have remain unchanged.

Meanwhile, the prices of Petrol Octane 95, Super Diesel and Kerosene have been reduced.

A litre of Petrol Octane 95 has been reduced by Rs. 09 to Rs.447, while a litre of Super Diesel has been reduced Rs. 10 to Rs.458. The price of a Kerosene litre too, has been reduced by Rs. 05 to Rs. 257.

Continue Reading

News

8 Lankans trafficked to Myanmar, rescued

Published

on

By

The Sri Lankan Ministry of Foreign Affairs has announced that 08 Sri Lankans out of the 56 trapped in cybercrime centres in Myawaddy area in Myanmar have been rescued by the Myanmar government authorities and are currently in the Myawaddy Central Police Station. 

The Embassy of Sri Lanka in Myanmar is currently working on the early repatriation of the rescued Sri Lankans. As per information made available by the Embassy of Sri Lanka in Myanmar, the 56 Sri Lankans who have been trafficked are being held in four separate locations in the Myawaddy area and the rescued eight Sri Lankans were in one of these locations in an area that could be accessed by the Myanmar government, a statement by the MFA adds.

The statement further adds : 

The rescue operation undertaken by the Myanmar government follows intensified diplomatic engagements including a communication from President Ranil Wickremesinghe addressed to the Prime Minister of Myanmar Senior General Min Aung Hlaing requesting for early intervention and support to rescue and safely repatriate the trapped nationals, which was conveyed via diplomatic channels to the Ministry of Foreign Affairs of Myanmar on 22 February 2024. 

In January 2024, Foreign Minister M. U. M. Ali Sabry took this issue up with the Deputy Prime Minister and Union Minister of Foreign Affairs of Myanmar Than Swe, requesting urgent intervention to rescue Sri Lankan nationals highlighting the seriousness of the situation of the Sri Lankan victims who have been enslaved in cybercriminal activities and urging that early action be taken to rescue all the affected individuals.

The Ministry of Foreign Affairs, in coordination with the Embassy of Sri Lanka in Myanmar continues to make every effort to rescue and repatriate all Sri Lankan nationals, who have become victims of human trafficking and are trapped in Myanmar, in close collaboration with the Myanmar government authorities. 

Continue Reading

Trending

Copyright © 2023 Sri Lanka Mirror. All Rights Reserved