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Japan urges urgent debt restructuring for Sri Lanka’s progress

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Japan’s Deputy Head of Mission Kotaro Katsuki on Saturday asserted that without restructuring the external debt, Sri Lanka cannot move forward.

“Therefore the external debt restructuring must be concluded with a sense of urgency,” said Kotaro speaking at the Daily FT-BOI ICCSL webinar titled “The FTA pathway: Exploring Sri Lanka’s Export and FDI Potential.”

Delivering the keynote in the webinar, Foreign Affairs Minister Ali Sabry emphasised that Sri Lanka’s key location and potential for growth must not be neglected, and the country must move towards a more robust system of trade with our regional partners and those on distant shores.

Sabry noted, “We have much to gain from positive FTAs, and we must move towards a system of production that is globally competitive, and not only catering to the domestic market.”

However, Sabry emphasised that negotiations must be strategic, stakeholder driven and focused, and must take into consideration the opportunities and threats.

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

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Sri Lanka Mirror wishes everyone a happy Sinhala and Tamil New Year!

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The 2024 Sinhala and Tamil New Year dawned at 09.05 pm last night (April 13).

‘Sri Lanka Mirror’ extends heartfelt New Year greetings to all our readers. May this upcoming year be filled with boundless happiness, prosperity, and success for each and everyone of you.

–  Sri Lanka Mirror team

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Derailed train causes delays on coastal line

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A train has derailed at the Kalutara South railway station on Saturday morning (13).

Trains operating on the Coastal Line are thus experiencing delays, Sri Lanka Railways said.

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Kristalina Georgieva to head IMF for a 2nd term

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The Executive Board of the International Monetary Fund (IMF) has selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on October 1, 2024.

The appointment comes ahead of the start of the fund’s spring meetings in Washington next week.

Georgieva, who has been in the role since the autumn of 2019, was the sole candidate for the position. However, it was only after European leaders signalled that they would endorse her last month that her candidacy was assured.

In a statement, the coordinators of the Executive Board, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah has said, “Looking ahead, the Board welcomes Ms. Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership. It recognizes her focus on strengthening the Fund’s support to its members through effective policy advice, capacity development and financing. The Board looks forward to continuing to work closely with the Managing Director.”

“I am deeply grateful for the trust and support of the Fund’s Executive Board, representing our 190 members, and honored to continue to lead the IMF as Managing Director for a second five-year term,” Ms. Georgieva has said.

The Bulgarian national has served as Managing Director since October 1, 2019. The Managing Director is the chief of the IMF’s operating staff and Chair of the Executive Board. The Managing Director is assisted by four Deputy Managing Directors in overseeing the Fund’s operations, which serve its membership through about 3,100 staff.

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