Connect with us

News

“Japan working hard to help SL to overcome economic crisis”

Published

on

Japan has reiterated that it is working hard to help Sri Lanka overcome the economic crisis.

During an interview with the Reuters News Agency, Vice Minister of Finance for International Affairs of Japan Masato Kanda has said Japan is working hard to help Sri Lanka, which is suffering its deepest economic crisis in 70 years, by coordinating with the Paris Club of creditor nations and the International Monetary Fund to ensure the participation of China and India in efforts to restructure the debt.

Referring to a Group of 20 mechanism designed to provide a swift and comprehensive debt restructuring for nations facing difficulty meeting debt obligations after the COVID-19 shock to their economies, Vice Minister Masato Kanda said, “It is desirable to work with these non-Paris Club countries in the same way with the Common Framework.”

“If this is realised, it would pave the way to carry out debt restructuring for other middle-income countries,” he has added.

The Vice Minister has stressed that crisis-hit Sri Lanka was a key issue when it came to helping countries in debt but he was not sure when creditors aiming to extend its loans would meet.

Meanwhile, Vice Minister Masato Kanda said Japan, as this year’s Group of Seven (G7) chair, expects Russia’s invasion of Ukraine to dominate talks this year among the world’s major advanced economies.

(Source : Reuters)

News

Showers expected in part of the island today

Published

on

By

Several spells of light showers will occur in the Western, Sabaragamuwa and North-western provinces and in the Nuwara-Eliya, Kandy, Galle and Matara districts today (July 04), the Department of Meteorology said.

Showers or thundershowers may occur at a few places in the Uva province and in the Ampara and Batticaloa districts during the afternoon or night.

Meanwhile, fairly strong winds of about 30-40 kmph can be expected at times over the Western slopes of the central hills and in the Northern, North-central and North-western provinces and in the Trincomalee and Hambantota districts.

The general public has been requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

Continue Reading

News

IMF grants waivers despite obligation breach & erred reporting

Published

on

By

The Executive Board of the International Monetary Fund (IMF) reviewed non complying purchases made by Sri Lanka under the 2023 Extended Arrangement under the Extended Fund Facility (EFF) as well as inaccuracies of information reported to the IMF.

However, the IMF has decided to grant waivers and not pursue further action, citing corrective measures and a commitment to reform by Sri Lankan authorities.

Following the Executive Board’s discussion, Deputy Managing Director and Acting Chair – Mr. Kenji Okamura, has issued the following statement:

“The Executive Board of the International Monetary Fund (IMF) reviewed non complying purchases made by Sri Lanka under the 2023 Extended Arrangement under the Extended Fund Facility (“EFF”), as well as a breach of obligations under Article VIII, Section 5. The noncomplying purchases arose as a result of the provision of inaccurate information by the authorities on the stock of expenditure arrears at the first, second, and third reviews under the EFF.

“The inaccuracies in information provided to the IMF were inadvertent and arose because of weaknesses in the timely reporting of arrears by line ministries to the Ministry of Finance, as well as a misunderstanding by the authorities of the definition of “arrears” under the Technical Memorandum of Understanding. 

“The Executive Board positively considered the authorities’ corrective actions, the fact that arrears repayments will be accommodated within the existing fiscal envelope, and the authorities’ commitment to improving public financial management procedures in line with the new PFM law, to reduce the risk of accruing arrears or inaccurate reporting of information going forward. In view of the above, the Executive Board agreed to grant waivers for the nonobservances of the quantitative performance criterion that gave rise to the noncomplying purchases and decided not to require further action in connection with the breach of obligations under Article VIII, Section 5.”

Continue Reading

News

Abdul Wazeeth appointed to Parliament from SLMC national list

Published

on

By

Abdul Wazeeth of the Sri Lanka Muslim Congress (SLMC) has been appointed as a Member of Parliament, the National Election Commission has announced.

His appointment comes following the resignation of former MP M. S. Naleem, who had entered Parliament through the SLMC National List after the 2024 parliamentary election.

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved