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Korea resumes ODA concessional loan projects in Sri Lanka

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The Export-Import Bank of Korea (Korea Eximbank) yesterday officially notified Sri Lanka’s Ministry of Finance, Economic Stabilisation and National Policies of its decision to resume EDCF Official Development Assistance (ODA) concessional loan projects in Sri Lanka.

The resumption comes after the Official Creditor Committee (OCC) and Sri Lanka finalised the Memorandum of Understanding (MOU) on 26 June 2024.

This decision includes resuming disbursements, signing loan agreements, and moving forward with the bidding process for all ongoing Economic Development Cooperation Fund (EDCF) projects in Sri Lanka.

Korea Eximbank said this resumption will facilitate the restart of disbursements for construction projects already underway, including the Ruwanwella Water Supply Project. This move marks a significant step in strengthening the longstanding ties between the Republic of Korea and Sri Lanka. It is expected to contribute towards the recovery and stabilisation of Sri Lanka’s economy while promoting sustainable growth.

The Economic Development Cooperation Fund (EDCF) is a Korean Government fund established in 1987 in order to support the industrial development and economic stabilisation of partner countries and promote economic cooperation with Korea. The Korean Government entrusts Korea Eximbank with the operation and management of EDCF. Since 1990, EDCF has authorised nearly $ 1 billion for 30 development projects in Sri Lanka.

(ft.lk)

(This story, originally published by ft.lk has not been edited by SLM staff)

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MI-17 choppers & Air Force personnel sent ahead of Indian PM’s arrival

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Indian Prime Minister Narendra Modi is scheduled to arrive in Sri Lanka today evening (April 04) for a two-day official visit.

A formal welcome ceremony will be held at the Independence Square tomorrow (April 05), followed by a bilateral discussion between the Sri Lankan President and the visiting Indian Prime Minister.

According to reports, India has flown in 04 MI-17 helicopters as part of PM’s convoy in Sri Lanka along with 40 Indian Air Force personnel.

On a X post yesterday, PM Modi has said :

“My visit to Sri Lanka will take place from the 4th till the 6th. This visit comes after the successful visit of President Anura Kumara Dissanayake to India. We will review the multifaceted India-Sri Lanka friendship and discuss newer avenues of cooperation. I look forward to the various meetings there.”

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One killed in Hikkaduwa shooting

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One person has died in a shooting incident targeting a couple at a shop in the Kumarakanda area of Hikkaduwa yesterday (April 03) night.

Police said the deceased is the owner of the shop.

A gunman who had arrived on a motorcycle and carried out the shooting at around 7pm, police say.

The couple was rushed to the Karapitiya Teaching Hospital with grievous injuries.

The condition of the injured woman is also reported to be serious.

Hikkaduwa Police is conducting further investigations.

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South Korean President ousted after court upholds impeachment

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South Korean President Yoon Suk Yeol, whose declaration of martial law in December involved special forces storming the National Assembly and National Election Commission, was officially removed from office Friday after the country’s Constitutional Court voted to uphold the impeachment motion passed by lawmakers late last year.

The court’s verdict, by a vote of 8 to 0, means South Korea will hold an election to choose a new president within 60 days. Separately, Yoon, 64, will also be tried on criminal insurrection charges.

Yoon, who was halfway into a single five-year term, is the second South Korean president to be impeached. Park Geun-hye, another conservative, was removed from office in 2017 after a corruption scandal.

The court’s decision marks the end of what has been a turbulent presidency.

Yoon was elected in 2022, beating his liberal opponent, Lee Jae-myung, by just 0.73 of a percentage point, or 247,077 votes, beginning his term on what many viewed as a weak public mandate.

Although Yoon was welcomed by the Biden administration for bringing South Korea into a three-way military pact with Japan, aligning it with the United States’ broader push to constrain China’s ambitions in the region, his track record of scandals, diplomatic gaffes and flashes of authoritarian governance made him deeply unpopular at home.

During his tenure, Yoon and his allies were criticized for trying to muzzle adversarial media outlets and journalists as well as a government-funded cartoon competition that awarded its top prize to a work lampooning Yoon.

As part of his martial law order, Yoon banned all political activity and placed the media under military control.

His wife, Kim Keon-hee, was trailed by myriad controversies of her own, including revelations that she plagiarized her master’s thesis.

Yoon remained defiant at his impeachment trial, claiming that he was being framed for insurrection by his political enemies — and that his declaration of martial law was intended as a plea for public attention.

Since December, he has attempted to justify his declaration of martial law with accusations that members of the liberal opposition party — which holds 192 of the legislature’s 300 seats — were North Korea sympathizers who used their “legislative tyranny” to paralyze his government. It was an echo of the anti-communist rhetoric that past military dictators and subsequent conservative leaders have frequently invoked against South Korean liberals, who have long been defined by their support for reconciliation with Pyongyang.

In defending his decision to deploy troops to the election commission, Yoon has cited a widely debunked conspiracy theory that last year’s general elections, which resulted in his conservative People Power Party suffering a crushing defeat by the liberals, were compromised by voter fraud.

“The declaration of emergency martial law on Dec. 3 was intended to announce that the country is currently facing an existential crisis, and to desperately appeal to the public so that they would become aware of this situation and give their support in overcoming it,” Yoon told the Constitutional Court in early March.

But in their testimonies to the court and prosecutors, many of the military and government officials once under Yoon’s command contradicted his version of events, recalling orders to arrest Yoon’s political opponents — and to prevent the National Assembly from exercising its constitutionally guaranteed right to lift martial law with a vote, as it did hours after the president’s declaration.

Source: Agency Reports

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