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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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US eager to work with elected president – Julie Chung

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US Ambassador to Sri Lanka, Julie Chung, expressed her eagerness to work closely with the president elected by the Sri Lankan people.

In a post on X, she highlighted the importance of ensuring a free and fair election, calling it a critical step for democracy in Sri Lanka.

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Why did the President’s backup helicopter make an emergency landing?

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A backup helicopter accompanying President Ranil Wickremesinghe made an emergency landing in Eppawala yesterday.

The Sri Lanka Air Force stated that a technical defect was indicated on the helicopter’s lighting panel, prompting the precautionary landing in a paddy field.

The Sri Lanka Air Force also says that a replacement helicopter was sent for that.

President Wickremesinghe was proceeding to Kegalle after addressing an election meeting in Jaffna.

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New bill targets proceeds of crime with strict penalties

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Those who possess any property obtained through proceeds of crime or engage with it in any form of transaction will be considered to be committing a punishable offence under the law and can be prosecuted in the High Court. Those found guilty will face a fine of Rs 10 million and a 15-year jail term.

The new bill titled “Proceeds of Crime,” published this week by the Ministry of Justice, Prison Affairs, and Constitutional Reforms, will enable the recovery of proceeds of crime and, through inter-agency cooperation and international collaboration, will facilitate investigations to recover the ill-gotten stolen wealth.

Under the proposed bill, any person who has knowledge or information about the proceeds of crime and fails to disclose such information to the designated police officer or to the designated officer of the Commission to Investigate Allegations of Bribery or Corruption is considered to be committing an offence as well.

According to the bill, a statement made or response given in the form of an affidavit or a written or oral statement to an investigation officer in response to a notice served on such person under Section 68 of this Act to be admissible against the maker of such affidavit or statement or against any third party.

The bill also enables the setting up of an entity called the Proceeds of Crime Management Authority to protect, manage, and dispose of restrained, seized or frozen proceeds of crime.

The bill vests adequate powers with designated officers of the Authority to seek and obtain assistance from administrative, law enforcement, and judicial competent authorities of other countries for tracing, identification, search, detection, and examination of property suspected to be proceeds of crime and for other investigational purposes.

The officers can also seek assistance for gathering evidence, including documents, witness statements, reports, and other materials suspected to be proceeds of crime.

(Sunday Times)
(This story, originally published by Sunday Times has not been edited by SLM staff)

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