News

Kristalina Georgieva to head IMF for a 2nd term

Published

1 year ago

April 13, 2024

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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.

News

Harley Davidsons found in Bird Park hideout

Published

6 hours ago

July 13, 2025

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Some twenty illegally imported high-end, high-capacity motorcycles—including eight Harley-Davidsons—were recovered during a raid conducted by the Central Anti-Corruption Task Force at a warehouse inside Bird Park, Hambantota.

Police said investigations are continuing to determine who owned the bikes and why they were hidden in the warehouse.

News

Navy nabs 4 suspects with smuggled spices, medicine & cosmetics

Published

11 hours ago

July 13, 2025

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During a search operation conducted in the beach vicinity of Devils Point, Kilinochchi on 11 July 25, the Navy took hold of a stock of spices, medicine and cosmetic products which have been made ready for distribution.

The operation also led to the apprehension of 04 suspects and 02 cabs.

The operation was mounted by SLNS Buwaneka in the North Central Naval Command in Loggannawadi, Devils Point.

After searching 02 suspicious cabs in the locality, naval personnel recovered 300kg of cardamom, 260kg of turmeric powder, 273kg of dried ginger as well as medicine and cosmetic products loaded in the vehicles.

And also, 04 suspects in connection to the incident were also taken into naval custody.

The suspects detained by the Navy in this operation have been identified as residents of Erakkandi, Kalmunaikudi, Trincomalee and Puttalam, aged between 39 and 49.

The suspects together with the vehicles and seized items were handed over to the Customs Preventive Office in Katunayake for onward legal action.

News

China, Sri Lanka agree to speed up FTA negotiations

Published

12 hours ago

July 13, 2025

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Chinese Foreign Minister Wang Yi yesterday called upon his Sri Lankan counterpart Vijitha Herath to expedite the finalisation of the China-Sri Lanka Free Trade Agreement (FTA).

Minister Yi was speaking during a bilateral meeting in Kuala Lumpur, Malaysia, where the two sides vowed to deepen their strategic cooperative partnership and enhance practical cooperation.

A China-Sri Lanka FTA, which has been under discussion for some time, is likely to boost two-way trade and also address the imbalance in the trade figures.

Minister Yi also called on both sides to deepen high-quality Belt and Road (BRI) cooperation, jointly implement the two flagship projects – the Colombo Port City and the Hambantota Port, and create new growth points for cooperation in fields such as Green Energy, Digital Economy, modern agriculture and maritime (Blue) economy.

Talking specifically on cooperation in the maritime domain, Minister Yi said such cooperation is mutually beneficial, adding that it does not target any third party and should not be interfered with by any third party.

The Chinese Foreign Minister said the so-called “Indo-Pacific Strategy” pursued by certain parties provokes confrontation and coerces all parties to take sides, which is not in line with the trend of the times and will not be supported by regional countries.

Wang said China is ready to work with Sri Lanka to push the development of the strategic cooperative partnership featuring mutual assistance and ever-lasting friendship between the two countries.

Minister Herath said Sri Lanka attaches great importance to its relations with China, and firmly adheres to the “One China” principle.

Minister Herath said that bilateral cooperation has brought tangible benefits to Sri Lankans and promoted the development and connectivity of the region.

Sri Lanka will enhance practical cooperation with China in areas including trade and investment, infrastructure and ocean, and further deepen the two countries’ strategic cooperative partnership in a number of sectors.

Source – sundayobserver.lk / Xinhua