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Moragoda meets Shringla to discuss engagement opportunities for SL

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Sri Lanka’s High Commissioner to India Milinda Moragoda met with the Chief Coordinator for India’s G20 Presidency for 2023, Harsh Vardhan Shringla in New Delhi on 12 December 2022.

The discussion especially focused on various avenues through which Sri Lanka could engage with the G20 during India’s presidency of the Group and also the possibility of understanding G20 approach towards international financial cooperation and debt restructuring.

High Commissioner Moragoda and the Chief Coordinator discussed the opportunities available to Sri Lanka, as a neighbouring country of India, to engage with the work of the G20.

India assumed the presidency of the G20 on 01 December 2022 for a period of one year. Under its Presidency, India is expected to host over 200 G20 meetings in 56 cities across the country, beginning December 2022. The G20 Leaders’ Summit at the level of Heads of State / Government is scheduled to be held on 09 and 10 September 2023 in New Delhi.

The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union, which works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.

Before assuming office as the Chief Coordinator for India’s G20 Presidency, Harsh Vardhan Shringla was the Foreign Secretary of India. An officer from the Indian Foreign Service, he had previously served as India’s envoy to Thailand, Bangladesh and the United States.

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IMF grants waivers despite obligation breach & erred reporting

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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.”

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Abdul Wazeeth appointed to Parliament from SLMC national list

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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.

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Tense situation in Kahawatta as residents clash with police

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Police had been compelled to use tear gas to control a tense situation that erupted between residents and police in Kahawatta following the funeral of a youth who was shot dead recently.

The funeral was held today (July 03) and the clash had broken out shortly afterwards.

Residents had expressed anger over the handling of the and had hurled stones at the police, reports say.

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