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NPP meets with IMF in Colombo, Raises concerns over debt agreements

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A delegation from the Jathika Jana Balavegaya (JJB) met with the IMF Mission in Sri Lanka at the Shangri-La in Colombo.

Former MP Sunil Handunnetti speaking to reporters following the meeting, said that the IMF mission had requested a meeting with the Economic Council of the Jathika Jana Balavegaya.

Handunnetti said that they raised concerns over the fact that a government with no mandate is attempting to address the issues in the country, adding that in order to alleviate the people from these issues, it was paramount to elect a government with a mandate.

He also went on to note that the IMF mission was not in possession of any documents to discuss the present status of the country’s debt restructuring program. 

According to JJB member Sunil Handunnetti, the IMF mission in the country was not invited for the meeting convened by the President to discuss the IMF program with opposition groups.

Dr. Harshana Suriyapperuma, representing the Economic Council of the Jathika Jana Balavegaya,emphasized the importance of transparency and governance in Sri Lanka, echoing sentiments regarding the need for corruption-free leadership capable of delivering tangible outcomes. 

The discussion primarily focused on the progress of governance and reform frameworks recommended by the IMF team. Additionally, concerns were raised regarding recent governmental actions, notably the appointment of the Committee on Public Enterprises (COPE) Chairman, which sparked scrutiny.

One significant topic of discussion was the status of International Sovereign Bond (ISB) outstandings and bonds. It was noted that while no concrete agreement had been reached, discussions remained ongoing. Both parties expressed a desire to see progress on these matters without allowing them to unduly influence pending elections.

Dr. Suriyapperuma also highlighted discrepancies in recent discussions between the government and the IMF, where the IMF had not been formally invited despite the talks being portrayed as IMF-led. 

Source – newsfirst.lk

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Sri Lanka Mirror wishes everyone a happy Sinhala and Tamil New Year!

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The 2024 Sinhala and Tamil New Year dawned at 09.05 pm last night (April 13).

‘Sri Lanka Mirror’ extends heartfelt New Year greetings to all our readers. May this upcoming year be filled with boundless happiness, prosperity, and success for each and everyone of you.

–  Sri Lanka Mirror team

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Derailed train causes delays on coastal line

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A train has derailed at the Kalutara South railway station on Saturday morning (13).

Trains operating on the Coastal Line are thus experiencing delays, Sri Lanka Railways said.

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Kristalina Georgieva to head IMF for a 2nd term

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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.

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