News

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

Published

10 months ago

March 14, 2024

editor

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

News

PNB seize over Rs. 280 mn. in biggest drug money bust

Published

8 hours ago

January 17, 2025

editor

The Police Narcotics Bureau (PNB) has seized a stash of currency notes amounting Rs. 283 million.

It is said that this is the largest amount of cash ever confiscated from a drug trafficker in Sri Lanka.

The banknotes were recovered from a residence in Kurunegala during a search operation. 18 grams of ‘Ice’ (Crystal Methamphetamine), a double-cab, and a van were also seized during the raid.
According to police, the money allegedly belongs to a suspect who is currently in prison.

The suspect was presented before the Kurunegala Magistrate’s Court and the Magistrate has granted permission for authorities to detain and further interrogate him.

News

Energy Ministry differs on electricity tariffs (Update)

Published

8 hours ago

January 17, 2025

editor

Hours after the Public Utilities Commission of Sri Lanka (PUCSL) announced a 20% average reduction in electricity tariffs effective from midnight today (Jan. 17), the Energy Ministry has stated that the tariff revision would be implemented only upon receiving approval from the Finance Ministry.

In a media release, the Ministry has said that the proposals should be first officially received and thereafter they would need Finance Ministry advice.

—————————————————

(Previous News : January 17, 2025 3.05pm)

Electricity tariffs slashed by 20%

The Public Utilities Commission of Sri Lanka (PUCSL) has decided to slash electricity tariffs by an overall average of 20 percent.

The tariff reduction will affect all consumer categories and will come into effect from midnight today (Jan. 17).

The PUCSL’s proposed reductions are as follows;

Domestic tariff – reduced by 20%
Places of worship – reduce by 21%
Hotels – reduced by 31%
Industries – reduced by 30%
Government Institutions – reduced by 11%

Electricity tariffs reduction (Domestic)

0-30 units reduced by 29%
31-60 by 28%
61-90 by 19%
91-180 by 18%
More than 180 by 19%

BIZ

SL – China currency swap agreement, renewed

Published

9 hours ago

January 17, 2025

editor

The Central Bank of Sri Lanka and the People’s Bank of China, in December 2024, successfully renewed the Bilateral Currency Swap Agreement signed in 2021, for a period of another three (03) years, under the terms and conditions stipulated in the original agreement.

The CNY 10 billion (approximately USD 1.4 billion) currency swap facility reflects the financial cooperation between China and Sri Lanka.

Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, signed the agreement on behalf of the Central Bank of Sri Lanka, while Mr. Pan Gongsheng, Governor of the People’s Bank of China, signed on behalf of the People’s Bank of China.

(CBSL)