News

Only way to rebuild the economy is the IMF – President

Published

1 year ago

February 21, 2023

editor

President Ranil Wickremesinghe has acknowledged that the International Monetary Fund (IMF) is the only institution that can support a struggling country like Sri Lanka, and therefore, if there are alternative proposals to the government’s program, he is willing to provide the opportunity to submit them to the IMF.

He also criticized political parties for playing games and lying to the people without presenting their proposals.

“There is only one way to rebuild this collapsed economy. That is the International Monetary Fund. Different political parties are presenting different stories. I suggested to them to let me know if there is another way to resurrect the collapsed economy,” he said.

The President said this during a meeting with businessmen and lawyers in the Kandy district.

He also noted that the government has completed 15 points assigned during the negotiations with the IMF.

“The government started negotiations with the International Monetary Fund last August. Accordingly, it was possible to agree on the staff level agreement in September. They assigned us fifteen tasks to complete. The International Monetary Fund gave us until December 31 to implement it. But we couldn’t do it on that particular day. Then we made plans to get time until January 31st. Even at that time, we were unable to complete those 15 points. Finally, the deadline was pushed back to February 15. By 06:00 pm on February 15th, we completed all that was expected of us and sent them to Washington.”

“Only one of these fifteen issues was being delayed. It is related to the increase in electricity tariffs. The Electricity Board incurs Rs.230 billion each year in losses. According to the International Monetary Fund, government taxes should not be used to support institutions. It was informed that if this occurs, the International Monetary Fund will not provide assistance. However, one person in this country opposed the decision to increase the electricity tariff.”

“As a result, receiving assistance from the International Fund was delayed by six weeks. Alternatively, we could have completed this by the end of January. All 15 tasks assigned to us have been completed. Now it is up to the International Monetary Fund.”

News

Bill suspending Parate Law, passed

Published

11 hours ago

May 7, 2024

editor

The Recovery of Loans by Banks (Special Provisions) (Amendment) Bill, which was amended to facilitate legal provisions for the suspension of Parate Law until December 15, 2024, was passed in Parliament without amendments today (May 07).

This amendment introduces legal provisions for the suspension of the Parate Law until December 15, 2024.

News

Mervyn granted bail

Published

12 hours ago

May 7, 2024

editor

Colombo Additional Magistrate Tharanga Mahawatta today (May 07) ordered the release of former Minister Mervyn Silva on bail over the SLRC assault incident in 2007.

He was ordered to be released on a surety of Rs. 500,000.

Silva was accused of threatening and assaulting a former journalist of the Sri Lanka Rupavahini Corporation.

The Magistrate also ordered to immediately arrest former municipal councillor – Lal Peiris, who was named as the third suspect in the case, and produce him before the court.

The Magistrate also banned him from travelling overseas.

(Source : Lankadeepa)

News

Appeals Court rejects Wijeyadasa’s petition against interim order

Published

12 hours ago

May 7, 2024

editor

The Court of Appeal today dismissed the petition filed by Minister Wijeyadasa Rajapakshe seeking to suspend the interim injunction issued by the Colombo District Court preventing him from functioning as the Acting Chairman of the Sri Lanka Freedom Party (SLFP).

Minister of Justice Wijeyadasa Rajapakshe was appointed as the Acting Chairman of SLFP during an executive committee meeting held on April 21, by the party’s faction led by former President Maithripala Sirisena.

On April 24, the Colombo District Court issued an injunction order preventing Minister Wijeyadasa from functioning as the Acting Chairman of the SLFP.

The court has also issued an injunction order preventing MP Sarathie Dushmantha Mithrapala from functioning as the General Secretary of SLFP.

Meanwhile, the court had issued another injunction preventing the implementation of the decisions taken by the SLFP Acting General Secretary.

The Colombo District Judge issued these injunctions after considering a plaint submitted by Ministers Mahinda Amaraweera, Lasantha Alagiyawanna and Member of Parliament Duminda Dissanayake.

It was mentioned in the order that these injunctions will remain in effect until May 08, 2024.

However, Minister Rajapakshe had later filed a petition with the Court of Appeal seeking to invalidate the recent order issued by the Colombo District Court preventing him from functioning as the Acting Chairman of SLFP.

(adaderana.lk)

(This story, originally published by adaderana.lk has not been edited by SLM staff)