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Paris Club Creditors provide financing assurances to support IMF programme

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The Paris Club Creditors have provided financing assurances to support the International Monetary Fund’s (IMF) approval for an Extended Fund Facility for Sri Lanka.

A statement issued by the Paris Club stated that its members held a meeting on January 25, 2023, in the presence of representatives from Hungary, Saudi Arabia, the Kuwait Fund for Arab Economic Development and India, as well as from the International Monetary Fund and the World Bank, to provide financing assurances to support the approval by the International Monetary Fund (IMF) Executive Board of the envisaged IMF program for Sri Lanka, which would allow to restore the country’s macroeconomic stability.

They examined the macroeconomic and financial situation of Sri Lanka, including its long-term debt sustainability, and the need for a debt treatment by all bilateral creditors to both fill the financing gap and to ensure Sri Lanka’s debt sustainability in line with the proposed Extended Fund Facility.

“We acknowledge that the Sri Lankan authorities had the opportunity to present Sri Lanka’s economic and financial situation to their creditors, which underscored the need for debt treatment from all creditors. They also presented their reform program that will be supported by an IMF arrangement requiring a debt treatment to restore debt sustainability, as well as the prior actions already implemented,” the statement said.

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Prof. Nalin de Silva no more

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Philosopher, intellectual and academician Professor Nalin de Silva has passed away at the age of 79. Prof. de Silva initially served as a professor in the Department of Mathematics and later as the Dean of the Faculty of Science at the University of Kelaniya. 

He was also a former member of the University Grants Commission (UGC).

In addition to his academic pursuits, de Silva also worked as a former Sri Lankan Ambassador to Myanmar.

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‘Company issuing visa at BIA not Indian or Indian based’

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The Indian High Commission in Colombo has issued a statement over reports of Indian companies taking over visa issuance at Bandaranaike International Airport (BIA) in Katunayake.

The statement notes “companies referred to in these reports are not India based or Indian and are headquartered elsewhere. Any reference to India in this context is unwarranted.”

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Chaos at BIA raises questions (Video)

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Questions have been raised after chaos at the Bandaranaike International Airport (BIA) in Katunayake last night (May 01) has sparked widespread outrage.

This is with regard to a controversial takeover of the on-arrival visa issuance process at BIA by an Indian company – VFS Global since yesterday evening.

It is learnt that the company has levied an extra $25 alongside the standard $75 fee.

Long lines of frustrated travellers were also seen at the airport for several hours, which is a stark difference to the procedure smoothly managed in a matter of mere minutes by the Immigration and Emigration Department in the past.

Footage of a Sri Lankan citizen expressing outrage over Indian nationals deciding visa matters for fellow Sri Lankans, has also been making rounds on social media.

Although 10 Sri Lankan and Indian officers had commenced work from 5.00pm yesterday, the lines remained well over 9.00pm. Amid tensions, higher officials of the BIA and security forces had also arrived at the premises.

At 11.30pm the company officials temporarily suspended issuing visas and left the BIA with the money collected, reports say.

Upon the directive of the Controller General of Immigration and Emigration – Harsha Ilukpitiya, Immigration officers have commenced their usual duties with no issues since then, enabling the previous process to continue smoothly.

Concerns have been raised over the lack of transparency in this arrangement.

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