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Reform program for SL prioritizes 5 key pillars – IMF

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The IMF said that its reform program supported under the EFF arrangement for Sri Lanka is built on strong policy measures and prioritizes five key pillars.

1. An ambitious revenue-based fiscal consolidation,which is accompanied by stronger social safety nets, fiscal institutional reforms, and cost recovery-based energy pricing to ensure the state’s ability to support all its essential expenditures.

2. Restoration of public debt sustainability including through a debt restructuring to ensure stable financing of the government’s operations.

3. A multi-pronged strategy to restore price stability and rebuild reserves under greater exchange rate flexibility to alleviate the burden of inflation, particularly on the poor, to foster an environment of investment and growth, and to ensure Sri Lanka’s ability to purchase essential goods from abroad.

4. Policies to safeguard financial sector stability, to ensure that the financial sector can play its key role in supporting economic growth.

5. Structural reforms to address corruption vulnerabilities and enhance growth.

Krishna Srinivasan, Director of Asia and Pacific Department, IMF said on Monday (15) that Anti-corruption and governance reforms are imperative to ensure the hard-won gains from the reforms benefit the Sri Lankan people. 

“Sri Lanka is the first country in Asia that has undergone the IMF governance diagnostic exercise. The IMF governance diagnostic report is expected to be published by September this year—the mission visited Colombo in March and engaged closely with stakeholders and civil society organizations on this critical reform area. We look forward to further discussion with them,” he added.

Commendably, Sri Lanka has already started implementing many of the challenging policy actions in these five areas. It is now essential to continue the reform momentum under strong ownership by the authorities and the Sri Lankan people, more broadly, said Krishna Srinivasan, Director of Asia and Pacific Department, IMF.

He noted that the IMF supported program is an opportunity for all Sri Lankans to come together to work through this crisis to restore economic stability and put the country on a sustainable growth path.

“The key is implementation. The IMF is here to help you along the way.” he added.

(newsfirst.lk)

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Petition against secret ballot at Seethawaka PS, dismissed

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The Court of Appeal has dismissed without hearing, a petition filed by opposition members of the Seethawaka Pradeshiya Sabha.

The petition sought an interim injunction against Western Province Local Government Commissioner – Sarangika Jayasundara, urging to stop a secret ballot for electing the Chairman and Deputy Chairman.

The decision, delivered by a panel of judges comprising the Chairman of the Court of Appeal – Justice Rohantha Abeysuriya and Justice Priyantha Fernando.

Meanwhile, the similar petitions from the Mawathagama and Seethawaka Urban Councils were also rejected.

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Duminda granted bail under strict conditions

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Former Minister Duminda Dissanayake, who was arrested and remanded over the discovery of a gold-plated T-56 firearm at an apartment complex in Havelock Town, Colombo, has been granted bail under strict conditions.

Colombo Chief High Court Judge – Manjula Thilakaratne today (July 14) ordered his release on a cash bail of Rs.250,000 and 02 surety bonds of Rs.05 million each.

The court further directed that the 02 sureties must be Colombo residents and ordered that Dissanayake’s passport be handed over to the court, imposing a travel ban on him.

Although the counsel for the Attorney General strongly objected to bail being granted, the Chief High Court Judge ruled that, since it has not yet been established that the suspect was in possession of the firearm, the court decided to grant bail.  

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CEYPETCO halts recruitment amid workforce downsizing

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Ceylon Petroleum Corporation (CEYPETCO) Managing Director – Dr. Mayura Nettikumara says no new recruitments will be made, as modern technology has enabled the corporation to reduce its workforce.

He assured that existing employees need not fear about their job security, explaining that the current staff strength has been downsized from around 3,290 in 2012 to 2,031 under a new manpower structure.

Many employees are due to retire this year and next, and will not be replaced, he said.

“We have stopped many inefficient services, so there is no need for new people now,” Dr. Nettikumara has further said.

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