News

Reform program for SL prioritizes 5 key pillars – IMF

Published

12 months ago

May 15, 2023

editor

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)

News

Royal pardon for 44 Sri Lankans in UAE

Published

2 hours ago

May 3, 2024

nipuni

Forty four Sri Lankans who were in different prisons across the United Arab Emirates have been pardoned by a Royal order.

The Ministry of Foreign Affairs of the United Arab Emirates has formally conveyed to the Embassy of Sri Lanka in Abu Dhabi that these Sri Lankan prisoners received pardon by the Royal order on the occasion of the holy month of Ramadan, April 2024.

These forty four Sri Lankans who have received the Royal pardon will be repatriated to Sri Lanka by the Government of the United Arab Emirates in due course. The Embassy of Sri Lanka in Abu Dhabi will collaboratively coordinate with the United Arab Emirates Government authorities and the Ministry of Foreign Affairs of Sri Lanka to ensure their safe repatriation.

Ambassador of Sri Lanka in Abu Dhabi Udaya Indrarathne wishes to extend his deep appreciation to the Government of the United Arab Emirates, and its Ministries of Foreign Affairs and Interior for making arrangements to pardon these Sri Lankans. The Embassy of Sri Lanka appreciates the empathy and generosity shown by the leadership of the UAE in this regard.

(MFASL)

News

Weather advisory for high waves issued

Published

3 hours ago

May 3, 2024

nipuni

The sea areas along the coast extending from Kalpitiya to Pottuvil via Colombo, Galle, and Hambantota may see a rise in the swell waves today (3) approximately 2.5 m – 3.0 m height and wave period around 12s-16s, according to the Department of Meteorology.

Nearshore water areas off the coast that stretch from Kalpitiya to Matara to Galle and Colombo are likely to see surges as a result of swell waves.

Choppy seas are expected in offshore areas extending from Kalpitiya to Pottuvil via Colombo, Galle and Hambantota.

It is recommended that the fishing and naval communities exercise caution when conducting their operations in the above-water regions and were further requested to be on alert on future forecasts released by the Met. Department.