Connect with us

News

Second tranche of IMF loan expected in December – Nimal Siripala

Published

on

The Minister of Ports, Shipping, and Civil Aviation, Nimal Siripala de Silva, says the disbursement of the second installment of the loan provided under the Extended Fund Facility (EFF) of the International Monetary Fund (IMF) is expected to be received in December.

The lawmaker emphasized that the budget proposals outlined by President Ranil Wickremesinghe for the fiscal year 2024 mark the commencement of a comprehensive, long-term initiative aimed at the reconstruction of the national economy.

Minister de Silva articulated this perspective during a press briefing convened at the Presidential Media Centre (PMC) on Friday (Nov.17), under the theme ‘One Way to a Stable Country’.

In his extended remarks, the minister underscored the significance of the current budget, portraying it as the inception of a protracted initiative aimed at revitalizing the national economy, devoid of immediate profit considerations.

He emphasized that the budget intricately lays out essential programs and policies for this purpose. While some may label it as an election-oriented budget, the Minister clarified that it is not formulated with anticipation of impending elections but rather as a strategic economic framework.

Speaking further, Minister Nimal Siripala de Silva said:

“Had this budget been crafted with electoral considerations in mind, crucial development-related proposals and policies might have been neglected and the challenging decisions essential for economic stability might have been circumvented. The authorities could have resorted to inflationary measures such as printing more money or offering greater relief to the general populace.

“The recent economic crisis and accompanying public demonstrations have significantly eroded the political and social stability of the country. It is imperative to recognize that a nation lacking political and social stability stands at a disadvantage in terms of securing financial aid, credit facilities and investments. Unfortunately, the current administration has been ineffective in adequately addressing these challenges. Despite extending an invitation to the opposition party to assume responsibility for managing the situation, their acceptance of such responsibility has not materialized.

“During that critical period, Mr. Ranil Wickremesinghe assumed the challenging responsibility and presented a clear policy direction. He underscored his commitment to implementing projects with a long-term nation-building focus, rather than pursuing short-term, popular initiatives. This approach, as mentioned earlier, may not immediately translate into widespread relief for the populace. However, the President has actively worked to alleviate the hardships faced by marginalized segments of the population.

“Simultaneously, a comprehensive national economic development program has been set in motion. This year’s budget has addressed various impediments that have historically hindered the country’s progress, thereby establishing a foundational framework to propel the nation towards sustainable development.

“While there may be assertions that the people have not tangibly benefited from the 2024 budget, it is crucial to note that significant concessions have indeed been extended to the public. These include salary increments for government employees, augmented allowances for the elderly and disabled, and provisions for education, health, regional development, and granting free land rights. It is imperative to recognize that funding these initiatives necessitates a robust revenue stream for the government. The budgetary allocations and concessions are designed to address the diverse needs of the populace while also ensuring the financial sustainability of these welfare programs.

“It is imperative to align income with expenditure, a foundational principle encapsulated within the concept of a budget. Governments routinely finance the expenses associated with relief programs by leveraging tax revenues collected from the populace.

“Maintaining equilibrium between expenditure and income is imperative. Under the current circumstances, augmenting relief efforts necessitates an increase in taxation. It is crucial for the public to comprehend this fiscal mechanism. Despite salary increments by Rs. 10,000, certain factions persist in rallying for additional raises, a stance that, when examined pragmatically, appears more aligned with anti-government sentiments. It is essential for the citizens of our nation to recognize the practical limitations associated with such demands.

“Critics assert that the preceding government’s substantial tax concessions contributed to the economic downturn. Interestingly, this critique tacitly acknowledges the necessity of tax increases. However, when such measures are proposed, opposing sentiments are vocalized through raised slogans. This dichotomy underscores the existence of conflicting perspectives. It is crucial for the public to discern the complexities of this situation.

“We anticipate the disbursement of the second installment from the IMF by December. Beyond the financial inflow, the paramount significance lies in the trust instilled by other lenders through this transaction. This trust not only facilitates dealings with additional international financial institutions but also serves as a crucial avenue for engagement. It is noteworthy that upon the successful conclusion of our debt restructuring process, we are poised to resume all stalled development activities across the country.

“The ongoing process of restructuring financially unsustainable government institutions is in progress. Additionally, efforts are underway to reorganize institutions facing challenges in revenue collection. This includes initiatives to minimize corruption within entities such as the Customs, Excise Department, and Income Tax Department, transforming them into entities dedicated to the formal collection of funds for the government.

“Concurrently, the government’s economic programs are advancing successfully. According to the Central Bank, the country’s reserves have reached US$ 3.5 billion as of today, indicating positive momentum in economic stability and financial management.”

(adaderana)

News

Top defence officials of India – SL meet in Colombo (Pics)

Published

on

By

Indian Defence Secretary Mr. Rajesh Kumar Singh, leading a high-level delegation, held separate meetings today (Jun 05) with Sri Lanka’s Deputy Minister of Defence Major General Aruna Jayasekara and Defence Secretary Air Vice Marshal Sampath Thuyacontha (Retd). 

The meetings were also attended by the High Commissioner of India to Sri Lanka, H.E. Santosh Jha, reflecting the importance accorded to strengthening bilateral defence relations.

Discussions focused on key areas of mutual interest, including, bilateral defence cooperation, military exchanges and joint training opportunities, capacity building, collaboration in disaster management and humanitarian assistance.

During the meeting the Deputy Minister of Defence, recalled the close and long-standing friendship between neighbouring India and Sri Lanka, and expressed gratitude to the people and government of India for the support they have extended in the past, especially in times of need.

When the Indian delegation met the Sri Lankan Defence Secretary at the Ministry of Defence premises, Defence Secretary Thuyacontha (Retd.) expressed gratitude to the Government of India for the continued cooperation in strengthening Sri Lanka’s defence capabilities.

In response, his Indian counterpart reiterated India’s commitment to maintaining close and friendly relationship with Sri Lanka and expressed firm resolve to further enhance defence and security cooperation, contributing to peace, stability, and prosperity in the region.

Both sides agreed to continue regular high-level engagements and to explore new avenues for cooperation, particularly in maritime security, counter-terrorism, and capacity development.

(defence.lk)

Continue Reading

News

Marine Drive tree planting project held (Pics)

Published

on

By

In line with World Environment Day, a tree planting and conservation project was launched this morning (5) along the coastal stretch of Colombo’s Marine Drive, from the Kollupitiya Railway Station towards Wellawatte. The initiative is being implemented by the Clean Sri Lanka Secretariat Office.

Marking the commencement of the project, 1,600 Takkada (Scaevola taccada) saplings were planted today, with plans to expand the number to 6,000 in the near future. The project is being carried out with participation from state institutions, private organisations and the general public.

The Takkada plant, which includes two species highly resistant to saline environments, is listed as a threatened species on the Red Data List. The Scaevola taccada species planted today typically grows as a shrub reaching heights of 5 to 6 feet. Its dense green foliage and compact height make it ideal for urban settings, enhancing cityscapes with both environmental and aesthetic value.

This initiative is being carried out with the collaboration of the Sri Lanka Army, Sri Lanka Police (Environmental and Traffic Divisions), Sri Lanka Railways, Road Development Authority, Urban Development Authority and the Colombo Municipal Council. It is sponsored by LB Finance PLC and Hemsandu Marketing Company.

The event was attended by Colombo Municipal Councillor Vraie Cally Balthazaar, Senior Additional Secretary to the President (Finance and Economic Affairs) G.M.R.D. Appuhamy, along with representatives from the sponsoring organisations and other distinguished guests.

Continue Reading

News

5 -yr. Temporary Residence Visas for Lankans married to Filipino citizens

Published

on

By

The Government of the Philippines has officially commenced the issuance of 5-year Temporary Residence Visas (TRVs) for Sri Lankans who are married to Filipino citizens, a statement issued by the Embassy of Sri Lanka in Manila states.

The statement further notes : 

This development addresses one of the most pressing concerns of the Sri Lankan community residing in the Philippines. Previously, TRVs were issued only for two years and required frequent renewals. This process often led to lengthy retention of passports by authorities, causing significant inconveniences, particularly for individuals needing to travel for business and other urgent matters.

For several years, members of the Sri Lankan community have been advocating for an extension of the TRV validity period. In response to their concerns, Ambassador Chanaka Talpahewa, upon assuming office, assured the community of his commitment to resolving this issue during his tenure. In this regard, the Ambassador engaged in consistent and high-level diplomatic efforts with key stakeholders in the Philippines, including the Vice President, Foreign Secretary (Minister) and other Secretaries (Ministers), Under Secretaries (Deputy Ministers), relevant officials across various Departments (Ministries) and Government Institutions, decision makers and influencers.

Due to these sustained efforts, the Philippine government extended the TRV validity period from two years to five years, bringing immense relief to the affected Sri Lankan nationals.

This milestone stands as a testament to the strong and growing relations between Sri Lanka and the Philippines.

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved