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Sri Lanka not out of the woods yet

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The International Monetary Fund (IMF) has cautioned that while Sri Lanka has made notable progress in its economic recovery, the nation is still vulnerable and must work to protect the hard-earned gains it has achieved so far.

Speaking at an IMF press briefing on September 12, IMF Communications Department Director Julie Kozack emphasised the importance of sustained reforms and vigilance, especially with the upcoming Presidential Election.

Kozack acknowledged the role of the people of Sri Lanka in determining the nation’s political future, noting, “It is important to understand that the outcome of the elections is for the people of Sri Lanka to decide. However, achieving the objectives of the IMF programme is crucial to help Sri Lanka emerge from one of the most severe crises in its history. As I’ve already noted, a lot of progress has been made, but the country is not out of the woods yet, and it is important to safeguard those hard-won gains.”

She highlighted key milestones the country has achieved under the IMF’s Extended Fund Facility (EFF) programme. In June, the IMF’s Executive Board concluded the 2024 Article IV Consultation and the Second Review of the EFF, unlocking around US$ 336 million in funding.

Kozack reported that economic growth is beginning to recover, inflation is subsiding, international reserves are growing, and revenue collection is improving.

Despite this positive progress, Kozack warned that Sri Lanka remains exposed to significant economic risks. “Sustaining the momentum of reforms is essential,” she added.

On the subject of debt restructuring, Kozack responded to questions about private creditors submitting their proposals to the IMF, particularly in relation to Sri Lanka’s domestic debt restructuring efforts. She pointed out that key milestones had been achieved with the execution of domestic debt restructuring and agreements with the official creditor committee and EXIM Bank of China. However, she was careful to note that the IMF does not engage in direct negotiations between Sri Lanka and its creditors, instead offering an overall assessment of debt sustainability. Kozack reiterated that while the IMF supports Sri Lanka’s reform efforts, the timing of the Third Review will depend on the outcome of the upcoming elections. “Programme discussions will resume after the elections, once a new government is in place,” she stated.

The IMF’s message remains clear: Sri Lanka has come a long way, but the path to full recovery requires ongoing commitment to reforms and a focus on economic stability.

(Daily News)

(This story, originally published by Daily News has not been edited by SLM staff)

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SL foreign reserves up 7.9%

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Sri Lanka’s gross foreign reserves rose 474 million US dollars in the month of October to 6.4 billon dollars, the central bank data showed.

Sri Lanka’s gross foreign reserves are made up of central bank’s monetary reserves and fiscal reserves from loans.

Sri Lanka signed a 200 million dollar World Bank loan in October, it is not clear whether the it was disbursed.

Sri Lankas’ central bank has operated deflationary policy for over two years, leading to balance of payments surpluses.

The agency has also allowed the rupee to appreciate, amid an IMF program allowing some of the inflation created during the crisis to reverse.

Central bank’s net reserves which were negative by 4.6 billion dollars at the height of the last currency crises has now come to near to zero by September.

The central bank has repaid both International Monetary Fund and Reserve Bank of India loans.

(economynext.com)

(Except for the headline, this story, originally published by economynext.com has not been edited by SLM staff)

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Dr. Shafi lodges complaint

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Dr. Shafi Sihabdeen has lodged a complaint with the Ministry of Public Security today (Nov. 07). 

The complaint addresses his 2019 arrest and subsequent detention, which he alleges were based on politically motivated, false accusations.

Speaking to the media afterwards, he said that the complaint was lodged to prevent similar cases of wrongful accusations from impacting others in the future.

Dr. Shafi was acquitted of all charges related, yesterday,

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Court calls for progress report on probe into Makandure Madush’s death

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A motion has been filed with the Colombo Magistrate’s Court seeking an order to hand over the investigations into the death of infamous underworld figure and drug lord ‘Makandure Madush’, who was allegedly killed in a crossfire between police and suspected underworld figures while in police custody, to the Criminal Investigations Department (CID).

A motion filed by a group of attorneys who appeared for the rights of the victim was taken up before Colombo Additional Magistrate Manjula Rathnayake today (07).

Appearing for the rights of the victim, Attorney-at-Law Senaka Perera stated before the court that a formal investigation has not been carried out regarding the death of his client as of yet.

Accordingly, he requested the court to issue an order handing over the relevant investigations to the CID.

Following the consideration of the facts presented, the Additional Magistrate stated that such an order cannot be issued, as per a circular that has been issued by the Judicial Services Commission.

Furthermore, the Additional Magistrate advised that the aggrieved party can request for proper investigations by lodging a complaint with the relevant institutions.

However, the Additional Magistrate also ordered Maligawatta Police to brief the court on the progress of investigations related to the incident, on December 05, 2024.

On October 20, 2020, Samarasinghe Arachchilage Madush Lakshitha alias ‘Makandure Madush’ was allegedly killed in a crossfire between the police and suspected underworld figures, while he was in police custody. According to the police, the crossfire took place at a housing complex in Maligawatte.

‘Makandure Madush’ who had been involved in a large number of murders and other criminal activities, was one of the most wanted outlaws in the country. Madush had been in hiding abroad for several years before his arrest.

He was apprehended at a drug-fuelled party thrown by him in a Dubai hotel, back in October 2018 and was kept under the custody of the Dubai authorities before being deported to Sri Lanka on the 05 May 2019.

The officers of the CID had placed him under arrest upon his arrival at the Bandaranaike International Airport (BIA). After being held in the custody of the CID for nearly one-and-a-half years, the notorious drug kingpin was transferred to the custody of Colombo Crimes Division (CCD) in October 2020.

He had given information to the CCD on a consignment of heroin purportedly hidden inside a home unit owned by ‘Kanjipani Imran’ at the Laksetha Sewana apartment complex in Maligawatte. Thereby, a team of 17 CCD officers including its OIC had led Madush to the said location on October 20, 2020.

As seven officers of the CCD team, who were accompanying Madush, entered the first floor of the building using the staircase, two armed individuals bidding their time on the second floor had opened fire at the police sleuths. Reports revealed that Madush was shot in the head during the gunfire while one of the CCD officers was wounded in the leg.

An exchange of gunfire had then ensued between the police officers and the two suspects who were making an attempt to escape. The police had continued to fire at the duo who were getting away in a motorcycle. However, they had fallen off the vehicle, failing to control the speed amidst the shooting. The suspects had then hurled a hand grenade in the direction of the approaching the CCD officers, injuring one of them.

Madush, who was subsequently admitted to the Colombo National Hospital, had succumbed to injuries.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

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