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World Bank set to approve $700 mn. for SL next week?

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The World Bank is likely to approve $700 million in budgetary and welfare support for Sri Lanka at its next board meeting on June 28, sources told Reuters, the biggest funding tranche for the crisis-hit island nation since an IMF deal in March.

The economy of the country of 22 million is expected to shrink 2% this year before returning to growth next year, the government estimates, following last year’s record contraction of 7.8% after foreign exchange reserves hit record lows.

The International Monetary Fund approved a bailout of nearly $3 billion in March, which Sri Lanka expects will bring additional funding of up to $4 billion from the World Bank, the Asian Development Bank and other multilateral agencies.

Of the proposed World Bank funding, $500 million will be for budgetary support and is likely to come in two tranches of $250 million each, one of the sources, from the World Bank, said.

All four sources, from the World Bank and the Sri Lankan finance ministry, sought anonymity as they were not authorised to talk to the media.

The first tranche is likely to be disbursed immediately after board approval with the next possibly in October, as the bank watches the progress of Sri Lanka’s debt restructuring and the first review of the IMF programme, due in September, the World Bank source added.

The remaining $200 million will be earmarked for programmes to assist the poor, whose numbers have doubled to 25% of the population since the onset of the Indian Ocean nation’s worst economic crisis early last year, another World Bank source said.

“Households that have registered for support will be ranked … and the lowest 2 million will be eligible for support,” the source added.

The World Bank and the finance ministry did not immediately respond to requests for comment.

(Reuters)

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

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President AKD lays wreath at Monument to People’s Heroes (Video)

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Sri Lankan President Anura Kumara Dissanayake, who is currently on state visit to China, laid a wreath at the Monument to the People’s Heroes at Tian’anmen Square in Beijing today (Jan. 16).

(Video : CCTV +)

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India – SL signd MoU to establish 60 smart classrooms

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A Memorandum of Understanding on ‘Establishment of 60 Smart Classrooms in Selected Schools’ in the plantation regions of Sri Lanka, with grant assistance of LKR 508 million from Government of India, was signed and exchanged by the High Commissioner of India to Sri Lanka – Mr. Santosh Jha and Secretary, Ministry of Plantation and Community Infrastructure Mr B.K. Prabhath Chandrakeerthi today (Jan. 16).

The project envisages establishment of 60 smart classrooms for students in 48 schools in Nuwara Eliya and 6 schools each in Kandy and Badulla Districts identified by the Government of Sri Lanka. 

The initiative will enhance knowledge-impartment at the schools, bring learning benefits to the students and also promote information and communications technology integration in these schools.

A statement issued by the Indian High Commission in Colombo further states :

With a development cooperation portfolio with Sri Lanka of over USD 5 billion, India’s people-centric development assistance initiatives in virtually all major sectors are bringing a positive impact in the day-to-day lives of the people of Sri Lanka across all the 25 districts of the country.

The project of establishment of smart classrooms would be yet another initiative in line with the numerous past and ongoing development partnership projects of India in Sri Lanka in the education sector. A selection of a few instances would include setting up of English language laboratories in all provinces of the country; establishment and renovation of auditoriums at numerous institutions across the country, including the Rabindranath Tagore Memorial Auditorium at Ruhuna University; construction of a multi-ethnic tri-lingual school at Polonnaruwa in the North Central Province; renovation works at over 100 schools in the Northern Province; supply of 110 buses to educational institutions across the island; support to vocational training institutions; establishment of smart classrooms and computer labs in 200 schools in the Southern Province; financial assistance to students at University of Jaffna and Eastern University Batticaloa from economically weaker sections of society; among many others. Diplomatic Letters were recently exchanged by the Governments of India and Sri Lanka for doubling the grant support of Government of India to a project of up-gradation of 9 plantation schools. A 3-month teacher-training program in STEM subjects for plantation schools was also conducted recently under the multi-sectoral grant assistance of INR 750 million announced last year to mark 200 years of arrival of Indian-origin Tamil community to Sri Lanka. Over 2000 teachers in plantation schools of Sri Lanka benefitted from the program.

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Agreement signed with Sinopec to construct oil refinery in H’tota (Video)

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During President Anura Kumara Disanayake’s four-day state visit to China, Sri Lanka marked a significant milestone by securing the largest foreign direct investment to date. This significant achievement was formalized this morning (16) with the signing of an agreement between Sri Lanka’s Ministry of Energy and Sinopec, a leading Chinese international petroleum corporation.  

Under this $3.7 billion investment, a state-of-the-art oil refinery with a capacity of 200,000 barrels will be constructed in the Hambantota region. A substantial portion of the refinery’s output is planned for export, further enhancing the nation’s foreign exchange earnings.  

This major investment from China is expected to bolster Sri Lanka’s economic growth while uplifting the livelihoods of low-income communities in the Hambantota area. Moreover, the benefits of this project are anticipated to positively impact the overall Sri Lankan population in the near future.  

The signing ceremony was attended by Minister of Foreign Affairs, Labour and Tourism Vijitha Herath, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake and Director General of Government Information H. S. K. J. Bandara, alongside other dignitaries.  

(President’s Media Division)

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