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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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Landslide warning issued for eight districts

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The National Building Research Organisation (NBRO) has issued early landslide warnings for eight districts due to the ongoing heavy rainfall.

The warnings have been issued, effective from 05 pm today (02) to 05 pm tomorrow (03).

Accordingly, the warning notices under Level 02 have been issued to the Kalutara, Kandy, Kegalle, Matara and Ratnapura districts.

Early landslide warnings have been issued to Bulathsinhala in the Kalutara district, Udapalatha and Yatinuwara in the Kandy district, Bulathkohupitiya, Mawanella, Dehiowita and Kegalle in the Kegalle district, Pasgoda in the Matara district and Ratnapura, Eheliyagoda, Elapatha, Kuruwita, Kahawatta, Godakawela and Pelmadulla in the Ratnapura district.

Meanwhile, Level 01 early landslide warnings have been issued to Welimada and Haldummulla in the Badulla district, Elpitiya in Galle district and Polgahawela in Kurunegala district.

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Government Quarters Handovers Delayed for Five Former Ministers

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The Ministry of Public Administration has announced that the takeover of government quarters occupied by five former ministers has not yet been completed due to several ongoing issues with the quarters.

The ministry has urged the former ministers to resolve these problems promptly.

Action will be taken to conduct inspections of the government quarters if they are not handed over by next week.

Additionally, the ministry stated that legal action will be pursued if it is found that a former minister or their close relatives are still residing in the properties in question.

(News1st)

(This story, originally published by News1st has not been edited by SLM staff)

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Lohan Ratwatte transferred to prison hospital 

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Former State Minister Lohan Ratwatte, who was arrested and remanded on charges of using a luxury car illegally imported from abroad and assembled in Sri Lanka, has been transferred to the prison hospital.

He was arrested by Mirihana Police on October 31 in Katugastota, Kandy.

Ratwatte was subsequently produced before the Acting Magistrate of Nugegoda from the Mirihana Police Station, and was ordered to be remanded until November 7.

However, the Acting Magistrate granted permission for Ratwatte to receive treatment at the prison hospital.

Police said that the former state minister was arrested in Kandy over an incident of discovering an unregistered car at his wife’s house in the Mirihana area of Nugegoda.

The car without registered number plates was found on October 26, 2024, according to police.

Police had found the luxury car in question during an inspection carried out based on information received by the police headquarters that there is a luxury car without number plates in a three-storied house in the Embuldeniya area in Mirihana, belonging to Shashi Prabha Ratwatte, the wife of former State Minister Lohan Ratwatte.

During the investigation, both Ratwatte and his wife had explained to the police that his mother-in-law resides in the said house. They had claimed that the car had been brought there three weeks ago by Ratwatte’s private secretary, who was recently found dead with gunshot injuries in the Katugastota area of Kandy.

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

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