News

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

Published

2 years ago

June 19, 2023

editor

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)

News

NTC approves 0.55% bus fare reduction

Published

3 minutes ago

July 1, 2025

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The National Transport Commission (NTC) has announced that the annual bus fare revision will come into effect from July 04.

According to the Commission, bus fares will be reduced by 0.55 percent this year.

The revision was made in line with the annual fare adjustment mechanism, which takes into account fuel prices, operational costs, and other economic factors.

However, the minimum fare will remain unchanged.

News

Japan grants US$ 2.5 mn. to SL to strengthen anti-corruption mechanisms

Published

4 hours ago

July 1, 2025

editor

The Government of Japan has granted USD 2.5 million to Sri Lanka to strengthen anti-corruption mechanisms under a 3-year project for Promoting Prosecution of Corrupt Practices through the Establishment of Anti-corruption Mechanism.

Japanese ambassador in Sri Lanka – Mr. Akio Isomata and UNDP resident representative in Sri Lanka – Ms. Azusa Kubota, in the presence of Justice Minister – Harshana Nanayakkara, launched ‘The Project for Promoting Prosecution of Corrupt Practices through the Establishment of Anti-Corruption Mechanism’

The three year initiative is supported by the Government of Japan and implemented by the UNDP Sri Lanka, working in close collaboration with the (CIABOC) and the Ministry of Justice.

The project aims to promote transparency, accountability and integrity in governance and business practices through effective and institutionalised preventive mechanisms in the public and investment promotion sectors, strengthen institutions to enhance corruption related investigative processes, improve coordination with stakeholders and ensure quality of prosecutions, empower citizens to effectively mobilise against corruption and enhance social accountability.

The project also seeks to engage and empower youth, children and journalists to actively contribute to the fight against corruption and promote a culture of integrity.

News

3 ex-DMT officials including ex-commissioner, remanded

Published

4 hours ago

July 1, 2025

editor

Former Commissioner General Nishantha Weerasingha and two other former officials of the Department of Motor Traffic (DMT) have been arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

The arrests were made as part of an investigation into vehicles that were illegally registered with the Department of Motor Traffic without receiving proper clearance from Sri Lanka Customs, CIABOC said in a statement.

According to CIABOC, former Commissioner General Nishantha Weerasinghe has been arrested for granting approval to issue a number plate for a jeep.

Additionally, a former Assistant Director of Information Technology at the department and a clerk have also been taken into custody for facilitating the illegal data entry and executing it.

The suspects were produced before the Colombo Magistrate’s Court and were ordered to be remanded until July 08.