News

World Bank’s IFC to grant SL $400 mn. cross-currency swap facility

Published

2 years ago

February 27, 2023

editor

World Bank’s IFC to grant SL $400 mn. cross-currency swap facility

The International Finance Corporation (IFC), the World Bank’s investment arm, said it will provide Sri Lanka a $400 million cross-currency swap facility to help fund essential imports.
Three private banks, which together deal with over 30% of Sri Lanka’s remittances and exports, will receive the facility to fund essential imports, including medicine, food and fertiliser, the IFC said in a statement on Monday.

The funds will provide a much needed foreign exchange cushion for Sri Lanka, which is grappling with its worst financial crisis in over seven decades partly triggered by a severe shortage of dollars.

The island nation’s economy is estimated to have contracted by 9.2% in 2022 and is expected to shrink a further 4.2% in 2023, according to World Bank data.

“We expect this financing to boost confidence in the investor community, attract fresh capital inflows to support the Sri Lankan economy,” said Joon Young Park, IFC’s Portfolio Manager, Financial Institutions Group for South Asia.

IFC is also working on further plans to support client banks with other long-term funding and advisory services in the future, the statement added.

Sri Lanka signed a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout last September but has to put its debt on a sustainable repayment track before the funds can be disbursed.

(Reuters)

News

Special security measures implemented for Easter

Published

3 hours ago

April 17, 2025

editor

Sri Lanka Police Headquarters has announced that steps have been taken to implement a special security program in view of the upcoming Easter celebrations.

As Easter services are scheduled to be held on April 18 and April 20, 2025, special police security will be deployed to ensure the safety of devotees on those dates.

Acting IGP Priyantha Weerasooriya has issued instructions to all Senior Deputy Inspectors General of Police (Senior DIGs) in charge of all provinces, Senior Superintendents of Police (SSPs), and Officers-in-Charge (OICs) in this regard.

Accordingly, the Acting IGP has further instructed officers to identify churches expected to attract large crowds as well churches where major religious services are held, to ensure security in and around those locations.

The Police, Special Task Force (STF), and tri-forces personnel are to be deployed to ensure security during the Easter celebrations.

News

Hot weather to continue

Published

3 hours ago

April 17, 2025

editor

A warm weather advisory has been issued for residents of the Northern, North-central, North-western, Western, Southern and Eastern provinces and in Rathnapura and Monaragala districts.

The heat index – the temperature felt by the human body — is expected to rise to the ‘Caution Level’ in several areas tomorrow (April 18), according to the Department of Meteorology.

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News

5 including a police officer, arrested with Rs. 30 Mn.

Published

3 hours ago

April 17, 2025

editor

Sri Lanka Police has arrested five individuals, including a constable from the Western Province Intelligence Division, in Dondra Head.

The arrests were made early this morning, and the suspects were found in possession of approximately Rs. 30 million.

According to the police, the Special Task Force (STF) acted on a tip-off and conducted a search of a vehicle, leading to the arrests.

The five individuals, including the police constable, were taken into custody by the STF.

Investigations are currently being conducted under the supervision of the Police Narcotics Bureau to determine the source and intended use of the large sum of money.

(News1st)

(Except for the headline, this story, originally published by News1st has not been edited by SLM staff)