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

Published

4 weeks ago

February 27, 2023

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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

Visiting Indian delegation holds talks with Power minister

Published

1 hour ago

March 24, 2023

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A discussion had been on Energy sector cooperation & Investments today (24) with the visiting delegation from India led by Secretary of India’s Ministry of Petroleum and Natural Gas – Mr. Pankaj Jain, at the Ministry of Power and Energy in Colombo.

Taking to Twitter, Sri Lankan minister of Power and Energy said that several topics such as the development of Trincomalee as an energy hub, oil & gas exploration, renewable energy, LNG infrastructure development & supply and solar cooking burners were discussed.

The Indian delegation included the Officer on Special Duty, Ministry of Petroleum & Natural Gas – Ms. Esha Srivastav, IOC Chairman – Mr. S. M. Vaidya, Chairperson of Engineers India Limited – Ms. Vartika Shukla, MD of Petronet LNG Limited – Mr. A.K. Singh, MD of the ONGC Videsh Limited – Mr. Rajarshi Gupta, Director Hindustan Petroleum Corporation Limited – Mr. Amit Garg.

They were accompanied by the High Commissioner of India to Sri Lanka – Mr. Gopal Baglay, the Deputy High Commissioner – Mr. Vinod. K. Jacob as well as officials of the Indian High Commision.

S. M. Vaidya, Chairman, IOC, Vartika Shukla, Chairperson, Engineers India Limited, A.K. Singh,MD, Petronet LNG Limited, Rajarshi Gupta,MD, ONGC Videsh Limited, Amit Garg, Director Hindustan Petroleum Corporation Limited & officials of the High Commision. pic.twitter.com/PWZm4PTaK9
— Kanchana Wijesekera (@kanchana_wij) March 24, 2023

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Dhananjaya denies claims on refusal to bat at No. 7

Published

2 hours ago

March 24, 2023

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Sri Lankan cricketer Dhananjaya de Silva has refuted claims that he refused to bat at No. 07 position in tomorrow’s ODI match against New Zealand.

Tweeting, he said: “The story circulating in social media saying that I have refused to bat at No. 07 during tomorrow’s game is false, and I wish to state that I am a player who always stands with the team”.

The story circulating in social media saying that I have refused to bat at No. 7 during tomorrow's game is false, and I wish to state that I am a player who always stands with the team.
— Dhananjaya De Silva (@dds75official) March 24, 2023

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Ensure safety of Saliya Peiris – BASL

Published

2 hours ago

March 24, 2023

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In a letter to the Inspector General of Police, the Bar Association of Sri Lanka (BASL) has requested the police take necessary action to ensure the safety of the BASL President – Saliya Pieris.

The letter to the IGP relates to the protest that took place opposite the chamber of Saliya Pieris PC.

view the said protest seriously hinders his right to represent a client, a professional right which has been safeguarded by law,” the BASL said.

“Therefore, we strongly demand that you take action to ensure that Mr. Peiris’s professional duties as an Attorney-at-law, are not hindered and to ensure his safety,” the BASL added.