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

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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)

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Civil Defence officer arrested over shooting of Perahera elephant

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A Civil Defence Department officer attached to the Mapakada Wewa Wildlife Regional Office has been arrested in connection with the shooting of a female elephant that had participated in the annual Randoli Perahera of Mahiyanganaya Rajamaha Viharaya.

Police spokesperson SSP Nihal Thalduwa said a statement is being recorded from the said officer.

The incident has taken place at around 3:30 a.m. this morning.

It was reported that following the procession, the female elephant had been tied to a tree on the banks of the Mahaweli River.

The mahout, who said he was having breakfast when the incident happened, accused the officer of shooting the elephant despite people telling him that ‘Sita’ was not a wild elephant.

The officer in question had shot ‘Sita’ after mistaking it for a wild elephant that had crossed the river.

The injured 48-year-old elephant was later treated by veterinary surgeons of the Wildlife Conservation Department.

In a statement, the Director General of the Wildlife Conservation Department, M.G.C. Sooriyabandara had clarified that one of the wildlife officers at the site had mistakenly fired rubber bullets at the female elephant ‘Sita’ while trying to scare off the wild elephants in the vicinity.

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Landslide warnings extended

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The Department of Irrigation says that the water levels in the Kelani River and Attanagalu Oya are rising to levels that requires attention.

Director of the Hydrology and Disaster Management Division of the Irrigation Department S. P. C. Sugeeshwara says that the Gin, Nilwala and Kalu Ganga remain at the flood level.

Many roads in the vicinity of the rivers have been inundated.

S. P. C Sugeeshwara warns that people should refrain from further using the rivers.

The landslide warnings issued to seven districts have also been extended, due to the prevailing weather conditions.

The Met Department predicts that the heavy showers in the South West will continue.

Heavy showers of about 75 mm can be expected in some areas.

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“SLPP Leadership can change if needed”

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Former President Mahinda Rajapaska yesterday said that there should be a change in the leadership of Sri Lanka Podujana Peramuna (SLPP), if the need arises.

When the former President was asked about the veracity of the news on social media about imminent change of the SLPP leadership, said that he is not aware of any change in the leadership. 

The President was speaking to the media after calling on Mahanayake Thera of the Rammanya Maha Nikaya Most Ven. Makulewe Sri Wimala Thera at the Vidyawasa Pirivena in Meerigama yesterday.

Commenting on the impending regulations on social media, the former President said that there are pros and cons in the social media. “I don’t have any issue with the social media,” he said. 

Former President Mahinda Rajapaksa also visited the Sacred Kelaniya Rajamaha Viharaya and participated in religious activities. The Former President also met Chief incumbent of the Kelaniya Rajamaha Viharaya Ven. Kollupitiye Mahinda Sangharakkitha Thera and received his blessings.

Speaking to the media on the occasion, the former President said that he is physically fit despite social media reports to the contrary.

(dailynews.lk)

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