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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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President pays final respects to late Dr. Ariyaratne & Palitha Thewarapperuma (Pics)

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President Ranil Wickremesinghe today (April 19) paid his final respects to the late social activist and founder of the Sarvodaya movement, Dr. A.T. Ariyaratne as well as to former UNP Member of Parliament and former Deputy Minister, Palitha Thevarapperuma.Visiting the Moratuwa Sarvodaya Headquarters where Mr. Ariyaratne was laid to rest, the President offered his final respects and left a condolence note. He also shared condolences with the grieving family members. 

The President also paid his last respects and extended condolences to the grieving family and local community at the residence Palitha Thewarapperuma, in Yatadolawatte, Matugama.

UNP Chairman MP Wajira Abeywardena and several others attended the event.

(Pics : PMD)


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Flu & diarrhea cases among children on the rise

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Health Authorities have warned of a rise of diarrhea and flu cases among children after the New Year period.
Consultant paediatrician Dr. Deepal Perera advised parents to immediately seek medical attention if their children have been suffering from fever continuously for 3-4 days.

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Fortified rice distribution initiative commences

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The distribution of fortified rice, provided by the World Food Program (WFP) on behalf of the program initiated under the instructions of President Ranil Wickremesinghe, to provide a nutritious meal for school students, commenced today, (19) at the Veyangoda warehouse complex.

In an effort to reduce iron deficiency among school children, fortified rice is provided for school meals. This distribution will be conducted under the supervision of Mr. M.H.A.M. Riflan, Director General for the Partnership Secretariat for World Food Programme Co-operation (PSWFPC), which operates under the purview of the Presidential Secretariat.

As planned, the distribution of 735 metric tons of rice to provincial-level schools commenced today as part of the first phase and will continue tomorrow (20). This rice stock is being delivered to schools under the supervision of officials from the respective Provincial Departments of Education and Public Health Inspectors (PHIs).

Meanwhile, Director General for the PSWFPC, Mr. M.H.A.M. Riflan stated that 378.835 metric tons of dhal, 412.08 metric tons of sunflower cooking oil, and 300 metric tons of dates will be distributed to schools following the start of the new school term on May 19.

Accordingly, the Ministry of Education has implemented measures to provide a main meal at school for all students in grades 1-5 across the country. Following nutritionists’ recommendations, students receive breakfast between 7:30 a.m. and 8:30 a.m. daily before engaging in educational activities.

Under the theme of ‘Healthy Active Generation,’ the 2024 school meal program aims to reduce nutritional problems among students, increase daily school attendance, foster good eating and health habits, contribute to the improvement of educational achievement levels, and fulfil the fundamental objectives of promoting local food culture.The school feeding program for this year extends its benefits to 1.6 million students, including primary students from 9,134 government schools, as well as smaller schools with fewer than 100 students. A budget of Rs. 16.6 billion has been allocated to the nine provincial councils by the government, supplemented by sponsorship from entities such as the World Food Program (WFP) and the United States Department of Agriculture (USDA).

(President’s Media Division) 

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