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• The IMF Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of SDR 2.286 billion (about US$3 billion) to support Sri Lanka’s economic policies and reforms. • The objectives of the EFF-supported program are to restore macroeconomic stability and debt sustainability, safeguarding financial stability, and stepping up structural reforms to unlock […]
The International Monetary Fund (IMF) denies claims it recommended postponing the Local Government (LG) elections. The LG polls were scheduled to be held earlier this month but has now been postponed to 25th April. IMF Mission Chief for Sri Lanka, Masahiro Nozaki told reporters that the IMF does not intervene in any country’s electoral processes. […]
Sri Lanka is expected to receive the first tranche of funds from the International Monetary Fund (IMF) in 2 days, Peter Breuer, Chief of the Debt Capital Markets Division, Monetary and Capital Market Department at the IMF said. The IMF also said that it will continue to monitor Sri Lanka’s economic policies over the next […]
by Jehan Perera The government’s plans for reviving the economy show signs of working out for the time being. The long-awaited IMF loan is about to be granted. This would enable the government to access other loans to tide over the current economic difficulties. The challenge will be to ensure that both the old loans […]
The International Monetary Fund (IMF) has announced that the IMF Executive Board approved Sri Lanka’s program under the Extended Fund Facility (EFF).The post Sri Lanka receives IMF approval for USD 2.9 Billion bailout package appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
International Monetary Fund (IMF) Managing Director Kristalina Georgieva says ongoing efforts to tackle corruption in Sri Lanka should continue, including revamping anti-corruption legislation. She also said that a more comprehensive anti-corruption reform agenda should be guided by the ongoing IMF governance diagnostic mission that conducts an assessment of Sri Lanka’s anti-corruption and governa...
Maldives Parliament Speaker Mohamed Nasheed briefed the People’s Majlis today on talks being held between the International Monetary Fund (IMF) and Sri Lanka. Avas Online quoted Nasheed as telling the Maldives Parliament that he was informed the IMF is discussing a recovery package with Sri Lanka. He said the IMF is expected to reach an […]
All eyes will be on Washington today as the Executive Board of the International Monetary Fund (IMF) meets to decide on the Extended Fund Facility (EFF) arrangement for Sri Lanka. Peter Breuer, Senior Mission Chief for Sri Lanka, Asia and Pacific Department, IMF and Masahiro Nozaki, Mission Chief for Sri Lanka, Asia and Pacific Department, […]
[…]The post Failing Banks, French Turmoil & Sri Lanka’s Contraction & Confusion appeared first on Colombo Telegraph.
Reiterating its commitment to uplifting the well-being of local communities and honouring waste-collecting communities in Sri Lanka this World Recycling Day, The Coca-Cola Foundation (TCCF) has come together with the Sri Lanka Red Cross Society (SLRCS) to provide immediate assistance to address food insecurity among marginalized waste-collectors. Accordingly, TCCF and SLRCS is providing much-neede...
Sri Lanka will introduce new central bank legislation aimed at bolstering the bank's independence, accountability and also price stability in the country via a new inflation target, its governor Nandalal Weerasinghe said on Thursday.The post Sri Lanka to introduce new central bank law, inflation target appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Sri Lanka’s economy shrank 7.8% in 2022 from the previous year, government data showed on Wednesday, as the country struggled with its worst financial crisis in more than seven decades.The post Sri Lanka’s Economy suffers worst contraction in 2022 appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
By Shamindra Ferdinando President Ranil Wickremesinghe, who is also the Finance Minister, recently named three persons – all women -whose intervention supposedly brought relief to bankrupt Sri Lanka. UNP leader Wickremesinghe paid glowing tributes to Indian Finance and Corporate Affairs Minister Nirmala Sitharaman, US Secretary of State Janet Yellen, and IMF Managing Director and Chairman [&...
By Rathindra Kuruwita The JVP does not support a continuous strike at this juncture, JVP trade union leader Lal Kantha, says. However, the JVP fully backed the union action today, he said, adding that those involved in the strike must assess the government’s response and then decide on their next move. “We can take further […]
[…]The post To Be Or Not To Be (A US Military Base) appeared first on Colombo Telegraph.
[…]The post Two Challenges: Economic Recovery, Political Devolution – II appeared first on Colombo Telegraph.
[…]The post New Central Bank Bill: Gaps Need To Be Filled appeared first on Colombo Telegraph.
[…]The post Role Of Professionals In Achieving Our Economic Recovery appeared first on Colombo Telegraph.
by Eng. Mahinda Panapitiya More than one third of agricultural areas in Sri Lanka are fed by canals networks linked to major irrigation projects. Those canals have their own hierarchy similar to electric power lines. The main canal of any major irrigation project which is about 50 km long is similar to high tension power […]
[…]The post IMF Draws The Battle Line appeared first on Colombo Telegraph.
India extend its assistance to Sri Lanka without waiting on others During a recent visit by the Indian External Affairs Minister Dr. Jai Shankar to Sri Lanka, Foreign Minister Ali Sabri expressed his deep appreciation and gratitude to India on behalf of President Ranil Wickremesinghe and the government and people of Sri Lanka, for assisting […]
By SHIHAR ANEEZ Sri Lanka expects to present an anti-corruption bill to the parliament in coming days, Cabinet Spokesman said, as the island nation has been urged by the International Monetary Fund (IMF) to reduce corruption. The IMF has urged Sri Lanka to reduce corruption vulnerabilities through improving fiscal transparency and public financial management, introducing a […]
[…]The post IMF & LG Elections: Presidential Machinations & Opposition Myopia appeared first on Colombo Telegraph.
By Shamindra Ferdinando President of the Bar Association of Sri Lanka (BASL) Saliya Pieris, PC, yesterday (10) said that US Ambassador Julie J. Chung had been invited as the Guest of Honour to a two-day National Law Conference (NLC) 2023 in recognition of the continuous support received by BASL from the US. Agency for International […]
Sri Lanka needs institutional reforms in order to achieve long-term debt sustainability, said Steve Hanke, who played a key role in establishing new currency regimes in emerging markets like Argentina and Montenegro.The post Sri Lanka needs institutional changes for long-term debt sustainability, expert says appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
India had helped Sri Lanka more than any other country, especially, Sri Lanka’s Foreign Minister Ali Sabry said during Raisina Dialogue ‘Ideas Pod.’ While the Indian government took some bold decisions to help Sri Lanka face its economic crisis, even the Indian public came forward to support Sri Lanka, the country’s foreign minister said in […]
Sri Lanka aims to announce a debt-restructuring strategy in April and step up talks with commercial creditors ahead of an International Monetary Fund review of a bailout package in six months, the nation's central bank governor told Reuters.The post Sri Lanka to announce debt restructuring strategy in April – Central Bank Governor appeared first on Sri Lanka News - Latest Breaking News in Sr...
Sri Lanka aims to announce a debt-restructuring strategy in April and step up talks with commercial creditors ahead of an International Monetary Fund review of a bailout package in six months, the nation’s Central Bank Governor told Reuters. The crisis-hit island has secured financing assurances from all its major bilateral creditors, including India and China, […]
It is welcome news for progressive opinion in the global South that some seven countries, thus far seen as having been among the poorest countries of the world, would be ‘graduating’ out of the Least Developing Country (LDC) category. Among them are; Bhutan, Bangladesh, Laos, Nepal and Angola. Hopefully, development researchers the world over would […]
The International Monetary Fund (IMF) on Tuesday said Sri Lanka had secured financing assurances from all its major bilateral creditors, paving the way for the IMF board to consider approval of a long-awaited $2.9 billion four-year bailout.The post IMF board poised to approve $2.9 billion Sri Lanka bailout appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.