The regional election officials were told that they are to gazette April 25 as the election day…reports Asian Lite News
Sri Lanka’s Election Commission announced on Tuesday that April 25 is the suitable date to hold local council elections.
The commission also informed regional election officials that the local elections cannot be held on March 9 as scheduled due to unexpected and unavoidable reasons, Xinhua news agency reported.
The regional election officials were told that they are to gazette April 25 as the election day.
Regional election officials published gazettes earlier this year, announcing that local elections would be held on March 9. However, the elections were delayed after the government said there were inadequate funds.
Sri Lanka holds elections for local government bodies once every four years, and the postponed local elections were originally scheduled to be held in 2022.
Meanwhile, the International Monetary Fund (IMF) has said that Sri Lanka has received financial assurances from all major bilateral creditors, Sri Lanka-based Daily Mirror reported. The IMF board will hold a meeting on March 20 for the consideration of approval for the State Level Agreement for financing under an Extended Fund Facility.
In a statement, IMF noted that the financial assurances from creditors paves the way for consideration of approval of the state-level agreement reached on September 1, as per the Daily Mirror report. It further stated the arrangement will support the authorities program of ambitious reforms and will help Sri Lanka emerge from the current crisis.
“Sri Lanka has now received financing assurances from all major bilateral creditors. This paves the way for consideration by the IMF’s Board on March 20 the approval of the Staff Level Agreement reached on September 1, 2022 for financing under an Extended Fund Facility. Approval by the Board would also catalyze financing from other creditors, including the World Bank and the Asian Development Bank,” IMF said in a statement.
According to the Daily Mirror report, IMF further stated, “The arrangement will support the authorities’ program of ambitious reforms, that they have already embarked upon, which will help Sri Lanka emerge from its current crisis and set it on a trajectory of strong and inclusive growth.”
IMF Managing Director Kristalina Georgieva welcomed the progress made by Sri Lankan authorities in taking decisive policy actions and obtaining financial assurances from major creditors, including India, China and the Paris Club.
Kristalina Georgieva tweeted, “I welcome the progress made by Sri Lankan authorities in taking decisive policy actions & obtaining financing assurances from all their major creditors, incl. China, India & the Paris Club. Look forward to presenting the IMF-supported program to our Exec. Board on March 20.” (ANI)
Lanka President stressed that any violation of the agreement with the IMF could result in discontinuation of Sri Lanka’s collaboration with all financial institutions…reports Asian Lite News
Sri Lankan President Ranil Wickremesinghe on Tuesday welcomed obtaining financial assurances from India, China and the Paris Club. In a series of tweets, Wickremesinghe spoke about obtaining assurances from Sri Lanka’s bilateral creditors and the importance of IMF funds for the island nation.
Ranil Wickremesinghe said that he spoke with IMF Managing Director Kristalina Georgieva and US Secretary of the Treasury Janet Yellen. He further stated that he and Sri Lanka’s Central Bank Governor signed the agreement and sent it to IMF. He noted that a response from IMF is expected this month followed by funds from World Bank and Asian Development Bank. Taking to his official Twitter handle, Wickremesinghe stated, “I spoke with IMF MD Kristalina Georgieva & US Sec of the Treasury Janet Yellen. Letter of assurance from Exim Bank of China was received. I, together with the Governor of CB, signed the agreement & sent it to IMF–a response is expected this month, followed by funds from WB & ADB.”
Wickremesinghe’s remarks comes after International Monetary Fund (IMF) announced that Sri Lanka has received financial assurances from all major creditors and will hold a meeting on March 20 for the consideration of approval for the state level agreement for financing under an Extended Facility.
He stressed that any violation of the agreement with the IMF could result in discontinuation of Sri Lanka’s collaboration with all financial institutions. He stated that Sri Lanka needs IMF to lead agreed debt sustainability discussions with creditors.
Wickremesinghe tweeted, “Any violation of the agreement with IMF could result in SL’s collaboration with all financial institutions being discontinued. Annual payments of approximately Rs.6-7b of loans are due until 2029; thus, SL needs IMF to lead agreed debt sustainability discussions with creditors.”
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Highlighting the importance of the IMF agreement, Wickremesinghe tweeted, “The agreement with the IMF is a crucial step in restoring our economy. It’s not a question of whether we should or shouldn’t go for it, but simply that we must.”
In a tweet, he said, “I’ve been heading discussions with IMF since mid-22 concerning SL’s BoP, fiscal & foreign exchange crisis. We negotiated a staff-level agreement with IMF by September 22, & worked with India, China & The Paris Club to obtain their assurances last January.”
In a tweet, Sri Lankan President called on influential groups, political parties, voluntary organisations, trade unions, professionals and all the people to support country’s economic reforms to move forward. He further stated, “If you disrupt the ongoing progress, the consequences will be dire, as unrest could lead to unprecedented woes.”
Wickremesinghe expressed gratitude to military and police for upholding peace by maintaining public order. He tweeted, “LKR is appreciating. If country faced a state of anarchy on July 9, we’d be in dire straits. I’m grateful to military & police for upholding peace–by maintaining public order,we’ve come so far to having fuel, power, & $ in reserves–we can’t allow sinister forces to destabilise SL.”
He called on opposition to join him in stabilising the country’s economy. Wickremesinghe said that he will table the IMF agreement in parliament upon approval. He thanked the country’s National Assembly and President committees for their reports and
Wickremesinghe tweeted, “I invite the opposition to join me in stabilising the economy. GDP should be evaluated by June. We can then accordingly decide on holding General and Presidential Elections. I will table the IMF agreement in parliament upon approval & house can approve or offer an alternative.”
He further stated, “I will submit a new draft on the Government’s way forward and road map. After Parliament reaches an agreement, I will present long-and mid-term plans. I thank the National Assembly and Parliament committees for their reports. We were able to complete the work within eight months.”
IMF Managing Director Kristalina Georgieva welcomed the progress made by Sri Lankan authorities in taking decisive policy actions and obtaining financial assurances from major creditors, including India, China and the Paris Club.
Kristalina Georgieva tweeted, “I welcome the progress made by Sri Lankan authorities in taking decisive policy actions & obtaining financing assurances from all their major creditors, incl. China, India & the Paris Club. Look forward to presenting the IMF-supported program to our Exec. Board on March 20.”
On Tuesday, Deputy Ambassador of the Chinese Embassy in Colombo Hu Wei presented the Exim Bank of China’s financial assurance letter to Secretary of the Ministry of Finance Mahinda Siriwardena at the Presidential Secretariat.
Sri Lankan President’s Media Division tweeted, “The Deputy Ambassador of the Chinese Embassy in Colombo Hu Wei officially presented the financial assurance letter issued by the Exim Bank of #China to the Secretary of the Ministry of Finance Mahinda Siriwardena at the Presidential Secretariat today (07).”
It further said, “Mr. Hu Wei revealed that large-scale companies are looking forward to visiting Sri Lanka in the near future to explore new #investment opportunities.”
Earlier in January, External Affairs Minister S Jaishankar said that India extended financing assurance to International Monetary Fund (IMF) to clear the way for Sri Lanka to move forward with an expectation of strengthening the island nation’s position and ensuring that all bilateral creditors are dealt with, equally. (ANI)
President Ranil Wickremesinghe on Tuesday informed Parliament that the government received a letter of assurance from the Chinese Exim Bank…reports Asian Lite News
Breaking the biggest barrier to receive the promised conditional International Monetary Fund (IMF) bailout package of $2.9 billion to help Sri Lanka’s cash-strapped economy, China has given assurance to help the island nations debt restructuring programme.
President Ranil Wickremesinghe on Tuesday informed Parliament that the government received a letter of assurance from the Chinese Exim Bank on Monday night and the letter of intent signed by the Central Bank Governor and himself was sent to the IMF immediately.
Wickremesinghe, who also the Finance portfolio, assured that once the IMF agreement is reached, the deal would be tabled in Parliament along with the draft of the government’s future plan and road map.
A delay by China the biggest bilateral creditor to the island nation accounting for 52 per cent, had been hampering Sri Lanka’s effort to get the much needed dollar bail out promised by the IMF in last September.
Referring to Sri Lanka’s attempt reach the IMF conditions to get the bailout, in January US Ambassador to Sri Lanka, Julie Chung urged China not to be a spoiler.
“For the sake of the Sri Lankan people, we certainly hope China is not a spoiler as they proceed to attain this IMF agreement,” she complained.
In an interview to the BBC on January the US Ambassador claimed that the greater onus to move with regard to Sri Lanka’s debt restructuring, a prerequisite for an IMF bailout, was on China, as the biggest bilateral lender.
“We hope that they do not delay because Sri Lanka does not have time to delay. They need these assurances immediately,” Ambassador Chung stated.
Accounting for 12 per cent of total debt, India, the third largest bilateral creditor to Sri Lanka after China and Japan, was the first to formally inform the IMF of its assurance for the external debt restructuring programme.
The closest neighbour to the crisis-hit country, India’s outstanding credit to Sri Lanka amounted to nearly $1.7 billion up to June last year.
Following India, in February the Paris Club of creditors announced its supports for the debt restructuring of Sri Lanka.
World Bank also assured Lanka to provide further guidance and necessary support regarding the use of international media and welfare benefits…reports Asian Lite News
The World Bank assured its support to development reform programme of Sri Lanka, which is going through its worst-ever economic crisis in the history.
The World Bank’s Vice President in charge of the South Asia region, Martin Raiser who met President Ranil Wickremesinghe on Tuesday assured to provide technical assistance in drafting laws for development policy operations, and to provide further guidance and necessary support regarding the use of international media and welfare benefits.
The World Bank Development Policy Operational Program was fully investigated and the President and World Bank representatives gave their views on its progress, President Media Division (PMD) said on Tuesday.
“Improving financial supervision and credit management, improving tax administration, reducing sovereign-financial sector linkages and systemic risks, maintaining stability and confidence in the banking sector, restructuring and decentralisation, reducing policy uncertainty and increasing the competitiveness of the economy, mobilising private capital and competition in the broadband market, strengthening the social security institution, delivery system and targeting were discussed at length,” the PMD stated.
World Bank representative included Country Director Faris H. Hadad-Zervos, Country Manager Chiyo Kanda, International Finance Corporation Sri Lanka and Maldives Manager Alejandro Alvarez de la Campa and Country Advisor Husam Abu Daga, while Sri Lankan delegation included Finance Ministry Secretary, Mahinda Siriwardena and Central Bank Governor Nandalal Weerasinghe.
Many services declared essential
In the wake of mass protests planned on Wednesday by professionals against major tax hikes and postponement of election, Sri Lankan President Ranil Wickremesinghe issued a gazette notification declaring ports, airport and public transport as essential services with immediate effect.
“President Wickremesinghe signed a Gazette notification a short while ago declaring public transport services for passengers or goods, discharge, carriage, landing, storage, delivery & removal of articles of food or drink, or coal, oil, fuel from vessels within any port as definedfor the purposes of the Customs Ordinance (Chapter 235), the provision and maintenance of facilities for transport services by road, rail or air, including roads, bridges, culverts, airports, ports & railway lines, as essential services with immediate effect,” President’s Media Division announced on Monday night.
President Wickremesinghe’s extraordinary gazette comes following Professional Trade Union Alliance (PTUA) comprising 40 trade unions representing doctors, professionals and workers from ports, railway and bus services has threatened to cripple the country with a massive trade union action on Wednesday.
Trade unions have termed the new tax policy – introduced to “please” the International Monetary Fund’s (IMF) to obtain a bailout package of $2.9 billion – “unfair and oppressive”.
During the weekend President Wickremesinghe, who met some trade unions, had stressed that the country cannot be push out of the ongoing economic crisis without the IMF bailout package.
“Revising the taxes before reaching a final agreement with the IMF could have a negative impact on the ongoing discussion with the IMF,” Wickremesinghe has told the trade unions which opposed his stance. (with inputs from Susitha Fernando)
President Wickremesinghe’s directives comes following Professional Trade Union Alliance (PTUA) comprising 40 trade unions has threatened to cripple the country with a massive strike…reports Asian Lite News
In the wake of mass protests planned on Wednesday by professionals against major tax hikes and postponement of election, Sri Lankan President Ranil Wickremesinghe issued a gazette notification declaring ports, airport and public transport as essential services with immediate effect.
“President Wickremesinghe signed a Gazette notification a short while ago declaring public transport services for passengers or goods, discharge, carriage, landing, storage, delivery & removal of articles of food or drink, or coal, oil, fuel from vessels within any port as definedfor the purposes of the Customs Ordinance (Chapter 235), the provision and maintenance of facilities for transport services by road, rail or air, including roads, bridges, culverts, airports, ports & railway lines, as essential services with immediate effect,” President’s Media Division announced on Monday night.
President Wickremesinghe’s extraordinary gazette comes following Professional Trade Union Alliance (PTUA) comprising 40 trade unions representing doctors, professionals and workers from ports, railway and bus services has threatened to cripple the country with a massive trade union action on Wednesday.
Trade unions have termed the new tax policy – introduced to “please” the International Monetary Fund’s (IMF) to obtain a bailout package of $2.9 billion – “unfair and oppressive”.
During the weekend President Wickremesinghe, who met some trade unions, had stressed that the country cannot be push out of the ongoing economic crisis without the IMF bailout package.
“Revising the taxes before reaching a final agreement with the IMF could have a negative impact on the ongoing discussion with the IMF,” Wickremesinghe has told the trade unions which opposed his stance.
The decision was taken as the Corporation was receiving sufficient amount of fuel …reports Susitha Fernando
Sri Lanka is planning to do away with the rationing of fuel using a QR code ahead of the National New Year, the Ceylon Petroleum Corporation (CPC) announced on Monday.
The CPC said that it plans to stop issuing fuel on limited basis starting from April 10 ahead of the New Year falls on April 13 and 14.
The decision was taken as the Corporation was receiving sufficient amount of fuel and country’s largest oil refinery is in operation producing nearly 50,000 barrels of fuel per day.
“Plans are underway to ensure continuous supply of crude oil for the refinery,” a CPC spokesman said.
Faced by the worst-ever economic crisis since Independence in 1948, the islanders faced severe shortages of fuel halting transportation and power generation.
Sri Lankans had to queue up for days to purchase fuel and over 15 deaths were reported at the fuel queues.
To ease the congestion, government initially introduced rationing system by issuing fuel based on the vehicle registration number and later in August 2022 introduced a QR code system issuing 20 litres of fuel for light vehicles and 4 litres for petrol for motorbikes.
In addition to CPC, the Indian Oil’s subsidiary Lanka IOC has been operating as the sole private oil company for last 20 years.
It operates over 200 retail petrol and diesel stations around Sri Lanka while owning one-third share in Ceylon Petroleum Storage Terminals Limited — a joint venture of Lanka IOC and CPC which operates 13 oil terminals across the island nation.
The mobile app will register all three-wheelers and a barcode will be displayed on the vehicle for foreign tourists to scan…reports Asian Lite News
Sri Lanka is to launch a mobile app from March 1 to protect tourists, Tourism Minister Harin Fernando said.
The minister, addressing an event in Colombo on Saturday, said that this is one of the best mobile applications in the region for tourist safety, Xinhua news agency reported.
He said the app can be operated in seven languages.
The mobile app will register all three-wheelers and a barcode will be displayed on the vehicle for foreign tourists to scan, the minister said.
Once a tourist reports an incident by scanning the barcode, police and tourism officials would take action, he said.
The ministry will operate a 24-hour active call center to support the app, he said.
The police can also monitor the app and take appropriate action in the event of any incidents that inconvenience or endanger tourists.
Tourism, one of Sri Lanka’s leading foreign exchange earners, has suffered a setback due to the Covid-19 pandemic and economic and political crises in the country.
Sri Lanka aims to attract around 1.5 million tourists in 2023 and 3 million tourists in 2024.
India sent financing assurances to the International Monetary Fund (IMF), becoming the first of Sri Lanka’s creditors to officially back the crisis-hit island nation’s debt restructuring programme…reports Asian Lite News
High Commissioner of Sri Lanka to India, Milinda Moragoda on Tuesday met Finance and Corporate Affairs Minister Nirmala Sitharaman ahead of G20 Finance Ministers’ Meeting.
During the discussion, High Commissioner Moragoda once again thanked Minister Sitharaman for the unprecedented emergency assistance that India has extended to Sri Lanka and for the timely issuance of India’s financial assurances to the International Monetary Fund, concerning the country’s debt restructuring process, read High Commission of Sri Lanka in India press release. The meeting between the Finance Minister and the High Commissioner of Sri Lanka took place just ahead of the first meeting of the G20 Finance Ministers scheduled to be held on February 24-25, 2023 in Bengaluru, chaired by Minister Sitharaman.
The High Commissioner also thanked India and Minister Sitharaman for the assistance being provided to Sri Lanka in the present economic recovery phase, in particular for the necessary regulations and approvals that are being set in place to facilitate rupee trade between the two countries.
The discussion also focused on the ways and means to utilize the available resources in the 1 billion USD Indian line of credit to import urgently required essential pharmaceuticals, which are in short supply in Sri Lanka, added the release.
Moragoda briefed Minister Sitharaman on Sri Lanka’s ongoing discussions with the International Monetary Fund to obtain the Extended Fund Facility and the present status of the country’s debt restructuring process.
While apprising the Minister of the drastic impact the present economic contraction is having on the population of Sri Lanka, High Commissioner Moragoda expressed his appreciation to Minister Sitharaman for her efforts in garnering international support for Sri Lanka’s case including at the G20 forum.
India sent financing assurances to the International Monetary Fund (IMF), becoming the first of Sri Lanka’s creditors to officially back the crisis-hit island nation’s debt restructuring programme.
This takes Sri Lanka one step closer to getting a crucial USD 2.9-billion package from the IMF, made contingent on “receiving financing assurances from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors.”
Notably, China, Japan, and India are Sri Lanka’s three largest bilateral lenders.
External Affairs Minister S Jaishankar in January visited Sri Lanka and said that India is committed to increasing investment flows to Sri Lanka to hasten its economic recovery.
During his visit, India and Sri Lanka discussed cooperation in infrastructure, connectivity, energy, industry and health.
Jaishankar’s visit to the island nation came at a crucial time as Sri Lanka has been making efforts to obtain an extended fund facility from International Monetary Fund. (ANI)
Moragoda thanked India for the unprecedented support that it has extended to Sri Lanka to mitigate the negative impact of the economic crisis…reports Asian Lite News
Minister of Commerce and Industry, Piyush Goyal on Tuesday met Sri Lanka’s High Commissioner Milinda Moragoda and discussed support for economic recovery through bilateral trade expansion.
During the discussion between Minister Goyal and High Commissioner Moragoda, which was held in a very cordial manner, a wide range of issues pertaining to the areas of bilateral trade and commerce, particularly aiming at the economic recovery in Sri Lanka, was discussed, read High Commission of Sri Lanka press release. Mechanisms relating to the expansion of bilateral trade, the ways to establish and promote rupee trade between Sri Lanka and India as a means of economic recovery in Sri Lanka, and the possibility of further bilateral integration in the textiles and garment sector were among the key issues discussed between the Indian Commerce Minister and the Sri Lankan High Commissioner.
Moragoda thanked India for the unprecedented support that it has extended to Sri Lanka to mitigate the negative impact of the economic crisis.
Recalling India’s timely issuance of financial assurances to the IMF, the first creditor to do so, High Commissioner Moragoda emphasized the key role that India could play in the recovery phase of the Sri Lankan economy, added the press release.
India sent financing assurances to the International Monetary Fund (IMF), becoming the first of Sri Lanka’s creditors to officially back the crisis-hit island nation’s debt restructuring programme.
This takes Sri Lanka one step closer to getting a crucial USD 2.9-billion package from the IMF, made contingent on “receiving financing assurances from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors.”
Notably, China, Japan, and India are Sri Lanka’s three largest bilateral lenders.
External Affairs Minister S Jaishankar in January visited Sri Lanka and said that India is committed to increase investment flows to Sri Lanka to hasten its economic recovery.
During his visit, India and Sri Lanka discussed cooperation in infrastructure, connectivity, energy, industry and health.
Jaishankar’s visit to the island nation came at a crucial time as Sri Lanka has been making efforts to obtain an extended fund facility from International Monetary Fund. (ANI)
Sri Lanka has been facing a medical shortage since 2022 due to its balance of payment crisis, and the price of medicine has also gone up last year due to rising inflation…reports Asian Lite News
Sri Lankan Health Minister Keheliya Rambukwella on Sunday announced that all non-essential and non-urgent surgeries at government hospitals have been postponed.
He said that essential and urgent surgeries will be carried out without hindrance and that the measure is only temporary, Xinhua news agency reported.
The decision comes in the wake of Sri Lanka Medical Association, the national professional medical association, warning that the health sector would face a serious crisis within a few weeks, if shortages of medicines, surgical equipment, and chemicals used in labs are not addressed now.
Sri Lanka has been facing a medical shortage since 2022 due to its balance of payment crisis, and the price of medicine has also gone up last year due to rising inflation.
Reports said that Sri Lanka relies on imports for about 85 per cent of its pharmaceutical needs and about 80 per cent of its medical supplies.
