Connect with us

News

India to allow Sri Lanka to repay debt over 12 years, instead of 3 to 4

Published

on

India plans to allow Sri Lanka up to 12 years to repay its debt to help ease the financial burden on the country, India’s Export Credit Guarantee Corporation (ECGC) Ltd’s Chairman-cum-Managing Director M. Senthilnathan said.

Sri Lanka, facing its worst economic and political crisis in over seven decades, owes $7.1 billion to bilateral creditors— $3 billion owed to China, $2.4 billion to the Paris Club and $1.6 billion to India.

“Sri Lanka’s negotiations with the IMF are going on. After that restructuring package will come, we will recover [our] money over a period of time. What we are supposed to get in 3-4 years, may get extended to 10-12 years,” Senthilnathan said.

“But the interest rate will come down. This is a situation induced by inflation and because of the fallout of (Ukraine) war. You accommodate them for the next 5-6 years and later the markets will open up,” Senthilnathan added.

Earlier this year, the International Monetary Fund (IMF) approved a $3 billion loan programme for Sri Lanka to help stabilize its economy and begin restructuring its debt. Sri Lanka received an immediate disbursement of about $333 million under the 48-month programme approved by the IMF.

Senthilnathan added that the National Export Insurance Account, managed by the ECGC, has received close to ₹4,500 crore worth of claims from exporters facing default in countries such as Sri Lanka, Zambia, Suriname and Ghana which faced extreme economic hardships after covid-19 and the Ukraine war.

Notably, Sri Lanka’s financial situation is improving as it has lifted import restrictions on 286 items. Originally, its government had limited imports of more than 3,200 items, including seafood, electronics and even musical instruments.

Besides, its reserves have grown 26% to a 17-month high of $3.5 billion in May, helped by stronger remittances and tourism earnings.

India had earlier extended a $1 billion credit line for Sri Lanka by a year.

The credit line, part of a $4 billion emergency assistance extended by India during the peak of Sri Lanka’s financial crisis early last year, was scheduled to end in March. Source: Live Mint



Latest News

Eastern Province Divisional Secretariats recognized for outstanding performance

Published

on

By

The “Mehewara Pasasum” programme to recognise Divisional Secretariats in the Eastern Province that demonstrated the highest level of performance in 2025 was held recently at the Swami Vipulananda Institute of Aesthetic Studies of the Eastern University, under the patronage of Prime Minister Dr Harini Amarasuriya. The programme was held as part of the initiative to decentralise President’s Fund services to the Divisional Secretariat level, with the aim of providing the public with a more efficient and prompt service.

Of the Divisional Secretariats in the three districts of Ampara, Batticaloa and Trincomalee, nine Divisional Secretariats, three from each district, were selected for recognition based on their efficiency in receiving President’s Fund applications and responding to them promptly.

Accordingly, the Sammanthurai Divisional Secretariat secured first place in the Ampara District, while the Addalachchenai Divisional Secretariat secured second place and the Kalmunai Divisional Secretariat third place.

In the Batticaloa District, first place was secured by the Kattankudy Divisional Secretariat, second place by the Manmunai North Divisional Secretariat and third place by the Koralaipattu Central Divisional Secretariat.

In the Trincomalee District, first place was secured by the Trincomalee Town and Gravets Divisional Secretariat, second place by the Kinniya Divisional Secretariat and third place by the Muttur Divisional Secretariat.

The first “Mehewara Pasasum” programme was held in Colombo, the second in Batticaloa, and this was the third programme.

Speaker Dr Jagath Wickramaratne, Minister of Industry and Entrepreneurship Development Sunil Handunnetti, Senior Additional Secretary to the President and Secretary to the President’s Fund Roshan Gamage, and a number of government officials and others were present at the occasion.

(PMD)

Continue Reading

News

Students of Rahmaniya Maha Vidyalaya Eravur visit Presidential Secretariat and President’s House

Published

on

By

A group of students from Rahmaniya Maha Vidyalaya, Eravur, Batticaloa visited the Presidential Secretariat and President’s House on Monday (14) afternoon .

The students were given this opportunity as part of the “Vision” programme series, jointly implemented by the Presidential Secretariat, the Ministry of Education and the Communication Division of the Parliament of Sri Lanka for schoolchildren.

Prime Minister Dr Harini Amarasuriya stated that nurturing a future generation capable of providing leadership to society and committed to bringing about positive change in the world was an urgent need of the present day. She further stated that the Government’s objective in introducing the new education reforms was to prepare children to acquire knowledge from around the world while nurturing a confident and empowered generation capable of making a meaningful contribution to the country.

Following a visit to the former Parliament building at the Presidential Secretariat, the students were briefed on the history of Parliament.

Senior Additional Secretary to the President Roshan Gamage briefed the students on the role of the President’s Fund and the benefits available to schoolchildren through the Fund.

As part of the programme, valuable plants were also presented to the school as a symbolic gesture highlighting the importance of environmental conservation.

The Director and Assistant Director of the Tri-Forces Security Coordination Unit, the Principal and teachers of Rahmaniya Maha Vidyalaya Eravur and several others were present on the occasion.

(PMD)

Continue Reading

News

Controversy over absence of Agriculture Minister, Deputy at NPP’s inaugural farmers’ rally

Published

on

Lal Kantha / Karunaratne

By Shamindra Ferdinando

The absence of Agriculture Minister Lal Kantha and his Deputy Namal Karunaratne at the NPP’s farmers’ rally at Polonnaruwa, on Saturday (12) revealed the government’s failure to address the problems faced by the farming community, the SLPP says.

Former Kalutara District SLPP MP Sanjeewa Edirimanna said that politburo member Lal Kantha, who represented the NPP’s highest decision-making body, and his Deputy, Karunaratne, couldn’t face the farmers, and hence their absence at Saturday’s rally. Their absence underscored the gravity of the situation, Edirimanna said, thanking the NPP for openly acknowledging the crisis in the agricultural sector.

Kandy District MP Lal Kantha was not immediately available for comment. When The Island sought an explanation from Deputy Minister Karunaratne regarding their absence, he said that there was no need for all of them to attend each and every NPP rally.

President Anura Kumara Dissanayake addressed Saturday’s gathering on behalf of the party and there shouldn’t be any issue over their absence, MP Karunaratne said.

Karunaratne said so when The Island pointed out that their presence mattered as it was the inaugural farmers’ rally held almost two years after the last presidential election.

MP Karunaratne claimed that the Polonnaruwa rally was not on his schedule for 12 Sept.

Ex-MP Edirimanna pointed out that Minister Lal Kantha had addressed both the Bulathsinhala and Beruwala rallies, held on 6 Sept., which marked the commencement of the NPP propaganda campaign, launched amidst growing dissent over the way the government sought to enact the 22nd Amendment to the Constitution.

Edirimanna said that the NPP couldn’t justify both Ministers in charge of agriculture skipping the Polonnaruwa rally. Responding to another query, Edirimanna said that he wouldn’t attribute their absence to any internal conflict but the NPP’s overall failure to address the growing grievances of the farming community.

Edirimanna said that in spite of promises, the NPP had pathetically failed to ensure a reasonable pricing formula for paddy. The President again promised to implement an efficient paddy purchasing scheme at the next harvesting season, the ex-MP said, adding that the government should be ashamed and accept responsibility.

Edirimanna stressed that the government’s vow to implement a mandatory price for different varieties of paddy remained just a promise.

Continue Reading

Trending