News
IMF calls on G20 to lead by example and honour promise of USD 100 billion per year for climate finance
International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Sunday called on the G20 members to lead by example and deliver on the promises of $100 billion per year for climate finance supported by strengthening the Multilateral Development Banks.
Speaking at the conclusion of the G20 Leaders’ Summit in New Delhi on Sunday, the IMF Chief said the global lender has secured over $40 billion to support vulnerable countries through its Resilience and Sustainability Trust (RST) to build climate resilience.
Georgieva emphasized that at the same time, countries also need to mobilize domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, strong fiscal institutions, and deep local debt markets.
To help countries in this effort, the IMF is providing policy support and capacity development in collaboration with partners.
Noting that the nations are gradually recovering from a string of major shocks, Georgieva said the recovery is slow and uneven, with medium-term growth prospects being the weakest in decades in an environment of still elevated inflation, high interest rates, and growing fragmentation.
“The risk of further divergence is real, with richer countries being more resilient to shocks and vulnerable emerging and low-income countries contending with limited buffers,” she pointed out.
“Against this background, all countries should pursue sound policies to support economic and financial stability and growth-oriented structural reforms. This is especially important in emerging and developing countries, where such reforms can boost output by up to 8 percent over 4 years,” she said.
The IMF Chief called on the members to also strengthen the global financial safety net.
She noted that since the start of the pandemic, the IMF has injected $1 trillion in reserves and liquidity through lending to nearly 100 countries and the historic SDR allocation; and thanked the members who have helped the global lender to reach the goal of channeling $100 billion to vulnerable countries.
“To make the global economy stronger and more resilient in a more shock-prone world, it is vital to reach an agreement to increase the IMF’s quota resources before the end of the year and secure the needed resources for the Fund’s interest-free support to the poorest countries through the Poverty Reduction and Growth Trust,” Georgieva stressed.
Emphasizing the need to harness the potential of digital technology to build a prosperous future, the IMF Managing Director praised India’s achievement in developing top-tier digital public infrastructure (DPI) which she said stands as a beacon for others.
Georgieva also said “India’s G20 presidency is a powerful reminder that when the international community comes together to solve global problems, much can be accomplished.”
She said the IMF is playing its part, and enhancing cooperation with the World Bank in key areas and looking forward to “further strengthening the bonds of international cooperation to create a more prosperous and resilient global economy for all.”
News
Cabinet nod to increase the number of new automated passenger clearance gates at the Bandaranayake International Airport to 12
Approval of the Cabinet of Ministers was granted at their meeting held on 19.05.2025 to purchase four (04) automated passenger clearance gates for Bandaranayake International Airport.
In addition, it is expected to extend the automated passenger clearance gates facility so far given only to the Sri Lankans
parallel to the e – passport issuance system to be introduced in the year 2027 also to the foreigners who travel to and from this country.
Furthermore, considering also the number of air passengers rapidly increasing with the fast – forwarding business and tourism field, the appropriateness to increase the total automated passenger clearance gates up to twelve (12) in number has been recognized.
Accordingly, the Cabinet of Ministers, approved the resolution furnished by the Minister of Public Security and Parliamentary Affairs to initiate the procurement and installation of 12
automated passenger clearance gates altogether with the already approved four (04) and another eight (08) automated passenger clearance gates adhering to the formal procurement procedure
Based on the observations submitted by the Task Force on Prevention of Money Laundering and Financing for Terrorism, approval of the Cabinet of Ministers was granted at their meeting held on 18.12.2024 to amend the Trust Ordinance No. 9 of 1917 including amendments proposed by the Financial
Intelligence Unit of the Central Bank of Sri Lanka.
Accordingly, clearance of the Attorney General has been granted for the Trust (Amendment) Draft Bill formulated by the Legal Draftsman.
Therefore, the Cabinet of Ministers approved the resolution furnished by the Minister of Justice and National Integration
to publish the said draft bill in the government gazette notification and thereby, submit the same to the Parliament for its concurrence.
Action was taken to provide a fuel relief for the fuel consumers during the months of April, May and June of 2026 to redress by minimizing the impact caused to the day today life of the citizens of this country as well as the entire economy due to the price hike of petroleum fuel in the global market resulting from the war situation in the Middle East.
Government mediation is essential for minimizing the impact on the day to today life of citizens in this country due to that war situation not being ended further. Therefore, it has been planned to redress on the sale price for Auto Diesel and Industrial Diesel for a period of 03 months by the Government to provide relief to the public as well as to maintain the prices at a bearable level to the consumers without escalating the fuel prices in this country compared to the escalation of fuel prices
in the international market.
Therefore, the Cabinet of Ministers granted approval for the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to
allocate provisions subject to the monthly limitations respectively as rupees 15 billion for the month of October, rupees 13.5 billion for the month of November and rupees 12.15 billion for the month of December to provide the said relief
Cabinet nod to increase the number of new automated passenger clearance gates at the Bandaranayake International Airport to 12
Draft Bill for amending the Trust Ordinance
Implementing further relief programme to Public sffected by the Middle East conflict situation
Establishment of a Spectrum Management and Monitoring System and a Quality of Service and Quality of Experience System for the Telecommunications Regulatory Commission of Sri Lanka
Appointment of a Committee for the Restitution of Sri Lankan Cultural Heritage Held Abroad
Ten-Year National Action Plan on the Social Protection Sector (2026–2035)
‘Dates have the highest sugar content to fight Coronavirus’
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