News
IMF review agreement will help Sri Lanka fast-track debt restructuring: state minister
The staff level agreement on the first review of the International Monetary Fund (IMF) programme will enable multilateral agencies to disburse remaining installments and help fast-track debt restructuring, State Minister of Finance Shehan Semasinghe said.
“This was much needed to strengthen economic stability, and after the IMF’s executive board approves [it], Sri Lanka will receive the second installment of 330 million US dollars [of the Extended Fund Facility],” Semasinghe tweeted on Friday morning after the IMF announced the agreement.
The state minister said the staff level agreement(SLA) will enable the World Bank, the Asian Development Bank and other multilateral financial institutions to disburse remaining installments.
“The SLA will enhance confidence in our economy and help fast-track the debt restructuring resolution with international partners,” he said.
The official also noted Sri Lanka is the first country in Asia that has undergone the IMF Governance Diagnostics exercise, the government having published a governance diagnostics report with the assistance of the international lender.
“We are committed to implementing key recommendations of the Governance Diagnostics Report which will help address corruption risks and strengthening accountability essential for rebuilding economic confidence and making growth more robust,” said Semasinghe.
His colleague State Minister of Finance Ranjith Siyamabalapitiya also told reporters Friday morning that consequent to the staff level agreement, Sri Lanka will be able to work other creditors such as India, Japan and the Paris Club based on the agreement.
“A report on this will be given to the IMF executive board. After the board has approved it, we can reach an agreement on the release of the second tranche,” said Siyamabalapitiya. “We have overcome the hurdle of securing the Staff Level Agreement (SLA). In simple terms, this process is going well,” he added.
The IMF said it reached the SLA with the Sri Lankan authorities on economic policies to conclude the first review of the 48-month Extended Fund Facility-supported programme. The conclusion of the review would allow Sri Lanka to access a 330 million dollars worth second tranche of the 3 billion dollar deal in financing once the review is approved by IMF management.
In addition to the staff level deal, the completion of the review also requires progress on debt restructuring.
“Macroeconomic policy reforms are starting to bear fruit and the economy is showing tentative signs of stabilisation,” the IMF said in its statement after reaching the Staff Level Agreement.
News
Crucial Parliamentary week ahead with investigation into IGP Tennakoon and Batalanda torture chambers debate
The upcoming sitting week of Parliament, beginning next Tuesday, is set to be pivotal, with key motions including the investigation into Police Chief IGP Deshabandu Tennakoon and a debate on the notorious Batalanda torture chambers.
During the recent Business Committee meeting chaired by Speaker Dr. Jagath Wickremaratne, party leaders decided that a motion proposing the establishment of a committee to investigate and recommend the removal of IGP Tennakoon will be presented for approval on April 8.
The sessions in Parliament will be held on April 8, 9, and 10, with a packed agenda. On April 8, Tuesday, Parliament will convene from 9:30 AM to 10:00 AM for routine parliamentary business under Standing Order 22, sections 1 to 6. From 10:00 AM to 11:00 AM, time will be allocated for oral questions. From 11:00 AM to 11:30 AM, parliamentary questions under Standing Order 27(2) will be addressed.
Later in the day, the second reading of the Bill on “Offenses Related to Criminal Activities” will be debated, and the Criminal Procedure (Special Provisions) Act will be presented for approval. The motion to appoint a committee to investigate IGP Tennakoon’s removal is also expected to be presented for approval by 5:30 PM.
The following day, April 9, Parliament will meet from 9:30 AM to 10:00 AM for regular business, followed by a 30-minute session from 10:00 AM to 10:30 AM for questions directed to the Prime Minister. From 10:30 AM to 11:00 AM, oral questions will be answered, and the session will continue with additional questions under Standing Order 27(2). The afternoon will see discussions on the second reading of the “Taxation (Amendment)” Bill, alongside the approval of 17 annual reports from various statutory bodies.
On April 10, Thursday, Parliament will continue its work, following a similar schedule, with a focus on the second reading of the “Battalanda Housing Complex Inquiry Report.” The debate on this significant issue is expected to continue into May, marking a critical point in the ongoing discussions surrounding past human rights abuse.
Sri Lanka’s first ever western music pop outfit comprising the visually handicapped ‘Bright Light’ was launched last Saturday at a simple ceremony at the MJF Foundation auditorium under the auspices of the Indonesian Ambassador in Sri Lanka Dewi Gustina Tobing.
The 12-member band is being trained by Melantha Perera, well known, versatile musician, music teacher and leader of the band ‘Black Jackets.’
Ambassador Tobing addressing the gathering said that she was highly impressed with the immense talent on display and the performance of the young musicians. The young musicians should go a long way as a well knitted band, if they are well nurtured, she said.
She assured all support and encouragement for the young music outfit and invited the band to perform at one of the Indonesian Embassy organized event end of June promising to encourage the group to
play the popular Indonesian traditional bamboo instrument ‘Anglung.’ and provide all assistance in that regard and present the band with some of those instruments.
Melantha said that during the pandemic he conducted free online lessons to these young men and women and later trained them at the MJF Foundation.
‘They are immensely talented and what they need is proper guidance and training and I am happy to see that my efforts are bearing fruit, and soon they will perform as a commercial band, he said.
The event was was made possible by the MJF Centre for Community Community Service and Nihal Jayasuriya, President Sri Lanka Indonesia Frienship Association, Ms Felicia Sallay and Samath Fernando.
By Harischandra Gunaratna
Members of ‘Bright Light’ the music makers: Samudra Gamage Dinesh Premakumara Randi Prarthana Theekshana Rasindu Ravichandran Jonathan Sandun Kalhara Akila Dilshan Rashini Sneha Chathruka Nipun Tharindu Lakshan Susum Navoda and Sethani Madugalle
Indonesian Ambassador Tobing performing to the music of ‘Bright Lights’
By Harishchandra Gunaratna
Chief incumbent of the Georgia Buddhist Vihara in Atlanta USA, Ven Panamwela Wajirabudhdhi thera was appointed as the Chief Adhikarana Sanghanayaka of North America.
The Scroll proclaiming the appointment was presented to Ven Wajirabudhdhi thera by Ven Thibatuwawe Sri Siddartha Sumangala the Mahanayaka thera of the Malwatta chapter at a ceremony held in Kandy last Sunday [30].
Text and pic by PRIYAN DE SILVA
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