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Sri Lanka to brief creditors on IMF deal for economic recovery
(PTI) The Sri Lankan government will virtually brief all its external creditors, on September 23, on the deal agreed with the International Monetary Fund (IMF) for the economic recovery and the next steps in the debt restructuring process.
On September 1, the IMF reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about USD 2.9 billion.Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves.
“Sri Lanka will make an online presentation to external creditors on September 23 updating them on a deal agreed with the International Monetary Fund and recent economic developments,” Clifford Chance, the debt restructuring adviser, said in a statement on Saturday.
The Sri Lankan Finance Ministry will update creditors on recent macro-economic developments, the objectives of the IMF package, and the next steps in the debt restructuring process.The IMF while announcing its willingness to enter a staff-level agreement at the end of August said that agreement with creditors was the key to the facility.
In mid-April, Sri Lanka declared its international debt default due to the forex crisis. The country owes USD 51 billion in foreign debt, of which USD 28 billion must be paid by 2027. The worsening forex situation affected the ability to fund importing fuel and essentials, triggering massive waves of public protests in the country. An uprising in mid-July forced the resignation of then President Gotabaya Rajapaksa.
Sri Lanka has to get assurances from creditors about their willingness to restructure debt for the International Monetary Fund to unlock credit from the agency and others.The objectives of Sri Lanka’s new EFF-supported programme are to restore macroeconomic stability and debt sustainability while safeguarding financial stability, protecting the vulnerable, and stepping up structural reforms to address corruption vulnerabilities and unlock Sri Lanka’s growth potential, the IMF had said.The IMF also said that debt relief from Sri Lanka’s creditors and additional financing from multilateral partners will be required to help ensure debt sustainability and close financing gaps.
Financing assurances to restore debt sustainability from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors are crucial before the IMF can provide financial support to Sri Lanka.Sri Lanka is also expected to restructure its debt worth USD 29 billion, with Japan expected to coordinate with other creditor nations, including China on this issue.
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Indonesian Naval Ship ‘KRI SULTAN ISKANDAR MUDA – 367’ arrives in Colombo
The Indonesian Naval Ship, ‘KRI SULTAN ISKANDAR MUDA – 367’, arrived at the port of Colombo today (22 Jan 26) on a scheduled port call for logistics replenishment and a goodwill mission.
In keeping with time-honored naval tradition the ship was accorded a ceremonial welcome upon arrival.
The 90.71m – long Sigma Corvette FS is commanded by Commander Annugerah Anurullah.
During the stay in Colombo, the crew members of the ship are expected to visit some tourist attractions in the city limits.
Further, this visit provides an avenue to enhance professional interaction and courtesy engagements among two navies.
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Royal Navy of Oman Ship ‘AL SEEB’ calls at Port of Colombo
The Royal Navy of Oman Ship ‘AL SEEB’ arrived at the Port of Colombo on a logistics replenishment visit today (22 Jan 26).
The Sri Lanka Navy welcomed the visiting ship in compliance with naval traditions.
The 75m – long ship is commanded by Lieutenant Commander Hamad Bin Mohammed Aldarmaki. The port call will facilitate professional interaction and goodwill exchanges between the two navies.
During her stay in Colombo, crew members of the ship are expected to visit some tourist attractions in the city of Colombo.
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Mechanism to be established involving university academics and experts for Education Reforms – President
President Anura Kumara Dissanayake stated that the Government is taking steps to establish a comprehensive mechanism, supported by an appropriate legal framework, to bring together university academics, experts and all relevant parties in order to resolve issues arising during the implementation of education reforms.
The President made these remarks during a discussion with the Federation of University Teachers’ Associations (FUTA) held on Wednesday (21) morning at the Presidential Secretariat.
During the discussion, FUTA members emphasized the challenges encountered while trying to implement educational reforms through a framework established by the National Institute of Education, in line with the current laws and regulations.
They further emphasized that while their association acknowledges the need for new education reforms, the urgency of such reforms is greater for students in rural schools than for those in urban schools.
The Federation of University Teachers’ Associations further stated that they appreciate the decision taken by the Government, under the leadership of the President, to address the issues arising from education reforms and affirmed their readiness to contribute to this process.
As a continuation of the previous discussion, proposals addressing the challenges faced by academics within the university system, along with possible solutions, were presented to the President. In response, the President emphasized that the Government would take all possible measures to safeguard the university system and strengthen education.
The discussion also covered proposed amendments to the Universities Act.
President Anura Kumara Dissanayake noted that, in the aftermath of the recent disaster, the Government has been effectively implementing a nationwide rebuilding programme, addressing economic stability, development and all critical sectors. The President also called upon university academics to actively support these reconstruction efforts.
The meeting was attended by Minister of Ports and Civil Aviation, Anura Karunathilaka, as well as representatives of the Federation of University Teachers’ Associations, including its President, Prof. P. R. Weerathunga, Vice President M. A. M. Sameem and Secretary Charudaththe Ilangasinghe.
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