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County has stabilized under IMF deal, sustainable growth next: President
ECONOMYNEXT –Sri Lanka has seen good results under the International Monetary Fund program, but the country has to complete debt restructuring and continue on a reform path to ensure strong growth, President Ranil Wickremesinghe said.
“A lot of good results (sadaneeya prathilaba resak) are coming from the IMF programme,” President Wickremesinghe said. “An appreciating rupee has brought down prices of imported goods, including milk powder and gas. The falling interest rates are benefiting businesses.”
“Going beyond stability now we have to get on a sustainably path.”
“We are not paying all debt now, we have to start paying. For that we need to increase state revenues and our foreign reserves. We have to optimise our resources.”
“We have to do debt restructuring. We are drafting MoUs with official creditors including the Paris Club, the Official Creditors Committee (OCC), and China Exim Bank separately.
“Bond holders and Lazard are joining these discussions. We hope to finish by the middle of this year.” France-based Lazard as financial advisor and Clifford Chance LLP as legal advisor are supporting the country on debt restructuring.
The point of the debt restructuring was to reduce the country’s loan payments to 95 percent of the gross domestic product, from 125 percent, maintain the government’s gross financial requirement at 13 percent annually and ensure foreign debt servicing remains below 4.5 percent annually, President Wickremesinghe said. “We have to work towards this. If we meet these goals we won’t fall back into disaster.”
President Wickremesinghe said Sri Lanka needed to pay back its loans, and get new loans. “Then we have to boost exports and modernize agriculture.”
President Wickremesinghe said the government cannot give a salary increase to state workers this year although many had requested it. “In the past by being irresponsible in this regard we destroyed our economy and people’s livelihoods. We can consider an increment only next year, that is the truth. If we exit this path, we will head back into disaster.”
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Colombo Metropolitan Region, Eastern Development Plan and the Greater Hambantota Project discussed in detail
A meeting between Secretary to the President, Dr. Nandika Sanath Kumanayake and relevant ministry officials was held on Tuesday (08) at the Presidential Secretariat regarding the development plans to be implemented in Sri Lanka under three zones, in collaboration with the Surbana Jurong Institute of Singapore and 18 Ministries.
During the meeting it was discussed in detail regarding the plans for the Colombo Metropolitan Region, Eastern Development Plan and the Greater Hambantota Project. The officials from Singapore-based urban planning and infrastructure consultancy Surbana Jurong also joined the discussion virtually.
Progress reports on the three projects were reviewed in detail and Dr. Kumanayake instructed the officials to identify any deficiencies and finalize the necessary actions within the next two weeks.
The discussion also addressed delays in securing necessary approvals for investments under the existing regulatory framework, as well as the urgent need to revise certain legislative instruments to better facilitate national development.
The meeting was attended by Secretary to the Prime Minister G.P. Saputhanthri, Senior Additional Secretary to the President Russel Aponsu, Secretary to the Ministry of Urban Development, Construction and Housing U.G. Ranjith Ariyaratne, and several senior officials from the respective ministries.
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Heat index at ‘Caution level’ in Northern, North-central, Eastern, North-western, Western provinces and Monaragala district today [09]
The Natural Hazards Early Warning Centre of the Department of Meteorology has issued a Warm Weather Advisory for 09 April 2025
The public are warned that the Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in Northern, North-central, Eastern, North-western, and Western provinces and in Monaragala district.
The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.
Effect of the heat index on human body is mentioned below is prepared on the advice of the Ministry of Health and Indigenous Medical Services.
ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated. Dress: Wear lightweight and white or light-colored clothing.
Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.
Prof. Jayasumana raises possibility of Lanka ending up with “Quad’
Opposition and SJB Leader Sajith Premadasa has said it is the responsibility of the NPP government to submit the MoUs/agreements that were recently signed with India to the respective Sectoral Oversight Committees (SOCs).
Premadasa said so when The Island raised the issue with him. He said that during his meeting with Premier Modi his focus had been on opening the Indian market for Sri Lankan garment exports.
The seven MoUs/agreements signed on 05 April included defence cooperation, energy, Eastern Province development and digitalisation.
Meanwhile, the Vice President of Sarvajana Balaya and former lawmaker Prof. Channa Jayasumana said that the government owed an explanation whether the recently signed MoU on defence cooperation directly or indirectly attached Sri Lanka to the Quad security alliance, consisting of the US, Australia, Japan and India.
The former SLPPer raised the issue at a meeting held at Boralesgamuwa on Monday (07) in support of Sarvajana Balaya candidates contesting the May 6 LG polls.
Prof. Jayasumana urged that the MoU on Defence Cooperation be placed before Parliament, and the people, without further delay. The academic who served as State Health Minister during President Gotabaya Rajapaksa’s tenure said that President Anura Kumara Dissanayake’s foreign policy direction should be dealt with.
By Shamindra Ferdinando
Colombo Metropolitan Region, Eastern Development Plan and the Greater Hambantota Project discussed in detail
IPL 2025: Sensational Priyansh Arya condemns Chennai Super Kings to another loss
Heat index at ‘Caution level’ in Northern, North-central, Eastern, North-western, Western provinces and Monaragala district today [09]
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