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Debt restructuring strategy out in April

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Central Bank Governor Dr. Nandalal Weerasinghe told Reuters on Thursday that Sri Lanka was planning to announce its debt-restructuring strategy in April.

Sri Lanka would also focus more on talks with its commercial creditors as well, Dr. Weerasinghe said.

The country is expecting to finalise a 2.9 billion U.S dollar bailout from IMF on March 20.”When you see the staff level agreement published – that will contain our commitment to debt restructuring and that will also reveal medium-term debt targets for us to restore debt sustainability on a long-term basis. So somewhere in April we will announce … how we are going to meet those medium-to-long-term (debt) targets. That is the next step,” Dr. Weerasinghe told Reuters.



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Cabinet nod to recruit 30,000 gradates and youth to fill essential vacancies in the government service

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Considering a proposal furnished by the Minister of Public Administration, Provincial Councils and Local Governments, the Cabinet of Ministers has decided that immediate actions should be taken by the relevant Ministry to call for applications as per the recruitment schemes prescribed under “the Programme to Recruit 30,000 Unemployed Graduates and Youth to the Government Service Proposed by the Budget 2025”.

An officials’ committee chaired by the Secretary to the Prime Minister has been appointed to present recommendations to make essential requirements, by reviewing staffs of various institutions in the state sector once again. Based on the recommendations furnished by the said Committee, As as at now the Cabinet of Ministers has granted approval  for 18,853 new requirements to the state service.

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Cabinet approves submission of the Annual Economic Analysis of the Central Bank of Sri Lanka for the year 2024 to the Parliament

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The Cabinet of Ministers has approved the proposal forwarded by the President in his office as the Minister of Finance, Planning and Economic Development to submit the Report on the Annual Economic Analysis of the Central Bank of Sri Lanka for the year 2024 to the Parliament.

As per section 80 (3) of the Central Bank of Sri Lanka Act No. 16 of 2023, the Minister in – charge of the subject of Finance shall submit a report on the economic situation which prevailed within the particular financial year, within four months after completion of each financial year. Accordingly, the report in relation to the financial review of the Central Bank of Sri Lanka for the year 2024 has been submitted to the President. The report has envisaged macro economic trends of Sri Lanka, situation of the financial system, as well as the major developments and a review of the policies of Central Bank of Sri Lanka.

[DGI]

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Cabinet approves signing of a tripartite memorandum of understanding between the South Asian Center for Teacher Development, UNESCO South Asian Regional Office, and Indira Gandhi National Open University

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The Cabinet of Ministers has approved the proposal presented by the Prime Minister in her capacity as Minister of Education, Higher Education, and Vocational  Education, to sign the tripartite memorandum of understanding between the South Asian Center for Teacher Development, UNESCO South Asian Regional Office, and Indira Gandhi National Open University.

The Asian Center for Teacher Development was established as an independent and self-financing institute. The UNESCO Executive Board has recommended promoting the functions of that institute and establishing partnerships with the other institutes and organizations of the region for updating the functions that should be performed by the said institute.

Accordingly, it had been proposed to sign a tripartite agreement between the South Asian Center for Teacher Development, UNESCO South Asian Regional Office, and Indira Gandhi National Open University with the objective of developing regional cooperation and strengthening the national and regional action plan, including the targets stipulated in the itinerary on 2030 sustainable development through the introduction of new training programs on quality media and information literacy. The clearance of the Attorney General has been received for the proposed draft memorandum of understanding.

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