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Finance Secy. expects early resumption of ‘fresh financing for high quality priority projects’

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Mahinda

Secretary to the Treasury Mahinda Siriwardana has said that the government hopes that the debt treatment chapter will soon be closed, and it would be possible to resume fresh financing for high quality, priority projects.

Siriwardana said so at the ‘2024 China Aid Training Alumni Reception’ at the Kingsbury Hotel, Colombo on Wednesday (30).

“We all know how complex and technically challenging this debt treatment process has been both in terms of ensuring compatibility with the IMF’s Debt Sustainability Analysis (DSA) as well as ensuring Comparability of Treatment with other creditors. This was possible with Chinese lenders, given the mutual trust and good faith demonstrated by both sides.”

Among those present were Chinese Ambassador Qi Zhenhong and Economic and Commercial Counsellor Tang Yandi.

Siriwardana appreciated what he called unwavering support in facilitating the successful participation of Sri Lankan public sector officials in various training programs in China over the past years.

“We have noted that, since its initiation, China has provided more than 8,000 training opportunities in various fields such as health, education, industry, and construction for public sector officials in Sri Lanka. It is impressive that Sri Lanka now receives nearly 1,000 training programmes each year from the Chinese government.”

Further, we cannot forget that China’s support for Sri Lanka has been instrumental in the country’s development, particularly in the realm of infrastructure and economic assistance. Over the years, China has invested billions of dollars in various projects, including ports. These investments aim to enhance Sri Lanka’s logistical capabilities and boost its position as a regional trade hub.

Furthermore, China has extended financial aid and loans to help Sri Lanka address its economic challenges, especially during times of crisis. Overall, China’s ongoing support plays a vital role in Sri Lanka’s aspirations for economic growth and modernization.

China has also played a pivotal role in supporting Sri Lanka’s debt treatment efforts in response to the unprecedented, deep and most complex economic crisis experienced since mid-2021. Exactly a year ago, in October 2023, China was the first among the official sector creditors to announce an Agreement in Principle (AIP) on the key financial terms for the treatment of debts owed by Sri Lanka to Exim Bank of China.

Subsequently, following cordial and constructive discussions, the two sides reached a final agreement on debt treatment terms in June 2024, on the same day when a similar MoU was signed with the Official Creditor Committee (OCC) comprising 17 official sector lenders to Sri Lanka and co-chaired by France, India and Japan. Subsequently, following the agreement coming into force, Exim Bank of China became the first external lender to conclude the debt treatment process. Excellent progress has also been made on the debt treatment relating to China Development Bank (CDB). We are now in the final stages of finalizing Comparability of Treatment (CoT) matters for CDB relating to the OCC.

Ambassador Zhenhong told the gathering that as a Chinese saying goes, “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.” China’s foreign aid training is a concrete action to implement global development initiative raised by President Xi Jinping and an important measure to promote the building of a community with a shared future for mankind. China’s foreign aid training adheres to the concept of sharing, consultation and co-construction, builds a platform for countries to exchange experience in governance, and fully shares the successful experience of Chinese modernization. Since China launched foreign aid training programs in 1950, it has trained more than 510,000 people for developing countries.

The Chinese government attaches great importance to all-round educational cooperation with Sri Lanka. Over the years, it has used foreign aid funds to hold various training programs in China, inviting nearly 13,000 Sri Lankan friends of various circles to participate in seminars in China. By the end of October this year, more than 1,000 Sri Lankan participants went to China for training, and the training topics covered 17 major areas including public management, scientific research, information technology, economy and trade, education, health, agriculture, forestry, animal husbandry and fishery, resources and environment, and disaster management. Through mutual learning and exchanges, we have grown together and deepened the traditional friendship between our two countries.”



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Pakistan naval trio leaves Colombo after goodwill visit

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Wrapping up their goodwill and replenishment visit, the Pakistan Navy ships ‘PNS Taimur’ and ‘PNS Aslat’, along with the submarine ‘PNS/M Hangor’, departed the island on 04 Jun 26. The naval units, which arrived in Sri Lanka on 01 June, were accorded a traditional naval send-off by the Sri Lanka Navy at the Port of Colombo, upon their departure.

During their stay, the Commanding Officers of Pakistan Navy ships and submarine called on the Commander Western Naval Area and the Flag Officer Commanding Naval Fleet at the Western Naval Command Headquarters, where discussions were held on several matters of mutual interest.

Meanwhile, Sri Lanka Navy personnel had the opportunity to visit the visiting Pakistan Navy ships and submarine. Furthermore, the crews of the visiting vessels explored the rich heritage of Sri Lanka, taking time to tour several culturally significant landmarks across the island.

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China, Lanka intensify cooperation to fight cross-border crimes spreading across Asia and beyond

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China and Sri Lanka have intensified joint law enforcement efforts to combat cross-border online gambling and telecom fraud, crimes that authorities warn are increasingly spreading across Asia and beyond.

The Chinese Embassy in Colombo said both countries are working closely to dismantle scam centres and fraud networks that have relocated to Sri Lanka from other parts of Southeast Asia. The Embassy noted that such operations often intertwine with human trafficking and other serious crimes, posing grave risks to public security and social stability.

China’s position on cross-border gambling remains firm: Chinese capital is prohibited from investing in overseas casinos, citizens are barred from operating them, and foreign casinos are forbidden from soliciting Chinese nationals. The Embassy stressed that gambling “almost invariably leads to financial ruin,” with tens of thousands of Chinese citizens suffering losses and harm. Recent amendments to China’s Criminal Law have criminalised cross-border gambling activities.

The Embassy pointed out that Sri Lankan authorities have carried out multiple raids in recent months, dismantling gambling and fraud dens and arresting suspects from several countries. Several Chinese nationals, involved in fraud-related crimes, have been handed over to Chinese authorities, producing what officials described as a strong deterrent effect.

The Chinese Embassy praised the efforts of Sri Lanka’s ministries of Foreign Affairs, Finance, and Public Security, particularly immigration and police officials, for their cooperation.

It warned that without firm and immediate measures, the spread of illegal gambling and fraud could damage Sri Lanka’s international image, undermine social stability, and harm the safety and security of its people.

China has already conducted similar law enforcement cooperation with countries including Spain, the UAE, Myanmar, and Cambodia, leading to arrests and repatriations of overseas fraud suspects. It has also proposed the creation of an international alliance against telecom and online fraud to coordinate global efforts, it said.

Going forward, China pledged to actively implement the Global Security Initiative and Global Civilization Initiative, while continuing to deepen law enforcement and security cooperation with Sri Lanka.

The Embassy said these efforts aim to safeguard lives and property, protect financial security, and build a “clean, safe, and beautiful Sri Lanka,” while contributing to a new global framework for combating transnational crime.

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Asst. Manager, security officer arrested over Rs 30 mn snatch at Horana PB branch

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An assistant manager and a security officer, attached to a state bank branch in Horana, have been arrested in connection with the robbery of more than Rs. 30 million that was being transported to replenish automated teller machines (ATMs), Police said.

The two suspects were taken into custody on Friday after statements were recorded from them regarding the incident, which occurred on Wednesday afternoon at the Horana branch of the People’s Bank.

According to Police, a bank employee was carrying two bags containing cash through the rear entrance of the bank at around 2.45 p.m. when an individual, who had arrived on foot, allegedly snatched the bags and fled the scene.

The stolen money, amounting to approximately Rs. 30.5 million, had been prepared for distribution to ATM machines and transportation to other bank branches. Earlier reports had estimated the loss at around Rs. 35 million.

Investigators subsequently arrested a suspect believed to have been directly involved in the robbery and recovered Rs. 17 million of the stolen cash.

Police have not disclosed the exact circumstances that led to the arrest of the assistant manager and security officer but said investigations uncovered information linking them to the incident.

The Western Province North Crime Division is conducting further investigations to determine whether additional suspects were involved and to recover the remaining stolen money.

The daring daylight robbery has raised concerns over security procedures employed during transportation of large sums of cash to/from banking institutions.Further investigations are continuing.

by Norman Palihawadane

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