News
Going to IMF best solution, says Ranil
UNP leader Ranil Wickremesinghe insists that a programme with the International Monetary Fund (IMF) is necessary to mitigate impact of the growing debt repayment crisis; homegrown solutions are not effective.
“Unlike in the past, Sri Lanka’s debt problem has increased at a time when there is a global debt problem. This makes the situation more challenging and complex. Sri Lanka is a highly import-dependent economy,” Wickremesinghe said during a panel discussion, organised by the International Chamber of Commerce Sri Lanka on Saturday.
The UNP leader said that the government shouldn’t sell state assets to ease off the shortage of foreign exchange to have breakfast but reinvest those proceeds back in the economy. “Going to the IMF is the best solution,” Wickremesinghe said.
With reference to homegrown solutions, he referred to the mess caused by the government in promoting Dhammika peniya as one of the failed measures earlier on to curb the spread of the COVID-19 pandemic.
The former Prime Minister said that Sri Lanka should use the current situation to forge ahead with structural and public sector reforms which were postponed due to political considerations in the past.
The former PM suggested that the re-opening of the country be delayed till mid-October.
In responding to the issue of debt management in Sri Lanka, the UNP leader said that the most pressing concern is addressing the dwindling foreign exchange reserves of the country.
He explained that the regional foreign exchange reserves were projected to increase over the course of the year, however, Sri Lanka’s foreign exchange reserves were on a downward trend.
He also said that economic recovery based on a resurgence of the tourism industry would be uncertain, and until airline ticket prices were reduced it was unlikely that tourist arrivals would increase significantly.
A group of Tamil Progressive Alliance (TPA) members, including its Leader Mano Ganesan, met President Anura Kumara Dissanayake on Thursday (02) morning at the Presidential Secretariat.
Extensive discussions were held on the issues faced by the Malayagam communities, particularly in relation to education, housing and land, as well as on the urgent measures required to address these concerns. The President paid special attention to all these matters.
Attention was also drawn to the recruitment of qualified Tamil-medium teachers to address the teacher shortage in estate sector schools and this too was discussed at length.
Members of Parliament P. Digambaram and V. Radhakrishnan, along with several other party members, were present at the meeting.
Minister of Foreign Affairs, Vijitha Herath, held talks with Deputy Foreign Minister of Russia Andrey Rudenko at the Foreign Ministry, in Colombo, on Thursday (02), with both sides reaffirming their commitment to strengthening bilateral relations.
The Sri Lanka Ministry of Foreign Affairs said the visiting Russian Deputy Minister noted that Russia regarded Sri Lanka as a long-standing friend.
Rudenko assured that Russia stood ready to support Sri Lanka when required, including in the swift supply of Russian oil to help address the current energy challenges, encouraging Russian investors to explore new opportunities in the country and promoting increased tourist arrivals.
He also expressed Russia’s readiness to provide compensation for Sri Lankan war veterans who had lost their lives in the ongoing conflict between Russia and Ukraine.
Minister Herath welcomed Russia’s willingness to assist, emphasising that Sri Lanka valued the support extended by its “old friend”, particularly at a time when the country was facing pressing energy needs.
He noted that the two countries shared nearly seven decades of diplomatic relations and said the present moment provided an opportunity to further strengthen ties, including through long-term trade agreements.
The discussions focused on enhancing cooperation in the fields of energy, investment, tourism and diplomacy, with both sides reiterating their commitment to further deepen the longstanding friendship between Sri Lanka and Russia.
Police yesterday arrested 157 foreign nationals in connection with an alleged organised online financial scam, conducted from a hotel in the Iranawila area in Chilaw.
The suspects were taken into custody during a raid carried out by the Police while they were staying at the hotel in Iranawila.
Police said the arrested group included 143 nationals from China, 13 from Bangladesh and one from Vietnam.
Investigators suspect the group had been involved in a coordinated online financial scam, targeting victims through digital platforms.
The suspects are being detained for further questioning while investigations are continuing to determine the full extent of the operation and whether additional individuals were involved.Police said further inquiries are underway.
By Norman Palihawadane
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