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IMF asks SL to maintain reform momentum to stabilise economy

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The International Monetary Fund (IMF) says that the economic recovery is gaining momentum in Sri Lanka but it remains vulnerable, making it critical that the reform momentum be sustained to ensure that macroeconomic stability and debt sustainability are durably achieved.

Speaking during the IMF’s weekly press briefing, IMF Spokesperson Julie Kozack stated that the fourth tranche of $334 million was made available to Sri Lanka to support its economic policies and reforms, immediately after the Executive Board approved the Third Review.

“On Friday, February 28th, the IMF Executive Board approved the Third Review under the EFF (Extended Fund Facility) arrangement for Sri Lanka. And this provided the country with immediate access to $334 million of support.”

“So, yes, once the Board approved that Third Review, the $334 million was made available to Sri Lanka to support its economic policies and reforms.  And with this $334 million, it brings total financial support from the IMF to Sri Lanka to $1.34 billion”, Kozack confirmed.

Furthermore, the IMF Spokesperson said that reforms in Sri Lanka are bearing fruit and that the economic recovery is gaining momentum.

She noted that inflation remains low in Sri Lanka, revenue collection on the fiscal side is improving, and international reserves are continuing to accumulate.

Economic growth reached 5 percent in 2024, and that was after two years of economic contraction, she added, highlighting that the IMF do expect the recovery to continue in 2025.

“These are all very positive developments for Sri Lanka and for the people of Sri Lanka”, Kozack expressed.

Meanwhile, the IMF Spokesperson also mentioned: “All of this said, the economy still does remain vulnerable, and, therefore, it is critical that the reform momentum be sustained to ensure that macroeconomic stability and debt sustainability are durably achieved.”

In response to a question raised by a journalist on the IMF’s take on the proposal to list Sri Lanka’s State-Owned Enterprises (SOEs) in the Colombo Stock Exchange given that the programme also calls for extensive reforms in SEOs, Kozack denied a comment, stating, “I don’t have anything for you on that regarding the SOEs, but we’ll come back to you bilaterally.”



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Ramadan is a time to share the profound message of generosity, and compassion with the World – PM

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Prime Minister Dr Harini Amarsuriya in her Ramadan message says that Ramadan is a time to share the profound message of generosity, and compassion with the World.

The full text of the Prime Ministers Ramadan Message:

“As our Islamic brothers and sisters in Sri Lanka and around the world celebrate the sacred month of Ramadan, I extend my heartfelt greetings and best wishes for peace, prosperity, and spiritual fulfillment.

Ramadan is a time of deep reflection, prayer, and self-discipline. It is a period that teaches us the values of compassion, generosity, and unity. Fasting during this holy month is not only an act of devotion but also a reminder of the struggles faced by those less fortunate. It is a time to cultivate patience, humility, and gratitude while strengthening our bonds with family, friends, and the community.

At its core, Ramadan embodies the spirit of kindness, forgiveness, and charity. The practice of Zakat and Sadaqah during this time highlights the importance of sharing with those in need and reinforcing the principle that true prosperity lies in giving and uplifting others. These values are universal and resonate deeply with all communities, fostering harmony and understanding among people of different faiths and backgrounds.

Sri Lanka is a nation rich in diversity, and it is through mutual respect and solidarity that we continue to strengthen our collective future. The spirit of Ramadan reminds us of the need for coexistence, tolerance, and the pursuit of justice and peace.

As the month of fasting culminates in the joyous celebration of Eid, let us carry forward the lessons of Ramadan—compassion, unity, and selflessness—into our daily lives. May this blessed month bring peace to our hearts, our homes, and our nation.

Ramadan Mubarak!”

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First phase of the Urban Forest Project under the ‘Clean Sri Lanka’ programme launched

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The first phase of the Urban Forest Project under the ‘Clean Sri Lanka’ programme was launched on Sunday  (30) morning near the Kelaniya Bridge in Peliyagoda.

This initiative was implemented in collaboration with S-lon Lanka (Pvt) Ltd, a subsidiary of The Capital Maharaja Group, aligning with the “Tree Guardian” project. It also coincided with  Zero Waste Day which fell on Sunday (30), further reinforcing its environmental significance.

Guided by the Presidential Secretariat, key government and private sector stakeholders, including the Road Development Authority, the Urban Development Authority and the Colombo Municipal Council, partnered in the launch.

As part of the initiative, trees were planted on state-owned land between the Nawaloka Roundabout and the New Kelani Bridge in Peliyagods, to transform the area into an attractive urban forest plantation.

A unique aspect of this project is the assignment of responsibility for the protection and maintenance of the planted trees to various community groups, such as school students, university students and Daham Pasal (Religious School) students. The students of Dharmawijaya Daham Pasala in Peliyagoda were entrusted with the care and preservation of the trees planted near the Kelaniya Bridge.

Additionally, a mobile application (App) has been introduced to continuously monitor and update the growth and condition of the trees, as well as track the progress of their respective caretakers.

Delivering the keynote address at the ceremony, Secretary to the President Dr. Nandika Sanath Kumanayake emphasized that this project is not merely a reforestation initiative but a social, environmental and ethical movement closely linked to the objectives of the Clean Sri Lanka Programme.

Highlighting the historical challenges faced by tree planting projects initiated by previous governments, he noted that many such initiatives have struggled to achieve long-term success. However, he expressed confidence that, due to its strong public participation, the Clean Sri Lanka Programme would ensure the Urban Forest Project evolves into a sustainable and enduring initiative.

Attending the event as a Guest of Honour, Minister of Power and Energy Kumara Jayakody emphasized that the concept of green cities has gained global attention, with increasing focus on urban forests.  The Minister highlighted the importance of fostering a mindset shift among the public to achieve these environmental goals effectively. He stressed that assigning responsibility to the people in implementing this project is crucial for its success.  Furthermore, he pointed out that greater attention is now being directed toward renewable energy sources as part of efforts to create a sustainable environmental system.

Minister of Urban Development, Housing, and Construction Anura Karunatilaka, who participated in the event, noted that while urbanization has made life more convenient, it has also resulted in significant losses. He explained that Sri Lanka is now experiencing the negative consequences of urbanization, including environmental pollution, water contamination, air pollution and rising global temperatures. In searching for solutions to these challenges, initiatives such as urban forest projects play a vital role.

Minister of Rural Development, Social Security and Community Empowerment Upali Pannilage,  Operations Manager of The Capital Maharaja Group S.C. Weerasekara and Senior Additional Secretary to the President, Russell Appuhamy, addressed the gathering.

 

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May this Eid-ul-Fitr bring peace, reconciliation and the fulfillment of our shared hopes for a new era of renewal and prosperity – President

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President Anura Kumara Dissanayake in his Eid-ul-Fitr message wished that, this Eid-ul-Fitr bring peace, reconciliation and the fulfillment of our shared hopes for a new era of renewal and prosperity.

The full text of the President’s message:

“Eid-ul-Fitr, celebrated by Muslims worldwide after a month of fasting and upon sighting the new moon, holds great significance in the Islamic religious calendar.

Fasting during Ramadan, one of the five pillars of Islam, embodies the values of sacrifice, self-discipline and simplicity by distancing oneself from worldly desires. This period serves as a reminder of the importance of generosity towards those suffering from hunger and as an opportunity for self-restraint and spiritual growth, which devout Muslims deeply cherish.

As Sri Lanka undergoes various social, economic and political transformations, the teachings of Islam provide an excellent example for building a society rooted in freedom, equality, solidarity and human dignity. I strongly believe that these values serve as guiding principles in our collective journey toward a just and harmonious nation.

Furthermore, as we strive to foster a responsible and ethical political culture, one that values accountability over corruption and the misuse of public resources, the principles of self-restraint and sacrifice emphasized during Ramadan offer an inspiring model. They remind us of the need to cultivate a governance system that is sensitive to the aspirations and well-being of its people.
Eid-ul-Fitr is a celebration that transcends religious boundaries, promoting unity, compassion and selflessness. On this auspicious occasion, I extend my heartfelt wishes to all Sri Lankan and global Muslim communities.

May this Eid-ul-Fitr bring peace, reconciliation and the fulfillment of our shared hopes for a new era of renewal and prosperity.
Eid Mubarak!”

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