Connect with us

News

IMF calls on G20 to lead by example and honour promise of USD 100 billion per year for climate finance

Published

on

Kristalina Georgieva

International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Sunday called on the G20 members to lead by example and deliver on the promises of $100 billion per year for climate finance supported by strengthening the Multilateral Development Banks.

Speaking at the conclusion of the G20 Leaders’ Summit in New Delhi on Sunday, the IMF Chief said the global lender has secured over $40 billion to support vulnerable countries through its Resilience and Sustainability Trust (RST) to build climate resilience.

Georgieva emphasized that at the same time, countries also need to mobilize domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, strong fiscal institutions, and deep local debt markets.

To help countries in this effort, the IMF is providing policy support and capacity development in collaboration with partners.

Noting that the nations are gradually recovering from a string of major shocks, Georgieva said the recovery is slow and uneven, with medium-term growth prospects being the weakest in decades in an environment of still elevated inflation, high interest rates, and growing fragmentation.

“The risk of further divergence is real, with richer countries being more resilient to shocks and vulnerable emerging and low-income countries contending with limited buffers,” she pointed out.

“Against this background, all countries should pursue sound policies to support economic and financial stability and growth-oriented structural reforms. This is especially important in emerging and developing countries, where such reforms can boost output by up to 8 percent over 4 years,” she said.

The IMF Chief called on the members to also strengthen the global financial safety net.

She noted that since the start of the pandemic, the IMF has injected $1 trillion in reserves and liquidity through lending to nearly 100 countries and the historic SDR allocation; and thanked the members who have helped the global lender to reach the goal of channeling $100 billion to vulnerable countries.

“To make the global economy stronger and more resilient in a more shock-prone world, it is vital to reach an agreement to increase the IMF’s quota resources before the end of the year and secure the needed resources for the Fund’s interest-free support to the poorest countries through the Poverty Reduction and Growth Trust,” Georgieva stressed.

Emphasizing the need to harness the potential of digital technology to build a prosperous future, the IMF Managing Director praised India’s achievement in developing top-tier digital public infrastructure (DPI) which she said stands as a beacon for others.

Georgieva also said “India’s G20 presidency is a powerful reminder that when the international community comes together to solve global problems, much can be accomplished.”

She said the IMF is playing its part, and enhancing cooperation with the World Bank in key areas and looking forward to “further strengthening the bonds of international cooperation to create a more prosperous and resilient global economy for all.”



News

Implementing further relief programme to Public sffected by the Middle East conflict situation

Published

on

By

Action was taken to provide a fuel relief for the fuel consumers during the months of April, May and June of 2026 to redress by minimizing the impact caused to the day today life of the citizens of this country as well as the entire economy due to the price hike of petroleum fuel in the global market resulting from the war situation in the Middle East.

Government mediation is essential for minimizing the impact on the day to today life of citizens in this country due to that war situation not being ended further. Therefore, it has been planned to redress on the sale price for Auto Diesel and Industrial Diesel for a period of 03 months by the Government to provide relief to the public as well as to maintain the prices at a bearable level to the consumers without escalating the fuel prices in this country compared to the escalation of fuel prices
in the international market.

Therefore, the Cabinet of Ministers granted approval for the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to
allocate provisions subject to the monthly limitations respectively as rupees 15 billion for the month of October, rupees 13.5 billion for the month of November and rupees 12.15 billion for the month of December to provide the said relief

Continue Reading

News

Establishment of a Spectrum Management and Monitoring System and a Quality of Service and Quality of Experience System for the Telecommunications Regulatory Commission of Sri Lanka

Published

on

By

Approval was granted at the Cabinet meeting held on 2025-10-21 for the Ministry of Digital Economy and the Department of External Resources to work with the Asian Development Bank as an international development partner for the “Digital Transformation Development Project”.

As a main implementing agency of that project, the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) requires a Spectrum Management and Monitoring System as well as a System for Quality of Service and Quality
of Experience). It has been identified that the external funding estimate for this requirement has been identified as USD 9.25 million.

Accordingly, the Cabinet of Ministers has approved the resolution furnished by the President in his capacity as the Minister of Digital Economy to obtain a “Spectrum Management and Monitoring System” and a “System for Quality of Service and Quality of Experience” for the TRCSL under the ADB-funded Digital Transformation Development Project.

Continue Reading

News

Appointment of a Committee for the Restitution of Sri Lankan Cultural Heritage Held Abroad

Published

on

By

Under Articles 7 and 13 of the UNESCO 1970 Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, rights are conferred upon a state to request the return of cultural property belonging to it that is currently held abroad.

According to a proposal presented by the then Minister of Buddhasasana, Religious and Cultural Affairs, Phase 1 of the
restitution of Sri Lankan cultural heritage was executed in 2023, where 06 artifacts—including the Lewke Disawa’s Cannon, 02 large cannons, 02 Kasthanes (swords) with scabbards, and a knife with scabbard kept at the Rijksmuseum in Amsterdam, Netherlands—were officially handed back to Sri Lanka.

It has been recognized as appropriate to appoint a steering committee to directly exchange views further with the Dutch committee regarding the artifact restitution process and to advise the Government of Sri Lanka on restitution work regarding cultural property taken from Sri Lanka during the colonial era.

Accordingly, the Cabinet of Ministers has approved the resolution furnished by the Minister of Buddhasasana, Religious and Cultural Affairs to appoint a committee titled the “Committee for the Restitution of Sri Lankan Cultural Heritage Held Abroad”, chaired by the Additional Secretary (Cultural Promotion and Foreign Affairs) of the Ministry of Buddhasasana, Religious and Cultural Affairs, to provide necessary advice to the Government of Sri Lanka during the restitution process of artifacts taken from Sri Lanka.

Continue Reading

Trending