News
IMF Executive Board finalises first EFF review of Sri Lanka
By Rathindra Kuruwita
IMF’s second review under the 48-month Extended Fund Facility (EFF) arrangement for Sri Lanka is expected to be completed by the end of the first half of 2024, IMF Senior Mission Chief for Sri Lanka, Peter Breuer, told journalists Wednesday morning.
Addressing the IMF’s Virtual Press Briefing on the First Review of Sri Lanka’s EFF Arrangement, he said an IMF delegation is to visit the country in March or April 2024.
On Tuesday night, the IMF’s Executive Board finalised the first EFF review of Sri Lanka.
The third review is expected to be held on or after October 01, 2024, Breuer said.
Breuer went on to say the key to transitioning from stabilidation to a full and swift recovery is sustaining reform momentum and strong ownership of reforms.
He urged Sri Lankan authorities to further advance revenue mobilidation, align energy pricing with costs, strengthen social safety nets, rebuild external buffers, safeguard financial stability, eradicate corruption and enhance governance.
He added that IMF staff would continue to assist Sri Lankan authorities with creditor coordination in line with its policies.
Earlier, the IMF Board completed Sri Lanka’s first review under the 48-month Extended Fund Facility, paving the way for the country to access 337 million U.S. dollars to support its economic policies and reforms.
The IMF said that Sri Lanka had met all but one indicative target at the end of June 2023.
Most structural benchmarks due by end-October 2023 were either met or implemented with delay, the statement said.
The IMF said Sri Lankan authorities have made commendable progress toward restoring debt sustainability, raising revenue, rebuilding reserve buffers, reducing inflation, and safeguarding financial stability.
A strong commitment to improving governance and protecting the poor and vulnerable remains critical, the statement read.
Sri Lanka’s agreements-in-principle with the Official Creditors Committee and Export-Import Bank of China on debt treatments are an important milestone, putting Sri Lanka’s debt on the path towards sustainability, the IMF said.
Sustaining the reform momentum is of paramount importance in steering the economy towards a sustained recovery and fostering stable, inclusive economic growth, said the IMF.
In March this year, the IMF approved a 48-month extended arrangement under EFF of about 3 billion U.S. dollars to support Sri Lanka’s economic policies and reforms.
With this, the total IMF financial support disbursed so far is about 670 million dollars, the IMF said.
The High Court has convicted 14 of the 24 men accused of being directly involved in the 2019 Easter Sunday bombings, which killed 279 people.
The three-judge bench read out its decision on Tuesday after a five-year trial and said sentencing would take place later, the AFP news agency reported.
The charges included murder and conspiracy to commit terrorism.
Nine others were acquitted, while another defendant was found guilty of only some of the charges, the court said.
By Shamindra Ferdinando
The ruling NPP yesterday (21) dismissed claims of a widening rift, within the government, over the proposed 22nd Amendment. Asked whether the NPP was concerned over a section of the Opposition alleging Prime Minister Dr. Harini Amarasuriya and two dozen MPs taking a view contrary to that of the party in this regard, authoritative party sources said some persons were propagating speculation for their own interest.
Declaring that there was absolutely no issue regarding the controversial Amendment, sources emphasised once it was tabled in Parliament, it would be passed with 2/3 majority.
Sources dismissed claims that out of its 159-member parliamentary group a section of NPPers was opposed to the government move. According to an influential Opposition activist, there are 57 JVPers and 66 NPPers in the government group and the rest contested the last parliamentary polls, having aligned with the JVP.
Ministerial sources told The Island that the government was confident of going ahead with the 22nd Amendment and Judicature (Amendment) Bills. Sources said that the NPP was not bothered about the Opposition protests in and outside Parliament.
Speaker Dr. Jagath Wickremaratne is expected to disclose the confidential ruling that he received from the Supreme Court in respect of more than 65 petitions for and against the 22nd Amendment and Judicial Amendment Bills. The enactment of the 22nd Amendment would pave the way for extending the retirement age of Supreme Court judges, from 65 to 67 years, and Court of Appeal judges, from 63 to 65 years.
President Anura Kumara Dissanayake has appointed Court of Appeal Judge Mayadunna Sri Mevan Anthony Edirimannasuriya Corea as the Acting President of the Court of Appeal.
The appointment has been made as President’s Counsel Nalin Rohantha Abeysuriya, who currently serves as President of the Court of Appeal, will be overseas until the 24th.
Accordingly Justice Mayadunna Corea was sworn in as Acting President of the Court of Appeal before President Anura Kumara Dissanayake at the Presidential secretariat last morning (21).
Secretary to the President Dr Nandika Sanath Kumanayake was also present at the occasion.
High Court convicts 14 over deadly Easter bombings
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India bat first in Asian games womens cricket final
Showers about 100mm will occur in the Western, Sabaragamuwa, Central and North-western provinces and in Galle and Matara Districts
Govt. confident of 2/3 majority despite NPP split speculation
‘Dates have the highest sugar content to fight Coronavirus’
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