Connect with us

News

IMF happy about SL’s progress but says debt restructuring must be finalized

Published

on

Julie Kozack

The Director of the International Monetary Fund’s (IMF) Communications Department, Julie Kozack last week highlighted several commendable objectives reached by the Sri Lankan Government but said debt restructuring arrangements must be finalized.

Julie Kozack described the overall implementation of the IMF program as strong.

The IMF staff and the Sri Lankan authorities have reached a staff-level agreement on economic policies to conclude the second review of the four-year EFF-supported program and the 2024 Article IV Consultation.

Once the review is approved by the IMF management and completed by the IMF Executive Board, Sri Lanka will have access to about US$337 million in financing.

Commenting on Sri Lanka’s economic performance, Kozack said macroeconomic policies in Sri Lanka are starting to bear fruit.

“Commendable outcomes include a rapid decline in inflation, robust reserve accumulation, and initial signs of economic growth, while also preserving stability in the financial system. Overall, program performance has been strong,” she said.

On debt restructuring, Kozack revealed that the next steps are to conclude negotiations with external private creditors and to implement the agreements in principle with Sri Lanka’s official creditors.

“The domestic debt operations are largely completed. The initial debt restructuring negotiations with external bondholders ended in mid-April without an agreement and discussions are continuing with a view to reaching agreement in principle. And on the official creditors’ side, these agreements in principle still need to be finalized,” she added.

Kozack made the remarks while addressing a press briefing in Washington, DC on Thursday.



News

Advisory for strong winds and rough seas for Multi-day boats in the Bay of Bengal

Published

on

By

Navel and fishing communities engaging the activities over this sea area are advised to be vigilant

Advisory for strong winds and rough seas  for Multi-day boats in the Bay of Bengal deep sea areas
Issued by the Natural Hazards Early Warning Centre
Issued at 05.00 p.m. 18 September 2026, valid for the next 24 hours.

PLEASE BE AWARE!
The atmospheric disturbance to the North of the Andaman Islands in the Bay of Bengal, is likely to develop into a low pressure area within the next 24 hours.

Due to its influence, wind speed over the Bay of Bengal sea areas will increase during the next few days starting from
tomorrow (19th).

The wind speed in the sea areas marked under the “Advisory” category on the map below will increase to 55-65 kmph at times and those sea areas will be rough or very rough at times.

Navel and fishing communities engaging the activities over this sea area are advised to be vigilant and be attentive to the future forecasts and bulletins issued by the department of Meteorology in this regards.

Continue Reading

News

Some NPP manifesto promises may be difficult to fulfil – CIABOC DG

Published

on

Ranga Dissanayake (Director General CIABOC) at the BMICH on Wednesday

Text and Pic by Priyan de Silva

Director General of the Commission to Investigate Allegations of Bribery and Corruption (CIABOC) Ranga Dissanayake has questioned whether some promises contained in the National People’s Power (NPP) manifesto, A Thriving Nation – A Beautiful Life, could be fulfilled even if the government wanted to implement them.

Dissanayake raised the issue during a discussion following the release of the third biannual report on manifesto monitoring by the March 12 Movement, at the BMICH, on Wednesday.

He questioned whether the report had taken into account legal and institutional constraints affecting the implementation of certain pledges.

Citing the proposal to establish Anti-Corruption Investigation Offices in each district, Dissanayake said such offices could be established only with the agreement of CIABOC and that amendments to the Anti-Corruption Act would be necessary.

He also referred to the pledge to abolish the Executive Presidency, noting that successive governments had made similar commitments since 1994. He questioned whether there had been adequate consideration of where the powers vested in the Executive President would be transferred if the system were abolished.

On the proposal to establish a Public Prosecutor, Dissanayake questioned whether the Government intended to maintain the office alongside the Attorney General, who currently performs prosecution-related functions.

Executive Director of the Institute for Democratic Reforms and Electoral Studies (IRES) Manjula Gajanayake said Dissanayake’s remarks should be regarded as his personal views and not as Government policy.

Monitoring and Evaluation Consultants M. Thilakarajah and D.D. Mataharaarachchi presented the third-phase findings, covering January to June 2026.

Continue Reading

News

Yoshitha and ex-Navy chief Karannagoda’s case fixed for PTC

Published

on

The corruption case filed by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) against former Navy Commander, Admiral of the Fleet Wasantha Karannagoda, and Yoshitha Rajapaksa was set for a pre-trial conference by the Colombo High Court.

The case was taken up before the Colombo High Court on Thursday (17), when the accused, who are currently out on bail, appeared before the court. After considering the submissions made, the court ordered that the case be called for a pre-trial conference.

The CIABOC had filed the case against the accused, alleging that a corruption offence was committed by sending Yoshitha Rajapaksa, son of former President Mahinda Rajapaksa, for training at the Royal Naval College in the United Kingdom despite him not having the required qualifications.

Continue Reading

Trending