News
IMF loan will help bring down interest rates – CBSL
By Saman Indrajith
Interest rates could be relaxed with a cash infusion via the IMF, the Central Bank officials, including Governor Dr. Nandalal Weerasinghe, told the Committee on Public Finance (CoPF) recently.
Dr. Weerasinghe said high interest rates had been adopted to limit growth to prevent the need for greater foreign exchange given the dwindling reserves.
“With a cash infusion via the Extended Fund Facility (EFF) from IMF, interest rates can once again be relaxed, and the market will once again have an opportunity to expand,” Weerasinghe said.
The Chairman of the CoPF said the Committee was committed to providing bipartisan support to the reforms put forward by the IMF.
The Committee is chaired by MP Dr. Harsha De Silva said that regardless of political allegiances, its members will stand by the reforms promulgated by the IMF and being executed by the Central Bank (CB). This comes in the wake of a Central Bank confirmation that they are confident of having an actual IMF first tranche disbursement within the 1st Quarter of 2023.
CoPF inquired about the severe social implications of such steep mechanisms to adhere to IMF conditions. The CB said the IMF was wary of the social impact to vulnerable communities and had proposed certain safeguards such as expenditure ceilings to negate those effects.
When the question of alternatives to an IMF bailout were discussed, the CB stressed that no other international financing/funding institute was willing to partner with Sri Lanka on its debt management unless they saw an IMF partnership materialize first.
With the ostensible debt treatment measures that an IMF programme accompanies, it reassures international agencies of Sri Lanka’s credibility to once more partner with the country for future ventures including debt management.
News
“Sri Lanka’s Economic Revival – Reflection on the Journey from Crisis to Recovery” by Mahinda Siriwardana presented to the President
The book “Sri Lanka’s Economic Revival – Reflection on the Journey from Crisis to Recovery” ,authored by Secretary to the Ministry of Finance, Mr. Mahinda Siriwardana, was officially launched this morning (08) at the Galle Face Hotel, Colombo, with the participation of President Anura Kumara Disanayake.
The first copy of the publication was formally presented to President Disanayake by Mr. Siriwardana during the event.
It has been reported that former State Minister Sivanesathurai Chandrakanthan alias ‘Pilleyan’ has been arrested by the Criminal Investigation Department (CID).
A meeting between President Anura Kumara Disanayake and senior officials of SriLankan Airlines was held this afternoon (April 8) at the Presidential Secretariat.
The discussions mainly focused on proposals to transform SriLankan Airlines into a more profitable state-owned enterprise. Special attention was also given to possible short-term and long-term solutions for the airline’s debt management.
The talks further explored new investment opportunities for the airline. The President instructed the officials to take all necessary steps to transform SriLankan Airlines into a profit-making entity.
Although the airline has recorded operational profits, due to past mismanagement and poor decision-making, it remains one of the leading loss-making state enterprises. The current government has decided to reverse the previous administration’s decision to privatize the airline. Instead, it plans to continue operating it as the national carrier while introducing a new management structure to ensure its profitability moving forward.
Minister of Labour and Deputy Minister of Economic Development Dr. Anil Jayantha Fernando, President’s Senior Advisor Duminda Hulangamuwa, Chairman of SriLankan Airlines Sarath Ganegoda along with several senior officials of SriLankan Airlines, were present at the meeting.
“Sri Lanka’s Economic Revival – Reflection on the Journey from Crisis to Recovery” by Mahinda Siriwardana presented to the President
Former state minister arrested by CID
President meets with senior officials of SriLankan Airlines
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