News
IMF releases another USD 336 mn for SL
Govt.: ‘Is Opposition resorting to act of terrorism to ruin economy?’
State Minister of Finance Shehan Semasinghe, yesterday, asked the Opposition not to disseminate false information, which was fraught with the danger of disrupting the economic recovery process, which had received a boost from the release by the IMF of another USD 336 million under its Extended Fund Facility (EFF) arrangement. Addressing the media, Semasinghe said he wondered whether the Opposition was resorting to an act of terrorism to cause an erosion of public confidence in the process of economic rebuilding.
The Executive Board of the IMF completed the second review under the 48-month EFF Arrangement, making available to Sri Lanka USD 336 million, which brings the total IMF financial support disbursed so far to more than USD 1 billion). The Executive Board also concluded the 2024 Article IV Consultation with Sri Lanka, the IMF, said in a statement.
The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion). The first review of the EFF was completed by the Executive Board on December 12, 2023 with disbursements of SDR 254 million (about US$337 million).
Approval has been granted at the Cabinet meeting held on 22.07.2024 to publish the draft bill of State Assets Management Act in the government gazette notification and thereby present it to the Parliament for its concurrence.
However, the draft bill couldn’t be passed in Parliament as a result of the Parliament being dissolved in the month of October 2024.
Thereafter, the draft bill was subject to further inspection by a
committee appointed which comprised of officials and authorities on the subject.
The said Committee has recognized the amendments to be made and a fundamental draft has been prepared including the proposed amendments.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to suspend further activities regarding the draft bill of State Assets Management Act published in the extraordinary gazette of 02.08.2024, and to direct the Legal Draftsman to prepare a draft bill based on the fundamental draft prepared by the subject specialists’ committee.
Considering the compliance of the Cooperative Societies’ operations with the concurrent socio – economic circumstances as well as the changes in the common law, the requirement of amending the Cooperative Employees Commission Act No. 12 of 1972 has been recognized.
A fundamental draft including proposed amendments based on the experience gained by that Commission as well as the opinions and proposals of Cooperative societies, their director board members, cooperative employees and other interested parties has been prepared.
Accordingly, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Trade, Commerce, Food Security and Cooperative development to provide instructions to the Legal draftsman to prepare a draft bill to amend the Cooperative Employees Commission Act No. 12 0f 1972, based on the said fundamental draft.
Latest News
Dilki Wathsala Marambage appointed as Director General of the Department of Technical Education and Training
The Cabinet of Ministers granted approval to the proposal forwarded by the Prime Minister in her capacity as the Minister of Education, Higher Education and Vocational Education to appoint Mrs. Dilki Wathsala Marambage to the post of Director General of the Department of Technical Education and Training.
Cabinet approves redrafting of State Assets Management Act
Cooperative Employees Commission Act No. 12 of 1972 to be amended
Dilki Wathsala Marambage appointed as Director General of the Department of Technical Education and Training
Declaration of Naakolagane Sanctuary under the Fauna and Flora Protection Ordinance
Cabinet approves transfer and maintenance of selected roads presently under PC’s and Local Authorities to the RDA
Obtaining financial facilities for the Water Supply and Sanitation Improvement Program (Sub-program 2) from the ADB
‘Dates have the highest sugar content to fight Coronavirus’
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