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Lanka expected to reach agreement with its commercial creditors – IMF

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There is a strong expectation that Sri Lanka will reach agreements with its commercial creditors, consistent with programme parameters, by completion of the second review, International Monetary Fund Communications Director Julie Kozack said on Thursday, addressing a press conference in Washington.

She said that on December 12, 2023, the IMF’s Executive Board approved the first review of Sri Lanka’s programme with the IMF. It enabled a disbursement of 337 million U.S dollars. And on March 21, the IMF Staff and the Sri Lankan authorities reached a Staff-Level Agreement on economic policies to conclude the second review, as well as the 2024 Article IV Consultation.

“Completion of the review by the Executive Board requires, first, the implementation of the prior actions that have been agreed and second, completion of, what we call, financing assurances review. That review would need to confirm that multilateral partners are continuing their financing contributions to Sri Lanka, and it will also assess progress with debt restructuring, and it will need to conclude that adequate progress is being made,” Kozack said.

The IMF Communications Director said the macroeconomic policy reforms in Sri Lanka are starting to bear fruit. Commendable outcomes include rapid disinflation, robust reserve accumulation, and initial signs of economic growth, while preserving stability of the financial system. Public finances have strengthened following substantial fiscal reforms, and it is critical that this reform momentum be continued, she said.

Kozack said the next steps on the debt restructuring are to conclude the negotiations with external commercial creditors and to implement agreements in principle with official creditors.

“The domestic debt operations, you know, part of the debt restructuring, are largely completed, and there is a strong expectation that agreements with commercial creditors consistent with programme parameters will be reached by completion of the second review,” she said.



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Temporally pause rooftop solar during day time from 13th to 21st April -CEB

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The Ceylon Electricity Board has appealed to all rooftop solar owners across the country to voluntarily switch off their solar systems during day time hours (until 3pm each day) from April 13th to 21st to prevent partial power outages or nationwide blackouts which may occur.

 

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Government remains committed to ensuring peace and stability across the country – PM

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The Prime Minister Dr. Harini Amarasuriya stated that the people of Sri Lanka should no longer be burdened by conflict and the Government remains committed to ensuring peace and stability across the country, with the government and the public service must discharge their duties to meet the needs of the people.

The Prime Minister made these remarks while addressing public gatherings held in Velanai, Nallur, and Vadamarachchi.

The Prime Minister said that:

“There are numerous issues regarding infrastructure development in the Northern Province ranging from roads, drinking water supply, agriculture, and unemployment, to education and health sectors.

Many of these development tasks fall under the responsibility of local governments and provincial councils that represents your areas. However, these responsibilities have not been properly discharged.

While it is said that the issues raised in the North and East were caused by the war, 16 years have passed since the end of the war. What real change has taken place? Have the lives of the people in these areas has improved?

Although the central government allocates funds to provincial governing bodies, there should be a transparent mechanism in place to ensure that these funds are properly utilized for the relevant projects.

On May 6th, you will hold the decisive right to elect the local government closest to you that will work to uplift your lives and develop your communities. Elect representatives who are committed to serving the people, and free of fraud and corruption.

The government is actively participating in lifting the country from its fallen state and to overcome the current economic challenges. We accept that there is a long way to go. The prices of goods are still high but the government is currently working towards a change, and the people will receive the benefits in the near future.

Measures have been taken to increase the basic salary of public servants from this year’s Budget. The public service must commit to discharging duties with dedication. This must be not only a people’s government, but also a public service that belongs to the people.

Even after the independence, this country has seen much bloodshed and conflict. The people have suffered greatly as a result. The government is determined to ensure that such a situation never arises again. Therefore, the government is committed to fostering peace within the country.”

The event was attended by Minister of Fisheries  Ramalingam Chandrasekar, along with several Members of Parliament and local representatives in the North.

[Prime Minister’s Media Division]

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Focus on streamlining Research and Development activities related to defence sector

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A meeting organized by the National Initiative for Research & Development Commercialization (NIRDC) was held on Thursday (10) at the Presidential Secretariat to streamline and commercialize research and development activities in the defence sector.

Participating institutions included the Centre for Defence Research and Development under the Ministry of Defence, the Sri Lanka Army, Navy and Air Force, the General Sir John Kotelawala Defence University and the Research and Development Division of the Sri Lanka Police.

The NIRDC Unit, established under the Presidential Secretariat, aims to accelerate national development by facilitating investment opportunities to commercially apply completed or nearing completion research projects from both public and private institutions.

Defence institutions play a critical role for the progress of technology and science in relation to national security and development. Acknowledging this importance, the meeting was chaired by Senior Advisor to the President on Science and Technology, Professor Gomika Udugamasuriya.

During the meeting, it was discussed in detail regarding the completed and on-going research and development projects within the defence sector, as well as those planned for the future. Special attention was given to identifying opportunities for collaboration among research and development units, enhancing innovation capabilities, and exploring ways to share resources effectively.

The discussion focused on identifying opportunities for collaboration between research and development units relevant to these sectors, enhancing innovation capabilities and exploring ways to share resources effectively. It also examined possible steps to strengthen coordination between civil and defence research institutions. The discussion concluded productively, with several innovations identified that have the potential for future commercialization.

The event was attended by Senior Additional Secretary to the President (Finance and Economic Affairs) . Russel Aponsu, NIRDC Director General Dr. Muditha D. Senarath Yapa, Director (Investments) . Idunil Gunathilaka along with other officials.

[PMD]

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