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“No fixed timeline” to disburse 2nd tranche of $3 bln loan, IMF official says

Published

3 years ago

2023/10/1

By SHIHAR ANEEZ

ECONOMYNEXT –Sri Lanka’s second tranche of a $3 billion loan from the International Monetary Fund is likely to be delayed as the country has failed to meet the program objective and a global lender’s official said there is no fixed timeline on the disbursement of second tranche.

Sri Lanka’s government revenue is likely to face a 15 percent fall from the target agreed with the IMF, the global lender said, due to poor tax administration and lower collection.

An IMF delegation was in Colombo over two weeks for the first review of the loan before the global lender’s Executive Board approval for the second tranche.

“There is no fixed timeline,” Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF’s Asia and Pacific Department, told reporters at a media briefing on Wednesday after concluding the first review of the loan.

“We are confident that it (the GOSL) will be able to do so with a little bit more time,” he said referring to Sri Lanka’s effort to raise revenue.

The IMF in March this year approved a 48-month, $3 billion extended arrangement under the Extended Fund Facility (EFF) to support Sri Lanka’s economic policies and reforms with the main emphasis on increasing the government revenue, boosting the international reserves, and reducing inflation.

Soon after the approval, Sri Lanka which is going through an unprecedented economic crisis received the first tranche of $330 million. The first review was to assess the country’s performance against the IMF programme objective. Breuer said Sri Lanka is yet to satisfy two key objectives.

“We need two important things to be satisfied. We need to reach agreement on set targets, policies, and reforms that will allow us to go forward… with the understanding that the objective of the programme can be reached,” Breuer said.

“So, now we have discovered there was a little bit of shortfall on one area during this year. So, we are looking to try and find ways to address that shortfall and compensate.

He said working in a direction of having agreement on these policies is an “important prerequisite.”

“Then the other one is in the area of debt,” Breuer said adding that reaching agreement with creditors will help store debt sustainability in Sri Lanka.

“When these two conditions are met, we can go forward. Of course, there is a little bit of administrative process also. It will take some time to write the reports that actually assesses the performance of the first review before steps to be considered by our executive board which will make the final decision on this.

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Heat Index at Caution Level in the Northern, North-central, North-western, Western, Sabaragamuwa, Southern, and Eastern provinces and in Monaragala district during the day time

Published

3 hours ago

2026/04/26

Priyan

Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre
Issued at 3.30 p.m. on 25 April 2026, valid for 26 April 2026.

The Heat index, the temperature felt on the human body is likely to increase up to ‘Caution level’ at some places in the Northern, North-central, North-western, Western, Sabaragamuwa, Southern, and Eastern provinces and in Monaragala district during the day time.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-744649

News

Sagarika derailment disrupts coastal rail line; services to resume in two days

Published

4 hours ago

2026/04/26

Thilina Walpola

Railway General Manager Ravindra Pathmapriya said on Friday that re-railing operations of the derailed ‘Sagarika’ train have already commenced and that services on the Coastal Line are expected to be restored within two days.

Addressing the media, he said the Minister had instructed officials to take all necessary measures to minimise inconvenience to passengers.

Commenting on the incident, he said: “The damaged train is a significant loss for us, especially as our fleet is already limited. We have incurred this loss and hope to rectify the situation promptly. However, we will need to deploy an alternative train in its place, and discussions are currently underway.”

The ‘Sagarika’ train, operating from Beliatta to Maradana, derailed near the Wadduwa Railway Station on Friday morning (24), causing severe damage to one track of the dual-line section.

The Railway Department has since restricted services on the affected Coastal Line up to Panadura Railway Station.

Arrangements have been made to transport passengers from Panadura to South Kalutara by Sri Lanka Transport Board (SLTB) buses, from where train services will resume towards Matara and Beliatta.

Meanwhile, the Department said efforts are underway to clear the obstruction and restore at least one track by the end of the day.

News

PHIs launch Vesak ‘Dansal’ safety registration drive

Published

4 hours ago

2026/04/26

Thilina Walpola

Public Health Inspectors (PHIs) have announced that registration of ‘Dansal’ organised islandwide in view of the upcoming Vesak Poya has already commenced.

President of the Sri Lanka Public Health Inspectors Union (PHIU), K.P. Boralessa, said that organisers intending to conduct ‘Dansal’ are required to inform and register with the PHI attached to the relevant area.

He said organisers must also provide details of the location and the type of ‘Dansal’ being conducted.

Following registration, PHIs will conduct awareness programmes for organisers on maintaining required health and safety standards during the conduct of such events, he added.

Boralessa warned that legal action would be taken against those who organise ‘Dansal’ without proper registration or in an unsafe manner.

He further said PHIs will inspect venues on the eve of each ‘Dansala’ to assess suitability, including waste disposal arrangements, availability of drinking water, quality of water used for cooking, and condition of equipment at the site.

In addition, those involved in food preparation and serving will also be inspected to ensure hygiene standards are maintained, he said.

“These measures are taken to ensure that food provided at ‘Dansal’ is safe and hygienic for the public. Special attention must be paid to the ingredients used, and only healthy ingredients should be utilised,” Boralessa added.