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Paris Club OK but ‘adequate assurances’ yet needed from others: IMF
ECONOMYNEXT –Sri Lanka still needs adequate assurances from other bilateral creditors for its program to be approved, the International Monetary Fund said, after Paris Club lenders said they will re-structure debt.
“We welcome the recent statement by the Paris Club to provide financing assurances to Sri Lanka following the assurances provided by India,” an IMF spokesperson said.
“Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms.
“As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, the Extended Fund Facility (EFF) arrangement for Sri Lanka can be presented to the IMF’s Executive Board for approval that would unlock much needed external financing.”
Sri Lanka is still negotiating with China to get assurances on debt re-structure in line with the requirements of the IMF.
“We are in direct discussions with China,” President Ranil Wickremesinghe said in an address to a new session of Sri Lanka’s parliament earlier this week. “We have received positive responses from all parties. We are now working towards unifying the approaches of other countries and that of China.”
Sri Lanka has stabilized the external sector by the end of December 2022, using a peg at 360/370 to the US dollar with complementary monetary policy.From January 2023 some injections have been made amid pressure to bring down rates. The first quarter sees droughts and higher credit pressure on the banking system as the power utility imports more fuel due to less hydropower generating capacity.
The Cabinet of Ministers has approved the resolution furnished by the Minister of Industries and Entrepreneurship Development to recognize the “Sri Lanka National Export
Development Plan – 2026–2030” as the official strategic framework for export development and promotion of exports in Sri Lanka.
The Sri Lanka Export Development Board, in collaboration with public and private sector stakeholders connected to the export sector, has formulated the National Export Development Plan 2026–2030 by obtaining technical assistance under the Policy-Based Lending Programme of the Asian Development Bank.
The aforementioned Plan provides a comprehensive strategic framework to guide and monitor Sri Lanka’s export development process, with the target of earning US$ 36 billion in foreign exchange through the export of goods and services by the year 2030
The Cabinet of Ministers has approved the resolution furnished by the Minister of Women and Child Affairs to accept the Global Charter for Children’s Care Reform for Sri Lanka.
Approval has been granted by the Cabinet of Ministers on several earlier occasions to amend the Consumer Affairs Authority Act No. 9 of 2003.
In accordance with the approval granted at the Cabinet
meeting held on 2023-05-02, the Legal Draftsman is currently in the process of preparing the relevant amended Bill, and the Legal Draftsman has informed that it would be appropriate to obtain policy approval from the present Cabinet of Ministers for that purpose.
Accordingly, taking into consideration the necessity of restructuring the Consumer Affairs Authority too, the Cabinet of Ministers has approved the resolution furnished by the Minister of Trade, Commerce, Food Security and Cooperative
Development to instruct the Legal Draftsman to expeditiously complete the preparation of the relevant Bill to enable the amendment of the Consumer Affairs Authority Act, No. 9 of 2003.
Cabinet approves recognition of ‘Sri Lanka National Export Development Plan – 2026–2030’
Cabinet nod to accept the Global Charter for Children’s Care Reform for Sri Lanka
Cabinet grants policy approval to amend the Consumer Affairs Authority Act, No. 9 of 2003
Cabinet approal for Legal Draftsman to prepare a Bill to enable the amendment of Finance Business Act, No. 42 of 2011
M.S. Mahadiulwewa appointed act in the post of Director General of Commerce
Wimal S.K. Liyanagama appointed Director General of Customs
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