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Sri Lanka to brief creditors on IMF deal for economic recovery
(PTI) The Sri Lankan government will virtually brief all its external creditors, on September 23, on the deal agreed with the International Monetary Fund (IMF) for the economic recovery and the next steps in the debt restructuring process.
On September 1, the IMF reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about USD 2.9 billion.Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves.
“Sri Lanka will make an online presentation to external creditors on September 23 updating them on a deal agreed with the International Monetary Fund and recent economic developments,” Clifford Chance, the debt restructuring adviser, said in a statement on Saturday.
The Sri Lankan Finance Ministry will update creditors on recent macro-economic developments, the objectives of the IMF package, and the next steps in the debt restructuring process.The IMF while announcing its willingness to enter a staff-level agreement at the end of August said that agreement with creditors was the key to the facility.
In mid-April, Sri Lanka declared its international debt default due to the forex crisis. The country owes USD 51 billion in foreign debt, of which USD 28 billion must be paid by 2027. The worsening forex situation affected the ability to fund importing fuel and essentials, triggering massive waves of public protests in the country. An uprising in mid-July forced the resignation of then President Gotabaya Rajapaksa.
Sri Lanka has to get assurances from creditors about their willingness to restructure debt for the International Monetary Fund to unlock credit from the agency and others.The objectives of Sri Lanka’s new EFF-supported programme are to restore macroeconomic stability and debt sustainability while safeguarding financial stability, protecting the vulnerable, and stepping up structural reforms to address corruption vulnerabilities and unlock Sri Lanka’s growth potential, the IMF had said.The IMF also said that debt relief from Sri Lanka’s creditors and additional financing from multilateral partners will be required to help ensure debt sustainability and close financing gaps.
Financing assurances to restore debt sustainability from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors are crucial before the IMF can provide financial support to Sri Lanka.Sri Lanka is also expected to restructure its debt worth USD 29 billion, with Japan expected to coordinate with other creditor nations, including China on this issue.
The official appointment letters for the members of the newly established “Cricket Transformation Committee” (CTC) were handed over on Monday (04) by the Minister of Youth Affairs and Sports, Sunil Kumara Gamage.
The following members received their letters of appointment at the Ministry premises:
Sidath Wettimuny
Thushira Radella
Prakash Schaffter
Ms. Avanthi Colombage
The Ministry also noted that veteran cricketers Roshan Mahanama and Kumar Sangakkara, who are key members of the committee, are currently overseas. Their official appointments will be formalised immediately upon their arrival in Sri Lanka.
The Cricket Transformation Committee has been mandated to oversee the administration and drive structural reforms within Sri Lanka Cricket (SLC) in accordance with the powers vested in the Minister under the Sports Act No. 25 of 1973.
Three prison guards attached to the Welikada Prison have been arrested by Borella Police following the death of an inmate on Monday (04).
‘Bar Association must reveal its stand’
Civil society group ‘Free Lawyers’ has requested Chief Justice Preethi Padman Surasena to probe whether political pressure was brought on a Magistrate, or a High Court Judge, in respect of an ongoing high profile case.
Speaking to The Island on behalf of ‘Free Lawyers,’ Rajith Keerthi Tennakoon said that they felt the urgent need to seek the CJ’s intervention, following the May Day declaration by President Anura Kumara Dissanayake that the verdict of a case that was heard on 30 April would be given on 25 May. Tennakoon said that addressing the NPP’s main May Day rally at Maharagama, the President asked the people to be ready to celebrate that verdict. The President couldn’t have said so if he hadn’t been aware of the impending verdict, Tennakoon said, while emphasising the responsibility on the part of the Bar Association to state its position on the issue.
‘Free Lawyers’ recently captured pubic attention following its exposure of the theft of USD 2.5 mn from the Treasury.
Responding to a query, Tennakoon said that on behalf of ‘Free Lawyers,’ Maithri Gunaratne, PC, on Monday, 4 April, wrote to both CJ Surasena and President of the Bar Association Rajeev Amarasuriya.
Alleging that President Dissanayake’s declaration caused immense harm to the independence of the judiciary and raised controversy over the judgement that would be given on 25 May, ‘Free Lawyers’ organisation also asked the CJ to inquire into whether the entire judicial process was under political pressure.
Tennakoon said that they expect the Bar Association to reveal its position on President Dissanayake’s statement. Tennakoon pointed out that during the May Day address, President Dissanayake made reference to 15 cases that were to be taken up during this month, whereas Transport, Highways and Urban Development Minister, as well as Leader of the House Bimal Rathnayake, mentioned nearly 10 names of politicians, both sitting and former lawmakers, to be summoned beginning, May.
Tennakoon said that the NPP appeared to have used May Day to counter growing accusations over the Colombo port container controversy, coal scam, Rs 13.2 bn NDB fraud and theft of USD 2.5 mn from the Treasury and USD 625,000 from the Sri Lanka Postal Service.
By Shamindra Ferdinando
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