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“Strong expectations” of SL soon striking deal with commercial creditors: IMF
The International Monetary Fund (IMF) says there is a strong expectation that Sri Lanka will soon reach agreements with external commercial creditors consistent with program parameters.
“So overall we assess that there has been sufficiently strong progress on the debt restructuring front,” Julie Kozack, Director of the IMF Communications Department, said during a press briefing at Washington on Thursday (06).
On March 21, IMF staff and the Sri Lankan authorities reached staff-level agreement on economic policies to conclude the second review of the economic reform program and also the 2024 Article IV Consultation.
Kozack confirmed that on June 12, the IMF Executive Board will meet to discuss Sri Lanka’s second review and the Article IV Consultation.
“In Sri Lanka, we do see macroeconomic policy reform 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, she said responding to questions on Sri Lanka.
The IMF spokesperson said that the program performance is strong with most quantitative and structural conditionality for the second review met or implemented with delay, and reforms are still ongoing in some areas.
“The next steps on the debt restructuring are indeed to conclude negotiations with external commercial creditors and to implement agreements in principle with the official creditors. The domestic debt operations are largely completed. Debt restructuring discussions are continuing.”
More specifically, she said the authorities have been holding extensive discussions with external official creditors regarding an MOU with the official creditor committee and the final agreements with the Export Import Bank of China.
Discussions with external bondholders continue with the aim of reaching agreements in principle soon, Kozack said, adding that negotiations with the China Development Bank are also at an advanced stage.
“There is a strong expectation that agreements with external commercial creditors consistent with program parameters will be reached soon. So overall we assess that there has been sufficiently strong progress on the debt restructuring front.”
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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