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Talks planned for India to restructure $1.3-billion credit line to Lanka

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Indian High Commissioner Gopal Baglay Friday called on new Prime Minister Ranil Wickremesinghe to personally extend his and his county’s good wishes and reiterate support. Post the closed door meeting Baglay in a tweet said “discussed continued India-Lanka cooperation for economic recovery and stability in Sri Lanka through democratic processes towards the well being of all the people of Sri Lanka.”

BY S VENKAT NARAYAN     

Our Special Correspondent

 NEW DELHI, May 14: India will hold talks with Sri Lanka for restructuring the island nation’s $ 1.3 billion Line of Credit (LoC), seeking to assist its southern neighbour battling a severe economic crisis.

The Indian government backs the LoC from Export Import Bank (EXIM Bank).

The exact terms of the loan will be finalized in talks that the Indian government will conduct and the EXIM Bank will participate in.

Repayments on credit have been done till the end of March 2022. The restructuring is likely to involve deferment on repayment principal, said sources in EXIM Bank.

In February 2022, India’s EXIM Bank and Sri Lanka’s government signed a $500-million LoC agreement to help Colombo to cope with its current fuel shortages.

India said this week it is “fully supportive” of Sri Lanka’s democracy, stability and economic recovery, responding after that country’s Prime Minister Mahinda Rajapaksa quit amid massive protests against the raging economic crisis.

On April 12, the Sri Lankan government said it will suspend debt servicing on its foreign-currency obligations amid steeply rising external funding pressures.

Standard & Poor’s has downgraded Sri Lanka’s long-term foreign currency sovereign credit rating to ‘SD’ (selective default) from ‘CC’.

Meanwhile, EXIM Bank has posted a 190.5 per cent increase in net profit at INR7.38 billion on FY22 from INR2.54 billion in FY21. Its loan book grew by 13.26 per cent Year on Year to INR1.17 trillion at the end of March 2022. The capital adequacy improved to 30.49 per cent in March 2022 from 25.89 per cent a year ago.

EXIM Bank Managing Director Harsha Bangari said the bank raised foreign currency resources aggregating $2.05 billion and rupee resources aggregating INR190.46 billion in FY22.

In FY23, the institution plans to raise about $3 billion, depending on the market conditions. About $1-1.5 billion will be raised by issuing long-term securities and balance through short-term loans. The domestic borrowings will be around INR200 billion in 2022-23, Bangari said.



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Women’s T20 World Cup 2026 warm-up: Chamari Athapaththu’s 94 helps Sri Lanka beat Pakistan

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File photo: Chamari Athapaththu top-scored for Sri Lanka (Cricinfo)

Captain Chamari Athapaththu’s 94 helped Sri Lanka chase down 169 with ease against Pakistan. Athapaththu and Vishmi Gunaratne together started strongly, putting up a 159-run stand as Sri Lanka won with eight balls to spare.

With the ball, right-arm seamer Chethana Vimukthi, who was called up as the injured Shashini Gimhani’s replacement. for the T20 World Cup, made an impact for Sri Lanka, finishing with figures of 4 for 31. Vimukthi broke the 60-run stand between openers Muneeba Ali and Gull Feroza, following which Pakistan lost wickets regularly. Captain Fatima Sana top-scored for Pakistan from No. 7 with 37 to push the total past 150. In reply, Sri Lanka made easy work of the chase, with Athapaththu itting five sixes and nine fours in her 56-ball stay.

Scores:

Sri Lanka Women 169 for 1 in 18.4 overs (Chamari Athapaththu 94, Vishmi Gunaratne 63*; Fatima Sana 1-20 ) beat Pakistan Women  168 for 8 in 20 overs (Muneesha Ali 36, Gull Feroza 26. Ayesha Zafar 10, Saira Jabeen 12,  Fatima Sana 37, Aliya Riyaaz 22;  Sugandika Kumari  1-33,  Chethana Vimukthi 4-31, Malki Madara 1-19, Nimasha Meepage 1-16) by nine wickets

(Cricinfo)

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Open hearing on coal procurement inquiry set for July first week

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Open hearing of evidence into alleged irregularities in coal procurement is scheduled to begin in the first week of July, while the Presidential Commission of Inquiry continues recording statements from relevant officials, investigators said.

So far, the Commission has recorded statements from around 40 government officials, including members of procurement committees and other personnel attached to institutions involved in coal-related transactions.

Officials said that, depending on evidence gathered during the ongoing inquiry, statements may also be obtained from former ministers if required.

The Commission has also received 28 complaints in connection with alleged irregularities in coal imports and related procurement processes.

President Anura Kumara Dissanayake on April 17 appointed a three-member Presidential Commission of Inquiry under the Special Presidential Commissions of Inquiry Act No. 07 of 1978 to probe alleged malpractice in coal imports and electricity generation since the inception of coal-based power generation up to April 16, 2026.

The Commission is chaired by Supreme Court Justice Gihan Kulatunga, with Court of Appeal Judge Aditya Patabendige and High Court Judge Sanjeewa Somaratne serving as members. Former State Ministry Secretary P.V. Bandulasena acts as Secretary to the Commission.

The inquiry covers alleged procurement irregularities, possible financial losses to the State, import of substandard coal, quality inspection failures, contractual breaches and operational issues in power generation, including whether corrective measures were taken where necessary.

It will also identify responsible political authorities, officials of Sri Lanka Coal Company (Private) Limited and suppliers, while recommending legal or administrative action and measures to prevent future lapses.

Meanwhile, the Committee on Public Enterprises (COPE) is also preparing to table its report on coal procurement in Parliament, with officials from relevant institutions having been summoned during its proceedings. COPE Chairman MP Dr. Nishantha Samaraweera said audit findings had also been considered, and any matters requiring further investigation would be referred to law enforcement and anti-corruption authorities.

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TNA MP calls for complete repeal of PTA

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Trincomalee District TNA MP Shanakiyan Rasamanickam has submitted a motion to Parliament calling for the immediate repeal of the Prevention of Terrorism Act (PTA), arguing that the controversial law has enabled arbitrary detention, torture and the targeting of minority communities for more than four decades.

In his motion, now published in the Addendum to the Order Book of Parliament, the MP urged the Government to repeal the Prevention of Terrorism Act, No. 48 of 1979, in its entirety and refrain from introducing any replacement legislation containing similar provisions.

Rasamanickam contended that the PTA had been used for over 40 years to facilitate prolonged arbitrary detention and to obtain false confessions through torture. He further alleged that the law had disproportionately affected minority communities and civil society groups.

The motion states that there is no justification for maintaining a permanent counter-terrorism law that grants sweeping powers to the authorities.

The TNA legislator argued that existing legal provisions were sufficient to address security threats, noting that terrorism-related offences could already be prosecuted under the Penal Code.

He also pointed out that the Government retained the power to declare a state of emergency when circumstances warranted extraordinary measures, rendering a permanent anti-terrorism framework unnecessary.

Accordingly, the motion calls on Parliament to resolve that the Government take immediate steps to abolish the PTA without replacing it with legislation containing comparable powers.

The Prevention of Terrorism Act, enacted in 1979, has long been the subject of criticism from human rights organisations, civil society groups and international bodies, which have raised concerns over provisions relating to detention without trial and safeguards against abuse.

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