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USD 700 mn expected from IMF next Wednesday 

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Sri Lanka is expecting USD 700 million from the International Monetary Fund (IMF) on May 27 following approval by the IMF Executive Board, Deputy Minister of Finance and Planning Dr. Anil Jayantha Fernando has said.

The Deputy Minister told Parliament yesterday that the government was continuing efforts to strengthen foreign exchange inflows through exports, foreign remittances and financial assistance from international institutions.

“We are largely expecting from the International Monetary Fund on the 27th of this month. The Board of Directors will give us US$700 million,” he said.

Dr. Fernando noted that Sri Lanka was also expected to secure additional financial assistance from other multilateral agencies during the year.

“From the Asian Development Bank, within this year, there is the possibility of obtaining up to USD 480 million. From the World Bank, USD 150 million, and from another affiliated institution, USD 50 million,” he said.



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USS Canberra makes port call in Colombo

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The United States Navy’s USS Canberra (LCS 30) arrived at the port of Colombo for replenishment purposes on 12 Jun 26.

The visiting ship was welcomed by the Sri Lanka Navy
in compliance of naval traditions.

USS Canberra, a Littoral Combat Ship, is commanded by Commander J McLaughlin.

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Complete the Proposed Education Reform Policy Framework Within One Month – President

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President Anura Kumara Dissanayake has instructed officials to complete work on the proposed Education Reform Policy Framework within one month.

The President issued these instructions during a discussion held on Wednesday (10 June) at the Presidential Secretariat on the education policy concept paper presented by the National Education Commission.

At the meeting, the Chairman of the National Education Commission stated that the current education reforms are being undertaken across several pillars: early childhood education, general education (primary, secondary and tertiary), higher education, vocational education, technological education, digital education and non-formal education.

Attention was also given to Sri Lanka’s education system to date, the various education reforms implemented over the years, and the social changes brought about by those reforms. The President instructed officials to review previous education reforms and to take into account the key lessons emerging from them when formulating the new education policy framework.

Members of the Education Commission noted that, since the establishment of the National Education Commission in 1991, education policies have been formulated from time to time. They pointed out that a significant portion of the 1997 policy had been applied to primary education.

It was further observed that although a policy was formulated in 2016 for general education, it was not implemented accordingly. Likewise, while an education policy was prepared in 2023, it was not adopted as the national education policy. Attention was also drawn to the fact that previous education reform efforts had often been based on programmes developed according to the functions of education-related institutions, rather than on a clearly established policy framework guiding educational change.

Describing the present moment as a significant opportunity, the President emphasised that education reforms should be implemented in a manner that does not disrupt the continuity of the existing education process. Rather than creating a separate policy framework and attempting to operate independently through it, reforms should be integrated carefully into the functioning education system.

The President stated that this represents a considerable challenge for the National Education Commission. He also noted that it would be inaccurate to conclude that either the previous education system or the current one is entirely successful or entirely unsuccessful.

He stressed the importance of carefully identifying both the strengths and weaknesses of the existing system. He further observed that it is not possible to determine in the short term whether an education reform is successful or unsuccessful, as its impact must be assessed over the long term through the changes it brings about in society. For this reason, he emphasised that education reforms require greater caution and consideration than many other types of reforms.

Discussions also focused on the need to conduct an in-depth review of anticipated future social challenges and to incorporate into the new policy framework the elements necessary for developing citizens suited to a changing society.

Special attention was given to the need for a policy framework to regulate all sectors of education that are currently not subject to proper regulation, as well as to the adverse consequences arising from the lack of regulation of private education.

The importance of conducting research into university education reform and the regulation of private universities was also discussed.

Among those present were Prime Minister Dr Harini Amarasuriya,  Deputy Minister of Education and Higher Education Dr Madhura Seneviratne,  Deputy Minister of Vocational Education Nalin Hewage,  Secretary to the President Dr Nandika Sanath Kumanayake,  Senior Additional Secretary to the President Kapila Janaka Bandara,  Secretary to the Ministry of Education, Higher Education and Vocational Education Nalaka Kaluwewa,  Chairman of the National Education Commission Professor A. Sarath Ananda,  and other members of the National Education Commission.

(PMD)

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Committee appointed for restructuring SriLankan Airlines

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The Cabinet of Ministers has approved the appointment of a Committee, chaired by Senior Presidential Advisor on Digital Economy Dr. Hans Wijayasuriya, to conduct a strategic review and restructuring of SriLankan Airlines.

The other members of the committee are as follows:

• Senior Presidential Economic Advisor Duminda Hulangamuwa

• Financial and corporate strategy expert Deshal De Mel

• Transaction and investment banking, mergers and acquisitions expert Dumith Fernando

• The Secretary to the Ministry of Finance or his Representative

• The Secretary to the Ministry of Transport, Highways and Urban Development / a representative of the Civil Aviation Authority

• The Chairman of SriLankan Airlines

• Legal experts with specialised knowledge in corporate, aviation and public law

• Aviation industry experts to be appointed

The Government has recognised the urgent priority of undertaking a comprehensive strategic review of SriLankan Airlines, taking into account the broader macroeconomic context.

The main objective of this exercise is to establish a financially sustainable and commercially efficient national carrier, while reducing the long-term fiscal burden on the Government.

Accordingly, it has been deemed appropriate to establish a dedicated committee to carry out the strategic review and restructuring process in collaboration with the International Finance Corporation (IFC), which is serving as the Transaction Advisor.

The committee will be responsible for:

• Conducting an independent review and assessment of the airline’s strategic direction and future course of action

• Recommending restructuring requirements and possible restructuring models

• Evaluating specific strategic options and identifying the most suitable course of action aligned with the Government’s overall objectives

• Providing oversight, guidance and support for the implementation of the selected strategy and execution framework determined by the Government

The committee will function for the duration of the strategic review and restructuring process, or until it is formally dissolved by the Government of Sri Lanka.

 (PMD)

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