News
We are almost there with IMF bailout – CBSL Governor
The IMF could finalise Sri Lanka’s financing package within three weeks of the country’s main bilateral creditors formally informing the IMF that they would help Sri Lanka restructure its debt, Governor of the Central Bank, Dr. Nandalal Weerasinghe, said on Thursday appearing on a TV programme.
Dr. Weerasinghe said that Sri Lanka had already provided adequate information to the country’s main bilateral creditors and they were in a position to make an informed decision about the role they could play in making Sri Lanka’s debt sustainable.
“Sri Lanka’s ability to secure an IMF package depends on the country’s ability to obtain assurances from our bilateral creditors. We have made good progress with the Paris Club, India, and China. We have had two formal meetings with all donors, and we have given all the information. We have kept providing them with information, through the IMF and our advisors, and the creditors now have sufficient information to decide on what kind of contribution they can make to restore debt sustainability,” he said.
Dr. Weerasinghe said that the next step would be getting financial assurances from all creditors, either collectively or bilaterally, based on what type of relief they would provide. Then the creditors could tell the IMF formally that they are willing to help Sri Lanka reach the debt targets that the IMF has set up, he said.
“Then, we can go to the board and approve the programme we have set up. The IMF needs a maximum of three weeks to get the programme approved. We were making progress and
we were hoping for an IMF programme by December. However, there was some little delay from some of the creditors because of internal issues. If we had got the assurances in November, we were targeting the IMF board meeting which is to be held on 19 December. But we have missed that,” he said.The Central Bank Governor said that some partners have expressed willingness to support Sri Lanka. Among them are China, India, and the Paris Cub.
“When they tell the IMF that they are willing to help formally, we are almost done. We are almost there in my view. Once we get that assurance, the IMF needs a maximum of two to three weeks to prepare all the board papers, circulate with the board members, go to the board and get the programme approved. For example, if we can get the creditors to write to the IMF this month, the IMF can approve this programme in January. The IMF board usually meets two to three days a week,” he said.
Responding to a question whether Sri Lanka is versed in dealing with such matters, Dr. Weerasinghe said working with the IMF is not new to the country. However, previous dealings with the IMF have not been this complex, he said.
“That is we did not have a debt crisis. In the past we have gone to the IMF to address Balance of Payment crises, for financing support and also for advice on the overall macro framework. In this case, we also have to also ensure that our debt is sustainable. That is the additional complication,” he said.
News
JSA opposes move to extend retirement ages of superior court judges
The Judicial Service Association (JSA), which represents the country’s magistrates and district judges, has unanimously adopted a resolution opposing the government’s proposed extension of the retirement age of superior court judges.
The resolution was passed at a special general meeting held at the Kaduwela Magistrate’s Court premises, attended by 65 magistrates and district judges from across the country.
The meeting was convened following the resignation of JSA President Pasan Amarasena, who stepped down in protest over the holding of the meeting.
According to the resolution, all members present voted in favour of opposing the proposed extension of the retirement age of Supreme Court and Court of Appeal judges.
Amarasena resigned after facing criticism for unilaterally expressing support for extending the retirement age of the Chief Justice. Following his resignation, JSA Secretary Suranga Munasinghe issued a statement to members rejecting the allegations contained in Amarasena’s resignation letter.
Meanwhile, former Health Minister Dr. Rajitha Senaratne claimed the government’s attempt to extend the tenure of superior court judges was aimed at securing their support in pursuing what he described as a campaign of political revenge against Opposition members.
Addressing a meeting at the Sri Lanka Freedom Party headquarters on Darley Road, Colombo, Senaratne argued that if the government’s justification was to retain experienced judges and avoid vacancies, similar retirement age extensions should also be granted to other professions, including university academics.
“The judges themselves have now unanimously opposed the government’s move, as reflected in the outcome of the Judicial Service Association’s special general meeting at Kaduwela,” he said.
by Chaminda Silva
News
Next two weeks critical as dengue risk soars
Mosquito larvae density in Sri Lanka’s Western Province has increased significantly, making the next two weeks an extremely high-risk period for dengue transmission, according to Consultant Physician Dr. Ananda Wijewickrama, a member of the Expert Committee on Dengue Management.
Speaking during a television programme, Dr. Wijewickrama warned that based on the current trend of dengue transmission, the situation could become more serious than the country’s 2017 dengue outbreak.
He said hospitals in the Western Province have already exceeded their capacity due to the sharp increase in patient admissions, with some facilities being forced to accommodate two or even three patients in a single hospital bed.
Also speaking during the programme, Prof. Neelika Malavige of the University of Sri Jayewardenepura said early signs of the current outbreak had been visible as far back as December and January.
“We could already see indications of this in December and January. With the current changes, the trend is not encouraging. We usually see an increase in dengue cases during the Southwest Monsoon period from May to July, and again during the Northeast Monsoon from November to January. When such conditions are expected, we need to be prepared in advance. After that, from February to April, we experienced extremely high temperatures, and mosquito breeding tends to slow down during periods of excessive heat,” she said.
Professor Malavige also noted that three dengue vaccines have been approved in various countries and are currently being used in several Asian nations, including Indonesia, the Philippines, Thailand, Vietnam and Malaysia.
“However, there are many factors Sri Lanka would need to consider before introducing a dengue vaccine. It would not have an immediate impact on reducing an epidemic. The vaccine requires two doses, and it takes time for immunity to develop after vaccination. However, for people who have previously been infected with dengue, the vaccine has shown very good effectiveness,” she said.
Sri Lanka has so far reported 66,064 dengue cases this year, while the death toll has risen to 46.
A total of 10,685 cases were reported during the first nine days of July alone, including 1,030 new infections reported yesterday.
Of the total number of cases, 52.7% have been reported from the Western Province. Gampaha District has now overtaken Colombo District as the area recording the highest number of dengue infections.
Meanwhile, amid the heightened risk, special dengue control operations involving members of the armed forces were carried out today in several parts of the country.
by Pradeep Prasanna Samarakoon
News
Budget 2027 on Nov. 12
The second reading of the 2027 Appropriation Bill will be presented in Parliament on November 12, the Ministry of Finance announced.
The Ministry said the Bill will be published in the Government Gazette on September 18 and presented for its first reading in Parliament on October 7.
The draft Appropriation Bill for 2027, which sets out the proposed expenditure allocations for each Ministry, is scheduled to be submitted to the Cabinet for approval on September 14.
According to the Ministry, the second reading debate on the Budget will be held from November 13 to 20, while the Committee Stage debate is scheduled from November 21 to December 14.
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