News
Yellen calls on China for specific debt assurances for Lanka
ECONOMYNEXT –US Treasury Secretary has called for specific and credible financing assurances for Sri Lanka and said about “55 percent of low income countries are at close to or in debt distress.”
“I will continue to push for all bilateral official creditors, including China, to participate in meaningful debt treatments for developing countries and emerging markets in distress,” Yellen said at a meeting of to G20 officials in India.
“Most urgent is the need to provide debt treatment to Zambia, and to commit to specific and credible financing assurances for Sri Lanka.
“Later this week, I am also looking forward to robust discussions about the Common Framework process to help countries like Ghana. I will also be discussing international coordination on debt restructuring for middle-income countries.”
China has offered a two year moratorium to Sri Lanka and said it will enter into talks to re-structure debt without giving specific assurances that debt will be re-structured along the limits set by an IMF analysis.
Many countries which have bad central banks with historical depreciating currencies due to conflicting money and exchange policies are now in debt distress.
“The IMF estimates that around 55 percent of low-income countries are close to or in debt distress,” Yellen said.
After the Great Recession in particular massive liquidity made it easier for many countries with bad central banks to borrow dollar denominated debt heavily in commercial markets, analysts say.
Classical economists refer to the phenomenon, which is a consequence of inflationary policy, as mal-investing.
The first wave of defaulting Latin American countries came in the early 1980s as the Fed tightened policy and co-called BBC policies (now called exchange rate as the first line of defence) destroyed currency pegs as intermediate regime countries tried to maintain fixed policy rates.
In the 1970s amid bad Fed policy which pushed up oil prices, US banks also re-cycled so-called ‘petro collars’ to Latin American nations as bondholders re-cycled abundant liquidity to third world nations which had monetary instability historically in recent yearsm
China also shifted some of its reserves from US Treasury bills to policy banks and gave loans to countries with a history of monetary instability amid questionable feasibility of some projects.In the case of Sri Lanka however China has funded a coal power plant which said to be the best and most high return project the country has embarked on since the 1980s hydro-electric dams.
The second day of the “Vesak Bhakti Gee Saraniya”, held in parallel with the “Buddha Rashmi Vesak Kalapaya” jointly organized by the Hunupitiya Gangaramaya Temple, the Presidential Secretariat and the Prime Minister’s Office, commenced on Tuesday (13) at 6:30 p.m. under the patronage of Secretary to the President Dr. Nandika Sanath Kumanayake, at the Presidential Secretariat premises.
The evening featured musical performances by renowned vocalist Ilyas Beg and the Sri Lanka Air Force Bhakti Gee Troup, accompanied by the Air Force Band. A Vesak lantern exhibition was also held at the venue. The event was attended by the Chief Incumbent of Gangaramaya Temple Venerable Dr. Kirinde Assaji Thero, along with several senior officials of the Presidential Secretariat.
This Bhakthi Gee programme will continue today [May 14] and tomorrow at the same location. Additionally, a short-eats dansala is being held near the Presidential Secretariat for the benefit of the public visiting Colombo for Vesak, and will continue until May 16.
Meanwhile, a ‘Buth Dansala’ organized jointly by the Presidential Secretariat and the Sri Lanka Army was inaugurated yesterday near the Presidential Secretariat, with the participation of senior military officers. A large number of devotees from across the country attended the event.
In line with the ‘Buddha Rashmi’ and ‘Bauddhaloka Vesak Kalapya’, several Vesak programmes have been organized in the vicinity with the support of the Presidential Secretariat. These include the illumination of nearby government buildings and roads with decorative lights, and the display of Vesak lanterns, with the active participation of the Presidential Secretariat staff.
[PMD]
The French Navy Ship ‘BEAUTEMPS BEAUPRE’ which arrived in Sri Lanka on a goodwill visit (09 May 25), departed the island on Tuesday (13 May).
The Sri Lanka Navy bade customary farewell to the departing ship at the Port of Colombo, following naval traditions.
During the ship’s stay in Colombo, crew members of ‘BEAUTEMPS BEAUPRE’ visited some tourist attractions in the country. In addition, the Commanding Officer and a group of
crew members of the ship called on senior officers of the Sri Lanka National Hydrographic Office (SLNHO) to discuss key hydrographic matters of bilateral importance.
News
“Clean Sri Lanka” joins hands to Improve facilities and sanitation at Kotmale Regional Hospital
Following the bus accident in the Garandiella area of Kotmale, a large number of injured individuals were admitted to the Kotmale Regional Hospital for treatment. In response, the “Clean Sri Lanka” programme has collaborated to improve the facilities and sanitation of the hospital.
Accordingly, the “Clean Sri Lanka” programme actively worked to clean the hospital ward complex and the hospital premises, aiming to create a comfortable environment for the patients’ treatment and to enhance other facilities.
A notable aspect was the voluntary participation of the local community in this effort. The “Clean Sri Lanka” secretariat appreciates the dedication shown by the doctors and hospital staff of the Kotmale Regional Hospital, who provided emergency treatment to those injured in this unexpected incident despite having access to limited resources.
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