News
ADB approves USD 350 million loan for economic stabilisation in Sri Lanka
The Asian Development Bank (ADB) on Monday (29) approved a 350 million U.S. Dollar special policy-based loan to provide budget support to Sri Lanka for economic stabilisation, the ADB said in a press release.
The Bank said that the programme is part of a broader package of financial assistance anchored by the International Monetary Fund’s (IMF) Extended Fund Facility for the country, which aims to stabilise the economy and lay the foundation for economic recovery and sustained growth.
It said Sri Lanka is facing a severe and unprecedented economic crisis and that high inflation has eroded purchasing power, livelihoods have been affected, and past development gains have been reversed.
“ADB is concerned about the deep crisis in the country and its impact on the people of Sri Lanka, especially the poor and the vulnerable, particularly women,” said ADB President Masatsugu Asakawa. “ADB is committed to standing with Sri Lanka as it addresses its present challenges and strides toward economic stabilization, sustainable recovery, and inclusive growth.”
Sri Lanka has embarked on bold reforms to address the causes of both internal and external imbalances and return to a sustainable debt trajectory, the Bank said.
The country faces a long road to recovery and must remain steadfast in the implementation of necessary reforms, which include enhancing tax revenue collection, strengthening public financial management, improving performance of state-owned enterprises, ensuring autonomy and independence of the central bank, safeguarding financial sector stability, and bolstering governance frameworks, it said.
As these measures are implemented, it is essential to ensure that adequate social protection is provided and implementing governance reforms and anticorruption measures will be critical, the ADB said.
Transparency and open communication will be crucial in building agreement around the reforms and the ADB will proactively engage with the government, other stakeholders, and development partners to help address structural impediments and plan future support, the bank said in the press release.
In 2022, in close coordination with development partners, ADB repurposed 334 million dollars of existing loans as emergency response to support the import of essential items such as fertiliser, medicines, chemicals for water treatment, working capital for small and medium-sized enterprises, and cash transfers to the most poor and vulnerable.
Trade finance lines through ADB Trade and Supply Chain Finance Program supported the import of essential items during the crisis.
News
Record 1,600 students take Russian Classical Ballet examination in Sri Lanka
More than 1,600 students sat this year’s Russian Classical Ballet Examination, the largest number ever to take part in the examination in Sri Lanka. Exams were held in Colombo from 5, to 18, October and in Galle on 10 October.
Students aged four and above came from across the island, including Colombo, Galle, Gampaha, Negombo, Matara, Kelaniya, Panadura, Wattala, Kiribathgoda, Ratnapura, Kandy, Kurunegala, Bandarawela and Badulla. They are taught by 15 dedicated teachers trained in the Vaganova method, the renowned Russian system of classical ballet training.
They were examined by Dr. Oxana Karnovich of the Moscow State Academy of Choreography, a distinguished academic and curator.
The Russian School of Ballet and Dancing was established in 2001 by Michael Ustinov, Buddhapriya Ramanayake and Mrs Chandi Aluvihare, with Mrs Galina Pleshakova as its founding instructor. Today the School is led by Director Madam Maria Popova, Counsellor of the Embassy of the Russian Federation in Sri Lanka.

News
Buddhist hierarchy demands prison perks for monk convicts
MONETABRIEF– Sri Lanka’s two most senior Buddhist chapters, Malwatte and Asgiriya, demanded special concessions for monks serving prison sentences, following the disrobing of convicted monk Ven. Galagodaatte Gnanasara in line with established procedures.
The chief prelate of the Asgiriya chapter, Most Venerable Warakagoda Sri Gnanarathana, told Prisons Commissioner Senaka Palletenna that Ven. Gnanasara, who is serving a six-year sentence for contempt of court, must be released immediately.
Prison authorities have no power to release or pardon convicts, but Palletenna told the monk in Kandy on Friday that he would convey his request to the relevant government authorities.
“There is no point in talking about this and that… The entire country has been shaken (??????? ) . He must be released,” the Asgiriya chief prelate said.
The Malwatte chief prelate, Most Venerable Thibbatuwawe Sri Siddhartha Sumangala, appeared to accept the court verdict against Ven. Gnanasara, but asked the prisons chief whether a separate section could be established for convicted monks.
Palletenna noted that a special ward for the clergy already existed at Welikada Prison.
At least 63 convicted Buddhist monks are currently incarcerated within Sri Lanka’s criminal justice system.
Meanwhile, a group of 34 Buddhist monks named in a Colombo Fort Magistrate’s Court order to vacate the vicinity of the Presidential Secretariat ended their protest and dispersed after lunch on Friday.The monks are demanding an unconditional pardon for Ven. Gnanasara, who has previously been imprisoned, making him a reconvicted prisoner.
News
Debate on NCM against Speaker postponed indefinitely
The debate on the no-confidence motion against Speaker Dr. Jagath Wickramaratne, submitted by the Samagi Jana Balawegaya (SJB), has been postponed indefinitely pending the Attorney General’s opinion on certain technical issues in the motion.
Government representatives raised the matter at a meeting of the Committee on Parliamentary Business, pointing out that several provisions of the motion required clarification and that the Attorney General’s advice should be obtained.
As obtaining the opinion would take time, the debate could not be scheduled for the next parliamentary week, parliamentary sources said.
Chief Opposition Whip Gayantha Karunatilaka said a date for the debate would be decided after the Attorney General’s advice was received.
Meanwhile, Parliament is scheduled to meet from October 20 to 23, Secretary General of Parliament Kushani Rohanadeera announced.
The parliamentary business for the week was finalised at a meeting of the Committee on Parliamentary Business held on Friday (16) under the chairmanship of Deputy Speaker Dr. Rizvie Salih.
On each sitting day, the period from 9.30 a.m. to 10 a.m. will be allocated for parliamentary business under Items 1 to 6 of Standing Order 22. Questions for Oral Answers will be taken up from 10 a.m. to 11 a.m., followed by questions under Standing Order 27(2) from 11 a.m. to 11.30 a.m.
On Tuesday, October 20, an Opposition-sponsored Adjournment Motion will be debated from 11.30 a.m. to 5.30 p.m.
On Wednesday, October 21, a resolution under the Public Debt Management Act and a Supplementary Estimate will be taken up for debate and approval from 11.30 a.m. to 5 p.m. The annual reports of five statutory institutions will subsequently be presented for approval without debate, while questions at the Adjournment Time will be taken up from 5 p.m. to 5.30 p.m.
On Thursday, October 22, the Second Reading debates on two Bills to amend the Poisons, Opium and Dangerous Drugs Ordinance (Bills Nos. 79 and 80) will be held from 11.30 a.m. to 5 p.m.
The annual reports of five statutory institutions will then be taken up for approval without debate, followed by an Opposition-sponsored Adjournment Motion from 5 p.m. to 5.30 p.m.
On Friday, October 23, the Second Reading debate on the Elimination of Rabies and Registration of Dogs Bill will be held from 11.30 a.m. to 5 p.m. A Government-sponsored Adjournment Motion will be debated during the final half-hour of the sitting.
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