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‘China’s stand may deprive Sri Lanka of USD 2.9 bn from IMF in early 2023’

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Dr. Paikiasothy Saravanamuttu (Executive Director CPA)

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PRIYAN DE SILVA 

 Executive Director of the Centre of Policy Alternatives (CPA)  Dr. Paikiasothy Saravanamuttu told journalists and Civil Society Activists at a workshop held in Kandy that China’s unwillingness to accept the proposed debt restructuring might deprive Sri Lanka of the US$ 2.9 billion credit facility, from the IMF.

The staff-level agreement is to be implemented only after the countries that Sri Lanka are indebted to, namely Japan, China, India and the European Union,  agree on how the debt is to be restructured.

Dr Saravanamuttu said the IMF expected every creditor to be treated equally which China has refused to accept. China was not happy that Sri Lanka had approached the IMF and have even offered to provide more loans to Sri Lanka, he said.

The CPA Executive Director said that if the Chinese agreed to restructure debt, then the IMF would release US$ 2.9billion by January or February 2023 but if the Chinese did not agree, Sri Lanka would have to wait until the IMF board meets again in March 2023. He said that Sri Lanka would need 850 million US$ to pay for essentials during this period.

 Dr. Saravanamuttu said that citizens of this country should not blame the politicians alone for the mess that the country was in, as it is the people who put them there, gave them the power and allowed them to abuse it. He reiterated that the people had a great responsibility to see that the situation changes for the better.

 Speaking about the Aragalaya, Dr. Saravanamuttu said that various groups had got together to demand that the Rajapaksas go home and return the money that they stole from the country. He pointed out that even though they had got rid of the Rajapaksas they did not have any idea how to recover the country’s plundered wealth or what type of governance that the country ought to have.

 He said that even though mass protests had taken place all over the world, the political elite or the military had returned to power.



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Swiss ambassador meets President Dissanayake

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Dr. (Ms.) Siri Walt, Ambassador Extraordinary and Plenipotentiary of Switzerland to Sri Lanka, met  President Anura Kumara Dissanayake at the Presidential Secretariat this morning (09).

During the meeting, Ambassador Walt extended her congratulations to President Dissanayake on his recent election victory, conveying best wishes on behalf of the Government and people of Switzerland.

Ambassador Walt reaffirmed Switzerland’s commitment to supporting Sri Lanka, particularly through the ongoing IMF program, and expressed Switzerland’s readiness to assist in President Dissanayake’s efforts to combat corruption. She also emphasized Switzerland’s expertise in foreign direct investments (FDI) and tourism, offering assistance to Sri Lanka in these sectors to promote economic growth.

Further areas of collaboration discussed included constitutional reforms and labour migration, with Ambassador

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President discusses enhancing revenue and efficiency with Sri Lanka Customs and Inland Revenue officials

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President Anura Kumara Dissanayake held a key meeting with senior officials from both the Sri Lanka Customs Department and the Inland Revenue Department at the Presidential Secretariat today (09). The discussions centered on strategies to enhance revenue generation and improve operational efficiency within both departments, in line with the government’s broader economic mandate.

During the meeting, officials from both departments presented the challenges they face in managing revenue and tackling tax evasion. They stressed the importance of strengthening coordination between the Inland Revenue Department (IRD) and Customs to effectively combat these issues. It was highlighted that better collaboration would ensure more robust enforcement of tax laws and prevent tax leakage, further boosting the country’s revenue collection.

Representing the Sri Lanka Customs Department were  P B S C Nonis, Director General of Customs; Mrs. H W S P Karunaratne, Additional Director General of Customs; . C S A Chandrasekara, Additional Director General of Customs;  W S I Silva, Additional Director General of Customs;  S P Arukgoda, Additional Director General of Customs; J M M G Wijeratna Bandara, Additional Director General of Customs;  A. W. L. C. Weerakoon, Senior Deputy Director and  M R G A B Muthukuda, Chief Financial Officer, among other officials.

From the Inland Revenue Department, Mrs. W S Chandrasekara, Commissioner General;  B K S Shanta, Deputy Commissioner General; Mrs. J A D D B K Siriwardena, Deputy Commissioner General; Mrs. J D Ranasinghe, Deputy Commissioner General; D M N S B Dissanayake, Deputy Commissioner General;  H H S Samantha Kumara; and Ms. T M S Thennakone, Senior Commissioner, participated in the discussions.

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Vietnamese Ambassador meets President; explores possibility of enhancing direct flights between Vietnam and Sri Lanka

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The Ambassador of Vietnam to Sri Lanka, Ms Trinh Thi Tam, paid a courtesy call on President Anura Kumara Dissanayake at the Presidential Secretariat this afternoon (09).

During the meeting, Ambassador Tam conveyed her congratulations on behalf of the Government of Vietnam and expressed optimism for continued cooperation between the two nations.

Highlighting Vietnam’s achievements in foreign direct investment (FDI) and trade, President Dissanayake requested Vietnam’s assistance in fostering these sectors in Sri Lanka.

The discussion also explored the possibility of enhancing direct flights between Vietnam and Sri Lanka, with a focus on strengthening Buddhist ties and cultural connections. Ambassador Tam further pledged to explore opportunities to promote Sri Lanka as a key destination for Vietnamese tourists, thereby expanding people-to-people connections and boosting tourism.

 

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