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Finance Secy. expects early resumption of ‘fresh financing for high quality priority projects’

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Mahinda

Secretary to the Treasury Mahinda Siriwardana has said that the government hopes that the debt treatment chapter will soon be closed, and it would be possible to resume fresh financing for high quality, priority projects.

Siriwardana said so at the ‘2024 China Aid Training Alumni Reception’ at the Kingsbury Hotel, Colombo on Wednesday (30).

“We all know how complex and technically challenging this debt treatment process has been both in terms of ensuring compatibility with the IMF’s Debt Sustainability Analysis (DSA) as well as ensuring Comparability of Treatment with other creditors. This was possible with Chinese lenders, given the mutual trust and good faith demonstrated by both sides.”

Among those present were Chinese Ambassador Qi Zhenhong and Economic and Commercial Counsellor Tang Yandi.

Siriwardana appreciated what he called unwavering support in facilitating the successful participation of Sri Lankan public sector officials in various training programs in China over the past years.

“We have noted that, since its initiation, China has provided more than 8,000 training opportunities in various fields such as health, education, industry, and construction for public sector officials in Sri Lanka. It is impressive that Sri Lanka now receives nearly 1,000 training programmes each year from the Chinese government.”

Further, we cannot forget that China’s support for Sri Lanka has been instrumental in the country’s development, particularly in the realm of infrastructure and economic assistance. Over the years, China has invested billions of dollars in various projects, including ports. These investments aim to enhance Sri Lanka’s logistical capabilities and boost its position as a regional trade hub.

Furthermore, China has extended financial aid and loans to help Sri Lanka address its economic challenges, especially during times of crisis. Overall, China’s ongoing support plays a vital role in Sri Lanka’s aspirations for economic growth and modernization.

China has also played a pivotal role in supporting Sri Lanka’s debt treatment efforts in response to the unprecedented, deep and most complex economic crisis experienced since mid-2021. Exactly a year ago, in October 2023, China was the first among the official sector creditors to announce an Agreement in Principle (AIP) on the key financial terms for the treatment of debts owed by Sri Lanka to Exim Bank of China.

Subsequently, following cordial and constructive discussions, the two sides reached a final agreement on debt treatment terms in June 2024, on the same day when a similar MoU was signed with the Official Creditor Committee (OCC) comprising 17 official sector lenders to Sri Lanka and co-chaired by France, India and Japan. Subsequently, following the agreement coming into force, Exim Bank of China became the first external lender to conclude the debt treatment process. Excellent progress has also been made on the debt treatment relating to China Development Bank (CDB). We are now in the final stages of finalizing Comparability of Treatment (CoT) matters for CDB relating to the OCC.

Ambassador Zhenhong told the gathering that as a Chinese saying goes, “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.” China’s foreign aid training is a concrete action to implement global development initiative raised by President Xi Jinping and an important measure to promote the building of a community with a shared future for mankind. China’s foreign aid training adheres to the concept of sharing, consultation and co-construction, builds a platform for countries to exchange experience in governance, and fully shares the successful experience of Chinese modernization. Since China launched foreign aid training programs in 1950, it has trained more than 510,000 people for developing countries.

The Chinese government attaches great importance to all-round educational cooperation with Sri Lanka. Over the years, it has used foreign aid funds to hold various training programs in China, inviting nearly 13,000 Sri Lankan friends of various circles to participate in seminars in China. By the end of October this year, more than 1,000 Sri Lankan participants went to China for training, and the training topics covered 17 major areas including public management, scientific research, information technology, economy and trade, education, health, agriculture, forestry, animal husbandry and fishery, resources and environment, and disaster management. Through mutual learning and exchanges, we have grown together and deepened the traditional friendship between our two countries.”



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Navy seize two Indian fishing boats poaching in Sri Lankan waters north of Mannar

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The Sri Lanka Navy seized two [02] Indian fishing boats and apprehended 14 Indian fishermen while they were poaching in Sri Lankan waters, during a special operation conducted in the sea area north of Mannar in the dark hours of 08 Feb 25.

The seized boats  together with the fourteen Indian fishermen were brought to the Iranativu Island and they were to be handed over to the Assistant Directorate of Fisheries, Kilinochchi for onward legal proceedings.

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Islandwide power outage

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A sudden power cut has been reported across the island.

Accordingly, the Ceylon Electricity Board (CEB) said steps are being taken to restore the power supply.

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President invites exporters to rise again from the economic setback

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President Anura Kumar Disanayake invited Sri Lankan exporters to rebuild and thrive on a robust economic foundation.

The President emphasized that our country faces the challenge of capturing market share from a position of relative weakness. He pointed out that, to overcome this, external support had to be sought. In this regard, he highlighted that the government is prepared to provide assistance for recovery based on the current economic stability.

President Anura Kumar Disanayake made these remarks at the 26th Presidential Export Awards Ceremony.

The 26th Presidential Export Awards, organized by the Sri Lanka Export Development Board (EDB), was held on Friday (07) at the Bandaranaike Memorial International Conference Hall (BMICH) under the patronage of President Anura Kumar Disanayake.

The main objective of the awards ceremony is to recognize exporters who have made significant contributions to the economic development of Sri Lanka.

The Presidential Export Award, presented by the President, is the highest honour for Sri Lankan exporters who have made significant contributions to the export sector and economic development.

The Presidential Export Awards program, initiated by the EDB in 1981, has been held annually to recognize Sri Lanka’s top exporters. The awards ceremony for the 2023/24 financial year took place this year.

A total of 14 major awards and 51 awards in the categories of production and services were presented, with recipients gaining the opportunity to use the Presidential Export Award logo as a marketing tool for three years.

President Anura Kumar Disanayake further emphasized the critical importance of the trust placed in Sri Lanka by international economic stakeholders to stabilize the country’s economy. He noted that the global market economy is interconnected, not entirely independent.

He further pointed out that the primary challenge facing Sri Lanka is securing a substantial share of the market amidst the current global division of markets and the ongoing competition to reclaim market shares.

President Anura Kumar Disanayake noted that the global market has become an interconnected network. He emphasized that in order for the country to become a key participant in this market, it must engage in trade agreements that are beneficial to Sri Lanka. He cautioned that aggressive, reckless approaches to market penetration would not be successful, stressing the need for strategic, thoughtful engagement.

The President further stated that the government is already taking steps to provide the necessary technical support for Sri Lankan exporters to enter the market with high-quality products. He highlighted the government’s focus on supplying new goods and services in response to global changes, in line with international market trends.

Regarding the reduction of electricity bills, the President mentioned that the government is prioritizing renewable energy sources to maintain long-term stability in energy costs. He added that efforts are underway to lower costs and ensure stable pricing over the next few years.

President Disanayake also emphasized that the government is committed to playing a pivotal role in advancing the nation’s economy to new heights. He noted that even small or misguided decisions can have significant negative impacts on the economy, and therefore, decisions regarding the economy must be made with great caution and foresight.

In his remarks, the President assured that the government is fully committed to fulfilling exporters’ requests, which are vital to strengthening the nation’s economy and maintaining a strong economic foundation.

Finally, the President invited Sri Lankan exporters to unite in strengthening the economy, stressing the importance of collaboration and mutual understanding to navigate the challenges of economic recovery and growth effectively.

The ceremony was attended by several distinguished individuals, including Minister of Industry and Entrepreneurship Development Sunil Handunnetti, Minister of Labour and Deputy Minister of Economic Development Anil Jayantha Fernando, Minister of Energy Kumara Jayakody, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, Secretary to the Ministry of Industry and Entrepreneurship Development Thilaka Jayasundara, Chairman and Chief Executive of the Export Development Board of Sri Lanka Mangala Wijesinghe, Chairman of the Ceylon Chamber of Commerce Duminda Hulangamuwa, along with various Ministers, Deputy Ministers, Parliamentarians, foreign diplomats, Secretaries to the Ministries, and members of the EDB.

[PMD]

 

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