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Foreign reserves drops to USD 1.5 bn: Eran says govt. unable to refute opp. charges
The opposition alleged in Parliament that foreign reserves had dropped to $ 1.5 billion, which included the gold reserves of $ 300 million. The government did not refute the Opposition claim that the available cash reserve was only USD 1.5 billion less than one month’s import payment, lowest in history, SJB MP Eran Wickramaratne said.
The former State Minister told a news conference at the Opposition Leader’s office in Colombo on Monday (29) that as a result, essential food items and fuel shortages would follow and the country could face power cuts in the future.
The MP also said that manufacturers and businesses would have been able to face the consequences if the government had informed the country well in advance. The oil refinery was also closed for the first time in history.
When the present government came to power, the foreign reserves, which was more than $ 7 billion, had now decreased to 1.5 billion dollars as it was more concerned with giving relief to its cronies than governing the country, he said.
He added that despite reports that the International Monetary Fund (IMF) had provided emergency assistance to 80 countries, including Asian countries such as Pakistan, Nepal, the Maldives and Myanmar, the government had not yet responded to a question raised in parliament a year ago whether it had received a rapid financing instrument from the IMF. Sri Lanka did not receive the assistance because the International Monetary Fund (IMF) had speculated that Sri Lanka would not be able to repay its loans due to the depletion of foreign reserves which needed a comprehensive reform process.
The present government, which had criticized and repealed the fuel price formula implemented by the yahapalana government as a timely solution to the problems faced by the country, now insisted that the fuel formula was good for the country. That proved that they did not have a proper understanding of economic management or governance.
The foreign reserves which were around $ 7 billion in 2019 had been gradually declining every month up to $ 1.5 billion by November 2021 making it inadequate to meet the one month’s import needs.
Even the poorer countries than us in Asia received this Covid-19 emergency aid from the IMF, Sri Lanka was not included in the recipient lists due to the assessment of the International Monetary Fund that Sri Lanka needs major economic reforms in the context of the collapse of its foreign reserves.
According to the Standing Orders of Parliament, when a question is raised, it can be adjourned only twice. However, Wickremaratne warned that the government was still postponing his question ostensibly collecting data and urged that it was the responsibility of the government to tell the people the truth about the dollar shortage and its consequences in importing essential goods to the country and prepare them in advance, realizing that deceiving the people in prevarication of the fact is not a solution to the serious situation facing the country.
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Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district
The Natural Hazards Early Warning Centre has issued an Advisory for Severe Lightning for the Sabaragamuwa, Central and Uva provinces and in Hambanthota district.
The advisory issued at 02.00 p.m. today [07 April 2025] is valid for the period until 11.00 p.m. 07 April 2025
The public are warned that thundershowers accompanied by severe lightning are likely to occur at several places in for Sabaragamuwa, Central and Uva provinces and in Hambantota district. There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
• Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
• Avoid using wired telephones and connected electric appliances during thunderstorms.
• Avoid using open vehicles, such as bicycles, tractors and boats etc.
• Beware of fallen trees and power lines.
• For emergency assistance contact the local disaster management authorities.
The report of the “Census of Population and Housing 2024,” conducted by the Department of Census and Statistics, was officially handed over to President Anura Kumara Disanayake this morning (07) at the Presidential Secretariat.
This preliminary report has been prepared based on island wide data collected between October and December 2024.
The report provides details on Sri Lanka’s population, its growth and the distribution of the population across districts.
The information gathered through the census is vital not only for the government but also for other institutions in formulating policies and development plans essential for the country’s progress. Significantly, for the first time in the history of census-collecting in Sri Lanka, data collection was carried out using tablet computers and user-friendly mobile devices.
The event was attended by Deputy Minister of Finance & Planning, Harshana Suriyapperuma, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Finance Mahinda Siriwardana, Director General of the Department of Census and Statistics D.D.G.A. Senevirathne and several other officials.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district
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