News
Gammanpila favours deal with IMF, says most ministers like minded

BY SHIHAR ANEEZ
ECONOMYNEXT – Sri Lanka should enter an deal with the International Monetary Fund, Petroleum Minister Udaya Gammanpila said as forex shortages delayed oil imports and power cuts were imposed as fuel supplies were disrupted.
“I have expressed my view that we should go to the IMF. Now most of the the cabinet ministers are for an IMF deal,” Minister Gammanpila told reporters on Friday. “The final decision has to be made by the Finance Ministry and the Central Bank.”
The CPC has been unable to buy dollars amid forex shortages triggered by liquidity injections made to enforce a 6.5 percent policy rate. Some of the liquidity injections are made to offset central bank dollar sales to the CPC itself.
An IMF program would force a rate hike and a float, which will end the money printing, allowing imports to match inflows.
Meanwhile ships were sometimes stuck at an offshore unloading point off the capital Colombo as banks and the utility scrambled for foreign exchange.
“A ship from Petro China has to keep waiting in sea for 11 days because we did not have dollars,” Gammanpila said. “We had to keep two ships like that.”
Two ships with petrol and diesel are expected to arrive Saturday.
“The Central Bank, People’s Bank, and Bank of Ceylon are trying their best to find us dollars,” Gammanpila explained. “The central bank has agreed to give us 60 million US dollars to clear two shipments coming tomorrow (Saturday). These dollars are now being collected and I hope it could be done by today. (Friday).”
The CPC had also got a 500 million US dollar credit line from India, which would be active from April. Earlier last week India sent a 40,000 litre shipment of oil ahead of the official launch of the credit line.
Foreign News
Holy month of Ramadan begins for Muslims around the world

Aljazeera reported that the holy month of Ramadan began at sundown on Wednesday, as the faithful prepared for a month of dawn-to-dusk fasting intended to bring them closer to God and to remind them of the suffering of those less fortunate.
For the next 30 days, Muslims will refrain from eating or drinking anything from sunrise to sunset. Many will strictly observe prayers, read the Quran and donate to charity as they seek to draw closer to God. They are also encouraged to refrain from cursing, fighting, gossiping and road rage throughout the holy month.
Muslims believe God began revealing the Quran to the Prophet Muhammad during Ramadan more than 1,400 years ago.
Fasting is one of the five pillars of Islam and is required for all Muslims, though exceptions are made for young children and the sick, as well as women who are pregnant, breastfeeding or menstruating. Travelers are also exempt, including athletes attending tournaments away from home.
News
Sri Lanka will have best anti-corruption law in South Asia soon – President

President Ranil Wickremesinghe said during a discussion held at the Presidential Secretariat with the heads of media organization on Thursday (23), that necessary steps will be taken to pass the best anti-Corruption Act in South Asia in Parliament soon
The President revealed that cabinet approval for the Bill has already been granted and said that he will discuss it with the Opposition representatives in the future and present it to the Parliament.
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News
Public sector will stop engaging in business and open it to the private sector in the future – President

President Ranil Wickremesinghe said that due to the public sector engaging in business activities, the money that was available for the construction of 100 projects similar to the Mahaweli during the past decades, has been lost and noted that in the future, the public sector will stop engaging in business and open it to the private sector to create a free and productive economy.
President Wickremesinghe mentioned this at the 71st commemoration ceremony of the late Prime Minister D.S. Senanayake at Independence Square on Wednesday (22).
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