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Govt. bites the bullet, seeks IMF assistance

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In addition to USD 780 mn SDR facility

By Shamindra Ferdinando

The cash-strapped government has sought the IMF intervention to address the financial crisis caused by the country’s vital foreign exchange sources dwindling by a big margin in the wake of the raging Covid-19 pandemic.

When The Island asked an authoritative source whether he had facilitated government efforts to secure IMF intervention to address the rapidly deteriorating economic situation, he said that he hoped the Finance Minister would consider all options.

Responding to another query, the official said; “Our country needs a lot of support and good fortune at this juncture.”

The Island raised the issue at hand in the wake of the government making written submissions in this regard.

State Minister Ajith Nivard Cabraal recently announced that Sri Lanka would receive approximately USD 780 mn through IMF’s SDR (Special Drawing Rights) facility. The total allocation made by the IMF for members’ states was about USD 650 bn, the minister told The Island.

Well informed sources told The Island that the SLPP government was seeking IMF assistance besides the SDR facility as the country lacked the wherewithal to counter the unprecedented crisis.

Sources said that representations had been made to the relevant parties in Washington. The move had been facilitated a Washington-based influential person.

Top Samagi Jana Balavegaya (SJB) spokesperson Dr. Harsha de Silva has repeatedly urged the government to seek immediate IMF assistance.

As a result of Covid-19, the country has been deprived of much revenue from tourism, garment exports and remittances from expatriate workers.



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Central Bank urged to save collapsing local industries

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The National Freedom Front (NFF) has requested the immediate intervention of the Governor of the Central Bank Ajith Nivard Cabraal to save micro, small and medium scale industries badly affected by the current economic downturn caused by the Covid-19.

The NFF parliamentary group comprises six members, including one National List.

Industries Minister Wimal Weerawansa, on behalf of the SLPP constituent parties, has warned of steep increase in unemployment, drop in the contribution made by small and medium scale industries to the national economy and the further widening of the gap between the rich and poor.

Party sources told The Island that the NFF had decided to take up the urgent matter because, in spite of repeated promises, those who had been severely affected were yet to receive assistance. Minister Weerawansa has urged the Central Bank to restructure loans obtained by affected industries and also extend the moratorium.

Weerawansa has in a letter dated Oct.18, told Cabraal that according to a survey conducted by the Industrial Development Board, micro, small and medium enterprises suffered serious setbacks. However, of the loans made available through the banking sector, a substantial segment had been disbursed among major players, the Minister said, while pointing out that in other countries in the region more than 50 percent of total loans were made available to micro, small and medium industries.

Unfortunately, here in Sri Lanka they received approximately 15 percent of the total given as loans, the minister said.

Minister Weerawansa said that though industries suffered, almost all state and private banks had recorded much improved performances with significant profits.

The Minister said that following his intervention with the cabinet of ministers, the government agreed on a plan of action to deal with the situation. It would be the responsibility of the Central Bank to implement the agreed proposals, he said.

(SF)

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So far no side effects among Pfizer vaccinated 15,000 A/L students

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By Rathindra Kuruwita

Over 15,000 GCE AL students had been vaccinated with Pfizer and there had not been any side effects, Colombo District Director of Health Dr. Dilip Liyanage told the media yesterday.

He said that the Ministry of Education had given them a list of 20,688 that needed to be vaccinated.

“We would like to assure parents that there is no need to worry. Over 15,000 children have been vaccinated and there have been no problems so far. Trust the health professionals and vaccinate your child at the first opportunity you get,” he said.

Dr. Liyanage added that children who missed their chance to get vaccinated on weekdays, can get vaccinated at the MOH office near their home.

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Govt. approves prohibition of cattle slaughter

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The government has approved the prohibition of cattle slaughter. The decision was announced at the weekly Cabinet meeting at the Information Department yesterday (19). The government said the relevant laws and regulations, including those passed by Local Government authorities would be amended for that purpse.

The Legal Draftsman has drafted Bills to amend the following acts and ordinances.

• Authority 272 of the Cattle Slaughter Ordinance No. 9 of 1893

• Act No. 29 of 1958 Concerning Animals

• Municipal Councils Ordinance – Section 252

• Section 255 of the Municipal Councils Ordinance

• Ordinance No. 15 of the Urban Council Act of 1987

The Attorney General has certified that the said Bills do not clash with the provisions of the Constitution.

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