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IMF Chief expresses concern over protests in Sri Lanka
International Monetary Fund (IMF) Managing Director Kristalina Georgieva has expressed concern that without the correct government support the protests in Sri Lanka could be repeated in other countries.
The governments need to subsidise the cost of food and energy for the poorest members of society, the IMF Chief has told the BBC.
Sri Lanka’s economic crisis, exacerbated by rising prices, has led to deadly riots, a new prime minister and a first ever default on its debts.
Head of the IMF said such similar unrest before the pandemic, from France to Chile, was caused by “a sense of inequality growing” and decisions being made without the support of the people.
Russia’s invasion of Ukraine has precipitated serious economic and social consequences around the globe, Georgieva said in a statement following the publication of a Joint International Financial Institution (IFI) Plan to Address Food Insecurity on May 18.
“Among them, many countries are now facing dangerous food shortages and sharply higher prices for food, energy, and fertilizers,” she said.
The international financial bodies including the IMF and World Bank this week launched the Joint International Financial Institution (IFI) Plan to try and tackle food insecurity around the world.
Given serious rising food insecurity, together the IFIs will pursue actions to step up, surge, and scale their work to address food insecurity.
In Sri Lanka, ADB is repurposing and utilizing current sovereign projects of nearly $150 million for social protection programs which would include (i) expansion of the existing cash transfer programs; (ii) livelihood development program in relation to food and nutrition insecurity; and (iii) system strengthening and capacity development activities for the existing cash transfer and livelihood development programs.
Wherever possible, ADB’s trade finance guarantees will support the import of essential foods. For 2022, ADB’s trade and supply chain finance programs will provide guarantees to banks for food and agriculture trade transactions involving nearly 2,800 SMEs in 15 developing member countries (DMCs) including Sri Lanka.
ADB is also providing direct agribusiness lending of $420 million for staple food working capital and liquidity targeting nearly 300,000 smallholder farmers in 15 DMCs including Sri Lanka with significant food security needs.
Meanwhile, 22 countries including Sri Lanka will receive additional targeted support through International Fund for Agricultural Development (IFAD)’s new Crisis Response Initiative (CRI) to address short-term food security needs.
The Indian Naval Ship (INS) Sahyadri which arrived at the Port of Colombo on a formal visit on 04 Apr 25, departed the island today (07 Apr). The Sri Lanka Navy bade customary farewell to the departing ship at the Port of Colombo, following naval traditions.
During the ship’s stay in Colombo, crew members of INS Sahyadri took part in several programmes organized by the Sri Lanka Navy, aimed at enhancing mutual cooperation. In addition, they also explored some tourist attractions in the country. Further, personnel of Sri Lanka Navy had the opportunity to visit INS Sahyadri, gaining insights into her operational capabilities.
Latest News
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.
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