News
IMF happy about SL’s progress but says debt restructuring must be finalized
The Director of the International Monetary Fund’s (IMF) Communications Department, Julie Kozack last week highlighted several commendable objectives reached by the Sri Lankan Government but said debt restructuring arrangements must be finalized.
Julie Kozack described the overall implementation of the IMF program as strong.
The IMF staff and the Sri Lankan authorities have reached a staff-level agreement on economic policies to conclude the second review of the four-year EFF-supported program and the 2024 Article IV Consultation.
Once the review is approved by the IMF management and completed by the IMF Executive Board, Sri Lanka will have access to about US$337 million in financing.
Commenting on Sri Lanka’s economic performance, Kozack said macroeconomic policies in Sri Lanka are starting to bear fruit.
“Commendable outcomes include a rapid decline in inflation, robust reserve accumulation, and initial signs of economic growth, while also preserving stability in the financial system. Overall, program performance has been strong,” she said.
On debt restructuring, Kozack revealed that the next steps are to conclude negotiations with external private creditors and to implement the agreements in principle with Sri Lanka’s official creditors.
“The domestic debt operations are largely completed. The initial debt restructuring negotiations with external bondholders ended in mid-April without an agreement and discussions are continuing with a view to reaching agreement in principle. And on the official creditors’ side, these agreements in principle still need to be finalized,” she added.
Kozack made the remarks while addressing a press briefing in Washington, DC on Thursday.
The Aswasuma Welfare Benefit payment Scheme has been implementing from 01-07-2023 and this scheme has been finally amended by the Extra Ordinary Gazette No 2415/66 dated 21-12-2024.
Accordingly, the Cabinet of Ministers has approved the proposal presented by the President, in his capacity as the Minister of Finance, Planning and Economic Development, to publish the following through a Gazette Notification, amending the benefits provided under the presently empowered Aswasuma Welfare Benefit payment Scheme within the provisions allocated by the budget estimate for the year 2025.
• To extend the period of entitlement of benefits for the transitional social category included in schedule 1 of the Aswasuma Welfare Benefit payment Scheme up to 30-04-2025.
• To increase the monthly assistance payment from Rs. 7,500 to Rs. 10,000 and Rs. 3,000 to Rs. 5,000 provided to persons with disabilities and receiving treatment for kidney diseases and elderly persons, respectively, that are included in Schedule II of the said scheme and to
implement the said decision from April 2025.
• To extend the period of payment provided for the disable persons, kidney patients, and elderly persons given in the Schedule II, up to 31-12-2025 subject to the above proposals.
• Even though the payment of allowances under the transitional social category will be stopped after April 2025, the period of payment for disabled persons, kidney patients, and elderly persons, of these families will be extended up to 31-12-2025.
• Payment of relevant eligible persons by inclusion of newly forwarded applications of disabled and kidney patients subject to the maximum limit up to 31-12-2025.
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Fertilizer, financial subsidy to farmers who are cultivating the paddy in the Yala season 2025
The Cabinet of Ministers has decided to grant the approval to provide a financial subsidy for the farmers who are cultivating paddy in the yala season 2025 and for the farmers who are cultivating other crops in the paddy land, taking into consideration the proposal presented by the Minister of Agriculture, Livestock, Lands, and Irrigation.
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Cabinet approves the submission of amendments for the Personal Data Protection Act No. 9 of 2022
Approval of the Cabinet of Ministers has been granted at their meeting held on 19.02.2025 to amend the Personal Data Protection Act No. 9 of 2022.
Clearance of the Attorney General has been given to the revised draft bill prepared by the Legal Draftsman in the regard.
Accordingly, the Cabinet of Ministers granted approval to the proposal submitted by the President in this office as the Minister of Digital Economy to publish the draft of the Personal Data Protection (Amended) Act in the government gazette notification and thereafter submit it to the Parliament for its concurrence.
Cabinet approves amendments to Aswasuma Welfare Benefit payment Scheme
Fertilizer, financial subsidy to farmers who are cultivating the paddy in the Yala season 2025
Cabinet approves the submission of amendments for the Personal Data Protection Act No. 9 of 2022
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