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 National Water Supply and Drainage Board (NWSDB) on Friday said the largest groundwater source discovered in Sri Lanka so far had been identified during tube-well drilling near the Pitabeddara Police Station.
Indrajith Gamage, geologist in charge of the Southern Province, said the source recorded a continuous flow of about 10,000 litres (10 cubic metres) per minute, marking the first instance in the country where a groundwater source of that magnitude had been found.
He noted that the previous largest groundwater source was discovered in the Madhu area, which recorded a flow of about 7,000 litres per minute.
According to the NWSDB, the tube well was drilled following geological studies of rock layers and the identification of underground water through fractures in rock strata using specialised technical instruments.
The Board said steps would be taken to distribute water from the newly discovered source to residents facing shortages in Pitabeddara, Morawaka and surrounding areas.
The Ceylon Chamber of Commerce has formally handed over its historical records to the National Archives Department, entrusting over a century of the nation’s commercial history to the country’s official custodians of heritage.
The archive, spanning from the CCC’s founding in 1839 to 1973, includes correspondence, meeting minutes, reports, ledgers, and publications that chronicle the development of trade, enterprise, and industry in Sri Lanka. Together, the records provide a rare and detailed account of the island’s economic evolution and the role of its business community in shaping national progress.
The Ministry of Defence said on Friday (13) that arrangements had been made to repatriate to Iran the bodies of 84 sailors who died aboard the IRIS Dena, which sank in the southern seas off Sri Lanka.
A special aircraft carrying the bodies departed from Mattala Rajapaksa International Airport on Friday, the Ministry said, adding that the repatriation was carried out in coordination with the Embassy of Iran in Sri Lanka.
The remains had been kept in two mobile cold-storage units at the Galle National Hospital before being transported to Mattala by lorry following a court order. Forty-five bodies were moved in the morning, while the remaining 39 were transported later in the day.
Earlier this month, the Iranian naval vessel suffered an incident about 40 nautical miles off Port of Galle while carrying around 180 personnel. Thirty-five rescued sailors were admitted to the Karapitiya Teaching Hospital, while 84 bodies were subsequently recovered.
Following the incident, Pete Hegseth confirmed that the Iranian vessel had been sunk in international waters by a torpedo fired from a submarine of the United States Navy.
Showers will occur at several places in the Western, Sabaragamuwa, Central, North-western and Uva provinces and in Galle, Matara, Mannar and Anuradhapura districts after 2.00 pm.
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