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IMF says 2.9bn loan bailout for Sri Lanka tied to debt relief from bilateral creditors

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The International Monetary Fund said its approval of the $2.9 billion loan bailout of the crisis-riddled Sri Lanka will depend on the country securing assurances on debt relief from its bilateral creditors, Bloomberg reported yesterday

Bloomberg quoted an IMF spokesperson who said “Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms. As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, the EFF arrangement for Sri Lanka can be presented to the IMF’s Executive Board for approval.”

Bloomberg reported that the Paris Club – an informal group of rich western creditors — and India, have provided formal support to the multilateral lender for the loan recast.

China has instead offered term extensions, while urging others to adopt a similar approach.Access to funds will boost foreign-currency reserves that are barely above $2 billion and help the nation curb sky-high inflation, steer its $81 billion economy toward recovery after facing the worst recession, since Independence, Bloomberg said. Sri Lanka has about $50 billion in foreign currency debt, of which about $10 billion is mainly split between China, Japan and India, according to government data, as of December.



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EC opposes govt. move to appoint its henchmen to monitor local councils

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By Priyan de Silva

The Election Commission (ECSL) has opposed a move by the government to appoint representatives of the Chairpersons of the Regional Development Committee to monitor local government institutions.

ECSL Chairman Nimal G. Punchihewa told The Island that the government had informed the ECSL of its plan to appoint representatives of the Chairpersons of the Regional Development Committee to monitor the local government bodies and the ECSL had decided to write to the Ministry of Local Government opposing the move, he said. A Chairman of a regional development committee ESD a representative of a particular political party and it would be unfair by other parties for such appointments to be made, the EC Chairman said.

Punchihewa said that the administration of local government institutions could be done through Municipal Commissioners and Divisional Secretaries.Many political parties had complained against the government move, he said.

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JVP says govt. has enough funds for elections

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By Saman Indrajith

The JVP would file a fresh application before the Supreme Court against the government for not holding the local council polls, JVP MP Vijitha Herath said yesterday.Addressing the media at the party headquarters in Pelawatte, Herath said that his party had ascertained fresh information by invoking the Right to Information Act about the funds needed for the holding of the elections and his party would file another fundamental rights case against those responsible for conducting elections.

“The LG polls were to be held on 09 March. They were postponed until 25 April, and later they were put off indefinitely. The President appoints Governors to the provinces and the local councils are under them. Now, he says no party commands the support of 50 percent of voters.

Is this reason why he is not holding elections? His claim that there are no funds for elections is not acceptable. The Election Commission (EC) has, in a letter to the Secretary to the Ministry of Finance, asked for Rs 1,100 million in installments for conducting local government elections. The Secretary to the Ministry of Finance, on 07 March, informed

the EC that the latter’s request had been referred to the Minister of Finance on the same day. But so far the money has not been released. As per a report released by the Treasury, the government revenue was Rs 177,900 million in January this year alone. Of that amount, Rs 156,760 was allocated to government institutions. The Treasury has Rs 21,410 million. In February, the government revenue was at Rs. 271,750 million and of that Rs. 208,620 million was spent. The balance was Rs 63,130 million. In January and February, the Treasury had Rs 84,270 million. These figures have been officially confirmed by a Deputy Treasury Secretary. The EC is seeking only Rs 2,460 million for elections. So, the claim that there is no money for elections is false as per official records. We will submit this information to the Supreme Court when we file a fresh application. We will prove that the government has lied to people,” Herath said.

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Rosy’s appointment violative of election laws – Mujibur

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SJB mayoral candidate for Colombo Municipal Council Mujibur Rahuman alleges that President Ranil Wickremeisnghe has violated election laws by appointing UNP’s mayoral candidate Rosy Senanayake as the Presidential Advisor on Local Government.

Participating in a talk show hosted by a private TV channel, Rahuman said that Senanayake was a candidate for the delayed local government polls. “She has submitted nominations for the Colombo Municipal Council from the UNP list. It is illegal to appoint a candidate to such a post pending an election. The local council polls have not yet been cancelled and cases pertaining to the holding of elections are in progress,” he said, adding that of all the posts the local government candidate had been given the post of Presidential Advisor on Local Governance.

“More than three months have lapsed since Senanayake stepped down from the Colombo Mayor post, but she is still occupying the Mayor’s Residence. The President says that he is implementing the system change demanded by people. The change he is actually doing is giving appointments to his cronies. Is it the change the people expected,” Rahuman queried.

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