Connect with us

Latest News

Renegotiating with the IMF is a highly complex and potentially unsuccessful process -Minister of Foreign Affairs, Justice, Prison Affairs & Constitutional Reform

Published

on

Minister of Foreign Affairs ,  Justice, Prison Affairs & Constitutional Reform, President’s Counsel Ali Sabry emphasized that renegotiating with the International Monetary Fund (IMF) is a very serious and unsuccessful endeavour.

The Minister highlighted that resuming negotiations with the IMF could jeopardize the next tranche due in December, as well as subsequent disbursements from the World Bank (WB) and the Asian Development Bank (ADB).

As a result, between December 2024 and January 2025, the country could lose between USD 1.2 billion to 1.3 billion, which could lead to further instability, Minister Ali Sabry warned.

Minister of Foreign Affairs, Justice, Prison Affairs & Constitutional Reform, President’s Counsel Ali Sabry, made these remarks during the news conference titled ‘Two Years of Progress and Advancement’, held at the Presidential Media Centre today (28).

The Minister further stated,

In 2022, the Ministry of Foreign Affairs was assigned a crucial role due to the country’s challenging circumstances. We faced the task of rebuilding strained foreign relations, regaining the trust of the international community, and leveraging international relations to boost the country’s economy.

After almost two and a half years of dedicated effort, we have successfully stabilized the country. Our international reputation now reflects the positive results achieved domestically. It is important to acknowledge that President Ranil Wickremesinghe’s leadership was instrumental in reaching these outcomes.

Securing agreements with 17 countries for debt restructuring through international relations is a significant achievement for us. We have completed the debt restructuring process while upholding our foreign policy, local identity, and sovereignty. Our swift recovery from the economic crisis has set a global example. Currently, countries such as Pakistan, the Maldives, and Bangladesh are seeking our advice on economic revitalization. The leadership of President Ranil Wickremesinghe in stabilizing the country has been recognized internationally.

Among the five countries—Lebanon, Venezuela, Argentina, Zimbabwe and Greece—that faced similar economic crises, only Greece has managed to recover so far and it took 12 years for Greece to do so. Sri Lanka stands out as the only country to have overcome an economic crisis in such a short period.

However, some individuals are misleading the public by advocating for renegotiations with the International Monetary Fund for narrow political objectives. For those considering pursuing this challenging and often unsuccessful process of renegotiation, I wish them “good luck.”

In March 2022, we officially communicated the desire to apply for an extended-fund facility. By the time we get the first tranche was March 2023. It took one year for us to agree on the Debt Sustainability Analysis (DSA).

The DSA is conducted based on five key parameters. First, the current national debt, which is 133% of Gross Domestic Product (GDP), must be reduced to 95%. Additionally, 9.3% of the current payment of the GDP which is going for foreign loan settlement has to be brought down to 4.5%.

Moreover, the primary budget balance should achieve a surplus of 2.1%. Furthermore, tax revenue should account for 15% of GDP. These goals are now legally established and cannot be easily altered. Any attempt to change them would require renegotiation, which would take at least another year.

If this happens, the IMF is likely to withhold the next instalment of USD 400 million due in December. If the IMF does not release the funds, the WB will also withhold its USD 400 million tranche. Consequently, the ADB will not release their USD 500 million allocation. This would result in a loss of USD 1.2 billion to USD 1.3 billion between December and January. The loss of these funds would make it impossible to prevent the country from destabilizing again, leading to a potential devaluation of the rupee and a rise in inflation.

The Ministry of Foreign Affairs has undertaken numerous initiatives to support and coordinate the country’s economic recovery. Additionally, it has played a significant role at the Ministerial level in advancing priorities for the Global South in multilateral forums and effectively addressing challenges related to multilateral human rights issues. It is also noteworthy that Sri Lanka has been elected to four mechanisms of the United Nations: the Committee on the Elimination of Discrimination against Women for the period 2022-2024, the Committee on the Protection of the Rights of Migrant Workers and Members of Their Families, the UNESCO Executive Board for the period 2023-2027, and the Economic and Social Council for the period 2025-2027.

Our foreign policy was recently evaluated in an article published by ForeignPolicy.com. The article noted that, despite the global power struggle, small sovereign states like Sri Lanka have been significantly impacted, yet Sri Lanka has navigated this situation remarkably well, maintaining strong relations with all major powers.

This success did not occur by chance. It is largely attributed to the knowledge, understanding, experience and personal connections of President Ranil Wickremesinghe. He is the only leader in this country capable of directly engaging with the head of state of any country.

It is also important to acknowledge the President’s directive to maintain the independence of the Foreign Service. As a result, the Foreign Service now operates with even greater independence and without political influence, surpassing the level of independence achieved during the tenure of former Minister Lakshman Kadirgamar.

(PMD)



Latest News

BCB-ICC impasse continues over Bangladesh’s T20 World Cup venues

Published

on

By

Aminul Islam, the BCB president, was at the latest meeting with the ICC [BCB]

The BCB and the ICC have not yet reached a resolution over Bangladesh’s refusal to play their 2026 T20 World Cup matches in India due to security concerns, despite the tournament starting in three weeks time.

The two parties had a meeting on Saturday after which the BCB issued a statement saying they will “continue engaging in constructive dialogue on this matter”. The 2026 T20 World Cup, co-hosted by India and Sri Lanka, is scheduled to begin on February 7.

“During the discussions, the BCB reiterated its formal request to the ICC to relocate Bangladesh’s matches to Sri Lanka,” the board said in a statement. “The Board also shared the Bangladesh government’s views and concerns on safety and security of the team, Bangladeshi fans, media and other stakeholders.

“The discussions were conducted in a constructive, cordial and professional manner, with all parties engaging openly on the relevant issues. Among other points, the possibility of moving Bangladesh to a different group as a means of facilitating the matter with minimum logistical adjustments was discussed.”

Bangladesh are in Group C at the T20 World Cup along with England, Nepal, West Indies and Italy, and are currently scheduled to play their first three matches in Kolkata and their final one in Mumbai.

“The ICC delegation was represented by Gaurav Saxena, General Manager, Events and Corporate Communications, and Andrew Ephgrave, General Manager, Integrity Unit. Gaurav Saxena was unable to attend the meeting in person as his visa was received later than anticipated and therefore joined the discussions virtually. Andrew Ephgrave attended the meeting in person.”

The BCB was represented at the meeting by board president Aminul Islam, vice presidents Shakawath Hossain and Faruque Ahmed, director and chairman of the cricket operations committee Nazmul Abedeen and CEO Nizam Uddin Chowdhury.

The problem of Bangladesh playing in India arose once the BCCI instructed Ko;kata Knight Riders to remove Mustafizur from its IPL 2026 squad. No reason has been specified for that decision, though relations between the two countries have deteriorated of late.

Following Mustafizur’s removal, the Bangladesh government banned the broadcast of the IPL in the country, and the BCB sent a letter to the ICC refusing to play its T20 World Cup matches in India, a stance it has stuck to during several subsequent meetings with the ICC.

A risk assessment report for the T20 World Cup, compiled by an independent security agency, and accessed by ESPNcricinfo, says the threat to teams playing in India is in the moderate-high band, but there is “no information to indicate a direct threat against participating teams.”

[Cricinfo]

Continue Reading

Latest News

Mandhana, Voll, bowlers make it four in four for RCB

Published

on

By

Smriti Mandhana fell four short of a century [BCCI]

Smriti Mandhana became the ninth player to enter the 90s in the WPL.  For a large part of her knock, she looked set to end the tournament’s century drought: she needed just four and Royal Challengers Bengaluru (RCB) were 12 away from their 167-run target. She missed out though, falling for 96 off 61, but RCB went onto seal their fourth successive win.

Lucy Hamilton whose cameo with the bat earlier in the evening got Delhi Capitals (DC) to a total of 166, dived to her right at backward point to deny Mandhana and extend the WPL’s wait for its first centurion.

For a third time in this season, RCB’s new-ball bowlers had a big say in the win. Thanks to Lauren Bell and Savali Satghare, they picked up four wickets in the first nine balls after opting to chase. Shafali Verma then resisted with a half-century and aided by a 19-ball 36 by debutant Hamilton at No. 9, DC managed to get to a respectable total.

But it was never going to challenge RCB, especially with Mandhana being in sublime form. Georgia Voll struck an unbeaten half-century as well and ensured RCB got home with eight wickets and ten balls to spare.

RCB ended the Navi Mumbai leg of the WPL with an unblemished record in four games while DC were dealt their third defeat in four matches.

Playing her first WPL season, Bell has been a revelation for RCB with the new ball. She began with a short ball which Lizelle Lee pulled with disdain through backward square leg. But next ball, she speared in a swinging yorker on leg stump. Lee’s weight was on the back foot expecting another short ball and was bowled behind her legs. Two balls later, Bell got through Laura Wolvaardt’s bat-pad gap to castle her for a two-ball duck. Having bowled outswingers till then, Bell got one to nip back in from a length and had Wolvaardt play down the wrong line.

From the other end Satghare, brought in for Arundhati Reddy who was unwell, produced a double-strike of her own. Her Mumbai team-mate Jemimah Rodrigues greeted her by scooping her for four through fine leg first ball. But Satghare shifted the line to outside off and got it to move in a little. Rodrigues went for the dab but chopped it onto the stumps. On the very next ball, Marizanne Kapp could do little about a length ball that held its line and hit top of off. DC were 10 for 4 in the second over.

While the damage was being done at the other end, Shafali watched helplessly, having faced just the one ball – the first of the game. When her turn to take strike came in the third over, she shimmied down the track and missed a length ball. She looked to pull another but only got an under-edge. She mistimed a double towards midwicket before punching one off the middle of the bat to end the over. That got her going.

Shafali then hit two sixes in the next over from Satghare, followed it with two more fours in the fifth over. She had scored 30 of the 41 DC had after five overs, and was well set by the time Shreyanka Patil came on to bowl. She saw Niki Prasad being dropped on Patil’s first ball, and then got an outside edge for four. When her turn to take strike came, she went dot, six, six to help take 19 from the last over of the powerplay.

DC were 60 for 4 after six overs, but Shafali faced only four balls in the next four overs. She soon got to a 27-ball half-century and fell for a 41-ball 62 when she scythed a Bell slower ball to backward point.

Kapp had dismissed Grace Harris five times in 24 innings before Saturday, and that seemed to play on Harris’ mind. She looked tentative against the new ball, a single coming via an inside edge off Kapp. The DC allrounder got the better of Harris when she toe-ended a loft to wide mid-off. That brought Voll, who came in the XI for D Hemalatha, in at No. 3. While she took her time, Mandhana was at her fluent best.

She hit three fours – two pulls and one square drive – in Hamilton’s first over, then a four and a six off Kapp and Nandani Sharma respectively. Despite that RCB could manage only 37 for 1 in six overs. Mandhana then toyed with spinners N Shree Charani and Sneh Rana, getting back-to-back fours against each of them and got to fifty off 31 balls. She relied more on placement than power. Once Mandhana fell, Voll got to her half-century off 41 balls and sealed the win.

Mandhana and Voll added 142 for the second wicket, the third highest partnership for any wicket in the WPL, setting the tone for the Vadodara leg, which starts on January 19.

Brief scores:
Royal Challengers Bengaluru Women 169 for 2 in 18.2 overs (Smriti Mandhana 96, Georgia Voll 54*; Matizanne Kapp 1-21, Nandani Sharma 1-34) beat Delhi Capitals Women 166 in 20 overs (Shafali Varma 62, Niki Prasad 12, Sneh Rana 22, Lucy Hamilton 36, Shree Charani 11*; Lauren Bell 3-26, Sayali Satghare 3-27, Nadine de Klerk 1-31, Prema Rayat 2-16) by eight wickets

[Cricinfo]

Continue Reading

Latest News

U – 19 World Cup: Sooryavanshi, Malhotra and Kundu help India come from behind to beat Bangladesh

Published

on

By

Vihan Malhotra took 4 for 14 to help India beat Bangladesh in the U-19 World Cup [Cricinfo]

Vaibhav Sooriyawanshi scored 72 at better than a run a ball, and took an agile catch at the boundary at a crucial stage in a match that featured everything – a stand-in captain just for the toss, some controversy, a batting collapse, rain, DLS drama and a thrilling finish. Bangladesh looked to have everything in hand – 106 for 2 chasing a revised target of 165 in 29 overs – but somehow they fell apart, losing to India by 18 runs.

The game began as a full 50-over contest, and Sooryavanshi dominated it until he fell. When he was dismissed in the 27th over, he walked back with 72 of the 115 runs on the board. The other four batters combined had scored 35 off 93 deliveries. While Sooryavanshi set the foundation,  Abhigyan Kundu carried the team the rest of the way. He made a patient 80 in 112 balls to propel India to 238 after the first rain break had trimmed the innings to 49 overs.

Seamer Al Fahad took 5 for 38 for Bangladesh, including the wicket of Kundu, but it wasn’t quite enough. In the 239 chase, Bangladesh were 90 for 2 after 17.2 overs when rain reduced the game to 29 overs. On resumption, they were left with another 75 to get in 70 balls. With dark clouds still around and Bangladesh well ahead on DLS, India tried to delay proceedings prompting umpire Lubabalo Gcuma to intervene.

Twenty overs of play – the minimum requirement to constitute a full game – came and went and with no more showers on the horizon the two sets of players shifted focus to the task at hand. Bangladesh had to switch from protecting their wickets to scoring the remaining runs and in the end the decision to slow down, hoping for rain to halt the game, came back to bite them.

Offspinner Vihaan Malhotra (4-0-14-4), brought on when Bangladesh had let the asking rate rise to 7.37, started the batting collapse. Captain Azizul Hakim, who was too unwell to make it to the toss, was part of this collapse and his wicket for 51 off 72 balls signalled a major shift in momentum. Bangladesh lost eight wickets for 46 runs after being ahead of the game for most of it.

Brief scores:
India Under 19s  238 in 48.4 overs  (Abhigyan Kundu 80, Vaibhav Sooryavanshi 72; Al Fahad 5-38, Iqbal Hossain Emon 2-45, Azizul Hakim 2-42) beat Bangladesh Under 19s  146 in 28.3 overs (Azizul Hakim 51; Vihaan  Malhotra 4-14, Khilan Patel  2-35) by 18 runs (DLS method)

Al Fahad struck back-to-back to rock India [Cricinfo]

[Cricinfo]

Continue Reading

Trending