News
Sajith: Rating downgrade will make borrowing more expensive
Cabraal: Opposition deriving perverse pleasure at the expense of people
By Saman Indrajith
Opposition Leader Sajith Premadasa in a special statement to Parliament yesterday, said the country was in the midst of a severe financial crisis.
“Moody’s Investors Service recently downgraded Sri Lanka’s sovereign credit rating by two notches, stating that our country would be hard-pressed to secure funding to service its huge foreign debt. On Sept 28, Moody’s downgraded Sri Lanka from “B2” (high credit risk) to “CAA1″ (very high credit risk). Now we are in the company of countries such as Angola, Mali, Barbados, Gabon and Iraq. This down grading would have a severe blow for the economy which needs to borrow around four billion US dollars from 2020 to 2025. As at August, our foreign reserves were at 7.4 billion US dollars. In that context, the Government repaid a billion US dollars due on international sovereign bond (ISB). That is not a move favourable for the country’s economy,” he said.
Premadasa said that the need of the hour was urgent economic reforms through collective efforts.
The Opposition leader said that the downgrading of Sri Lanka by Moody’s, which, he said, would make borrowing in the international market more expensive and harder to obtain for Sri Lanka.
He said owing to the downgrade interest rates Sri Lanka would have to pay for Bonds and loans would go up and it would be very hard for us to raise money to settle loans.
Responding to Opposition Leader Premadasa, State Minister of Money & Capital Market and State Enterprise Reforms Ajith Nivard Cabraal said: “When this issue was raised, my mind went back to 2007. We were trying to raise funds by issuing bonds. The then Opposition leader and his supporters did their utmost to prevent us raising funds. They surrounded HSBC and threatened not to buy the bonds which they would not honour under a future government of theirs. Later, when I travelled overseas to bring foreign investors, I saw each of them had a copy of a document sent from here telling them not to give funds to us. That was the time we were in a critical situation as a fierce war was raging. We somehow managed to win on both war and economic fronts. It seems that the Opposition is deriving perverse pleasure as the expense of people. that we are confronting challenges. They may be dreaming of that we will fail to manage the economy. Trust me we will deny the Opposition that pleasure. We shall prevail!”
The second day of the “Vesak Bhakti Gee Saraniya”, held in parallel with the “Buddha Rashmi Vesak Kalapaya” jointly organized by the Hunupitiya Gangaramaya Temple, the Presidential Secretariat and the Prime Minister’s Office, commenced on Tuesday (13) at 6:30 p.m. under the patronage of Secretary to the President Dr. Nandika Sanath Kumanayake, at the Presidential Secretariat premises.
The evening featured musical performances by renowned vocalist Ilyas Beg and the Sri Lanka Air Force Bhakti Gee Troup, accompanied by the Air Force Band. A Vesak lantern exhibition was also held at the venue. The event was attended by the Chief Incumbent of Gangaramaya Temple Venerable Dr. Kirinde Assaji Thero, along with several senior officials of the Presidential Secretariat.
This Bhakthi Gee programme will continue today [May 14] and tomorrow at the same location. Additionally, a short-eats dansala is being held near the Presidential Secretariat for the benefit of the public visiting Colombo for Vesak, and will continue until May 16.
Meanwhile, a ‘Buth Dansala’ organized jointly by the Presidential Secretariat and the Sri Lanka Army was inaugurated yesterday near the Presidential Secretariat, with the participation of senior military officers. A large number of devotees from across the country attended the event.
In line with the ‘Buddha Rashmi’ and ‘Bauddhaloka Vesak Kalapya’, several Vesak programmes have been organized in the vicinity with the support of the Presidential Secretariat. These include the illumination of nearby government buildings and roads with decorative lights, and the display of Vesak lanterns, with the active participation of the Presidential Secretariat staff.
[PMD]
The French Navy Ship ‘BEAUTEMPS BEAUPRE’ which arrived in Sri Lanka on a goodwill visit (09 May 25), departed the island on Tuesday (13 May).
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 ‘BEAUTEMPS BEAUPRE’ visited some tourist attractions in the country. In addition, the Commanding Officer and a group of
crew members of the ship called on senior officers of the Sri Lanka National Hydrographic Office (SLNHO) to discuss key hydrographic matters of bilateral importance.
News
“Clean Sri Lanka” joins hands to Improve facilities and sanitation at Kotmale Regional Hospital
Following the bus accident in the Garandiella area of Kotmale, a large number of injured individuals were admitted to the Kotmale Regional Hospital for treatment. In response, the “Clean Sri Lanka” programme has collaborated to improve the facilities and sanitation of the hospital.
Accordingly, the “Clean Sri Lanka” programme actively worked to clean the hospital ward complex and the hospital premises, aiming to create a comfortable environment for the patients’ treatment and to enhance other facilities.
A notable aspect was the voluntary participation of the local community in this effort. The “Clean Sri Lanka” secretariat appreciates the dedication shown by the doctors and hospital staff of the Kotmale Regional Hospital, who provided emergency treatment to those injured in this unexpected incident despite having access to limited resources.
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