Connect with us

News

State Minister Siyambalapitiya emphasises transparency in Sri Lanka’s IMF deal and debt restructuring

Published

on

Ranjith Siyambalapitiya

By Rathindra Kuruwita

Sri Lanka has never been this transparent about an agreement it entered with the IMF, State Minister of Finance, Ranjith Siyambalapitiya says.Addressing calls for greater transparency in dealings with the IMF, Siyambalapitiya noted on Wednesday that Sri Lanka had engaged with the global lender on 16 previous occasions. The Cabinet of ministers had access to those agreements.

“Previous IMF agreements were not presented to Parliament. As per IMF regulations, representation by the Finance Minister and the Central Bank Governor suffices for a country. However, we discussed the agreement in Parliament. We prioritised transparency and discussed domestic debt restructuring. Parliamentary proceedings were telecast live,” he said.

Siyambalapitiya highlighted the challenge in restructuring domestic debt, stating, “We have completed the restructuring of loans from multilateral sources. Now, we need to restructure foreign debt, including multilateral, bilateral, and sovereign bonds.”

He added that an agreement on restructuring bilateral debt would be concluded by the end of December.

“Debt restructuring is challenging. We must consider the implications for lenders, who would also face consequences. Granting concessions to us means doing the same for other borrower countries,” he explained.

The State Minister said Sri Lanka had raised interest rates in 2022 to combat inflation, adversely affecting small and medium enterprises.

“Inflation shot up. Consequently, consumers lacked purchasing power when products hit the market. This presents a serious issue. We are gradually lowering interest rates,” he remarked.

Siyambalapitiya recalled the uncertainty in December 2022 about meeting state sector salary payments but a few months later they had been given a 10,000-rupee allowance..

“Annually, around Rs 500 billion was expended on loss-making state enterprises. The prevailing consensus is that governments should not engage in business but function as regulators,” he said.

Considering the competence of India’s Adani, Siyambalapitiya expressed the government’s openness to collaborating with him in restructuring state assets. He mentioned that the government had assessed the value of state-owned enterprises.



Latest News

Indonesian Naval Ship ‘KRI SULTAN ISKANDAR MUDA – 367’ arrives in Colombo

Published

on

By

The Indonesian Naval Ship, ‘KRI SULTAN ISKANDAR MUDA – 367’, arrived at the port of Colombo today (22 Jan 26) on a scheduled port call for logistics replenishment and a goodwill mission.

In keeping with time-honored naval tradition the ship was accorded a ceremonial welcome upon arrival.

The 90.71m – long Sigma Corvette FS is commanded by Commander Annugerah Anurullah.

During the stay in Colombo, the crew members of the ship are expected to visit some tourist attractions in the city limits.

Further, this visit provides an avenue to enhance professional interaction and courtesy engagements among two navies.

Continue Reading

Latest News

Royal Navy of Oman Ship ‘AL SEEB’ calls at Port of Colombo

Published

on

By

The Royal Navy of Oman Ship ‘AL SEEB’ arrived at the Port of Colombo on a logistics replenishment visit today (22 Jan 26).

The Sri Lanka Navy welcomed the visiting ship in compliance with naval traditions.

The 75m – long ship is commanded by Lieutenant Commander Hamad Bin Mohammed Aldarmaki. The port call will facilitate professional interaction and goodwill exchanges between the two navies.

During her stay in Colombo, crew members of the ship are expected to visit some tourist attractions in the city of Colombo.

Continue Reading

News

Mechanism to be established involving university academics and experts for Education Reforms – President

Published

on

By

President Anura Kumara Dissanayake stated that the Government is taking steps to establish a comprehensive mechanism, supported by an appropriate legal framework, to bring together university academics, experts and all relevant parties in order to resolve issues arising during the implementation of education reforms.

The President made these remarks during a discussion with the Federation of University Teachers’ Associations (FUTA) held on Wednesday (21) morning  at the Presidential Secretariat.

During the discussion, FUTA members emphasized the challenges encountered while trying to implement educational reforms through a framework established by the National Institute of Education, in line with the current laws and regulations.

They further emphasized that while their association acknowledges the need for new education reforms, the urgency of such reforms is greater for students in rural schools than for those in urban schools.

The Federation of University Teachers’ Associations further stated that they appreciate the decision taken by the Government, under the leadership of the President, to address the issues arising from education reforms and affirmed their readiness to contribute to this process.

As a continuation of the previous discussion, proposals addressing the challenges faced by academics within the university system, along with possible solutions, were presented to the President. In response, the President emphasized that the Government would take all possible measures to safeguard the university system and strengthen education.

The discussion also covered proposed amendments to the Universities Act.

President Anura Kumara Dissanayake noted that, in the aftermath of the recent disaster, the Government has been effectively implementing a nationwide rebuilding programme, addressing economic stability, development and all critical sectors. The President also called upon university academics to actively support these reconstruction efforts.

The meeting was attended by Minister of Ports and Civil Aviation, Anura Karunathilaka, as well as representatives of the Federation of University Teachers’ Associations, including its President, Prof. P. R. Weerathunga, Vice President M. A. M. Sameem and Secretary Charudaththe Ilangasinghe.

Continue Reading

Trending