Connect with us

News

Sumanthiran asks IMF to ensure that no relief ends up in Rajapaksa pockets

Published

on

TNA MP MA Sumanthiran told Parliament on Wednesday that he saw a twitter message from the president, following the Rambukkara shooting, exhorting “I urge all to refrain from violence as they protest”.

“Now I have not seen any protesters indulging in violence,” the MP said. “It has been only the police who have used excessive force which is quite blatant, and that has now resulted in the death of one person. Death of only one person is confirmed. The fate of few others is not known.

“Now why are these people protesting? These people are protesting because the government has failed them. The president has failed them. And in saying that they are very specific about a few matters When they say ‘go home,’ they are saying: return our money and go. Return our money and go home.

“There is good reason why they are saying that. I also saw a message that says that the discussions with the IMF is at an early stage. The loan program is at an early stage. And that any deal would require adequate assurances that the island country’s debts can be put on a sustainable path.

“Now this debt sustainability is a huge issue, because you have not rescheduled the debts. That should have happened quite some time ago, before those became due. Now you have gone for an IMF program and there is no debt sustainability. For IMF to assist you, you have to not only have political stability, but also debt sustainability.

“Now if these two are not done there is no remedy. People are crying out for justice; people are asking when will this end. It is going to get worse. We know even with the IMF facility, even with the program that is successful, its going to get worse for a while.

“But now there is no assurance that is going to be successful, the way it’s going. Despite the people in an unprecedented way in this country demonstrating and staying and requiring them to go, they are stubbornly refusing to go.

“Given that fact that when IMF considers the Rapid Finance Instrument – now that’s the first thing that’ll be given – when they consider the rapid finance instrument, they must make it conditional. A very strict condition must be imposed that this money that is given does not go into the Rajapaksa pockets. That it must go directly to the people, directly to the poor, for medicine, for basic food, for poor welfare.

“Also that (existing) poor welfare programmes are also designed presently in a way to enrich corrupt politicians. Now that must be avoided. So this specific request to the IMF that when you consider the rapid finance instrument, and we need that, please ensure, please attach it to conditions, that’ll ensure that it’ll go directly to the people.”



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

More than 6 bn worth of substandard drugs dispensed to patients

Published

on

The Committee of Public Accounts (COPA) has disclosed that Rs. 6,259 million worth of drugs faced a quality failure from 2011 to 2020 due to improper storage. The COPA report has further revealed that 99% of such drugs had already been dispensed to patients when the condition was brought to attention. In that situation, it was not possible to recover the cost of substandard drugs from the suppliers, the Parliament said.

The Committee on Public Accounts has directed the Ministry of Health, Nutrition and Indigenous Medicine to expedite the process of facilitating better storage of drugs to ensure their safety.

It has also been observed that the temperature in the warehouses, owned by the Medical Supplies Division, is maintained properly and that the medical supplies are stored in the corridors of the central drug warehouses and hospitals.

Furthermore, the Secretary to the Ministry has pointed out that if there is a system to detect the failure of drugs as soon as they are received, the loss can be recovered from the suppliers and if the quality testing of 60 drugs can be done by the State Pharmaceutical Corporation, this situation can be avoided to some extent.

These concerns and observations were contained in the first report of the Second Session of the Ninth Parliament on COPA, which was tabled in Parliament recently (20) by Prof. Tissa Vitarana, the Chairman of the Committee on Public Accounts.

The report contains information about the investigations of seven state institutions summoned before the Committee on Public Accounts and one Special Audit Report during the period from 04.08.2021 to 19.11.2021.

Continue Reading

News

CBSL Chief: Economy could be stabilised in year or so if …

Published

on

By Hiran H. Senewiratne

The prevailing Balance of Payments (BoP) crisis could lead to a major social crisis as the available foreign reserves were only sufficient for a few weeks’ imports, Governor of the Central Bank Dr. Nandalal Weerasinghe warned on Monday.

“The economy can be stabilised in the next 12 month if the IMF negotiations and debt restructuring are finalised within the next seven to eight months. Until then we have to support the poor people,” Dr. Weerasinghe said, addressing a seminar on the “State of the Economy and Talks with the IMF”. It was organised by the Press Club, together with the Press Institute, at Colombo Hilton.

The CB Governor said the current BoP crisis would worsen and, therefore the economic pain could only be minimised if essential policies and measures were implemented in an expeditious manner. But “IMF technical level virtual meetings are likely to conclude this week, and thereafter further discussion will take place to finalise everything,” Dr. Weerasinghe said.

Dr. Weerasinghe suggested that the monetary and fiscal authorities tighten the monetary policy by higher margins and fiscal policy by restoring tax rates to pre-2020 levels.

The Governor said, “We have three categories of creditors namely International Sovereign Bonds, which raise short term funds from global markets, which account for 35 percent of the government debt, while other two creditors are Paris Club and non-Paris Club (India and China).

Dr. Weerasinghe said that the country’s debt needed to be brought to a sustainable level. “For that purpose a debt sustainability analysis needs to be drafted with a fiscal policy for the IMF bailout”, he said.

Speaking about the country’s worsening economic fundamentals, Dr. Weerasinghe said: “The nation is currently experiencing a historically low economic growth and falling trend of per capita GDP since 2017 with rising levels of poverty. It is also running the highest fiscal deficits since 1988 with the lowest ever government revenue as a percent of GDP.

“Amid those developments Sri Lanka’ poverty level will increase, unemployment level soar and local industries will have to shut down due to restriction of importation of raw material. Therefore, we have to seek humanitarian assistance from the World Bank, Asian Development Bank and other bilateral and multilateral agencies”, the Governor said.

“We are seeking short-term bridging facilities from official creditors until an agreement is reached with creditors on restructuring,” he said.

In his presentation, Dr. Weerasinghe analysed the links between banking and the currency crises. He pointed out that the problems in the banking sector typically precede a currency crisis with the currency crisis deepening the banking crisis, thus activating a vicious spiral.

Sri Lanka also had the highest-ever government debt which was unsustainable at the moment. Debt dynamics might be worsening in the next few years unless the debt was restructured, he said.

Sri Lanka also recorded the highest rate of inflation in 12 years which was increasing sharply and was experiencing the highest-ever levels of money printing by the CBSL, he added

Continue Reading

News

Dragonfly thought to be extinct found again

Published

on

By Ifham Nizam

Scientists have rediscovered Sri Lankan Clubtail (Anisogomphus ceylonicus), one of the rarest species of dragonflies in the country. The team that made the discovery comprised Amila Sumanapala of the Department of Zoology and Environment Sciences, University of Colombo, T. Ranasinghe of the Butterfly Conservation Society of Sri Lanka, and D. Sumanapala of the Faculty of Graduate Studies, University of Sri Jayewardenepura. According to lead scientist Amila Sumanapala Sri Lankan Clubtail is one of the rarest species of dragonflies.

First collected in 1859, it was only known from the original collection and another collection record made a century after in 1962. This species had not been found anywhere in Sri Lanka for close to 60 years until the team encountered a larva during a survey conducted in 2021.

Anisogomphus ceylonicus is one of the few Odonates of Sri Lanka with no photographic records of a living specimen available hitherto.

The present observation provides the first photographs of a live A. ceylonicus larva and the most recent documentation of the species. These observations, coupled with previous work (Lieftinck 1971, Bedjanič & van der Poorten 2013), provide an improved understanding of the species, which might enable further targeted surveys to be made

It was first discovered from Ramboda over 140 years ago based on a female specimen, which was originally described as Gomphus ceylonicus and later assigned to the genus Heliogomphus by F.C. Fraser (Bedjanič & van der Poorten 2013). Almost a century later, Lieftinck (1971) collected an immature male and its exuvia of a clubtail dragonfly from Rambukpath Oya, 10 miles northwest of Hatton in 1962 and described it as Anisogomphus solitaris. However, Bedjanič & van der Poorten (2013) recognized that H. ceylonicus is conspecific with A. solitaris, and thus reassigned it to the genus Anisogomphus. Since the discovery of the species, only these two records have ever been documented (Bedjanič et al. 2014), despite odonatological surveys and numerous biodiversity explorations conducted countrywide.

Continue Reading

Trending