News
World Bank predicts shrinking of local economy by 4.3 per cent this year
Sri Lankan economy is projected to contract by 4.3 percent in 2023 as demand continues to be subdued, job and income losses intensify, and supply-side constraints adversely affect production, the World Bank announced on Tuesday.
Sri Lanka’s heightened fiscal, external, and financial imbalances and its fluid political situation pose significant uncertainty for the country’s economic outlook, said the World Bank in its twice-a-year update, underscoring the need to address the root causes of the country’s economic crisis and build a strong and resilient economy to prevent future crises.
“The economic crisis in Sri Lanka has had deep impacts with over half a million jobs lost and 2.7 million additional people falling into poverty between 2021 and 2022,” said Faris H. Hadad-Zervos, World Bank country director for Maldives, Nepal, and Sri Lanka.
“The prolonged recovery from the scarring effects of this crisis in addition to a slow debt restructuring process, limited external financing support, and an uncertain global environment pose significant risks to the country’s economic growth,” the country director said.
The economy will continue to face significant challenges in 2023 and beyond, and a lower-level external trade equilibrium could have contagion effects on domestic trade, economic activity, jobs and incomes, according to the World Bank.
Strong and effective implementation of the government’s reform program, supported by financing from international partners, could boost confidence and attract fresh capital inflows that are key to improving job prospects and restoring livelihoods, said the World Bank.
The Pakistan Naval Ship (PNS) Shahjahan which arrived in Colombo on 02nd June 2023 on a two-day official visit, departed the island on 04th June 2023.
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.
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.
PNS Shahjahan departs after successful naval exercise
Oil prices rise as Saudi Arabia pledges output cuts – Opec+
Showers in Western and Sabaragamuwa Provinces and in Galle and Matara districts
-
News6 days agoPolice looking for security guard of Sirisena’s brother
-
News7 days ago
Sri Lankans living abroad can apply for a new passport or renew their passport online from 01 June
-
Latest News6 days ago
Jadeja’s nerveless hitting gifts Chennai Super Kings fifth IPL title
-
Features6 days ago
Sri Lanka’s ignorance matches that of US – II
-
Features6 days ago
President’s efforts require parliamentary support
-
News6 days ago
Six Lankan victims of trafficking repatriated from Myanmar
-
Business6 days ago
Havelock City Mall to be launched
-
Features6 days ago
Excitement galore for Janaka
