Mar 26 (SO) It is a great victory for the people of Sri Lanka that the IMF has approved the US$ 2.9 billion Extended Fund Facility (EFF), which will be spread over four years. The first tranche of US$ 330 million has already been received by the Govt and a part of it has been used for debt servicing. The IMF package is no doubt a lifeline for an economy that had plunged to its nadir as a result of economic mismanagement, the after-effects of Covid-19 and the global economic downturn. more..

Mar 26 (SO) State Minister of Finance Ranjith Siyambalapitiya said those who look at some issues from a traditional and political point of view may use certain conditions in the IMF agreement and try to blow them out of proportion to hurt the sentiments of the people. He said, however, the IMF has made very important recommendations such as to strengthen the social security network, maintain transparency, continue anti-corruption drive, more..

Mar 26 (GV) Between 1965 and 2019 Sri Lanka has signed 16 agreements with the IMF, out of which seven were terminated early. As of March 20, SL received a bailout from the IMF where $3 billion dollars was approved. The 48 month bailout is an EFF, which is not limited to economic reforms but also govt reforms. Sri Lanka is the first country to undergo govt diagnostics where policy changes and govt engagement with the Special Drawing Rights (SDS) funds will be closely monitored. more..

Mar 26 (TM) The IMF coming to SL’s rescue resulting in even firecrackers being lit in celebration is quite karmic, given that it is the same Govt members who not so long ago breathed fire and roared about the multilateral agency’s interference in internal matters through its programmes. Some even famously questioned the need for a govt if all that it did was to carry out the dictates of the entity. In fact, such was the din created by the anti IMF/American lobby led primarily by the governing SLPP more..

Mar 26 (TM) The $ 3 billion which SL is to receive under the IMF's EFF over 4 years is insufficient to resolve its chronic and acute foreign exchange problems, said Economist and former Central Banker Dr. W.A. Wijewardena. However, he asserted that it would help SL rebuild lost confidence among foreign investors and tap their funding inflows regularly, “because now RW administration is under the disciplinary control of the IMF”. more..

Mar 26 (Island) As Prez Ranil Wickremesinghe tirelessly stressed, the signing off on the EFF with the IMF marks a new beginning. Forget the past and the old games, he has said seeking the cooperation of both the opposition and the media for a great leap forward. He has made the point that the IMF arrangement of USD 2.9 billion opens the doors for further credit adding up to USD 7 billion from elsewhere. When he met editors and other media heads on Thursday he said we have to more..

Mar 26 (TM) While one may assume the hardest task for debt-ridden SL lay in securing IMF Executive Board approval for the EFF programme, local economists say the real hard task is proceeding with the challenges the programme came with. Uni of Colombo Dept of Economics Senior Lecturer Dr. Shanuka Senarath stated that receiving the first tranche of $ 333 million under the EFF did not mean that SL was out of its unprecedented economic crisis. “EFF loan is merely $ 2.9 billion, more..

Mar 26 (SO) They may be one of SL’s most multi-cultural and multi-faceted cricket playing entities with a history of 135 years, but the club of the less featuring nondescripts have come a long way earning everything the hard away with nothing asked or given until a nudge by them prompted the parent body of the sport Sri Lanka Cricket (SLC) to pump in what was said to be a ‘large amount’ for a major facelift. For NCC the abbreviated form for Nondescripts Cricket Club, Friday marked more..

Mar 26 (AD) Senior lawyer Kaushalya Navaratne assumed duties today (25 March) as the 27th President of the Bar Association of SL (BASL) for the year 2023/24. Speaking at the ceremonial event, the newly appointed President assured that both, he and the BASL, will continue to work independently, free from any and all political biases. The senior lawyer was declared duly elected uncontested as the BASL President on 11 January, as his was the only name nominated for the post. more..

Mar 26 (ST) IGP Chandana Wickramaratne’s term was extended by a further three months from yesterday by President Ranil Wickremesinghe amid a heated debate over who should succeed him to be the nation’s top Police officer. The decision to extend the IGP’s term was taken during a meeting attended by Prez Wickremesinghe, Presidential Secretary Saman Ekanayake, Minister Tiran Alles, more..

Mar 26 (ST) My dear Uncle Ranil, I thought of writing to you this week because the entire country is talking about getting that loan from the IMF and praising you. The way people are celebrating, it is as if all our economic problems are over and we are a land of prosperity – and some are saying all this is because of your hard work. Last week, you seem to have had the Midas touch. You were at the Royal-Thomian when your old school beat the Thomians after 7 years. After striking gold, being lucky more..

Mar 26 (ST) Way back in 1969, the then Opposition MP, Ronnie de Mel, speaking in Parliament quoted from a CB report: “In 1968, too, Ceylon lived beyond her means. Aggregate expenditure on consumption and investment exceeded the value of goods and services produced by 3.6%. Accordingly, the deficit had to be met largely by increased indebtedness abroad and foreign assistance” (Hansard, July 23, 1969). Nothing seems to have changed over the past 50 years and more. more..

Mar 26 (ST) SL football appears to be a sport that is eternally caught on the wrong foot. If one were to give a careful hear to football followers around the country, a severe state of disillusionment exists, like a haze that never seems to go away. The football community believes that the reason for this disabled state, is that a wrong set of people seem to be in control of its destinies. They say, that this bunch of opportunists maneuver to stay in the saddle and give the impression that without them, more..

Mar 26 (PMD) The Govt has no intention of dissolving the Civil Service Department (CSD), said Mr. Sagala Ratnayake, Chief of the Presidential Staff. He stated that the Civil Service Dept was approved as a depreciable service according to the 2015 Cabinet paper, but that period has now lapsed. Sagala Ratnayake noted that the members of the Civil Service Dept are allowed to request a service extension beyond the age of 55, enabling them to serve for up to 60 years. more..

Mar 26 (CI) Sri Lanka crashed to 76 all out in pursuit of a target of 275, after Henry Shipley blasted out the their top order, eventually claiming 5 for 31. Where New Zealand had scrapped to 274 all out, their scorecard featuring a highest score of 51 - by Finn Allen - Sri Lanka succumbed meekly against the bounce that Shipley, Blair Tickner, and even Daryl Mitchell generated, on an Eden Park surface with plenty of carry. more..

Mar 26 (Island) It’s been a while since a mystery SL spinner bamboozled the opposition batsmen. Not just batsmen but coaches went on a frenzy decoding these bowlers while Times of India and Daily Telegraph dedicated headlines praising how well SL groomed these sensational talents. Ajantha Mendis was the last global sensation with bit of mystery as his carrom ball humbled India’s fabulous batting line-up comprising Sehwag, Dravid, Tendulkar, Laxman and Ganguly. After him T.M. Dilshan opening more..

Mar 26 (SO) The French women’s itinerant adventure trail Raid Amazones 2023 sponsored by SriLankan Airlines, is in progress in Kandy. The participants spent the morning of March 23 canoeing across Lake Victoria. The group continued their adventure on March 24 biking and running an 18-kilometre trail from Rideegama to Delvita. Raid Amazones is definitely putting the country on the map as a place for adventure sports by choosing Sri Lanka to host the event two years in row. more..

Mar 26 (AD) Prez Ranil Wickremesinghe has instructed Minister Roshan Ranasinghe, to establish an expert committee to assess the development of SL’s sports sector and its future strategies. In addition, Prez instructed that the committee should comprise ministers in charge of sports and education, industry experts, as well as representatives from both the ruling and opposition parties more..

Mar 26 (EN) SL is in talks with India for a billion US dollar equivalent Indian rupee central bank swap, to facilitate trade, Indrajit Coomaraswamy, ad advisor to the govt said. “The amount is still uncertain it could be up to the equivalent of a billion US dollars,” Coomaraswamy said. The money will be used to facilate India SL trade, he said. India has been trying to popularize the use of Indian rupees for external trade and also encouraged SL banks to set up Indian rupee VOSTRO accounts. more..

Mar 26 (SLN) SL Navy held a Chemical, Biological, Radiological, and Nuclear (CBRN) awareness programme and exercise at the Ashroff Jetty in Trincomalee harbour today. CBRN hazards pose a significant threat to public safety and security, and organizations must remain vigilant and ready to respond to any potential incidents. At the directives of Commander of the Navy, Vice Admiral Priyantha Perera, the programme was conducted by the CBRN unit of Eastern Naval Command, more..

Mar 26 (DM) A man who had hooted at Minister Bandula Gunawardane, who was participating at an event close to the Pitipana Junction, Homagama has been arrested by the police. The Minister had participated in a ceremony to lay the foundation stone for a Buddhist shrine when a man who was passing by in a lorry had hooted at the crowd and sped away. The police, who acted swiftly, had chased after the lorry and arrested the suspect. The suspect is identified as a 43-year-old more..

Mar 26 (AD) Supreme Court has summoned the IGP, C.D. Wickremaratna, before the court on 3 April. IGP Wickremaratne was summoned before the court to present facts pertaining to the non-implementation of a court order issued previously, ordering the IGP to present a guideline to prevent the death of suspects in police custody. The order summoning the IGP before the court was issued yesterday, by a 3-judge bench of the Supreme Court comprising of Justices S. Thurairaja, more..

Mar 26 (ST) While plans are being hatched to block the re-election of the incumbent administrators for a continuous third term by the Sports Ministry, Sri Lanka Cricket (SLC) is looking for the protection of ICC to withstand political pressure. Having failed to bulldoze the current SLC Board’s plans for re-election in May through a series of regulations that introduced term and age limits among other things, Ministry now awaits more..

Mar 26 (ST) The freshly secured International Monetary Fund (IMF) bailout package by Sri Lanka has given the country some breathing space to put its house in order but the Central Bank is bracing for a tough balancing act in the ensuing months. The bailout granted on Monday comes with a structured 4-year programme that demands Sri Lanka achieve debt sustainability, bolster more foreign exchange to buffer its reserve and improve state revenue by raising taxes and cutting utility subsidies. more..

Mar 26 (ST) Plantations workers are becoming rarity on the estates as a result of which the authorities are drawing plans to provide technical skills training to youth seeking jobs as an additional income. The Plantation Ministry and the National Youth Services Council (NYSC) are working together to attract more youth to be trained to work on the estates as part of a plan to provide an additional income for the youth and to help the estates to find the necessary labour required. more..

Mar 26 (ST) Chief Justice Jayantha Jayasuriya yesterday explained that the Bar Association is vital in guiding the process of the legal profession. He was speaking at the 49th Annual Convocation of the BASL where Kaushalya Nawaratne was inducted as the new President of the BASL. The event was held at the BMICH. “The Bar Association creates an environment that provides and promotes justice with the dignity that the profession deserves,” the Chief Justice explained. more..

Mar 26 (ST) Govt will lift import restrictions on 100 to 150 items in the next four months, provided that the move does not have an impact on the exchange rates, foreign reserves and inflation, senior Treasury officials said. They said the vehicle import restriction would remain as imports would drain at least US$ two billion a year and this would have an impact on the foreign reserves. Electronic equipment, including computers, mobile phones, television sets, home appliances, stationery items, food items, more..

Mar 26 (TM) Govt is considering the release of nearly 450 fuel stations held under the Treasury to the three new international players that are to enter the local fuel market once approved by the Cabinet. According to a senior official at the Ministry of Power and Energy, State-owned properties of the 450 fuel stations are expected to be allocated to the three international companies in 150 station blocks. “There are about 450 petrol sheds more..

Mar 26 (EN) Sri Lanka is projected to lend US$ 2,533 million mainly to the US and Euro areas during an IMF deal in 2023 including a mandatory US$ 1.4 billion collected from exports and remittances, according to official documents. Sri Lanka is expected to get two tranches of US$ 331.2 million (254 million special drawing rights each) in March and Sept 2023 from the IMF. In 2023 SL has to repay US$ 256.4 million from an earlier IMF loan taken during an earlier currency crisis more..

Mar 26 (TM) CEB will have to spend approximately Rs. 800 million per day – Rs. 200 million more than previously planned – to purchase additional fuel from the CPC to operate thermal oil power plants to meet the country’s electricity requirement. This is due to one generation unit at the Norochcholai Coal Power Plant failing last week. It is reliably learnt that the board’s fuel bill prior to the recent electricity tariff hike had been around Rs. 600 million and that it had gone up to Rs. 800 million more..

Mar 26 (ST) Clinching the IMF’s initial US$ 3 billion bailout to pull SL out of one of the country’s worst economic crises was a triumph for Prez Ranil Wickremesinghe. There were both domestic and external challenges he had to face until the IMF’s Executive Board approval last Monday. Bilateral creditors had to be managed. Domestically a string of strikes and protests threatened political stability. JVP-led NPP, touted as a potential winner if more..

Mar 27 (DM) During the past few months, the single most talked-about subject in our country has been - whether the country would receive the IMF bailout package or not. The president seemed confident the country would successfully achieve the target. His political opponents played the role of devil’s advocate, warning that the postponement of LG elections could dampen the chances of receiving the facility. Sajith Premadasa - the Leader of the Opposition however, took another tack, more..

Mar 26 (GV) In SL, for decades, the state has been abusing power and violating the rights of its citizens with impunity, often in the guise of protecting the country and citizens from terrorism. In practice, such state action has created deep insecurity for the population and only strengthened the power of the state to protect itself from being held accountable. Hence, whenever a law is drafted, the first question every citizen should ask is, how can this law be abused and how can we ensure strong more..

Mar 26 (GV) So back in the Chalk Circle, but this time play ends in Act 2. Grusha never gets across the rotten bridge. She is near the end when the Iron shirts, gathered on the other side, manage to inflame her with their insults. She turns around to give her own back. A battle of words ensues. The Corporal steps on to the bridge. Grusha stamps her foot. The soldiers join their leader. The rotten bridge breaks at both ends, plunging more..

Mar 26 (ST) Undoubtedly there is a bizarre vibe in SL’s air these days. Cheering old boys gripped by nostalgia for the good old days jostle each other at the capital’s once forlorn cricket-playing fields. Festive schoolboys overcome by big match fever invade girls’ schools to show their colours in puberty-inspired displays of distinctly ridiculous testosterone. Celebrations in the city’s choicest hotels to packed audiences in showy entertainment venues and privileged clubs continue without a pause. more..

Mar 26 (ST) If Ranil Wickremesinghe is of the nervous sort then tonight will be one sleepless, with many harrowing tosses and turns marking his half-wake-half-sleep nightmare, as he lies, in a cold sweat, fretting what the inscrutable fates have ordained for the morrow at the IMF Board’s crucial meeting. Though IMF Managing Director Kristalina Georgieva had tweeted on March 7 that she looks forward to presenting SL's brief to the Executive Board on March 20 & had even praised him more..