Page 43 - Sri Lanka

US to participate in Sri Lanka's debt restructuring to help revive economy

The US has agreed to cooperate with Sri Lanka's debt restructuring as prescribed by the IMF in its staff-level agreement for a USD 2.9 billion bailout package to help revive the country's ailing economy. US Treasury Secretary Janet Yellen informed Sri Lankan President Ranil Wickremesinghe that the US as a creditor country would participate in the country's debt restructuring. The US has pledged to continue to engage with other government agencies -- the World Bank and the Asian Development Bank (ADB). Wickremesinghe's office said the US treasury department had welcomed the government's decision to seek IMF assistance. On September 1, the IMF reached a staff-level agreement to support Sri Lanka's economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about USD 2.9 billion. Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves. Commenting on the US' ...

Sri Lanka crisis a result of human rights abuses, economic crimes, says UN

Sri Lanka is facing a devastating economic crisis, a UN report has said, noting that impunity for past and present human rights abuses, economic crimes and corruption were the underlying causes for the island nation's collapse. The report, prepared by the UN Rights High Commissioner Michele Bachelet, was released on Tuesday, also suggested fundamental changes to address the current challenges and to avoid repetition of the human rights violations of the past. Interestingly, it comes ahead of the 51st session of the UN Human Rights Council Session, to be held in Geneva from September 12 to October 7, where a resolution on Sri Lanka is expected to be tabled. This is also the first time that the top UN body has linked the economic crisis with Sri Lanka's gross human rights violations. For sustainable improvement, it is vital to recognise and assist Sri Lanka to address the underlying factors, which have contributed to this crisis, including embedded impunity for past and present human

Crisis-hit Sri Lanka secures IMF deal, now it's courting China and India

President Ranil Wickremesinghe knows a lot of circles will need to be squared for IMF's $2.9 billion lifeline to become a reality

IND vs SL Asia Cup Super Four Highlights: Sri Lanka win by six wickets

India vs Sri Lanka Asia Cup Super Four Highlights: Sri Lanka won a thrilling encounter as Bhanuka Rajapaksa and Dausn Shanaka kept their cool to chase down 174 and win the game by six wickets

Rajapaksas and friends thought they owned Sri Lanka: Former president

Sri Lanka's former president Chandrika Kumaratunga on Tuesday blamed the Rajapaksa family for the country's current economic crisis, saying they and their friends thought they owned the nation and its assets and could get away with anything. Kumaratunga, Sri Lanka's first and only female president to date, said actions taken by the Rajapaksa regimes had led to a serious crisis situation in the country. "Not only the Rajapaksas, but the government representatives around them, their friends, and associates are also to be blamed for the prevailing crisis," the Daily Mirror, an online newspaper quoted the 77-year-old Kumaratunga as saying. Her remarks came during the opening of the new office of the Nawa Lanka Freedom Party' in Battaramulla. The party is led by former minister and Kalutara District parliamentarian Kumara Welgama. Kumaratunga said that the Rajapaksas and those who ruled the country after 2005 had thought they owned the country and its assets. "They thought they could a

Asia Cup IND vs SL: Should India consider Hardik Pandya as fifth bowler?

In a career of 69 matches, Hardik has taken two or more wickets, conceding less than 30 runs on nine occasions. And out of those nine matches, he has played as the fifth bowler only thrice

Sri Lanka has an IMF deal, now seeking debt relief from China and India

Spending cuts, tax hikes and debt write-downs are a common formula for bankrupt countries, but crisis veterans say there are some uniquely difficult elements here

Sri Lanka's 22nd constitutional amendment gets clearance from Supreme Court

Sri Lanka's Supreme Court has cleared the bill seeking the 22nd amendment to the Constitution, ruling that it can be adopted with a two-thirds majority in Parliament and some clauses requiring a nationwide referendum, the Speaker said on Tuesday. The draft bill on the 22nd Amendment, aimed at empowering Parliament over the executive president, was approved by the country's Cabinet and gazetted last month. The 22nd Amendment was originally named 21A and meant to replace the 20A. The amendment was formulated amid the ongoing economic turmoil in the country which also caused a political crisis. It is meant to replace the 20A that had given unfettered powers to ex-President Gotabaya Rajapaksa after abolishing the 19th Amendment. Speaker of Parliament Mahinda Yapa Abeywardene said the 22nd amendment to the Constitution can only be adopted with a two-thirds majority in Parliament and a nationwide referendum on clauses 2 and 3 of the bill that are inconsistent with the Constitution. The

Fitch warns of high risk Sri Lanka may default on local currency bonds

Fitch Ratings's 'CCC' rating on long-term local currency debt that was affirmed in May "reflects a high risk that local-currency debt will be included in debt restructuring

Tamil Nadu police step up probe after 13 Sri Lankan Tamils held in Kerala

A senior officer with the Tamil Nadu police told IANS that the investigation is centered around two agents who were involved in bringing these people from Sri Lanka to India

11 Sri Lankan nationals planning to sail abroad held in Kerala's Kollam

Eleven Sri Lankan nationals, who were planning to go to Australia by a boat from Kerala's Kollam, were taken into custody from a lodge

India provided nearly $4 billion in food, financial assistance to Sri Lanka

India has always played a constructive and significant role in the context of peacebuilding through its extensive development partnership with countries of the Global South

IMF chief pleased that Sri Lanka reached staff-level deal for $2.9 billion

The IMF chief Kristalina Georgieva on Sunday said she is pleased the Washington-based lender and the Sri Lankan government have reached a staff-level agreement to provide about USD 2.9 billion to help the bankrupt country, terming the deal as an important step forward. The International Monetary Fund (IMF) on Thursday announced that it will provide Sri Lanka a loan of about USD 2.9 billion over a four-year period to help the island nation overcome the unprecedented economic turmoil. The bailout package is expected to boost the country's credit ratings and the confidence of international creditors and investors. Very pleased that IMF staff and Sri Lankan government officials have reached a staff-level agreement to support the country's economic policies with a 48-month Extended Fund Facility of about USD 2.9 billion, Georgieva said in a tweet. This is an important step forward for Sri Lanka, she added. The new Extended Fund Facility (EFF) arrangement will support Sri Lanka's progra

Bangladesh will not face any Sri Lanka type crisis: PM Sheikh Hasina

Dismissing concerns that Bangladesh could go the Sri Lanka way, PM Sheikh Hasina said that despite Covid onslaught and the conflict in Ukraine, her country's economy continued to be in robust shape

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With no immunity, Sri Lanka's ousted prez Rajapaksa faces legal troubles

Sri Lanka's ousted President Gotabaya Rajapaksa, who returned home after seven weeks in exile following protests over economic hardships, could face legal action over forced disappearances of activists now that he has been stripped of constitutional immunity, a lawyer said Saturday. Rajapaksa flew to Colombo around midnight Friday from Thailand and was escorted under military guard to his new home in the capital. He has no pending court cases because he was protected by constitutional immunity as president. A corruption case against him during his time as a top defence official was withdrawn soon after he was elected in 2019. However, Rajapaksa will be served a summons next week to appear at the Supreme Court, where his immunity from testifying on the forced disappearance of two young political activists is challenged, said lawyer Nuwan Bopage, who represents the victims' families. He said Rajapaksa fled the country when he was about to be served a summons in July. The disappearanc

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Lanka's ex-President Gotabaya returns home, gets special security, bungalow

Sri Lanka's former President Gotabaya Rajapaksa has been given special security and a state bungalow for accommodation on his return here from Thailand where he fled amid months-long mass protests over the country's worst economic crisis, officials said on Saturday. Rajapaksa, 73, was accorded a warm welcome as he returned to Colombo from Thailand amid tight security on late Friday. He was festooned with flowers by a welcoming party of ministers and politicians as he disembarked at Colombo's Bandaranaike International Airport from Bangkok via Singapore. The former president wanted to move into his private residence at Mirihana in Colombo's eastern suburb of Nugegoda. However, security considerations prevented him from going to his private residence where he always lived even after becoming the president in 2019, officials said. After being welcomed by lawmakers of the ruling Sri Lanka Podujana Peramuna (SLPP) party, Rajapaksa left the airport in a motorcade heavily guarded by armed

Amid economic crisis, Sri Lanka's parliament passes interim budget

The interim budget was presented to Parliament on August 30 by President Ranil Wickremesinghe

Sri Lanka's ex-president Gotabaya Rajapaksa returns from Thailand

Rajapaksa, 73, returned to Katunayake International Airport on a Singapore airlines SQ-468 flight