Page 9 - Sri Lanka

Sri Lanka govt ratifies debt restructuring agreement for $ 14.2 bn

Sri Lanka's new government on Tuesday announced that it has ratified the agreement for debt restructuring sealed in the previous regime for USD 14.2 billion compulsory to maintain debt sustainability by the IMF through an exchange of new bonds for the existing bonds. The development comes days after the National People's Power (NPP) government on Saturday got the International Monetary Fund (IMF) approval for a staff-level agreement to secure the fourth tranche of the nearly USD 3 billion bailout package, something that President Anura Kumara Dissanayake backed despite his pre-presidential election rhetoric to renegotiate with the global lender to water down tough conditions. The debt restructuring agreement was reached in the last week of the then President Ranil Wickremesinghe's regime in September, days before the presidential polls. A final consensus on restructuring debt by the members of the Official Credit Committee (OCC) of major bilateral creditors in June 2024. In ...

US development agency assessing ramifications on Adani's Sri Lanka project

US International Development Finance Corp last November said it would provide $553 million in financing for the port terminal project in Colombo, the capital of Sri Lanka

US agency conducting due diligence on Adani's Sri Lanka project: Report

Last November, the agency said it would provide $553 million in financing for the port terminal project in Colombo, the capital of Sri Lanka. The project is partly owned by India's Adani Group

SriLankan Airlines eyes more Indian tourists with Ramayana Trail package

Seeing India as a place that offers "enormous growth" opportunities, SriLankan Airlines aims to increase flights to the country as well as attract more tourists, including with the Ramayana Trail package, according to a top airline official. The Ramayana Trail will help people connect with 20 significant locations in Sri Lanka that are linked to the Ramayana story. SriLankan Airlines CEO Richard Nuttall said growth in the number of tourists from India has been stellar this year but still below the pre-Covid numbers. He was speaking at a function in the national capital for the launch of the Ramayana Trail package on Saturday evening. High Commissioner of Sri Lanka to India Kshenuka Senewiratne was also present. Till the end of October this year, around 20 per cent of the tourists who came to Sri Lanka were from India. "We have been looking at how to lift and rejuvenate tourism from India to Sri Lanka to the next level," he said while mentioning the Ramayana Trail and added that it

IMF approves third review of Sri Lanka's $2.9 bn bailout, warns of risks

Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70 per cent, its currency to record lows

Lankan Prez must fully implement vision document with India: Wickremesinghe

President Dissanayake, elected to the top office in September this year, is scheduled to visit India in mid-December

Sri Lankan President pledges to restore law and order, address wrongdoings

Sri Lankan President Anura Kumara Dissanayake, in his inaugural address to the newly convened parliament, on Thursday pledged to fulfil his pre-election promises by ensuring the supremacy of law and addressing past wrongdoings. Staying true to his National People's Power (NPP) party's commitment to austerity, Dissanayake made a modest ceremonial entry to parliament, foregoing the usual pomp of motorcycle outriders, motorcades, and military gun salutes. Clad in a simple white tunic, the 56-year-old President addressed the parliament from the Speaker's chair, marking the first session since his party's landslide victory. The NPP created history in the November 14 election by winning 159 seats in the 225-member assembly. This was the first time that a government had won two-thirds control or over 150 seats in a parliamentary election held since 1989. It is our duty to make everyone accountable and equal before the law," Dissanayake said, adding, We will deliver justice to everyone ...

Jaishankar congratulates Herath on re-appointment as SL's foreign minister

Dissanayake, needed a clear majority to fulfil his promises and his National People's Power (NPP) coalition secured a two-thirds majority in the 225-member parliament, winning 159 seats, whereas

Sri Lankan Prez Dissanayaka opts for smaller new Cabinet with fresh faces

Sri Lankan President Anura Kumara Dissanayaka on Monday appointed a 21-member Cabinet in the new NPP government, keeping with his pre-election promise to streamline the governance system and ease the burden on taxpayers. The National People's Power (NPP) has been advocating a smaller government to reduce costs for the public. Since the NPP won the presidential election in September, the government functioned with just 3 ministers, including the President. As per the island nation's Constitution, there is a provision for appointing a 30-member Cabinet. Dissanayaka retained the finance and defence portfolios, while appointing 12 new parliament members to key positions and entrusting eight veteran members, who have served since 2000, with significant responsibilities. Among the fresh faces in the Cabinet are five academic professors. Prime Minister Harini Amarasuriya who holds the education portfolio and Saroja Savithri Paulraj who has the women's and child affairs portfolio are the

Dissanayake's NPP wins big in Sri Lankans' vote for stability

India has a role to play in its economic recovery

Sri Lankan President Dissanayake to appoint new PM, Cabinet on Nov 18

Sri Lankan President Anura Kumara Dissanayake will appoint a new Prime Minister and Cabinet on Monday after his National People's Power secured a record-breaking victory in the snap general election. The NPP on Friday swept the parliamentary elections by winning a two-thirds majority, and also dominating the Jaffna electoral district the heartland of the nation's Tamil minority. We will be appointing a Cabinet on Monday, limited to 25. It could be even less 23 or 24. There will be scientific allocation of subjects for the ministries," Tilwin Silva, the NPP's senior spokesman told reporters. According to Article 46 of the Constitution, the total number of Cabinet ministers is limited to 30. The number of deputy ministers shall not, in the aggregate, exceed 40. Silva said the deputy ministers' number could be higher. We may have to appoint extra deputy ministers to handle subjects of a bigger ministry," he said. The NPP has been advocating a smaller government to reduce costs for

Sri Lankan president's NPP secures majority in parliamentary election

The ruling National People's Power party led by President Anura Kumara Dissanayake is poised for a sweeping victory in the Sri Lankan parliamentary election held on Thursday. As of 11 pm local time, with partial results declared, the NPP has secured a substantial 70 per cent of the vote. The main opposition, Samagi Jana Balawegaya (SJB), and the National Democratic Front (NDF), backed by former president Ranil Wickremesinghe, have been reduced to just 11 and 5 per cent of the vote, respectively. In the only polling division result announced so far, the NPP won decisively in the southern province capital of Galle with over 70 per cent of the vote. Analysts note that the NPP has increased its vote share compared to the September presidential election. If this trend continues, the party will surpass the 150-seat mark, achieving an absolute majority in the 225-member parliament. Thursday's election was the first major test for NPP. The snap parliamentary polls were the first after the

Sri Lanka President's party wins parliamentary majority. India impact

Sri Lanka's National People's Power, led by President Anura Kumara Dissanayake, has secured a parliamentary majority, as per official results announced by the country's elections commission

Sri Lanka election results: President Dissanayake’s NPP poised for landslide victory

President Anura Kumara Dissanayake’s National People’s Power (NPP) is dominating Sri Lanka’s snap parliamentary elections. Watch the video to know more.

Sri Lanka votes in parliamentary election that's key for its new president

Sri Lankans are voting in a parliamentary election Thursday that is key for the country's new Marxist-leaning president to consolidate his party's power and follow through on promises of economic recovery. President Anura Kumara Dissanayake won the presidential election on September 21 in a victory that marked a rejection of the traditional political parties, which have governed the island nation since its independence from British rule in 1948. However, Dissanayake's failure to secure more than 50 per cent of the votes has fuelled concerns over his party's outlook in Thursday's election. His National People's Power party must increase its votes significantly from the 42 per cent it won in the presidential election if it is to acquire a minimum of 113 seats to take control of the 225-member Parliament. The biggest challenge for the NPP which was founded in 2019 and is a relative newcomer on Sri Lanka's political scene is that many of its candidates are new faces in politics ...

Sri Lanka set for parliamentary polls on Nov 14, all arrangements in place

Sri Lanka is set to hold its parliamentary election on Thursday with all arrangements in place to ensure a fair and transparent process, a top election commission official has said. Voting will take place at over 13,314 polling stations across the country, from 7 am to 4 pm local time on Thursday. Director General of the Elections Commission Saman Sri Ratnayaka on Tuesday said that all ballot boxes and other equipment needed at the polling stations would be dispatched on Wednesday. The polling station officials will carry out rehearsals from 7 am on Wednesday," Ratnayaka said. Over 17 million voters from the island's 21 million population are eligible to vote. 225 members would be elected from voting based on proportional representation. The western province district of Gampaha would elect the highest number of Members of Parliament 19 with the capital district of Colombo from the same province having 18 MPs elected. The eastern province district of Trincomalee will elect the lo

SL prez holds more pledges as campaigning closed for parliamentary polls

President Anura Kumara Dissanayake concluded his campaigning for Thursday's parliamentary election by pledging economic consolidation under his new government. The snap parliamentary elections was called by President Dissanayake after he won polls in September on a promise to combat corruption and improve the country's economic situation. The ex Marxist group, National People's Power (NPP) seeks a fully powered assembly to carry out mainly their anti-corruption policies where they allege that all politicians from major political parties who had ruled the country from 1948 were responsible. Since being elected the government has reopened some of the past cases. However, the government has faced criticism for its failure to reverse some of the hard-hit economic reforms of the previous administration of President Ranil Wickremesinghe. Dissanayake addressing his final campaign rally on Monday said in the new government budget to be presented in March there will be drastic cuts of the

Coast Guard Chief Paramesh calls on India's High Commissioner to Sri Lanka

Indian Coast Guard (ICG) Chief Director General S Paramesh visited Sri Lanka on Monday and met with India's High Commissioner, Santosh Jha, to discuss ways to strengthen regional maritime security.

China provides Rs 3 cr assistance to Sri Lanka after natural disasters

China has provided financial assistance to the tune of Rs 30 million to compensate for damage caused due to natural disasters from January to October this year, the government said on Saturday. Furthermore, material assistance worth 10 million Yuan is expected from China under the Emergency Humanitarian Assistance Programme, a statement from the President's Media Division (PMD) said. Sri Lanka saw two rounds of massive flooding this year with over two dozen deaths and displacement of more than 50,000 people across the country. The Chinese financial assistance totaling approximately Rs 30 million has been forwarded to the Treasury, the PMD said. Earlier on October 30, the Chinese Embassy in Sri Lanka had handed over USD 1,00,000 (approximately LKR 30 million) and relief material worth LKR 400 million as aid on flood relief to President Anura Kumara Dissanayake. In addition, the Department of National Budget has allocated further financial provisions to the Ministry of Defence for t

Sri Lanka's new govt reverses key economic reform for IMF bailout package

The new National People's Power (NPP) government in Sri Lanka on Tuesday announced its first reversal of a key element in the ongoing IMF bailout programme concerning the loss-making state-owned enterprises. The government reversed the Electricity Act, approved in June this year under then-president Ranil Wickremesinghe's government, introducing major reforms to the state power entity Ceylon Electricity Board (CEB). The Marxist NPP trade unions had then agitated against the bill. A CEB trade union leader who led the agitation is an NPP candidate in the parliamentary election scheduled for November 14. A CEB statement on Monday said the entity's privatisation programme would be scrapped and vowed to amend the CEB Reforms Act of 2024. It said there would be no privatisation of state-owned power plants, transmission and distribution processes. The CEB Reforms Act of 2024 paved the way for private sector competition in power generation. The move was aimed at easing the burden on publ