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SL declares holiday, day of mourning on Queen Elizabeth’s funeral – by Marziya Sharif President Ranil Wickremesinghe visited the British High Commission in Colombo to sign the book of condolence. Source : siasat Sri Lanka, a former British colony, has declared a special holiday and a day of mourning on September 19 in lieu of the funeral of late Queen Elizabeth II. Secretary to the Ministry of Public Administration and Home Affairs announced the government holiday and directed that the national flag be hoisted at half-mast until the said date. The UK’s longest-serving monarch, Queen Elizabeth II who died at the age of 96 on September 8, after reigning for 70 years was Sri Lanka’s head of state until 1972, the year the island nation became a republic, fully freed from the British sovereign. The late queen visited Sri Lanka in 1954 and 1981 and later she was represented by the ...

Sep 14, 2022 Posted by eLanka admin In Articles Tagged British High Commission in Colombo, Mourning, Queen Elizabeth II, Ranil Wickremesinghe, Sri Lanka, UK, World news

We are solving the economic crisis faced by Sri Lanka – By Dr Harold Gunatillake Transcript: America to help Sri Lanka get out of debt. Seek assistance from the International Monetary Fund through an Extended Fund Facility (EFF) being processed The United States, following its principles, stands ready to join other members of the Paris Community, sharing with Sri Lanka the common goal of accelerating financial assurance. The United States Treasury Secretary, Mrs Janet Yellen, has informed President Ranil Wickremesinghe that she will support debt restructuring in Sri Lanka. The Treasury Secretary has also informed that the World Bank, Asian Development Bank and American financial institutions are working to provide support following the financial rules to solve the economic crisis faced by Sri Lanka. Accepting President Ranil Wickremesinghe’s proposal for a coordination platform for Sri Lanka’s official bilateral creditors, the United States Treasury requests action in this regard. The United ...

Sep 13, 2022 Posted by eLanka admin In Articles, Dr harold Gunatillake Tagged economic crisis, International Monetary Fund, Ranil Wickremesinghe, The United States

Crisis-hit Sri Lanka strikes staff-level pact with IMF on loan Source:Dailymirror Sri Lanka and the International Monetary Fund (IMF) have reached a preliminary agreement on an emergency loan to the crisis-hit country and a formal announcement will be made on Thursday, four sources with direct knowledge of the matter said. The island nation, struggling with its worst economic crisis in more than seven decades, had sought up to $3 billion from the IMF. Spokespersons for the IMF and the Sri Lankan government did not immediately respond to requests for comment. ...

Sep 2, 2022 Posted by eLanka admin In Articles Tagged Ranil Wickremesinghe, Sri Lankan government

Sri Lanka’s president says IMF talks nearing successful end Image Source : washingtonpost Source : wtop COLOMBO, Sri Lanka (AP) — Sri Lanka’s president said Tuesday that his bankrupt country’s talks with the International Monetary Fund for a rescue package have successfully reached final stages as he presented an amended budget that seeks to tame inflation and hike taxes. President Ranil Wickremesinghe, who is also the finance minister, said in a speech in Parliament that his government will soon start negotiating debt restructuring with countries that provide loans to Sri Lanka. Declaring that Sri Lanka is on the “correct course in the short term for recovery,” Wickremesinghe warned the country must prepare for at least 25 years of a national economic policy, staring with the 2023 budget. An IMF team is visiting Sri Lanka and is expected to end the current round of talks on Wednesday. Prior to the visit, the IMF ...

Aug 31, 2022 Posted by eLanka admin In Articles Tagged IMF team, International Monetary Fund, international organizations, Ranil Wickremesinghe, Sri Lanka president

President urges China to change tune on debt as IMF visits Source:Dailynews Sri Lanka is urging China to dramatically change its stance on debt relief, President Ranil Wickremesinghe told Nikkei Asia in an exclusive interview, conceding that reaching a deal will be no simple task. The appeal to China, Sri Lanka’s largest bilateral lender, has emerged as a formidable challenge to Wickremesinghe, who is leading the country’s financial team as it attempts to rebuild an economy starved of foreign reserves and mired in misery. The effort is likely to feature prominently in a fresh round of discussions between Colombo and International Monetary Fund representatives arriving Wednesday. “We have informed the Chinese government [of] the need to restructure [the debt] and the need for all the creditors to sing from the same hymn sheet,” Wickremesinghe told Nikkei. But Wickremesinghe sees a complex path to spurring a change of heart in Beijing, ...

Aug 27, 2022 Posted by eLanka admin In Articles Tagged Murtaza Jafeerjee, Ranil Wickremesinghe

IMF, Sri Lanka begin talks for bailout package A preliminary round of discussions with the International Monetary Fund, with the aim of finding solutions to the financial crisis facing Sri Lanka, was held at the President’s Office under the patronage of President Ranil Wickremesinghe yesterday. Pictur Source:Dailynews A preliminary round of discussions with the International Monetary Fund, with the aim of finding solutions to the financial crisis facing Sri Lanka, was held yesterday afternoon (24) at the Presidential Secretariat under the patronage of President Ranil Wickremesinghe. Discussions focused on the financial crisis Sri Lanka is currently facing. It was further decided to hold another round of discussion on Friday, the 26th and to discuss technical issues with the officials of the Central Bank in the future. Peter Breuer, Head of the International Monetary Fund’s Negotiation Panel, Deputy Head Masahiro Nozaki, Tubagus Feridhanusetyawan, Permanent Representative of the International Monetary Fund in ...

Aug 27, 2022 Posted by eLanka admin In Articles Tagged Dr. Nandalal Weerasinghe, International Monetary Fund in Sri Lanka, Ranil Wickremesinghe

The Sri Lanka vibe is changing – By Dr Harold Gunatillake The Economist-An interview with the president of Sri Lanka Concretely though, there’s more fuel in the country, the QR code system seems to be a big success, and the fuel queues have vanished. There are more cars and auto rickshaws on the street. What steps have been taken in the past three weeks to have changed the mood of the country? Soup kitchens in crisis-hit Sri Lanka are feeding the poor. People stand in a queue to receive food at a community kitchen in Colombo The Economist interviewed the president of Sri Lanka in Colombo on August 14th. The country was obviously in crisis last time they were in Sri Lanka. They said,” We got in last night, and the vibe has changed tremendously. It’s visible on the street, on the way in from the airport. What has happened ...

Aug 27, 2022 Posted by eLanka admin In Articles, Dr harold Gunatillake Tagged Colombo, Gotabaya Rajapaksa, IMF, Ranil Wickremesinghe, The Economist

‘Whether we like it or not, we have to deal with the IMF’ | Mr. Ranil Wickremesinghe | #ReformNow ...

Aug 24, 2022 Posted by eLanka admin In Articles Tagged IMF, Ranil Wickremesinghe

Three News Items on Sri Lanka’s Crisis in The Economist-by Michael Roberts Source:Thuppahis ONE = From The ECONOMIST magazine, Summer Issue, 30 July – 12th August … & the Mid-August Issue The Economist On the evening of July 21st, a relaxed mood prevailed in Sri Lanka’s presidential secretariat on the seafront of Colombo, the capital. A handful of protesters milled about in the entrance hall, which they had occupied on July 9th and turned into a library full of donated books. They said they were planning to return the premises to the state the following day, having succeeded in driving from office Gotabaya Rajapaksa, the disgraced former president. The new government had other ideas. Not long after, in the early hours of July 22nd, soldiers and police in riot gear evicted the remaining protesters from the building, tore down their tents outside and put up metal barricades. They arrested several protesters and injured a handful badly ...

Aug 18, 2022 Posted by eLanka admin In Michael Roberts Tagged Gotabaya Rajapaksa, Ranil Wickremesinghe

Collapse of the Aragalaya Protesters in their thousands stormed the President’s House, the Presidential Secretariat and Temple Trees on July 9. Picture by Rukmal Gamage Source:Dailynews On July 9, it looked as if Sri Lanka was undergoing a “revolution” spearheaded by “peoples’ power” in the raw. Massive crowds had converged on Colombo to force President Gotabaya Rajapaksa to quit. The Presidential Palace, the Presidential Secretariat and the Prime Minister’s office were stormed, vandalized, and occupied. But the most striking act was the burning of Prime Minister Ranil Wickremesinghe’s personal residence, a repository of thousands of books and rare objet d’art. Sections of the political class, savouring the anti-Government moves with delight, hailed the events as a triumph of the “popular will” over the “corrupt” Establishment. Constitutionalism was devalued. More shockingly, a former Commander of the Sri Lankan Army, a war hero and the country’s only Field Marshal, urged the Security ...

Aug 17, 2022 Posted by eLanka admin In Articles Tagged Janatha Vimukthi Peramuna, Ranil Wickremesinghe