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Funds for Election: Opposition wants to summon Finance Secretary

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COLOMBO (News 1st); The opposition leader, and a group of opposition MPs met the Speaker on Tuesday (28) to discuss on the future steps that would be taken with regard to the letter sent by the Election Commission seeking intervention for funds.The meeting took place at the Parliament Complex.The opposition leader, and a group of opposition MPs had informed the Speaker that the Finance Secretary should be summoned to the Parliament for an inquiry over the letter sent by the Election Commission.They requested the speaker to summon parliament immediately to discuss this matter.SJB MPs and MPs representing the People's Freedom Alliance called on the speaker today for this meeting..

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World Bank’s IFC to provide Sri Lanka with $400 mn financing - newsfirst.lk - Sri Lanka
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World Bank’s IFC to provide Sri Lanka with $400 mn financing
(Reuters) – The International Finance Corporation (IFC), the World Bank's investment arm, said it will provide Sri Lanka a $400 million cross-currency swap facility to help fund essential imports.Three private banks, which together deal with over 30% of Sri Lanka's remittances and exports, will receive the facility to fund essential imports, including medicine, food and fertiliser, the IFC said in a statement on Monday (27).The funds will provide a much needed foreign exchange cushion for Sri Lanka, which is grappling with its worst financial crisis in over seven decades partly triggered by a severe shortage of dollars.The island nation's economy is estimated to have contracted by 9.2% in 2022 and is expected to shrink a further 4.2% in 2023, according to World Bank data."We expect this financing to boost confidence in the investor community, attract fresh capital inflows to support the Sri Lankan economy," said Joon Young Park, IFC's Portfolio Manager, Financial Institutions Group for South Asia.IFC is also working on further plans to support client banks with other long-term funding and advisory services in the future, the statement added.Sri Lanka signed a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout last September but has to put its debt on a sustainable repayment track before the funds can be disbursed.
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