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20.03.2023 / 20:09

IMF approves Sri Lanka’s bailout package under EFF; Sri Lanka can access up to $ 7 Bn

COLOMBO (News 1st); The IMF Executive Board approved Sri Lanka’s program under the Extended Fund Facility (EFF) that will enable Sri Lanka to access up to $7 billion in funding, reported the President's Media Division.President Ranil Wickremesinghe has expressed his gratitude for the support of the IMF and other international partners, said the PMD.It added that the President committed to full transparency in all discussions with financial institutions & creditors, & to achieve sustainable levels of debt through prudent fiscal management & an ambitious reform agenda.The IMF program is critical to achieving this vision & will help to improve Sri Lanka's standing in international capital markets, making it an attractive country for investors, talent, & tourists, said the President's Media Division.Earlier this month, Sri Lanka received IMF-compatible financing assurances from its official creditors, including Paris Club members, India and China, allowing the IMF to convene an Executive Board and consider Sri Lanka’s request for a loan.The program is expected to provide much-needed policy space to drive the economy out of the unprecedented challenges and instill confidence amongst all the stakeholders.President Ranil Wickremesinghe welcomed the announcement:“In the 75 years of Sri Lanka’s independence, there has never been a more critical period for ou economic future. Our official creditors have declared their support following continuous and positive engagements over the last few months, and we are pleased that the IMF Executive Board approved our program, enabling Sri Lanka to access up to US$ 7 billion in funding from the IMF and IFIs.

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Motor, health, and term insurance witnessed high demand amongst corporate employees: survey

According to the survey, while the health and life insurance categories have seen significant growth in the personal insurance segment, the pandemic has also increased awareness and acceptance of health and term life insurance in the corporate insurance segment In a recent survey by Elephant.in on insurance being brought by corporate employees in India, the organisation shared some interesting facts regarding the growing demand in this category. Notwithstanding the COVID-19 pandemic’s negative effects on the global and national economies and health systems, its single but most powerful positive effect was to raise awareness of the value of insurance.

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Chinese leader Xi Jinping makes 1st Moscow visit as Putin wages Ukraine war

FILE IMAGE - Chinas President Xi Jinping and Russian President Vladimir Putin pose during a meeting on the sidelines of the Shanghai Cooperation Organisation (SCO) leaders summit in Samarkand on Sept. 15, 2022.

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Sri Lanka will be led to the path of success – President

PMD: President Ranil Wickremesinghe emphasized that the Royal College cricket team’s effective captaincy ultimately led to the team’s victory at a time when all of the matches were being lost and that his effort is to lift the defeated country to the path of victory similar to what the captain of the Royal College cricket team did.The President recalled that when he assumed office last July, the country was experiencing numerous crises such as shortage of fuel, food, and fertilizer. He compared this to the Royal team, which had suffered a string of defeats, and claimed that many people believed the country would not be able to recover.However, President Ranil Wickremesinghe stressed that his team was able to change that situation and create economic stability in the country in the last seven months and emphasized that Sri Lanka is no longer a bankrupt state.President Ranil Wickremesinghe made this statement while addressing the 32nd Interact District Conference held at Temple Trees on Sunday morning (19).He said that everyone would be able to witness a developing country in the next two years, and to make Sri Lanka the most prosperous country in the region, it is necessary to build the economy in addition to stabilizing it today.The President added that the 25-year plan to make Sri Lanka a successful nation by 2048 has already been implemented and it can only be achieved with the commitment of the current youth.This conference was organized by St.

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'Tata Consumer to scale premiumization, health & wellness formats in beverages biz'

Mint. TCPL, which sells packaged beverages under brands such as Tata Tea Premium, Tata Tea Chakra, Tata Grand coffee and bottled water under Himalayan, reported a 5% dip in volume growth in the December quarter in its India beverage business on account of price corrections as well as demand slowdown in key markets. Das said while demand had softened in the December quarter, the trends in the months of December and January were relatively better.

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Sri Lanka’s economy contracted 7.8% in 2022

Sri Lanka's economy shrank 7.8% in 2022 from the previous year, government data showed on Wednesday, as the country struggled with its worst financial crisis in more than seven decades.The island's fourth-quarter GDP contracted 12.4%, according to the figures.Sri Lanka's growth is expected to shrink by 3% this year, Moody's Investors Service said on Monday but growth is expected to rebound in 2024.Economic mismanagement coupled with the impact of the COVID-19 pandemic left Sri Lanka severely short of dollars for essential imports at the start of last year tipping the country into the worst financial crisis since Independence from the British in 1948.Sri Lanka is waiting for a $2.9 billion bailout program from the International Monetary Fund (IMF) to be finalised on March 20.“These numbers are broadly in line with expectations.

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China will reopen to tourists, resume issuing all visas Wednesday

FILE-Security personnel check the health codes of travelers on smartphones at an entrance to Beijing Capital International Airport in Beijing, China, on Tuesday, Feb. 2, 2021.

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Sri Lanka will not risk offering debt treatment outside IMF program – President

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe has expressed gratitude to the Paris Club, Japan, India, and China for enabling cooperation required to reach an IMF facility for the country.In an open letter to Sri Lanka's Official Bilateral Creditors, President Wickremesinghe noted that the government deployed all efforts to demonstrate our commitment to the EFF program and relentlessly engage on the path to reforms. He said the administration has already implemented major reforms by way of prior actions agreed with the IMF.The President said his government introduced a robust reform agenda aimed at achieving debt sustainability, strengthening governance, widening the social safety nets supporting the most vulnerable and ensuring we can grow an inclusive economy attractive to international business. He said this is how Sri Lanka will improve the lives of its people and ensure they are first in line to benefit from improvements in our economic conditions.The President has requested creditors to maintain and even enlarge and strengthen official bilateral creditor coordination in the context of Sri Lanka's forthcoming engagement. He called on the Paris Club bilateral partners, in particular Japan, together with all our other official bilateral partners, including India and China, to garner and foster coordination as you best see fit.The Presidnet noted that Sri Lanka is committed to communicate transparently with all on any debt treatment terms that are agreed with any creditor or group of creditors, before being formalized. The President in his letter has also committed not to resume debt service to any creditor unless that creditor agrees on a comprehensive debt treatment in line with IMF-supported

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The importance of understanding the role of the IMF

By Frederica JanszThe word ‘IMF’ has got to be the most spoken in Sri Lanka today. As this word runs on a daily cycle of constant discussion which lends ear to a babble of discourse mostly filled with resentment, it is interesting to note, how few are aware of the true functions and makeup of the International Monetary Fund.It is indeed correct that this powerful organization has repetitively come under criticism for a lack of accountability.

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“Economic Management in Sri Lanka Lacks Compliance” – Verite Research observes

A research conducted by Verite Research observes that economic management in Sri Lanka lacks compliance both by the bureaucracy and Parliament. Commenting on the new Public Finance Management Act proposed in September 2022, Verite Research suggests that rather than the lack of fiscal rules, the more critical problem for Sri Lanka may be the lack of compliance with fiscal rules in public finance management. The analysis, which was reported in a Verite publication titled Verite Insights, sheds light on how the Parliament of Sri Lanka had consistently revoked rules set out in the Fiscal Management (Responsibility) Act either by blatantly breaching them or by amending the rule whenever it became a constraint.The three rules that have been flouted include the rule on budgeted deficit, the rule on central government debt and the rule on treasury guarantees. The research further states that in order to recover confidence and build the economy, Sri Lanka may need deeper diagnostic and more robust correction mechanisms with regard to the crisis of governance.

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Economic integration is key to Indo-SL relations – Moragoda

Sri Lanka’s High Commissioner to India, Milinda Moragoda said that the economic integration is the key to enhancing the exiting relations between India and Sri Lanka to a special relationship. He made these remarks while addressing the officers of the Indian Armed Forces at the prestigious Army War College, Mhow, on the topic ‘Trajectory of Sri Lanka India Relations: 2030’.Speaking to the officers of the Indian Armed Forces who are following the Joint Higher Command Course, High Commissioner Moragoda broadly highlighted the strategic significance of Indo-Lanka relations drawing from the historical ties to the present status of the special relationship between the two countries. Elaborating on the vibrant Indo-Lanka relations, High Commissioner Moragoda highlighted the key role played by India by way of extending much-needed financial assistance worth nearly USD 4 billion, which served as the lifeline that rescued Sri Lanka’s economy from a total collapse.He also deliberated upon the strong defence cooperation that exists between the two countries and the continued training assistance extended to the members of the Sri Lankan Armed Forces by India, including the training opportunities offered by the Army War College.

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Sri Lanka’s rupee will reverse gains and plummet – Fitch

Sri Lanka’s rupee, which became the world’s best performing currency this year amid hopes of an International Monetary Fund bailout, may resume declines and lose a fifth of its value against the dollar by end-2023, according to Fitch Solutions.“We are optimistic that Sri Lanka will be able to secure an IMF board approval by early 2Q-2023,” said Seah Wang Ting, country risk analyst at Fitch Solutions. Nevertheless, there’s potential for disruptions after the initial board approval as authorities may find it challenging to stay on track with the IMF program amid a weakening economy and a local election likely on the horizon, he said.Fitch maintained its forecast for the rupee to weaken to a record low of 390 per dollar by year-end.

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California won't renew $54M contract with Walgreens over abortion pill stance

SACRAMENTO, Calif. - California Gov. Gavin Newsom is delivering on his word to cut ties with Walgreens over the drugstore chain's stance on distributing abortion pills.On Wednesday, California officials announced the Golden State won't renew its $54 million contract with Walgreens because the company said it won't dispense the abortion medication, mifepristone in 20 states. "California will not stand by as corporations cave to extremists and cut off critical access to reproductive care and freedom," said Newsom.

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Do you suffer from ‘bankxiety,’ ‘scamxiety’ or other modern anxieties plaguing Americans?

LOS ANGELES - Modern anxieties with new names including "bankxiety," "climanxiety," "scamxiety," and more are plaguing more Americans than ever, according to a recent poll by anxiety tracking app AQ.According to the poll, published on Feb. 28, "Banxiety," impacts 36% of U.S.

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New ‘dashboard’ launches, reveals which airlines let families sit together fee-free

An American Airlines jet is seen in the air preparing to land September 3, 2004 at Chicago's O'Hare International Airport in Rosemont, Illinois. American Airlines announced December 10, 2004 that they will be raising domestic airfares $10 for round-t WASHINGTON - The Department of Transportation has announced a new online dashboard that will allow travelers to identify which airlines in the United States will seat children under 14 years old next to an accompanying adult at no additional cost. According to the department, a parent who purchases airline tickets for a family should receive a guarantee from the airline that it will seat the parent and child together "without fees or a last-minute scramble at the gate or having to ask other passengers to give up their seat to allow the parent and child to sit together." Currently American, Alaska and Frontier are the only airlines that offer fee-free family seating.United Airlines also announced in February that it changed its policy, which takes effect this month, to allow families to be seated together more easily and free of charge.

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Biden proposes new taxes on the rich to help fund Medicare

oe Biden speaks at the International Association of Fire Fighters legislative conference in Washington, DC, US, on Monday, March 6, 2023. The Biden administration is nearing completion of an executive order that would restrict investments by US compa WASHINGTON - President Joe Biden on Tuesday proposed new taxes on the rich to help fund Medicare, saying the plan would help to extend the insurance program's solvency by 25 years and provide a degree of middle-class stability to millions of older adults.In his plan, Biden is overtly declaring that the wealthy ought to shoulder a heavier tax burden.

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Creditors nod to Sri Lanka; IMF Staff Level Agreement likely to be approved

Colombo (News 1st) – The International Monetary Fund announced on Tuesday (07) that Sri Lanka has received financial assurances from all its major bilateral creditors. This paves the way for the IMF Board to consider the approval of the Staff Level Agreement for financing under the Extended Fund Facility on March 20.Earlier in the day, China gave assurances that it will support Sri Lanka's debt restructuring, clearing the biggest hurdle for the nation to secure a USD 2.9 billion bailout from the IMF. The IMF approval for a USD 2.9 billion loan depended on financial assurance from all Sri Lankan creditors.

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Powell to face Senate grilling on Fed interest rates and inflation

FILE - Federal Reserve Board Chairman Jerome Powell speaks during an interview by David Rubenstein, Chairman of the Economic Club of Washington, D.C., at the Renaissance Hotel on Feb. 7, 2023 in Washington, D.C.

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Biden will buck tradition and unveil budget in Pennsylvania

WASHINGTON, DC - MARCH 06: U.S. President Joe Biden addresses the International Association of Fire Fighters' legislative conference at the Hyatt Capitol Hill on March 06, 2023 in Washington, DC.

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USDA proposes new requirements for 'Product of USA' labels

WASHINGTON - The U.S. Department of Agriculture has released a proposed rule with new requirements on "Product of USA" labels in an effort to increase transparency and help ensure consumers understand where their food comes from. Announced Monday, the proposed rule allows the voluntary label "Product of USA or "Made in the USA" claim be used on meat, poultry and egg products only when they are derived from animals born, raised, slaughtered and processed in the U.S. "American consumers expect that when they buy a meat product at the grocery store, the claims they see on the label mean what they say," agriculture secretary Tom Vilsack said in a statement.

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Costco maintaining low rotisserie chicken prices

Costco CFO Richard Galanti said the company is maintaining low prices on certain products – including its coveted rotisserie chicken – to drive membership and sales. Galanti, on the retailer's earnings call this week, said the membership warehouse has kept its rotisserie chicken price at $4.99, because it is "is an investment in low prices to drive membership – to drive the sales in a big way."Rotisserie chicken is just one example of key categories that members specifically shop for where the company has invested in pricing. However, this comes as Costco posted revenue of $55.27 billion in the period, falling short of Wall Street forecasts. Ten analysts surveyed by Zacks expected $55.64 billion. Inflation remains a headwind, though the company acknowledged that it's been improving somewhat. During the fourth quarter, which ended in August, the company's estimated year-over-year price inflation was 8% for that prior fiscal year.

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Only parliamentary election can change a government – President

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe emphasized that a change of government can only be brought about through a parliamentary election and the streets is not an option for parliament.He made this comment on Friday (3) while participating in the Air Force cadets and other officers Passing Out Parade at the Trincomalee Air Force Base today."When you passed out today, you had to take an oath under the constitution. You also undertook an oath of the Sri Lanka Air Force in public. These two oaths underline your primary responsibility.

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Biden to nominate Julie Su as US labor secretary

FILE - Deputy Labor Secretary Julie Su attends a Learn About Worker Experiences event at the Skal restaurant in Brooklynon April 11, 2022 in New York City. (Photo by Roy Rochlin/Getty Images for One Fair Wage) WASHINGTON - President Joe Biden is nominating Julie Su, the current deputy and former California official, as his next labor secretary, replacing the departing incumbent, former Boston Mayor Marty Walsh.Su, a civil rights attorney and former head of California's labor department, was central to negotiations between labor and freight rail companies late last year, working to avert an economically debilitating strike.

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World Bank to continue to support Sri Lanka’s development reforms

Representatives from the World Bank stated that the World Bank will continue to support Sri Lanka’s development reforms program.They stated that the World Bank will provide technical assistance in the drafting of laws for development policy operations, as well as work to provide additional guidance and support regarding the use of international media and welfare benefits.The delegation including the Vice President of the South Asian Region of World Bank, Martin Raiser, met President Ranil Wickremesinghe at the Presidential Secretariat on Tuesday (28).The World Bank Development Policy Operational Program was fully investigated and the President and World Bank representatives commented on its progress.Improving financial supervision and credit management, improving tax administration, sovereign-financial sector linkages and reducing systemic risks; maintaining stability and confidence in the banking sector, restructuring and divestment, reducing policy uncertainty and increasing competitiveness in the economy, mobilizing private capital and competition in the broadband market, strengthening the social security institution, delivery system and targeting was discussed.Source: PMD

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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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California bill would eventually ban all tobacco sales

California Prop. 31 was approved on Election Night, banning flavored tobacco products. SACRAMENTO, Calif. (AP) - Some California lawmakers want to eventually ban all tobacco sales in the nation’s most populous state, filing legislation to make it illegal to sell cigarettes and other products to anyone born after Jan.

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Economy Class for official travel, Business Class at own expense – President’s Office

In a bid to maximize the use of government funds and ensure that resources are utilized efficiently, President’s Secretary Saman Ekanayake has issued a directive on the instructions of President Ranil Wickremesinghe, requiring officials purchasing airline for official travel abroad to be on Economy Class.This directive will take effect from March 1, 2023, and supersedes all previous circulars and instructions related to this subject.According to the new directive, officials such as the Hon. Chief Justice, Hon.

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Leading economies must move faster to solve debt crises – U.S. Treasury Secretary

COLOMBO (News 1st); U.S. Treasury Secretary Janet Yellen is urging other leading economies to move faster in resolving debt crises that threaten a growing number of countries.Yellen made the comments in a meeting Thursday with India’s finance minister, Nirmala Sitharaman, on the sidelines of a meeting of financial leaders of the Group of 20 major economies, the Treasury Department said in a statement.U.S.

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No election, No funds – President tells Parliament

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe told Parliament on Thursday (23) that the country's National Election Commission has not legally called for an election, and there are no funds to conduct an election.Commenting on the debate requested by the opposition on postponing the election, the President said there is no election for one to be postponed."The Election Commission had gone to court and said that it cannot conduct an election. However, an affidavit was provided. It states that the Commission has been informed by the Secretary of the Treasury that he is unable to provide the necessary funds to conduct the election.

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Unite to overcome economic crisis and promote reconciliation – President

COLOMBO (News 1st); Sri Lankan President President Ranil Wickremesinghe urged all citizens, including politicians, professionals, teachers, those engaged in agriculture, the business community, and members of the security forces, police and civil servants, to work together to overcome the current economic crisis and promote reconciliation efforts.He was speaking at an event at Royal College, Colombo that was held to honour President Wickremesinghe, who is an alumnus of Royal College. The President called upon the present generation of Royalists to dedicate themselves to serving the country and transforming it into a place where they would like to reside. He urged young Royalists to take up the challenge and shape the future of the nation."We have two difficult tasks in this country.

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Putin blames West for Ukraine war, defends invasion in major speech

Russian President Vladimir Putin arrives for his annual meeting with the Federal Assembly on Feb. 21, 2023, in Moscow, Russia.

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Economic crisis cannot be solved through legal action – President

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe has emphasized the importance of having a proper plan to strengthen the country’s economy, during a meeting with businessmen and lawyers in the Kandy district.According to the President's Media Division. the President had noted that the primary issue facing the country is its economic problem, and addressing it should be a top priority.The President has also noted that the upcoming election is not a means to change the government.

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Economic Commission to replace BOI & BOE

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe said that an Economic Commission will be formed as early as possible replacing the Board of Investment and the Board of Exports.President Ranil Wickremesinghe made these remarks at the opening of the country’s first migratory bird park and eco-tourism zone in Hanthane, Kandy (20).He stated that an Economic Commission will be formed as early as possible to approve investment opportunity in order to provide more opportunities to local and foreign investors.The President also stated that it has the potential to significantly boost the country’s economy."More investment opportunities are necessary for Sri Lanka to embark on a new economic path. It takes ten years to approve a firm after an investor arrives in Sri Lanka. This situation should be changed.

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These economic ‘wildcards’ might keep inflation higher for longer

Over a six-week period, as part of the ‘Out of Pocket’ series, Global News is examining how inflation is impacting Canadians from coast to coast.

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Government will not be pressured by protests – President

COLOMBO (News 1st) – Sri Lankan President Ranil Wickremesinghe said that the government will not give into the demands of protestors.He noted that just, because certain groups strike demanding the removal of certain officials, the government will not remove anyone arbitrarily as there is a procedure that has to be followed and the government will follow the rules and act accordingly.He was addressing the launch of the Centre for Governance and Public Policy (C-GaPP) at the Sri Lanka Technological Campus (SLTC) Research University at the Trace City in Colombo on Wednesday (15).He said that the responsibility to address such issues rests to a large extent with the Universities. The President noted that even at the point of the new Centre for Governance and Public Policy (C-GaPP) being inaugurated at the Sri Lanka Technological Campus (SLTC) Research University, two strikes were in progress. One was staged at the Ruhuna University demanding the removal of the Vice Chancellor and another one demanded the removal of the General Manager of a state Corporation.President Wickremesinghe further stated that the removal of the General Manager is a matter of the government. “Just, because there is a strike we will not remove him.

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Sri Lanka, India to sign power grid linking pact within two months – envoy

(Reuters) – Sri Lanka and India will sign a pact to link their power grids and start negotiations on an upgraded trade agreement within two months, a Sri Lankan diplomat said on Wednesday (15), as the island nation seeks a way out of its worst economic crisis in decades.India has provided some $4 billion in assistance to its southern neighbour since the crisis hit early last year, but Sri Lanka is now seeking to enhance trade and investments as it moves to close a $2.9 billion loan from the International Monetary Fund, the country's envoy to New Delhi told Reuters."We have to have growth, otherwise basically the economy will shrink," Milinda Moragoda, the Sri Lankan High Commissioner to India said."As far as growth is concerned, India offers that prospect. So we will have to move on that.

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Sri Lanka and India discuss economic recovery; HC Moragoda meets Piyush Goyal

Indian Minister of Commerce and Industry, Piyush Goyal on Tuesday (14) met Sri Lanka's High Commissioner Milinda Moragoda and discussed support for economic recovery through bilateral trade expansion.During the discussion between Minister Goyal and High Commissioner Moragoda, which was held in a very cordial manner, a wide range of issues pertaining to the areas of bilateral trade and commerce, particularly aiming at the economic recovery in Sri Lanka, was discussed, read High Commission of Sri Lanka press release.Mechanisms relating to the expansion of bilateral trade, the ways to establish and promote rupee trade between Sri Lanka and India as a means of economic recovery in Sri Lanka, and the possibility of further bilateral integration in the textiles and garment sector were among the key issues discussed between the Indian Commerce Minister and the Sri Lankan High Commissioner.Moragoda thanked India for the unprecedented support that it has extended to Sri Lanka to mitigate the negative impact of the economic crisis.Recalling India's timely issuance of financial assurances to the IMF, the first creditor to do so, High Commissioner Moragoda emphasized the key role that India could play in the recovery phase of the Sri Lankan economy, added the press release.India sent financing assurances to the International Monetary Fund (IMF), becoming the first of Sri Lanka's creditors to officially back the crisis-hit island nation's debt restructuring programme.This takes Sri Lanka one step closer to getting a crucial USD 2.9-billion package from the IMF, made contingent on "receiving financing assurances from Sri Lanka's official creditors and making a good faith effort to reach a collaborative agreement with private

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US inflation slows to 6.4%, but price pressures re-emerge

WASHINGTON - The pace of consumer price increases eased again in January compared with a year earlier, the latest sign that the high inflation that has gripped Americans for nearly two years is slowly easing.At the same time, Tuesday’s consumer price report from the government showed that inflationary pressures in the U.S. economy remain stubborn and are likely to keep prices elevated well into this year.

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SJB presents its economic policy ‘The Blue Print’

The Samagi Jana Balavegaya on Tuesday (14) presented its Economic Policy in Colombo.Blueprint 2.0: is a Ten-Point Program for Economic Stabilisation and Equitable Growth.1. Transparency and Accountability2. Debt Crisis Management3.

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IMF, India, WB to chair Sovereign Debt Roundtable

(Reuters) – Officials from China, India, Saudi Arabia and Group of Seven nations will participate in a first virtual meeting of a new sovereign debt roundtable on Friday, the International Monetary Fund said on Monday, confirming an earlier Reuters report.The roundtable will also include officials from countries that have requested debt treatments under the Group of 20 common framework – Ethiopia, Zambia and Ghana – as well as middle-income countries such as Sri Lanka, Suriname and Ecuador, which have faced their own debt crises, three sources had earlier said.The meeting will be co-chaired by the IMF, the World Bank and India, the current leader of the Group of 20, and comes a week before G20 finance officials are due to gather in Bengaluru, India, from Feb. 23-25.

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IMF Insists on Creditor Assurances to Unlock $2.9 Billion Sri Lanka Bailout – Report

Bloomberg: The International Monetary Fund said its approval for a $2.9 billion loan to bail out crisis-riddled Sri Lanka will depend on the island nation securing assurances on debt relief from its bilateral creditors.“Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms,” an IMF spokesperson said in a statement on the progress of its Extended Fund Facility to the South Asian nation. “As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, the EFF arrangement for Sri Lanka can be presented to the IMF’s Executive Board for approval.”The Paris Club – an informal group of rich western creditors — and India have provided formal support to the multilateral lender for the loan recast, leaving China — Sri Lanka’s biggest lender — as a holdout.

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Funds only for essential govt expenses

President Ranil Wickremesinghe as the Minister of Finance, Economic Stabilization and National Policy has instructed the Treasury Secretary to only provide provisions for essential government expenses in order to maintain public services until the state revenue situation improves.The list of expenditure to be funded include salaries, debt servicing, pensions, medical supplies for hospitals, subsidies for low-income groups, scholarships, farmers’ pensions, school nutrition programs, payments for war heroes and disabled soldiers, utility payments, food supplies for hospitals and prisons, among others.This move is expected to have a significant impact on the economy, as it will prioritize the most important needs of the people and prevent funds from being misused. The Treasury has stressed the importance of sticking to the list of essential expenditure, as releasing funds for any other purpose could negatively impact the people and slow down the country’s economic recovery.

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“I’m not here to be popular; new tax policy is an unpopular decision” – President

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe said that if the country continues according to the existing plan, Sri Lanka can rise out of bankruptcy by 2026.While delivering his Government’s Policy Statement following the ceremonial opening of the parliament session, President Wickremesinghe said that people will realize the importance of the present unpopular decisions in two to three years."Due to the measures taken, we have been successful in reducing the burden gradually. Now there is stability in the economy. People are comfortable.

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Sri Lanka to become a Green Economy by 2050 – President

We must ensure that those targets are met. Therefore, the Government of Sri Lanka instructed the Minister of Foreign Affairs and the Minister for Environment to sound out other developing countries with whom they spoke last time on how a joint action plan could be made. Perhaps, a meeting of the heads of government, of the concerned countries could be convened in the UAE, prior to the next conference.That is the only way that we can achieve results and we must go hard on it as there is no halfway house.

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Sri Lanka’s President and PM issues statements to mark the 75th Independence Day

Sri Lanka's President and Prime Minister issued statements to mark the 75th Independence Day.In his message, President Ranil Wickremesinghe says there is a new economic and social reform agenda before the country with the objectives focusing first on recovery and then on renewed development. The Head of State stated it is imperative for us to unite in its implementation so that we can emerge with a high level of economic prosperity. He pledged to make the extremely difficult though vital decisions to achieve this goal with courage and determination. Prime Minister Dinesh Gunawardena in his message to mark the 75th Independence Day said "today, we not only celebrate our freedom, but also pay tribute to the ones who fought for it, to the ones who held a vision for our country, and to the ones who sacrificed themselves for the same." The Premier says the bravery, heroic acts as well as untold miseries suffered by our forefathers during their struggle for freedom of the Motherland must not be allowed to fade away from our memories.The Prime Minister adds the government has taken a series of measures to ensure recovery of the economy, and increase agricultural production to attain self-sufficiency and food security. Opposition Leader Sajith Premadasa also issued a statement to mark the 75th Independence Day. He stated "despite the fact that Sri Lanka has been independent for 75 years, we have failed to make that independence meaningful on national, social, educational, and religious levels."The Opposition Leader stated being trapped in "narrow chauvinism and communalism" is not the way to experience true freedom.

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Don’t blame covid for the worker shortage

The ranks of American workers are thinning—often because people aged out of the workforce, or never entered it. Their absence could impede the economy’s ability to grow, and make for a less prosperous future. “Your call is very important to us—please stay on the line." Some customer service agents have moved on to more lucrative pastures during the pandemic, but a lot of America’s “missing workers" might never be coming back.

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Catholic Church questions independence day celebration plans

COLOMBO (News1st) – The Catholic Church questions how Sri Lanka can proudly celebrate its independence at a time when the country's economy and the rule of law is in disarray. At a media briefing in Colombo today, Media Spokesperson of the Catholic Church, Reverend Father Cyril Gamini stated, "We must question how independence day can be celebrated proudly at a cost of Rs.200 million in a country that is unable to meet its foreign debt obligations, a country that is bankrupt". He further explained the situation in the country, that "30% of the population is starving, 33.4% of children under 5 years are suffering from malnutrition, many people are being laid off, small and medium scale businesses are crashing, the rule of law has deteriorated severely,human rights are being violated without any remorse, laws including the PTA are being misused to suppress fundamentals rights of the people, electricity cannot be provided continuously even during the A/L exam period and the lives of patients are at risk due to medicine shortages".Rev.

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US Under Secretary of State Victoria Nuland in Sri Lanka

COLOMBO (News 1st) – Victoria Nuland, the Under Secretary of State for Political Affairs of the United States, has arrived in Sri Lanka on an official visit.Her visit is said to mark the 75th anniversary of U.S.-Sri Lanka relations, according to the U.S. Department of State.The Department added that the visit will also symbolise the offering of continued U.S.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
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