Progressive: Last News

IMF Staff Concludes Visit to Sri Lanka; discussions will continue towards reaching a staff-level agreement

COLOMBO (News 1st); An International Monetary Fund (IMF) mission team led by Peter Breuer and Masahiro Nozaki visited Colombo from June 20 to 30, 2022 to discuss IMF support for Sri Lanka and the authorities’ comprehensive economic reform program. Anne-Marie Gulde-Wolf, Deputy Director of the IMF’s Asia and Pacific Department, participated in policy discussions.At the end of the mission, Messrs. Breuer and Nozaki issued the following statement:“Sri Lanka is going through a severe economic crisis.

The economy is expected to contract significantly in 2022, while inflation is high and rising. The critically low level of foreign reserves has hampered the import of essential goods. During the in-person visit, the team witnessed some of the hardships currently faced by the Sri Lankan people, especially the poor and vulnerable who are affected disproportionately by the crisis.

We reaffirm our commitment to support Sri Lanka at this difficult time in line with the IMF’s policies.“The authorities’ monetary, fiscal policy and other actions since early April were important first steps to address the crisis. The team had constructive and productive discussions with the Sri Lankan authorities on economic policies and reforms to be supported by an IMF Extended Fund Facility (EFF) arrangement. The staff team and the authorities made significant progress on defining a macroeconomic and structural policy package.

crisis Department Progressive

Related News

Shavendra Silva - Gotabaya Rajapaksa - New Army Commander Lieutenant General Vikum Liyanage Assumes Duties - - Sri Lanka
New Army Commander Lieutenant General Vikum Liyanage Assumes Duties
COLOMBO (News 1st); Lieutenant General Vikum Liyanage, who was appointed as the 24th Army Commander, assumed duties on Wednesday (1) at the Army Headquarters.President Gotabaya Rajapaksa in his capacity as Commander-In-Chief of the Armed Forces promoted Vikum Liyanage to the rank of Lieutenant General, effective from 1st June 2022.Lieutenant General Vikum Liyanage as the 24th Commander of the Army replaced General Shavendra Silva who has now been appointed the Chief of Defence Staff.The formal relinquishment of office of the 23rd Commander of the Army General Shavendra Silva, who has now been appointed as the Chief of Defence Staff took place last afternoon (31) at a simple formality where the outgoing Commander symbolically handed over the authority, Sword and the Truncheon to his successor.The gesture that took place at the office of the Commander of the Army signified the transfer of command in the military way to the incoming Army Chief of the Gajaba Regiment.The glittering replica of the Sword, crafted with gold and silver colour with a seven-headed lion, called ‘serapendia’ symbolizes the Command and other parts reflect natural laws, respect and dignity for profession, protection of the nation, religions, culture, and the State.The ornamental Truncheon represents the commanding authority that can only be held by an incumbent Commander of the Army.
Ranil Wickremesinghe - Sri Lanka: Prime Minister welcomes G7 announcement on debt relief - - China - India - Sri Lanka - Germany - Ethiopia - Chad - Zambia
Sri Lanka: Prime Minister welcomes G7 announcement on debt relief
COLOMBO (News 1st); Sri Lankan Prime Minister Ranil Wickremesinghe has welcomed the announcement by G7 countries that they will assist Sri Lanka in securing debt relief. In a tweet, Wickremesinghe said the continued engagement by the international community with Sri Lanka is key to overcoming the economic crisis. The Group of Seven economic powers support efforts to provide debt relief for Sri Lanka, G7 finance chiefs said on Thursday in a draft communique from a meeting in Germany after the country defaulted on its sovereign debt.The once-booming island country has suspended debt payments as it grapples with its worst economic crisis since it won independence in 1948, facing shortages of essential goods that have triggered social unrest.G7 countries said in their statement they were committed to finding long-term solutions for the Indian Ocean nation and urged it to “negotiate constructively” with the International Monetary Fund on a potential loan programme.“The G7 stands ready to support the Paris Club’s efforts, in line with its principles, to address the need for a debt treatment for Sri Lanka,” they said, referring to the group of mostly rich creditor nations.The draft statement, which is to be finalised before the end the G7 finance ministers’ meeting on Friday, also called on other big creditor nations not in the Paris Club to coordinate with the group and urged them to provide debt relief on comparable terms.G7 finance chiefs also singled out China, which has become a major creditor to low-income countries, to actively contribute to debt relief for such countries.Chad, Ethiopia and Zambia have so far sought debt relief under a new G20 common framework, but progress has so far been slow with some officials
Mahinda Amaraweera - May Day demonstrations and rallies organized across country - - Sri Lanka
May Day demonstrations and rallies organized across country
COLOMBO (News 1st); Rallies and demonstrations are being held in several cities including Colombo today (01) to commemorate May Day.Multiple May Day rallies have been organized by main political parties, trade unions and other organizations; it is notable that, for the first time in history, the Ruling Faction has not organized a May Day Rally this year.However, arrangements have been made to hold the May Day Rally of the National Center for Progressive Trade Unions, which is linked to the ruling Sri Lanka Podujana Peramuna at the Ananda Samarakoon Outdoor Theater in Nugegoda.Its General Secretary Sumith Wijesinghe said the rally will commence at 2:00 p.m.The Sri Lanka Freedom Party (SLFP) has also organized May Day celebrations across the country, as SLFP MP Mahinda Amaraweera said the main May Day rally of the party will be held after paying respects to the statue of T.B. Ilangaratne in Colombo.Meanwhile, the General Secretary of the Samagi Jana Balawegaya, Ranjith Madduma Bandara expressing his views regarding the party’s May Day rally said the protest march titled, ‘Struggle for Freedom’ will commence from the Campbell Park and reach Independence Square today (01).He said the corrupt rulers have pushed the country into its downfall, adding that the ‘Struggle for Freedom’ will not end until these rulers step down.The Propaganda Secretary of the JVP, Vijitha Herath said the JVP has organized four May Day rallies and meetings in the districts of Jaffna, Colombo, Anuradhapura and Matara.He said the JVP’s Colombo May Day rally will commence from the P.D.
Ali Sabry - IMF urges Sri Lanka to tighten monetary policy, raise tax to address debt woes - - India - Sri Lanka - Washington
IMF urges Sri Lanka to tighten monetary policy, raise tax to address debt woes
(Reuters) – Sri Lanka must tighten monetary policy, raise tax and adopt flexible exchange rates to address its debt crisis, a senior International Monetary Fund (IMF) official said on Tuesday.The country of 22 million people has requested loans from the IMF as it struggles to pay for imports amid crushing debt and a sharp drop in foreign exchange reserves that has fueled soaring inflation.“We’ve had very good, fruitful, technical discussions on preparations for the negotiations with authorities over the past weekend and couple of days before,” said Anne-Marie Gulde-Wolf, acting director of the IMF’s Asia and Pacific Department, speaking at an online news conference.Sri Lankan Finance Minister Ali Sabry was in Washington last week to talk to the IMF, the World Bank, India and others about financing help for his country, which has suspended payments on portions of its $51 billion in external debt.“The requirement for fund lending will be progress toward debt sustainability,” Gulde-Wolf said, calling on Sri Lanka for measures to increase tax revenues to address critical spending needs.“Monetary policy has to be tightened to keep inflation in check,” she said. “We see a need for flexible exchange rates.”Gulde-Wolf did not reply to a question on the total value for any IMF package, nor the estimated timing of a conclusion to the negotiations with Sri Lanka.
New Jersey woman accused of reporting fake shooting to get out of traffic stop - - state New Jersey - county Camden
New Jersey woman accused of reporting fake shooting to get out of traffic stop
CLEMENTON, N.J. - A woman is facing charges after authorities in Camden County say she made a bogus 911 call about a shooting in an effort to distract an officer who had pulled her over. On Monday afternoon, authorities say the Gloucester Township Police Communications Center received a 911 call about a shooting at the Millbridge Garden Apartment Complex in Clementon.Authorities say when officers were responding to the area, they did not observe a shooting scene, and they made several calls to the residents of the complex. Investigators traced the cell phone number back to Katelynne Hunter-Fisher, which dispatchers were able to recognize from a motor vehicle stop that was in progress at the time the 911 call was made.Responding officers verified that there was no shooting at the apartment complex, and they were able to locate the Hunter-Fisher in Lindenwold. Police determined that Hunter-Fisher called in the false shooting report in an attempt to distract the officers from completing the motor vehicle stop. Hunter-Fisher, 35, was arrested for filing a false police report and obstruction of justice. ___MORE LOCAL HEADLINES___DOWNLOAD: FOX 29 NEWS APP | FOX 29 WEATHER AUTHORITY APPSUBSCRIBE: Good Day Digest Newsletter | FOX 29 Philly on YouTubeAdvertisementFOLLOW: Facebook | Instagram | Twitter