Tag: Sri

Sri Lanka’s only solution to economic crisis is turning to IMF, says Wickremesinghe

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Colombo: Sri Lankan President Ranil Wickremesinghe on Tuesday emphasised that seeking the IMF bailout package was the only option available to the debt-ridden country to overcome the ongoing economic crisis.
“When a country goes bankrupt, it has to go to the International Monetary Fund. Apart from that, there is no other organisation in the world that provides aid when a country goes bankrupt,” Wickremesinghe said.
Addressing a gathering in the central town of Kandy, he said that each nation that experienced an economic catastrophe recovered after engaging in talks with the IMF and cited the example of Greece which took 13 years to recover from the collapsed economy.
“I have no hope of being President for 13 years,” Wickremesinghe said, amidst opposition to his hard economic reforms which had triggered utility rate hikes and increased personal taxes.
“There is only one way to rebuild this collapsed economy. That is the International Monetary Fund. Different political parties are presenting different stories. I suggested to them to let me know if there is another way to resurrect the collapsed economy.
“The IMF indicates that our tax revenue should be 15 per cent of the GDP as it was in 2019. So far it has gone down to 09 per cent,” he added.
He said the IMF had assigned Sri Lanka 15 tasks to complete.
“The IMF gave us until December 31 to implement it. But we couldn’t do it on that particular day. Then we made plans to get time until January 31. Even at that time, we were unable to complete those 15 points. Finally, the deadline was pushed back to February 15… All 15 tasks assigned to us have been completed. Now it is up to the IMF,” he added.

Wickremesinghe acknowledged that delays over Chinese willingness to restructure Sri Lanka debt had caused problems.
“This is being discussed further. The IMF also suggested that everyone should get on one platform and discuss. However as China is a world power, their procedure is different,” he said.
He said he would meet the Chinese finance minister on February 23 in Bengaluru at the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting this week.
“There, I hope to discuss the debt restructuring method of Sri Lanka with the Chinese Finance Minister,” he added.
Wickremesinghe said if the IMF did not provide assistance, the island nation would have to return to its last year situation of unavailability of fuel and 12-hour power cuts.
Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves, sparking political turmoil in the country which led to the ouster of the all-powerful Rajapaksa family.
The IMF in September last year approved Sri Lanka a 2.9 billion dollar bailout package over 4 years pending Sri Lanka’s ability to restructure its debt with creditors — both bilateral and sovereign bond holders.
With assurances from creditors, the 2.9 billion dollar facility could get the IMF board approval in March.
The IMF facility would enable the island nation to obtain bridging finance from markets and other lending institutions such as the ADB and the World Bank.
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#Sri #Lankas #solution #economic #crisis #turning #IMF #Wickremesinghe
( With inputs from www.siasat.com )

February 21, 2023
‘Trap 10 Muslim girls for 1 Hindu girl’, says Sri Ram Sene chief

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On Monday, right-wing organisation Shri Ram Sene’s chief Pramod Muthalik declared to provide security and employment to young Hindu men who trap Muslim women and ruin their lives. This, according to Muthalik, is a counter-attack to ‘love jihad’.
At an event in Karnataka’s Bagalkote district, he claimed many Hindu women were ‘falling prey’ to ‘love jihad’.
“We are aware of the situation. I want to invite the youth here. If we lose one Hindu girl, we should trap 10 Muslim girls. If you do so, Shri Ram Sene will take responsibility for you and provide every kind of security and employment,” Muthalik said among rousing cheers.
Muthalik had recently announced he would contest the upcoming state Assembly elections from the Karkala segment in the Udupi district.
According to him, he does not know how to play politics, and the ruling Bharatiya Janata Party (BJP) government endorses ‘fake Hindutva’.
“If I had supported BJP’s fake Hindutva, I would have achieved many things by now,” he said.
He attacked the current Karkala MLA and state minister for Kannada and culture V Sunil Kumar for corruption. “The present MLA does not care for the people of Karkala. All he has done is indulge in mass corruption activities. One can see that by the amount of wealth, he has accumulated so far,” Muthalik alleged.

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#Trap #Muslim #girls #Hindu #girl #Sri #Ram #Sene #chief
( With inputs from www.siasat.com )

February 20, 2023
Sri Lanka refutes TN leader’s claim on LTTE chief’s well-being, calls it a joke

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Colombo: Sri Lanka on Monday dismissed as a “joke” a top Tamil nationalist leader’s claim that LTTE supremo Velupillai Prabhakaran, who was killed in 2009 by the island nation’s military, was still alive.
Pazha Nedumaran, a noted nationalist leader in Tamil Nadu, told reporters in Thanjavur that the leader of the Liberation Tigers of Tamil Eelam (LTTE) “is doing well” and a “conducive atmosphere prevails for him to appear now.” Sri Lanka’s defence ministry dismissed Nedumaran’s claim as a joke.
“It is confirmed that he was killed on 19 May 2009. The DNA has proved it,” Colonel Nalin Herath, Sri Lanka’s defence ministry spokesman told PTI.
In a bitterly fought campaign that began in 1983, Sri Lanka’s military ended the nearly three-decade brutal civil war in the island nation in May 2009, by killing the leaders of the LTTE.
The LTTE was fighting for an independent state for the Tamilians in Sri Lanka’s North and Eastern provinces.
Though the exact date when Prabhakaran was killed by the Sri Lankan Army was not known, his death was announced on May 19, 2009.
The then-president Mahinda Rajapaksa on May 18, 2009 declared the end of a 26-year war in which over 1,00,000 people were killed and millions of Sri Lankans, mainly minority Tamils were displaced as refugees inside the country and abroad.

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#Sri #Lanka #refutes #leaders #claim #LTTE #chiefs #wellbeing #calls #joke
( With inputs from www.siasat.com )

February 13, 2023
Sri Lanka celebrates 75 years of independence

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Colombo: Sri Lanka celebrated 75 years of independence on Saturday by holding a military and cultural parade with the participation of a number of foreign special invitees.
Sri Lankan President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena participated in the events held at Galle Face in Colombo, Xinhua News Agency reported.
The parade included armored vehicles of the military, and parades with the participation of troops, including retired officers and disabled officers.
A two-minute silence was observed to commemorate all Sri Lankans who sacrificed their lives for the independence, sovereignty and territorial integrity of Sri Lanka.
The President’s Media Division said that the event was organiSed with great pride and dignity ensuring minimal cost to showcase the pride and past glory of Sri Lanka to the world.
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#Sri #Lanka #celebrates #years #independence

( With inputs from www.siasat.com )

February 4, 2023
Sri Lanka receives over 100K tourists in January

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Colombo: Sri Lanka received more than 100,000 tourists in January 2023, Tourism Minister Harin Fernando said.
Fernando told the media on Wednesday that 82,327 tourists arrived in January last year and the number has risen to 102,545 in January this year.
He added that tourist arrivals are increasing due to the improved situation and the promotional activities carried out in the South Asian island country, Xinhua news agency reported.
According to the Minister, 719,978 tourists visited Sri Lanka in 2022.
The country’s earnings from tourism are estimated at more than $1.1 billion last year, compared to $507 million in 2021, according to the central bank.
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#Sri #Lanka #receives #100K #tourists #January

( With inputs from www.siasat.com )

February 2, 2023
Sri Lanka’s inflation drops to 54.2 percent in January

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Colombo: Sri Lanka’s inflation decreased to 54.2 percent in January from 57.2 percent in December 2022, the country’s Department of Census and Statistics reported.
Inflation of food dropped to 60.1 percent in January from 64.4 percent in December, the department said on Tuesday.
Inflation in the non-food category decreased to 51 percent in January from 53.4 percent in the previous month, it added.
In November, the inflation was 65 per cent, Xinhua news agency reported.
Last week the country’s central bank kept interest rates unchanged, stating that the current tight monetary policy was necessary to tame inflation and restore economic stability.
It said that inflation will be reduced to single digits by the end of the year.
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#Sri #Lankas #inflation #drops #percent #January
( With inputs from www.siasat.com )

February 1, 2023
Chopper carrying Sri Sri Ravi Shankar makes emergency landing in TN

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Chennai: A helicopter carrying Art of Living founder Sri Sri Ravi Shankar and three others made an emergency landing at the Ukiniyin tribal hamlet in Tamil Nadu’s Erode district on Wednesday.
The spiritual leader was travelling to Tirupur from Bengaluru. The other people in the chopper were two of his assistants and the pilot.
Sources told IANS that the helicopter made the emergency landing due to poor weather conditions and the pilot complained of difficulty in navigating.
Kadambur police who rushed to the spot on receiving the information told IANS that all the occupants of the chopper were safe.
The helicopter took off after an hour when the weather situation improved.
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#Chopper #carrying #Sri #Sri #Ravi #Shankar #emergency #landing

( With inputs from www.siasat.com )

January 25, 2023
After India, China gives financing assurances to Sri Lanka for IMF bailout package

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Colombo: China has given debt-ridden Sri Lanka the financing assurances required by the IMF to unlock a USD 2.9 billion bailout package for the country, days after India strongly backed the island nation’s efforts to secure the loan from the global lender to recover from its worst-ever economic crisis.
The Sunday Times newspaper reported that China’s Exim Bank delivered a letter on Saturday granting Sri Lanka a two-year moratorium on repayment and agreeing with the International Monetary Fund’s extended fund facility (EFF).
The report was confirmed by Sri Lankan officials who did not want to be named.
The Chinese response came close on the heels of India stepping in first to issue the necessary assurances last week.
India’s ministry of finance last week issued a letter to the IMF to confirm its support to Sri Lanka on the issue of debt restructuring, ahead of the visit by the external affairs minister S Jaishankar to Colombo which concluded on Friday.
Jaishankar during his visit also announced that India has given the required assurances to Sri Lanka for the bailout package.
Sri Lankan officials said that China had agreed to a short-term suspension of what Sri Lanka owed and expects Sri Lankan creditors to get together to work out the medium and long-term commitments.
The IMF in September last year approved Sri Lanka a 2.9 billion dollar bailout package over 4 years pending Sri Lanka’s ability to restructure its debt with creditors — both bilateral and sovereign bond holders.

By the end of June 2022, Sri Lanka owed nearly USD 40 billion to bilateral, multilateral and commercial loans, according to the figures released by the Treasury.
Chinese loans amounted to 20 per cent of the total debt owed and 43 per cent of the bilateral loans.
Sri Lanka in April declared its first-ever debt default in its history as the economic crisis triggered by forex shortages sparked public protests.
Months-long street protests led to the ouster of the then president Gotabaya Rajapaksa in mid-July. Rajapaksa had started the IMF negotiations after rejecting to tap the global lender for support.
With assurances from creditors, the 2.9 billion dollar facility could get the IMF board approval in March, officials said.
Sri Lanka has introduced painful economic measures such as tax hikes and utility rate hikes. Trade unions and opposition groups have organised protests against such measures.
The IMF bailout has been put on a halt as Sri Lanka pursues talks with creditors to meet the global lender’s condition for the facility to help it get through its worst economic crisis since independence in 1948. Earlier, Sri Lanka completed its debt restructuring talks with Japan.
The IMF facility would enable the island nation to obtain bridging finance from markets and other lending institutions such as the ADB and the World Bank.
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#India #China #financing #assurances #Sri #Lanka #IMF #bailout #package
( With inputs from www.siasat.com )

January 22, 2023
Amazing India Metal Brass Sri Dhan Laxmi -Kuber Bhandari Yantra (Gold_1.5 Inch X 2.3 Inch X 1.1 Inch)

Price: [price_with_discount]
(as of [price_update_date] – Details)

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Golden color
Brass metal- especially for diwali puja and gift purpose
Generate a source of income for you
Bestows one with divine happiness

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November 19, 2022