- President Ranil Wickremesinghe says his Govt took many difficult economic measures to stabilize the economy & efforts are now being made to ensure economic growth:
also says the Govt received the required assurance from the Chinese Exim Bank: asserts the Letter of Intent was sent to the IMF. - Elections Commission says the most suitable date for the Local Government Election is 25th April since the poll can’t be conducted on 9th March as planned.
- IMF MD Kristalina Georgieva welcomes Sri Lankan authorities’ actions in taking “decisive policy actions and obtaining financial assurances from all major creditors including China, India & Paris Club”: says IMF’s EFF will support the authorities’ ambitious reform programme to set the country “on a trajectory of strong and inclusive growth”: analysts point out that many countries have experienced serious economic and political turmoil while following IMF programmes.
- CB Governor Nandalal Weerasinghe says Sri Lanka had fulfilled all IMF conditions with the recent interest rate hike: confirms the CB has moved to a market-determined exchange rate policy: also says he is hopeful the IMF bailout would be approved this month.
- LKR appreciates further against USD with buying rate at Rs.315 & selling rate at Rs.335: however, many analysts expect the LKR to start depreciating soon, since the Central Bank is now precluded from “pegging” the LKR to the USD as per IMF instructions: analysts also point out that in many countries in similar situations, their local currencies have depreciated extensively.
- Sex industry survey in Sri Lanka shows more men between 20 & 40 years, have registered on websites offering ‘male escort’ services after the economic crisis took a turn for the worse over the last few months: study shows more women are also turning to sex work to survive.
- Top economist Dr Howard Nicholas raises serious concerns over too much independence to the Monetary authority via the new Central Bank Bill: says the Bill, if passed, will shift Parliament’s control of the state’s finances to an unelected body.
- SLPP MP and COPE Chairman Dr Ranjith Bandara says former Finance Minister and SLPP Visionary Basil Rajapaksa played a major role in securing IMF assistance: asserts incumbent President should be thanked for the progress: claims Rupee is stabilizing,
economy is recovering, foreign reserves are increasing and tourism is picking up. - Colombo Stock Exchange ASPI sharply increases by 198 points to 9,643: Turnover Rs.3.43 billion.
- Two State Officials assert Sri Lanka expects to raise USD 4.5 bn from selling profitable and loss-making SOEs: the list numbering 14, to include SLT, Litro Gas, Sri Lankan Catering, Airport Ground handling, Hilton Hotel and “others” which have not been named: restructuring of SOEs is said to be one of the key conditions for the 4-year USD 2.9 bn IMF loan.
