The Managing Director of the International Monetary Fund (IMF) has welcomed the progress made by the Sri Lankan authorities in taking decisive policy actions and obtaining financial assurances from all major creditors including China, India and the Paris Club.

In a statement, Kristalina Georgieva said she looks forward to presenting the IMF-supported program to the organization’s Executive Board on March 20.

“The Extended Fund Facility (EFF) will support the authorities’ program of ambitious reforms, which will help Sri Lanka emerge from its current crisis and set it on a trajectory of strong and inclusive growth,” the IMF chief said further.

Sri Lanka is now closing in on getting a sign-off on the long-awaited bailout package of USD 2.9 billion from the IMF upon receiving fresh financial assurances from China on restructuring the island’s debt.

Addressing the parliament this morning, President Ranil Wickremesinghe said a letter of agreement, signed by him as the finance minister and the Central Bank Governor. Nandalal Weerasinghe, was forwarded to the IMF soon after receiving assurances from the Export-Import (EXIM) Bank of China last night.

However, the Deputy Ambassador of China to Sri Lanka, Hu Wei officially handed over the financial assurance letter issued by the EXIM Bank of China to Sri Lanka’s Finance Ministry Secretary, Mahinda Siriwardana this afternoon at the Presidential Secretariat.

The deputy Chinese ambassador noted that large-scale Chinese companies are looking forward to visiting Sri Lanka in the near future to explore new investment opportunities.

Sri Lanka’s International Monetary Fund program will be taken up by the International Monetary Fund’s Executive Board on March 20, 2023, after the China gave assurances to re-structure debt.

“Sri Lanka has now received financing assurances from all major bilateral creditors,” Krishna Srinivasan, Director of IMF’;s Asia and Pacific Department said in a statement.

“This paves the way for consideration by the IMF’s Board on March 20 the approval of the Staff Level Agreement reached on September 1, 2022 for financing under an Extended Fund Facility.”

Approval by the Board would also catalyze financing from other creditors, including the World Bank and the Asian Development Bank.

“The arrangement will support the authorities’ program of ambitious reforms, that they have already embarked upon, which will help Sri Lanka emerge from its current crisis and set it on a trajectory of strong and inclusive growth.”

The IMF has confirmed that Sri Lanka has now secured financial assurances from all major bilateral creditors, paving way for the IMF’s executive board to consider green-lighting the EFF for the island nation engulfed with its worst economic crisis since independence from Britain in 1948.

The IMF said its executive board will meet on March 20 to review a preliminary staff-level agreement first signed in September, offering a lifeline to the South Asian country with a 48-month arrangement under the EFF of about US$ 2.9 billion.

The announcement came days after the IMF praised Sri Lanka’s surprise decision on March 3 to raise interest rates and move toward a market-determined exchange rate as evidence of a commitment to reducing inflation and enacting reforms.

New tourist hotels are coming up in the country’s tourist destinations at the time of the island nation’s tourism revival and reawakening due to far sighted measures taken by the present administration.

The tourism industry has managed to enter a recovery path with earnings exceeding US $ 330 million in tandem with the boost in arrivals in 2023.

The industry hit by multiple challenges post-Easter Sunday was the most vulnerable to COVID-pandemic and then to the adverse publicity of political and economic crises ‒ but it has proven again its resilience with a remarkable resurgence.

Tourism earnings in the first two months of 2023 were at $ 331.7 million reflecting a 3.3% increase from the corresponding period of last year, whilst February earnings stood at $

Tourism Minister Harin Fernando expressed optimism about early indications of a significant recovery, whilst asserting that it was imperative to maintain the current momentum to achieve the set target of 1.55 million arrivals and over $ 2.88 billion in income in 2023.

The tourism and hospitality landscape in Nuwara Eliya known as Little England will see the addition of a unique luxury property this year, with the Board of Investment (BOI) approved ‘Horton Heights’ setting to make its debut in the scenic city with an investment amounting to over US$ 3 million.

Owned by Al Araf Hotels & Resorts, Horton Heights is a 49-room super luxury hotel, designed for high-end tourists across the world, especially the Middle East.

Horton Heights is geared to welcome and entertain high-net-worth travelers from all over the world offering them a marvellous and heartwarming travel experience blended with Sri Lankan culture.

The property boasts several unique features, including live cooking station, an observation bridge on the rooftop and in-room shopping experience for guests. Besides, the glass dome 360-degree restaurant, a first-of-its-kind in Sri Lanka, offers a unique experience for high tea and private functions.

Horton Heights, which embraces a sustainable and green tourism concept, will provide employment opportunities to about 120 persons. The luxury property has also received a coveted four-star grade from the Sri Lanka Tourism Development Authority (SLTDA).

Speaking about the project, BOI Director General Renuka M Weerakone said “The project is a testament to Sri Lanka’s growing sustainable tourism and hospitality industry, which is set to receive a much-needed boost with the launch of Horton Heights, to attract high-end tourists from around the world,”

“The high-net-worth travelers can also experience the British colonial ambience with Sri Lankan flavour as they make the choice to witness a glimpse of the luxury property in Little England. Thus, Horton Heights promises to be a must-visit destination for tourists from different corners of the world,” she added.

Meanwhile, Al Araf Hotels & Resorts CEO Fazal Mohamed stated, “We have spared no effort in creating a property that meets the needs of today’s discerning traveler. From the dining options to the fitness center and the glass dome, we have ensured that our guests have access to world-class amenities.

In addition, the expertise of retired industry veterans has played a crucial role in creating a world-class property that meets the needs of today’s discerning traveler. As such, we are confident that Horton Heights will become a must-visit destination for luxury travelers.