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Any loan to Sri Lanka requires debt sustainability: IMF

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Any loan to Sri Lanka requires debt sustainability: IMF

By David Lawder

WASHINGTON (Reuters) -The International Monetary Fund said discussions with Sri Lanka on a potential IMF loan program are at an early stage and any deal would require “adequate assurances” that the island country’s debts can be put on a sustainable path.

In a statement emailed to Reuters, IMF Sri Lanka Mission Chief Masahiro Nozaki said that IMF Managing Director Kristalina Georgieva discussed lending options and policy plans with a Sri Lankan delegation on Tuesday.

“An IMF-supported program should be designed to resolve Sri Lanka’s acute balance of payments problems and put the economy back on a sustainable growth path as early as possible,” Nozaki said.

The statement came after protests in response to shortages of fuel and other essentials turned deadly on Tuesday and Sri Lanka’s Finance Minister formally asked the Fund for a Rapid Financing Instrument loan for countries needing urgent balance-of-payments support.

Nozaki said the IMF is “very concerned about the current economic crisis in Sri Lanka and hardships suffered by the people, especially the poor and vulnerable.”

But he noted that IMF staff had determined last month in an annual economic review that Sri Lanka’s public debt was unsustainable, and the country needs to take steps to restore debt sustainability prior to any IMF lending, including the emergency Rapid Financing Instrument (RFI).

Such restoration of debt sustainability typically requires a restructuring or reprofiling of public debts, which in Sri Lanka’s case would require cooperation from China, one of its largest bilateral creditors.

The IMF used the low-conditionality RFI loans extensively to assist countries during the COVID-19 pandemic and has provided such loans to ease balance of payments problems after natural disasters, conflicts and commodity price shocks.

“These considerations would need to be examined for a potential RFI for Sri Lanka, once adequate assurances are obtained that debt sustainability will be resolved,” Nozaki said.

He added that the specific design of a Sri Lanka IMF loan, including program targets and conditionality, would be agreed through extensive discussions between the government and IMF staff.

“The discussions are still at an early stage,” Nozaki said.

REUTERS

Terror at Rambukkana: SSP Keerthiratne ordered to open fire following Dilum Amunugama’s approval?

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Terror at Rambukkana: SSP Keerthiratne ordered to open fire following Dilum Amunugama’s approval?

Internal sources said that the shooting of the protest in Rambukkana yesterday (19) was ordered by SSP K.B. Keerthiratne who is in charge of the Kegalle division and approved by Transport and Industries Minister Dilum Amunugama.

According to police sources, SSP K.B. Keerthiratne is a staunch supporter of Rajapaksa and some reports said that he was an inhumane person.

Protesters had blocked the main railway line from Rambukkana for more than 12 hours yesterday. It is said that SSP K.B. Keerthiratne has repeatedly contacted Transport Minister Dilum Amunugama seeking permission to attack the protesters as the protest was disrupting the transportation.

He has told the Minister that if he saves himself from future problems, he can open this railway line in his own way. Sources said that after obtaining the approval from the minister SSP’s own group had set fire to a three-wheeler and set the stage to open fire the protestors.

One person was killed and 11 others were injured in the shooting. The condition of three of them was reported to be serious.

Following this, President Gotabhaya Rajapaksa has contacted Transport Minister Dilum Amunugama and reprimanded him severely in this regard, sources said.

Sajith asks to summon the Defense Secretary, IGP to Parliament immediately

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Sajith asks to summon the Defense Secretary, IGP to Parliament immediately

Opposition leader Sajith Premadasa says that the Rajapaksa government, which has a history of ‘murderous bloodshed’, has returned to its usual brutal manner today.

He stressed the need for an immediate inquiry into the attack through a team of retired judges and called for a meeting of party leaders today with the Secretary to the Ministry of Defense, the Secretary to the Ministry of Public Defense, the Inspector General of Police and the Senior Superintendent of Police in charge of the area.

Police fired in accordance with the Police Ordinance. They have the power to do that – Prasanna

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Police fired in accordance with the Police Ordinance. They have the power to do that – Prasanna

The Minister of Public Defense Prasanna Ranatunga has stated that the police fired on a protest in Rambukkana yesterday (19) in accordance with the Police Ordinance and that the police have the necessary powers to do so.

The Minister said that the protesters had tried to set fire to a bowser containing 33,000 liters of fuel and if that had happened, there would not have been a Rambukkana left today.

He also accused the opposition, led by the Samagi Jana Balawegaya, of intensifying the recent protests in the country by drawing people by buses.

Addressing Parliament this morning (20), the Minister made this special statement amidst strong opposition from opposition members. They were seen protesting, calling the minister a “murderer.”

The government is likely to lose its 113 majority today?

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The government is likely to lose its 113 majority today?

Political sources say that the SLPP government is in danger of losing a simple majority of 113 seats in Parliament today (20).

The Sri Lanka Freedom Party (SLFP) and the Wimal-Gammanpila-Vasudeva alliance have left the SLPP government, which won a two-thirds majority in the 2020 general elections. Accordingly, the government was left with about 118 seats.

Sources said that a group of former ministers who are disappointed with the government over the recent appointment of a new cabinet is also in talks to become independent. It is said that considering the intensified opposition in the country following the police firing in Rambukkana yesterday, the government is likely to lose its 113 majority today.

People protest in front of Prime Minister’s Carlton House today

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People protest in front of Prime Minister’s Carlton House today

It is reported that the people of the area have started a protest in front of the Carlton House belonging to the Prime Minister Mahinda Rajapaksa in Tangalle.

Accordingly, security forces have been deployed in front of the house.

May be an image of 6 people, road and street
May be an image of 4 people, tree, street and road

People’s protests against the fuel price hike and the shortage continue

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People’s protests against the fuel price hike and the shortage continue

It is reported that people in many parts of the island are still protesting by blocking main roads today (20).

They are protesting against rising fuel prices and fuel shortages.

Accordingly, a mass agitation has been going on in the Balapitiya area blocking the Galle Road since this morning.

Also, a group of residents in the area is protesting by blocking the Badulla – Passara road and it is said that the traffic has been restricted to one lane.

Also, the protest launched by the people blocking the Galle Road in Panadura yesterday is still active today.

A special secret meeting between the PM and the Speaker last night

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A special secret meeting between the PM and the Speaker last night

Prime Minister Mahinda Rajapaksa had a special secret meeting with Speaker Mahinda Yapa Abeywardena last night (19), sources said.

It is said that the Prime Minister has summoned the Speaker to discuss the matter as there is a risk of the government losing the majority of 113 members in Parliament today (20).

Sources said that the Prime Minister had asked the Speaker whether he should resign before the government loses its majority and collapses as opposition to the government has intensified following the police firing in Rambukkana yesterday.

However, sources further stated that the Speaker has stated that there is no risk of the government losing the 113 majority in Parliament so far and therefore there is no need for the Prime Minister to resign.

An independent inquiry is needed into the Rambukkana shooting – BASL

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An independent inquiry is needed into the Rambukkana shooting – BASL

The Bar Association of Sri Lanka (BASL) is shocked and saddened by the death of a man in a police attack on a public protest in Rambukkana, said its President Saliya Peiris.

He said that an independent inquiry should be conducted into the incident and that the government should ensure that the security forces exercise maximum restraint in dealing with the protests of the people in the face of real difficulties.

He further stated that the members of his association will continue to stand up for the security and rights of the people of the country.

All those responsible for Rambukkana’s murder will be brought to justice and punished – Sajith (VIDEO)

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All those responsible for Rambukkana’s murder will be brought to justice and punished – Sajith (VIDEO)

Opposition Leader Sajith Premadasa has strongly condemned the brutal killing of Chaminda Lakshan, a resident of Rambukkana.

He also said that an independent inquiry should be held immediately into this brutal murder.

The Leader of the Opposition said that this attack was indicative of the vile nature of the Rajapaksa government and that it was the usual policy of the Rajapaksas.

He said that all those responsible for the murder would be brought to justice and severe punishment would be meted out to them.

Sajith Premadasa said this in a special statement issued last night (19).

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