June 14, Colombo (LNW): The International Monetary Fund (IMF) has recognized Sri Lanka’s significant progress in advancing debt restructuring efforts aimed at restoring debt sustainability. Peter Breuer, Senior Mission Chief for Sri Lanka, emphasized the urgency of finalizing the Memorandum of Understanding with the Official Creditor Committee and securing final agreements with the Export-Import Bank of China.

At a press briefing on June 14, Breuer highlighted the importance of completing restructuring agreements with external private creditors in line with program targets. While IMF staff will continue to support the authorities with creditor coordination, Breuer cautioned that despite these positive developments, the Sri Lankan economy remains vulnerable, and the path to debt sustainability is precarious.

Key vulnerabilities associated with debt restructuring, revenue mobilization, reserve accumulation, and banks’ capacity to support recovery continue to challenge the outlook. Breuer stressed the necessity of maintaining reform momentum and strong ownership by both the authorities and the broader Sri Lankan populace to transition from stabilization to full recovery.

To achieve fiscal sustainability, Breuer noted that it is critical to sustain revenue mobilization efforts, finalize debt restructuring promptly, and protect social and capital spending. Enhancing public financial management and strengthening the debt management framework are also essential steps.

The IMF Executive Board’s approval on June 13 reflects the strong performance of the program. All quantitative targets were met, with the exception of a marginal shortfall in the indicative target on social spending. Most structural benchmarks were either met or implemented with delays.

Monetary policy should continue to focus on price stability, supported by a commitment to refrain from monetary financing and to safeguard central bank independence. Ensuring continued exchange rate flexibility and gradually phasing out balance of payments measures are crucial for rebuilding external buffers and facilitating external rebalancing. Additionally, restoring bank capital adequacy and strengthening governance and oversight of state-owned banks are top priorities to revive credit growth and support economic recovery.

June 14, Colombo (LNW): Applications for university admission for the 2023/2024 academic year can be submitted starting from Friday, June 14.

The University Grants Commission (UGC) announced that prospective students can submit their applications online at www.ugc.ac.lk. The application window will be open from 6:00 am on June 14 until July 5.

1. President Ranil Wickremesinghe emphasized that all governors should actively ensure the efficient implementation of the government’s welfare programs and promptly deliver their benefits to the people. The President made these remarks during a discussion held with the Provincial Governors at the Presidential Secretariat.
2. Opposition Leader Sajith Premadasa would have faced the same fate as that of former President Gotabaya Rajapaksa if he had been elected as President in 2019, Presidential Advisor Ashu Marasinghe said today. “Premadasa would have had to leave the presidency even sooner than Gotabaya Rajapaksa had to, if he had been elected,” Marasinghe told a media briefing.
3. The Sri Lanka Railway Station Masters’ Union has decided to launch trade union action over several demands including the issues pertaining to promotions. The union stated that they will launch trade union action if no solutions are received to their grievances before 02.00 p.m. on Friday (14).
4. Former Inspector General of Police (IGP), Chandra Fernando says that it cannot be expected that the political groups who have engaged in violent political activities in the past will not resume such activities in the future. He stated this while speaking during a press conference, with the participation of other retired high-ranking police officers including former IGPs and DIGs.
5. Sri Lanka Police says it has been uncovered that the incident where several gunshots had been fired at the vehicle belonging to former Anuradhapura District parliamentarian Uddika Premaratne, had been orchestrated by the actor-turned-politician himself with the assistance of an Assistant Superintendent of Police (ASP) in the area.
6. The online applications for university admissions for the academic year 2023/2024 will open on 14 June 2024, the University Grants Commission (UGC) said. The Chairman of the UGC Sampath Amaratunge stated that the applications can be submitted by logging into the UGC’s official website through https://www.ugc.ac.lk/
7. The Bali Process Government and Business Forum Co-chaired by two global billionaires got underway at the Stein Studios in Sri Lanka for the very first time on Thursday (13). The two day ‘Sri Lanka Summit’ is attended by Ministerial delegates from the Asia – Pacifict, Diplomats, delegates from international organizations, and leading business personnel.
8. Sri Lanka High Commissioner to India Kshenuka Senewiratne called on Indian Finance Minister Nirmala Sitharaman in New Delhi. Upon meeting Sitharaman, the Sri Lanka High Commissioner also extended felicitations on her reappointment as India’s Finance Minister.
9. After a lapse of four years, arrangements have been made to hold the ‘Sri Lanka Festival’ again on a grand scale in Japan on June 15 and 16, at Yoyogi Park in Tokyo. The Sri Lanka–Japan Business Council, which organises this festival, said that after four years, the annual Sri Lanka Festival, which was stopped due to various reasons, will be held on a grand scale in Japan.
10. Chamari Athapaththu secured her second ICC Women’s Player of the Month when she won the top prize for her performances in May 2024. Chamari topped the run-scoring charts at the event and capped another fine spell of performances with 151 runs and six wickets in May, culminating in a sublime yet explosive 102 score in 63 balls against fellow finalists Scotland to guide Sri Lanka to the Qualifier trophy.

June 14, Colombo (LNW): A large number of undergraduates are facing significant challenges due to the ongoing strike by university non-academic staff, which has now stretched into its 43rd day. This strike has severely disrupted practical tests and examinations across many universities, as non-academic staff typically handle essential laboratory and administrative tasks.

The paralysis of work in university laboratories has notably hindered the administration of practical tests, a critical component of many courses. This disruption has also negatively impacted the scheduling and conduct of final and semester examinations, exacerbating the academic challenges faced by students.

University Grants Commission (UGC) Chairman Senior Professor Sampath Amaratunge acknowledged the obstacles caused by the non-academic staff strike. He indicated that if the strike continues, the UGC may need to consider alternative methods for conducting practical tests to mitigate the impact on students’ education.

Despite the strike, lectures have continued as usual in most universities. Professor Amaratunge also clarified that while the salaries of academic staff and other non-striking employees will be paid as scheduled, the striking non-academic staff will not receive their salaries.

The non-academic staff are striking to address salary anomalies and other demands, expressing frustration over the lack of positive solutions to their issues. As the strike continues, the academic progress of many students remains in jeopardy, calling for a swift resolution to the ongoing dispute.

June 14, Colombo (LNW): The Central Environmental Authority (CEA), in collaboration with the Railways Department, recently recognized the efforts of officials and employees from over 30 railway stations for maintaining cleanliness and tidiness in stations, railway yards, and surrounding environments to attract commuters.

The Ella, Veyangoda, and Rambukkana Railway Stations were awarded as the top three environmentally friendly stations. Merit awards were given to the Kotte, Trincomalee, Hatton, Ahungalla, and Ukuwela Railway Stations.

This initiative followed a careful study by the CEA on the poor state of some railway stations and their environments. To support this competition, the CEA conducted seminars and workshops for railway station officials and employees in Colombo, Anuradhapura, and Nawalapitiya. These sessions focused on proper garbage collection and removal, cleaning railway properties, and planting valuable trees and plants in railway yards for the benefit of commuters.

The award ceremony took place at the Presidential Secretariat, attended by President Ranil Wickremesinghe, State Minister Janaka Wakkumbura, and CEA Director General Hemantha Jayasinghe.

June 14, Colombo (LNW): After a four-year hiatus, the ‘Sri Lanka Festival’ is set to return in grand style at Yoyogi Park in Tokyo on June 15 and 16. Organized by the Sri Lanka–Japan Business Council, this annual event, which had been paused for various reasons, is the largest Sri Lankan gathering in Japan, attracting thousands of Sri Lankans and many Japanese visitors who are keen on experiencing Sri Lankan culture.

The festival will be held from 9:00 am to 7:00 pm and will showcase traditional Sri Lankan dance and music, along with a variety of authentic Sri Lankan cuisine. One of the highlights includes the opportunity to drink king coconut, specially imported from Sri Lanka, which is particularly popular among Japanese attendees.

Jagath Ramanayake, President of the Sri Lanka–Japan Business Council, emphasized the cultural diversity of the festival, which will feature performances by Sri Lankan children and young people living in Japan. The event is supported by several organizations, including the Sri Lankan Embassy in Japan, the Japan Automobile Importers’ Association, the Sri Lankan Scholars’ Association, the Sri Lanka Society in Japan, and the Sri Lankan Students’ Association.

Anil Priyantha Gamaethige, President of the Sri Lanka Society in Japan, highlighted that all food and drinks at the festival will be brought directly from Sri Lanka, ensuring an authentic culinary experience.

With nearly 400,000 Sri Lankans living in Japan and 12 Theravada Buddhist temples, the Sri Lanka Festival serves as a significant cultural bridge between the two nations, fostering a deeper appreciation and understanding of Sri Lankan heritage among both Sri Lankans and Japanese residents.

June 14, Colombo (LNW) The Foreign Ministers of the BRICS nations have reiterated the vital role of the G20 as the premier forum for international economic cooperation and emphasized the need for the group to continue functioning effectively. They welcomed the inclusion of the African Union in the G20 during the New Delhi Summit last year and highlighted the importance of the G20 presidencies of India, Brazil, and South Africa in addressing global economic inequalities and imbalances.

India held the G20 presidency in 2023, followed by Brazil, with South Africa set to take over in 2025. This sequence of presidencies is seen as a solid foundation for tackling global economic challenges.

The meeting took place at the BRICS Foreign Ministers’ Meeting in Nizhny Novgorod, Russia. India was represented by Dammu Ravi, Secretary (Economic Relations) at the Ministry of External Affairs, marking his first foreign assignment under Prime Minister Narendra Modi’s third consecutive term.

In their joint statement, the ministers emphasized the importance of the G20 in fostering international economic cooperation among both developed and developing countries. They called for the G20 to continue producing concrete outcomes and making decisions by consensus. They also stressed the need for the G20 to integrate the perspectives of the Global South into its agenda.

The ministers expressed strong support for the African Union’s inclusion in the G20, highlighting the significance of the consecutive G20 presidencies of India, Brazil, and South Africa in creating opportunities to address global economic disparities. They endorsed Brazil’s G20 priorities, which include fighting hunger, poverty, and inequality; promoting sustainable development; and reforming global governance.

Additionally, the ministers discussed the interface between sustainable development and global health, advocating for inclusive, equitable, and result-oriented international health cooperation. They emphasized the importance of an open, science-based, and depoliticized global health architecture.

Food security, nutrition, and rural development were also recognized as crucial areas for cooperation. The ministers encouraged further collaboration in agriculture and food security.

Energy cooperation was another key topic, with the ministers stressing the importance of universal access to affordable and reliable energy for economic development and social stability.

This meeting was significant as it was the first since the expansion of BRICS in 2023. The association now includes 10 full members: Brazil, Russia, India, China, and South Africa, with new members Egypt, Iran, UAE, Saudi Arabia, and Ethiopia joining in 2023. Russia assumed the chairmanship of BRICS on January 1, 2024.