Crisis-hit Sri Lanka plans donor conference, interim budget in August

22/6/2022 5:26:00 PM

Crisis-hit Sri Lanka plans donor conference, interim budget in August

Sri Lanka Economic Crisis, Ranil Wickremesinghe

Crisis-hit Sri Lanka plans donor conference, interim budget in August

COLOMBO, June 22 — Sri Lanka will call China, India and Japan to a donor conference to drum up more foreign assistance and present an interim budget in August, the prime minister...

Wednesday, 22 Jun 2022 9:00 PM MYTCOLOMBO, June 22 — Sri Lanka will call China, India and Japan to a donor conference to drum up more foreign assistance and present an interim budget in August, the prime minister said today, amid ongoing negotiations with the International Monetary Fund (IMF).

The island nation of 22 million people is struggling with its worst economic crisis in seven decades, unable to import essentials including food, fuel and medicines because of a severe shortage of foreign exchange.An interim budget will be presented in August, seeking to put public finances on a more sustainable path and increase funds to the poor who have been hardest hit, Prime Minister Ranil Wickremesinghe told parliament.

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Wednesday, 22 Jun 2022 9:00 PM MYT COLOMBO, June 22 — Sri Lanka will call China, India and Japan to a donor conference to drum up more foreign assistance and present an interim budget in August, the prime minister said today, amid ongoing negotiations with the International Monetary Fund (IMF). The island nation of 22 million people is struggling with its worst economic crisis in seven decades, unable to import essentials including food, fuel and medicines because of a severe shortage of foreign exchange. He said the state government will then formulate a state policy on greenhouse gases and develop mitigation and adaptation action plans to address the impact of climate change and low carbon society. An interim budget will be presented in August, seeking to put public finances on a more sustainable path and increase funds to the poor who have been hardest hit, Prime Minister Ranil Wickremesinghe told parliament. Lagarde characterized the decision to develop a crisis measure as one that underpins a previous commitment to keep inflation under control. “The interim budget will set the path forward. He said the Post-Covid-19 Development Strategy 2030 (PCDS 2030) specifically highlights renewable energy as a cornerstone to the state’s 10-year plan to accelerate the global transition to clean energy and reach net zero emission. This, together with an IMF programme and debt sustainability, will lay the foundation for Sri Lanka to return to economic stability,” he said. Clearlake chiefs Behdad Eghbali and Jose Feliciano, Los Angeles Dodgers co-owner Mark Walter, Swiss billionaire Hansjorg Wyss and British property investor Jonathan Goldstein are among those added to the Chelsea board.

In late May, Wickremesinghe had told Reuters he would present an interim budget within six weeks, cutting government spending down “to the bone”. He added about 78 per cent of the total electricity generation is from Sarawak's hydropower resources which can be harnessed to reduce the carbon footprint.” Officials were forced to act following a blowout of Italian bond yields in the wake of their plan to tighten monetary policy in coming months. The dearth of basic necessities and spiralling inflation has stroked public unrest, pushing Wickremesinghe’s government to redouble efforts to bring in assistance from the likes of the IMF and friendly countries. “We need the support of India, Japan and China who have been historic allies. “Currently Sarawak is partnering with global players from South Korea and Japan to develop environmentally friendly hydrogen and green ammonia plant at Bintulu,” he said. We plan to convene a donor conference with the involvement of these countries to find solutions for Sri Lanka’s crisis,” Wickremesinghe told parliament. Lagarde said that work is under way, and declined to divulge details on how it’s supposed to function. “We will also seek help from the US,” he said, adding that his administration will use US$70 million (RM308 million) from the World Bank for buying cooking gas, which has been in short supply, setting off sporadic protests. “With modern and eco-friendly integrated transportation system, we expect the carbon footprint from land transport in Kuching City will be significantly reduced by 15 per cent by 2030,” the premier said.

A high-level delegation from India will arrive tomorrow for talks on additional support from New Delhi, and a team from the US Treasury will visit next week, Wickremesinghe said. India has so far provided around US$4 billion worth of assistance, the prime minister said, including a US$400 million swap and credit lines totalling US$1. And anybody who doubts that determination will be making a big mistake.5 billion. China, which has traditionally jostled with New Delhi for influence over the Indian Ocean island, is considering an appeal from Sri Lanka to renegotiate the terms of a yuan-denominated swap worth US$1.5 billion to fund essential imports. In her comments on Monday, Lagarde noted that pay pressures are showing mild signs of building.

IMF talks The government also delayed publication of its first quarter GDP data, due today, because its census and statistics department did not receive all required inputs on time, an official said. “We are working to get the growth numbers out as soon as possible but it will probably take a few days due to delays and staff shortages,” said Anura Kumara, director general of the Census and Statistics Department. Negotiations with an IMF team, which arrived in Sri Lanka’s commercial capital Colombo this week, have made progress, with a staff-level agreement with the lender likely by the end of the month, Wickremesinghe said.” She also expressed confidence that the economy can keep expanding. “We have discussed multiple points including fiscal policy, debt restructuring and direct cash transfers,” he said. “Parallel to this we have also started talks on a debt restructuring framework, which we hope will be completed in July.

” Sri Lanka, which suspended payment on US$12 billion of foreign debt in April, is seeking around US$3 billion from the IMF to put its public finances on track and access bridge financing.” The ECB is planning to raise rates for the first time in more than a decade next month, joining peers around the world in hiking borrowing costs to combat record inflation in the currency bloc. Wickremesinghe said that once an agreement with the IMF was reached, his government would focus on a plan to increase Sri Lanka’s exports and stabilise the economy. “It is no easy task to revive a country with a completely collapsed economy,” he said, calling for opposition support for his economic recovery plan. — Reuters Advertisement .5%, having been negative since 2014.