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Experts say only debt cancellation offers Sri Lanka a chance of recovery - newsfirst.lk - India - Sri Lanka
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Experts say only debt cancellation offers Sri Lanka a chance of recovery
Some of the world’s most powerful hedge funds and other investors are holding up vital help for crisis-hit Sri Lanka by their hardline stance in debt-relief negotiations after the Asian country’s $51bn (£42bn) default last year, according to 182 economists and development experts from around the world.Instead of geopolitical manoeuvring, all of Sri Lanka’s creditors must ensure debt cancellation sufficient to provide a way out of the current crisis, said a statment from the economists and experts on Monday (9).In a statement the group that said that extensive debt cancellation was needed to give the economy a chance of recovery and that Sri Lanka would be a test case of the willingness of the international community to tackle a looming global debt crisis.The group – including the Indian economist Jayati Ghosh, Thomas Piketty, the author of the bestselling book Capital, and Greece’s former finance minister Yannis Varoufakis – said private sector creditors such as investment companies and hedge funds were preventing a deal.Private creditors own almost 40% of Sri Lanka’s external debt stock, mostly in the form of international sovereign bonds, although the higher interest rates levied on the bonds mean they receive more than 50% of external debt payments.Such lenders charged a premium to lend to Sri Lanka to cover their risks, which accrued them massive profits and contributed to Sri Lanka’s first ever default in April 2022, said the statement."Lenders who benefited from higher returns because of the “risk premium” must be willing to take the consequences of that risk. Indeed, ISBs are now trading at significantly lower prices in the secondary market.
Ranil Wickremesinghe - Medical aid through President’s Fund to be increased in Sri Lanka - newsfirst.lk - Sri Lanka
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Medical aid through President’s Fund to be increased in Sri Lanka
Colombo (News 1st) – A committee consisting of medical experts has been appointed to obtain the necessary recommendations to increase the financial assistance currently paid for surgery and treatment through the President's Fund in Sri Lanka.The President's Media Division said President Ranil Wickremesinghe issued directives to to increase the amount of medical assistance paid as soon as the recommendations of the committee are made.Accordingly, in the first few months of 2023, the allowances paid as medical aid will be increased.The PMD said apart  from the number of diseases for which medical aid will be paid, the committee has been instructed to give necessary recommendations about the conditions for which further medical aid should be paid. As soon as the instructions are received, the necessary approvals will be obtained and the amount of medical aid paid as well as the list of diseases for which medical aid will be paid will be updated.Taking into account the transportation and other economic difficulties faced by the public who submit applications to the President's Fund for receiving medical aid, text messages will be sent on six occasions to cover each occasion from the time the application is submitted to the point the payment is made. It is also planned to further streamline these activities in 2023.
Legal reforms for economic stabilization, soon - newsfirst.lk
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Legal reforms for economic stabilization, soon
COLOMBO (News 1st) – The National Council Sub-Committee for Identifying Short- and Medium-Term Programs related to Economic Stabilization said that proposals for the reform of laws related to the economic stabilization of the country will be presented to the country at the end of December.MP Patali Champika Ranawaka, who is also the Chairman of the Sub-Committee said that it is important to discuss whether there are shortcomings in the law among the reasons that led to the country's economic bankruptcy and to discuss the next steps to be taken.The experts who participated in the committee expressed their views on the reforms that should be made in the country's legal system to obtain local and international support to create economic stability in the country, said the Parliament Media Division.The role of the Central Bank, the role and accountability of the Treasury, the role and accountability of the government, and the accountability of government officials, politicians and the business community dealing with them were discussed at the committee. Also, proposals were presented on the need for a large-scale anti-corruption process and the importance of implementing the law on assets and liabilities.Officials of the Ministry of Justice said that 55 new laws and amendments to existing laws are currently underway.The senior lawyers pointed out that due to the Covid pandemic situation, the number of cases pending in the courts is high, so the trials should be managed efficiently.
Ranil Wickremesinghe - Temple Trees - Sagara Kariyawasam - SLPP, SJB & Nidahas Janatha Sabhawa to moot budget proposals - newsfirst.lk - Sri Lanka - county Dallas
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SLPP, SJB & Nidahas Janatha Sabhawa to moot budget proposals
COLOMBO (News 1st) – A special meeting of the ruling party is scheduled to be held on Monday (14) in connection with the upcoming appropriation bill.The meeting, which is scheduled to be held at 05:00 PM at the Temple Trees, will be presided over by the President and the Prime Minister.The General Secretary of the SLPP, Attorney-at-law Sagara Kariyawasam said that the ruling party MPs will be specially briefed about the upcoming budget proposals.Officials of the Ministry of Finance and the Central Bank as well as several economic experts are also scheduled to be involved.Kariyawasam also said that the Sri Lanka Podujana Peramuna will extend its full support to President Ranil Wickremesinghe's decision to restore the country's economy.However, Karivayasam stated that his party will take a decision on extending support for this year's budget after further consideration of the budget proposals presented tomorrow.Meanwhile, the Samagi Jana Balawegaya says that it has called a meeting of its parliamentary group on Monday (14) afternoon to discuss the budget proposals.Its General Secretary, MP Ranjith Madduma  Bandara said that the meeting will be held at the Parliament Complex under the Chairmanship of the Opposition Leader.Moreover, MP Dallas Alahapperuma stated that a meeting of the reformist group of the Sri Lanka Podujana Peramuna representing the Nidahas Janatha Sabhawa will be held at 5:00 PM on Monday (14) to discuss the budget proposals.
Millions spent on drafting a new constitution - newsfirst.lk
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Millions spent on drafting a new constitution
COLOMBO (News 1st) – An audit report has revealed that a total of 158 million rupees for three years had been allocated for the drafting of a new constitution when the economy of the country was heading towards a downturn. The Auditor General's report revealed that a total of 20.8 million rupees had been spent to hold 38 meetings of the expert committee and 9 consultations with external parties to draft a new constitution from the 9th of October 2020 to the 12th of December 2021. The details were revealed in the Auditor General's report of the Ministry of Justice and Constitutional Reform for the year ending 31st December 2021. A sum of 816,480 rupees had been spent for 3 office spaces that have not been used, and another 435,348 rupees had been spent to furnish those offices. Each constitutional expert on the committee to draft the new constitution WAS paid 25,000 rupees for every meeting that they attended which came up to a total of 3.1 million. The constitutional experts were also paid 120,000 rupees for their transport. A total of 10 million 180,000 rupees had been spent for the payment of the monthly allowance of 200,000 rupees to the secretary of the panel, the allowance for the research assistant, and several other allowances. 4,768,000 rupees had been spent during the period from October 2020 to December 2021 for office space at the BMICH. The Auditor General's report further states that although by the 31st of December 2021 the committee had completed 15 months, they had still not completed their task. 
Patali appointed as Chair of P’ment Sub-Com - newsfirst.lk
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Patali appointed as Chair of P’ment Sub-Com
COLOMBO (News 1st) – MP Patali Champika Ranawaka, was appointed the National Council sub-committee chairman on identifying short-and medium-term programs related to economic stabilization.The first meeting of the said sub-committee was held yesterday (07) in Parliament. The name of Patali Champika Ranawaka for the post of Chairman was proposed by the Member of Parliament Vajira Abeywardena, which was seconded by Mano Ganesan and Naseer Ahmed.The committee members expressed their views on the measures that can be taken for the future economic security of the country, such as developing tea cultivation, increasing milk production, restructuring agriculture, fertilizer production, tourism industry, etc.The members also agreed to discuss with experts in various fields and submit a report to the National Council on the 20th that includes economic development proposals related to each field.Accordingly, the members agreed to call experts on foreign exchange issues, and debt restructuring, as well as officials from the Central Bank and the Ministry of Finance before the committee on the 13th, to get their views.Also, it was decided to invite experts and relevant officials in the fields of food, health, transportation, energy, etc.. to the committee on the 14th to get their opinions and suggestions.The MPs also agreed to hold the next meeting of the National Council sub-committee on identifying short- and medium-term programs related to economic stabilization on the 19th.Minister Naseer Ahmed, State Ministers Sisira Jayakodi, and Sivanesathurai Chandrakanthan, and Members of Parliament Vajira Abeywardena, M.
Sylvain Charlebois - Hurricanes Ian, Fiona could drive up grocery costs on these items in Canada - globalnews.ca - Usa - Canada - county Atlantic - county Halifax
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Hurricanes Ian, Fiona could drive up grocery costs on these items in Canada
Hurricanes Ian and Fiona could have grocers that source food from Atlantic Canada and the southern United States passing higher costs on to Canadian consumers, experts say, as some businesses on the east coast begin to rebuild their battered industries.Any disruption to supply chains, which have seen major improvements in shipping costs and reliability over the past six months, is thankfully expected to be brief.“The effects of things like hurricanes tend to be short-lived,” Fraser Johnson, professor of operations management at Ivey Business School, tells Global News.That could be cold comfort to Atlantic Canada’s fishing industry, which was devastated when Fiona, classified then as post-tropical storm, hit the east coast this past weekend.Entire harbours in Newfoundland’s Port aux Basques were washed off the coast as two-metre-high storm surges hit the shore and will need to be rebuilt. Others have seen fishing equipment and entire ships washed out to sea or beached on land.Fisheries Minister Joyce Murray said Thursday that it will take more time to assess the full extent of the damage to the fishing industry, but added she’s willing to work with fish harvesters across the region on requests for a season extension.Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University in Halifax, experienced the damaging winds and torrential rain from Fiona first hand, recalling in an interview with Global News how the storm hit in the middle of the night and left his home without power for five days.For residents in Atlantic provinces, lengthy power outages mean short shelf lives for food in fridges and freezers.
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