MAINTAINING INFLATION BELOW 4-5 % BY END 2023 POSSIBLE

Possible to maintain inflation below 4-5% by the end of 2023 – CBSL Governor

The Governor of the Central Bank of Sri Lanka Dr. P. Nandalal Weerasinghe stated in Parliament that customers who have been inconvenienced due to the increase in the interest rates charged for the loans obtained under variable interest rates in the past is able to get relief by negotiating with the bank.

The Governor stated this when Parliamentarians inquired regarding the aforesaid at the Ministerial Consultative Committee on Finance, Economic Stabilization and National Policies held yesterday (16) in Parliament chaired by the State Ministers of Finance Hon. Ranjith Siyambalapitiya and Hon. Shehan Semasinghe.

The Members of Parliament pointed out that due to the increase in interest rates, the entire income of some creditors has to be paid for loan installments. The CBSL Governor said that customers can pay only the relevant interest for a grace period in consultation with the bank. He further added that instructions have been given to the banks in this regard.

Also, the CBSL Governor said that the average inflation which was at a value of 70% two months ago has now decreased to 66% and the food inflation which was at 95% has decreased to 85%. He further stated that with the existing fiscal policies, this figure is expected to reach 4-5% by the end of next year. Furthermore, according to the conditions of the International Monetary Fund, a new act has been drafted to make the Central Bank an independent institution and the necessary work is being done, the CBSL Governor added.

Furthermore, the committee drew attention to the difficulty in exchanging dollars to rupees by banks. State Ministers of Finance – Ranjith Siyambalapitiya asked the CBSL Governor regarding the stated issue to which the Governor responded saying that the Central Bank has not given any advice that would cause such delays.

State Minister – Shehan Semasinghe also said that according to a report of the Department of Public Enterprises, 22 out of 126 institutions have not submitted their annual reports for more than 5 years and some institutions have delayed the submission of annual reports for about 7 years. Accordingly, the State Minister said that since he will be working with the International Monetary Fund in the future, he instructed the heads of the institutions to submit the annual reports within the stipulated time.

Leader of the Opposition – Sajith Premadasa, Members of the Committee – Jagath Kumara Sumithraarachchi, Sahan Pradeep Withana and Parliamentarians Secretary to the Treasury/Ministry of Finance, Economic Stabilization and National Policies, Mr. K M Mahinda Siriwardana, officials representing the Ministry and institutions affiliated to it were present at the Committee meeting held.

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3 found guilty of downing MH17 jet, killing 298

A Dutch court has found three men guilty of murder for shooting down a passenger jet over eastern Ukraine in 2014, killing 298 people.

The court found that a Russian-made missile supplied from Russia and fired by an armed group under Russian control brought down flight MH17.

The men – two Russians and one Ukrainian – were found guilty in absentia. A third Russian was acquitted.

The missile attack was one of the most notorious war crimes in Ukraine before allegations of atrocities there became an almost daily reality.

Many of the victims’ relatives believe if the world had reacted differently, and taken a tougher stance against Russia eight years ago, the invasion of Ukraine and the geopolitical instability that has followed could have been avoided.

The judges ruled that it was a deliberate action to bring down a plane, even though the three found guilty had intended to shoot down a military not a civilian aircraft.

(BBC News)

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Arjuna ordered to pay Rs. 25mn. to Thilanga

Civil Appellate High Court Mount Lavinia today (17) ordered National Sports Council Chairman – Arjuna Ranatunga to pay Rs 25 million to former Deputy Speaker – Thilanga Sumathipala.

The case was filed in 2017 by Sumathipala, alleging that Ranatunga had made defamatory statements pertaining to him during a media briefing in 2003.

Sumathipala had sought a Rs. 500 million compensation, stating that Ranatunga’s statements had tarnished his reputation.

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Discussion with WB representatives on future development plans of SL

A discussion was held today (17) at the Ministry of Finance with World Bank representatives on Sri Lanka’s future development plans and policies under the patronage of Mr Sagala Ratnayake, Senior Advisor to the President on National Security and Chief of Staff to the President, State Minister of Finance Shehan Semasinghe and Minister Dilum Amunugama with the World Bank Director for Sri Lanka Faris Hadad-Zervos.

The future development plans and policies of the country were discussed at length during the meeting.

The discussions focused on Improving fiscal oversight and debt management, Improving tax administration, Reducing sovereign financial sector nexus and systemic risks, Improving energy sector performance and reducing carbon footprint, Restructuring and divesting of SOEs, Reducing policy uncertainty and increasing competitiveness of the economy, Mobilizing private capital and competition in the broadband market and Strengthening social protection institutions, delivery systems and targeting.

Secretary to the President Saman Ekanayake, Senior Economic Adviser to the President R.H.S. Samaratunga, Finance Ministry Secretary Mahinda Siriwardena, Central Bank Governor Dr Nandalal Weerasinghe and government officials of line institutions were also present.

Following this meeting, World Bank Director for Sri Lanka Faris Hadad-Zervos and the World Bank delegation also met President Ranil Wickremesinghe and briefed him on these matters.