{"id":94737,"date":"2022-07-03T11:29:03","date_gmt":"2022-07-03T11:29:03","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=94737"},"modified":"2022-07-03T17:05:22","modified_gmt":"2022-07-03T17:05:22","slug":"sri-lanka-progress-by-dr-harold-gunatillake","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/sri-lanka-progress-by-dr-harold-gunatillake\/","title":{"rendered":"Sri Lanka Progress  &#8211; By Dr Harold Gunatillake"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"font-size: 24px; color: #000080;\"><strong>Sri Lanka Progress &#8211; By <span style=\"color: #333399;\">Dr Harold Gunatillake<\/span><\/strong><\/span><\/h1>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-77916\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2021\/11\/Harold-Gunethilake.jpg\" alt=\"Harold-Gunethilake\" width=\"160\" height=\"160\" \/><\/p>\n<p style=\"text-align: center;\"><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/iXJ7WH7p52Y\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"font-size: 16px;\">Website:<span style=\"color: #000080;\">\u00a0<a style=\"color: #000080;\" href=\"http:\/\/www.Doctorharold.com\" target=\"_blank\" rel=\"noopener\">www.Doctorharold.com<\/a><\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Transcript:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Protest marches are a daily occurrence Gota, Ranil, and others working with consistence<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">*Colombo has taken steps to raise taxes, put state assets on sale and pledged to slash spending to the \u201cbare bones\u201d.<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">*Sri Lanka makes progress toward IMF support \u2013 but no bailout package Support through Extended Fund Facility (EFF) is possible<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><span style=\"color: #000080;\">Nandalal Weerasinghe was appointed CBSL Governor for Six more years.<\/span> <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The International Monetary Fund has ended talks with Sri Lanka, failing to conclude a deal for a bailout package for the near-bankrupt nation after ten days. The IMF has said Sri Lanka needs to whittle down existing debt to \u2018sustainable\u2019 levels before receiving any aid.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">\u201cThe discussions will continue virtually to reach a staff-level agreement on the EFF arrangement in the near term,\u201d the IMF said, referring to the credit arrangement, called an extended fund facility.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">\u201cIMF support will help Sri Lanka get commitments from creditors. The government has made a lot of progress on things which are generally supposed to be in favour of an IMF staff-level agreement,\u201d The team had constructive and productive discussions with the Sri Lankan authorities on economic policies and reforms to be supported by an IMF Extended Fund Facility (EFF) arrangement.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The EFF was established to assist countries experiencing severe payment imbalances because of structural impediments or slow growth and an inherently weak balancehttps:\/\/youtu.be\/iXJ7WH7p52Y Website: www.Doctorharold.com of-payments position. An EFF supports comprehensive programs, including the policies needed to correct structural imbalances over an extended period.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Dr Nandalal Weerasinghe was appointed as the Governor of the Central Bank for the next six years by President Gotabaya Rajapaksa on Thursday. Dr Weerasinghe is a career central banker with extensive experience in Monetary<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">and Exchange Rate Policy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Dr Weerasinghe was promoted as Deputy Governor on 27 September 2011 while serving as an Alternate Executive Director at the International Monetary Fund and assumed office as Deputy Governor of the CBSL on 01 September 2012.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>Our forward march- positive steps taken<\/strong><\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">a) Sharp increase in interest rates to combat inflation and dampen demand locally and for imports.<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">b) Removing the cap on Treasury bill rates allows the interest rates to be marketbased.<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">c) Restrictions on Open Account trading instilling financial discipline, thereby discouraging the grey market.<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">d) Removing the fix on the exchange rate and once reaching a stable level allowed fluctuation within a specified band without letting it out of hand.<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">e) Tax increases and allowing price increases in fuel and gas.<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">f) Curb on government expenditure<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>Inflation hit a record high in June.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">COLOMBO (News 1st); For the first time in history, this country&#8217;s rate of increase in commodity prices or inflation has exceeded 50 per cent. Sri Lanka\u2019s inflation for June has been recorded at 54.6% this month.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The Department of Census and Statistics stated that food prices have increased by 80% this month. Prices of non-food items and services rose to 42.4%. As a result of the current fuel crisis, the rapid increase in vegetable prices has had a significant impact on this.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The increase in the prices of other food items, including rice, spices, and grains and the rise in fuel prices are also the leading causes of inflation this month.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>Sri Lanka to lift the ban on the Qatar Charity.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">COLOMBO (News 1st); Sri Lanka has decided to lift the ban on the Qatar Charity. Qatar Charity is the primary charitable arm of the Qatar Government and was banned in Sri Lanka following various allegations.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Minister of Power and Energy Kanchana Wijesekera tweeted that he met with the officials of the Qatar Charity on Wednesday (29) and conveyed that the Defense Ministry has informed the Attorney General of its decision to lift the ban on the fund, which was imposed in 2019.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>New Zealand to host Sri Lanka for a series in 2023<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">COLOMBO (News 1st); New Zealand Cricket has scheduled to host Sri Lanka for a sequel in 2023, and the schedule has been announced as follows;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>Tour by Sri Lanka<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">March 9 \u2013 March 13, 1st Test; Hagley Oval, Christchurch<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">March 17 \u2013 March 21, 2nd Test; Basin Reserve, Wellington<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">March 25: 1st ODI; Eden Park, Auckland<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">March 28: 2nd ODI; Hagley Oval, Christchurch<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">March 31: 3rd ODI; Seddon Park, Hamilton<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">April 2: 1st T20; Eden Park, Auckland<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">April 5: 2nd T20; University of Otago Oval, Dunedin<\/span><br \/>\n<span style=\"font-size: 16px; color: #000000;\">April 8: 3rd T20; John Davies Oval, Queenstown<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>US Ambassador meets President<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">COLOMBO (News 1st); President Gotabaya Rajapaksa met with the USA Ambassador in Sri Lanka, Julie J. Ching, today (30) and thanked the US for the valuable support shown during these difficult times. Further, the Ambassador assured the Government of the USA\u2019s continuous support in stabilising the economy with the recent developments with the International Monetary Fund (IMF).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">US Ambassador to Sri Lanka Julie Chung told President Gotabaya Rajapaksa that the US would support Sri Lanka in finding a solution to the economic crisis. A high-level diplomatic delegation from the United States stated that the US supports strengthening the relationship with the International Monetary Fund. US President Joe Biden has also taken steps to provide humanitarian assistance on several occasions.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>Lanka crisis exacerbated by the Russian invasion of Ukraine \u2013<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Canadian High Commissioner in Colombo David McKinnon has said that his government was funding procurement of medicine for Sri Lanka and urgently needed rice stocks for the school meals programme here.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">He further said that the Lanka crisis was exacerbated by the Russian invasion of Ukraine In collaboration with the World Health Organization, we fund the procurement of essential medicines and supplies.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>Japan denies report it \u2018will not help Sri Lanka\u2019<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Japan\u2019s embassy in Sri Lanka has denied reports that its ambassador told the Tamil National Alliance (TNA) that Tokyo would not be assisting Sri Lanka during its economic crisis following a visit to Jaffna this week.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The Daily Mirror reported this morning that \u201cthe risk of financial assistance to Sri Lanka being mismanaged,\u201d Japan\u2019s ambassador Mizukoshi Hideaki told the TNA his government \u201cwill not support the country at this point\u201d.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">In an email from the Tamil Guardian, Sri Lanka\u2019s Secretary to the Prime Minister raised the news article to the Japanese embassy. In response, Deputy Ambassador Kotaro Katsuki said the article \u201chas no grounds whatsoever,\u201d adding that \u201cour ambassador would never say such a thing\u201d.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>Japan ready to provide continuous support to Sri Lanka, says Japanese envoy will<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Colombo, July 1 (news in. Asia): The Japanese Ambassador to Sri Lanka, Mizukoshi Hideaki, said that Japan is ready to provide continuous support to Sri Lanka while strengthening relations between the two countries for Sri Lanka\u2019s economic programme with the International Monetary Fund (IMF) and the development activities of the country.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">These remarks were made when the Japanese Ambassador met with President Gotabaya Rajapaksa at the President\u2019s House in Colombo today.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>COLOMBO: Sri Lanka will allow companies from oil-producing countries to <\/strong>import and sell fuel. ..<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the power and energy minister said, ending a duopoly as it tries to overcome its shortage.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The state-run Ceylon Petroleum Corporation controls 80% of the fuel market, and Lanka IOC, a unit of Indian Oil Corporation, the rest.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>The Proposed Lankan constitutional amendment lets President Gotabaya off the hook<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Colombo July 1 (Counterpoint): The Gazetted draft of the 22 nd. Amendment (22A) of the Sri Lankan constitution, which will be presented to parliament in the coming week, is a compromise between the interests of President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe. It is also designed to maintain the stability needed to tide over the current economic crisis and to avoid a referendum. Hope this video presentation provided you with\u00a0 some current happenings in Sri Lanka for a better future.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Stay safe and goodbye for now.<\/span><\/p>\n<div class=\"span8\">\n<div class=\"entry-content\">\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Disclaimer:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The information contained in this article is for general information purposes only, and whilst the author will endeavour to keep the information up to date and correct, eLanka makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the eLanka website or the information, products, services, or related graphics contained in this article for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In otherwords, eLanka In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website \/ article. Also please note that through this website \/ web page articles you are able to link to other websites which are not under the control of eLanka and therefore we have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sri Lanka Progress &#8211; By Dr Harold Gunatillake Website:\u00a0www.Doctorharold.com Transcript: Protest marches are a daily occurrence Gota, Ranil, and others working with consistence *Colombo has taken steps to raise taxes, put state assets on sale and pledged to slash spending to the \u201cbare bones\u201d. *Sri Lanka makes progress toward IMF support \u2013 but no bailout [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":94738,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20,1103],"tags":[8927,2086,43479,44309],"class_list":{"0":"post-94737","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"category-dr-harold-gunatillake","9":"tag-central-bank","10":"tag-colombo","11":"tag-imf","12":"tag-nandalal-weerasinghe","13":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sri Lanka Progress - By Dr Harold Gunatillake - eLanka<\/title>\n<meta name=\"description\" content=\"Transcript:Protest marches are a daily occurrenceGota, Ranil, and others working with consistence*Colombo has taken steps to raise taxes,\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sri Lanka Progress - By Dr Harold Gunatillake\" \/>\n<meta property=\"og:description\" content=\"Transcript:Protest marches are a daily occurrenceGota, Ranil, and others working with consistence*Colombo has taken steps to raise taxes,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/websitedesigns.com.au\/elankanew\/sri-lanka-progress-by-dr-harold-gunatillake\/\" \/>\n<meta property=\"og:site_name\" content=\"eLanka\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/eLanka.com.au\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-03T11:29:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-03T17:05:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2022\/07\/sri-lanka-progress-e1656847724678.png\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"158\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"eLanka admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"eLanka admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/sri-lanka-progress-by-dr-harold-gunatillake\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/sri-lanka-progress-by-dr-harold-gunatillake\/\"},\"author\":{\"name\":\"eLanka admin\",\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/#\/schema\/person\/f6e635b74ab35ef88a68a9973cacc5bd\"},\"headline\":\"Sri Lanka Progress &#8211; 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