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IMF team expected in Colombo next week

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The International Monetary Fund (IMF) would evaluate Sri Lanka’s economic progress next week, with a team of officials expected to arrive in the country, the Finance Ministry said.

Finance State Minister Shehan Semasinghe yesterday told Mirror Business that a team from the IMF would be in Colombo and would engage in technical meetings. The team will also meet with President Ranil Wickremesinghe.

The visit will be the first for the year 2024. 

While unsure of the duration of their stay in the country, Semasinghe shared that the team would evaluate the progress made thus far in the IMF-backed reform programme. 
“It is not going to be an assessment per say. It is a routine staff visit before the upcoming review,” he said. 

The second review under the 48-month Extended Fund Facility (EFF) arrangement is scheduled to be held in March-April this year and will look at the performance for the July to December 2023 period. 

Following the completion of the first review in December 2023, the IMF stressed the need for Sri Lanka to enter into agreements with its official and private creditors before the second review takes place. 

The finalisation of the first review paved the way for the disbursement of US $ 337 million. This brought the total IMF financial support disbursed to about US $ 670 million. 

Following the executive board discussion in December, the IMF said Sri Lanka’s macroeconomic policy reforms have begun to bear fruit and the economy is showing tentative signs of stabilisation, with rapid disinflation, significant revenue-based fiscal adjustment and reserves build-up.

Noting that the performance under the EFF-supported programme has been satisfactory, the IMF said all quantitative performance criteria for end-June were met, except the one on expenditure arrears. Other than tax revenues, all indicative targets were met as well.

To meet the IMF’s tax revenue requirement, Sri Lanka made several changes to its tax regime, with the major change being in the Value Added Tax (VAT).

The total amount of Sri Lanka’s EFF arrangement is about US $ 3 billion as of the time of programme approval on March 20, 2023. 

The programme supports Sri Lanka’s efforts to restore macroeconomic stability and debt sustainability, safeguard financial stability and enhance growth-oriented structural reforms.

(dailymirror.lk)

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03 remanded over shooting of Halloluwa’s vehicle

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The Colombo Magistrate’s Court on May 24 ordered to remand 03 suspects over the shooting of Thusitha Halloluwa’s vehicle.

They have been remanded until May 29.

The remanded suspects include the shooter’s wife, who was arrested at a Maharagama housing complex.

Officers from the Colombo Crime Division (CCD), who are investigating the shooting incident further state that the other 02 arrested are the security guard of the housing complex and a person who was traveling with the shooter.

Investigations have also revealed that the security guard of the apartment complex alerted the shooter about the police arrival during the raid, leading the shooter to flee immediately.

The vehicle of Thusitha Halloluwa – the former DG of Public Relations to former President Ranil Wickremesinghe, was shot in Narahenpita on May 17.

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Basil Rajapaksa absent from court; bail not revoked

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Matara Magistrate Aruna Buddhadasa recently ordered Basil Rajapaksa – founder of the Sri Lanka Podujana Peramuna and former Finance Minister, to appear before the Matara Magistrate’s Court on November 21.

The Magistrate made the order when he took up an existing case regarding a land in the Eliyakanda area of Matara that was purchased using allegedly illegally earned money of Rs.50 million.The FCID had filed this case against Basil Rajapaksa and 04 other defendants in 2017 over the alleged purchase of a 1.5 acre land in Eliyakanda, Matara under the name of his wife’s sister, using Rs.50 million allegedly obtained through illegal means.

The first suspect in this case is Tissa Galappaththi, the second suspect is Muditha Jayakody, the third suspect is former Minister Basil Rajapaksa, and the fourth suspect is Ayomi Galappaththi, the sister of the former Minister’s wife.The first suspect in this case is Tissa Galappaththi, the second is Muditha Jayakody, the third is former Minister Basil Rajapaksa, and the fourth is Ayomi Galappaththi, the sister of Rajapaksa’s wife.

While the first 02 suspects, who are out on bail, appeared in court, Basil Rajapaksa and Ayomi Galappaththi were absent.

Deputy Solicitor General Lakmini Girihagama, representing the Attorney General’s Department, noted that while Basil had been granted court permission to travel abroad until May 23, he failed to appear without a reasonable excuse and requested that his bail be revoked and a warrant issued.

In defense, President’s Counsel Anil Silva stated that his client had booked return flights for May 18 and 19, but US doctors had advised Rajapaksa against flying for 06 months after he had fallen off a chair, sustaining damage to his neck and nerves.

Girihagama questioned the claim, stating that the X Rays only indicated a neck sprain and a minor muscle strain. Noting that the medical reports were dated March 18, 2025, it was also questioned as to why tickets were booked for May 18 and 19 if doctors had actually advised against flying for 06 months. Therefore, Girihagama called for the court to revoke bail.

President’s Counsel Silva strongly defended his client, rejecting accusations of faking illness, affirming the credibility of US medical reports, and assuring the court of his client’s presence at the next hearing, arguing there is no need for a warrant or revoke bail.

After hearing both sides, Magistrate Aruna Buddhadasa decided not to issue a warrant or revoke bail, instructing that the accused be present on the next court date. The case was postponed to November 21.

(Source: Dinamina)

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President Dissanayake pays last respects to cinema legend Malini Fonseka

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President Anura Kumara Dissanayake paid his final respects yesterday (25) evening to the late veteran actress Malini Fonseka, fondly remembered as the “Queen of Sri Lankan Cinema.”

Her remains have been placed at the Tharangani Hall of the National Film Corporation, allowing the public to bid farewell to the beloved screen icon.

Malini Fonseka passed away in the early hours of May 24 at the age of 78 while undergoing treatment at a private hospital in Colombo. 

Her body was initially kept at her Madiwela residence before being moved to the National Film Corporation, where crowds continue to gather in tribute.

Among the dignitaries paying their respects were former Presidents Ranil Wickremesinghe, Mahinda Rajapaksa, Gotabaya Rajapaksa, and Chandrika Kumaratunga.

The final rites of the legendary actress will be held today (26) with full state honors at Independence Square.

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