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☆ Sri Lanka Votes on New Law to Regulate Online Content
  + stars: | 2024-01-24 | by ( Jan. | At A.M. | ) www.usnews.com   time to read: +2 min
By Uditha JayasingheCOLOMBO (Reuters) - Sri Lanka's lawmakers are set to vote on a social media regulation bill on Wednesday which opposition politicians and activists allege will muzzle free speech. The Online Safety Bill proposes jail terms for content that a five-member commission considers illegal and make social media platforms such as Google, Facebook and X, formerly known as Twitter, liable for those posted on their platforms. President Ranil Wickremesinghe's government says the bill is aimed at battling cyber crimes including child abuse, data theft and online fraud. This is why we are bringing this law," Public Security Minister Tiran Alles said on Tuesday while introducing the bill. "We unequivocally stand by our position that the Online Safety Bill, in its current form, is unworkable and would undermine potential growth and foreign direct investment into Sri Lanka's digital economy," the AIC said in a statement.
Persons: Uditha Jayasinghe, Bill, Ranil Wickremesinghe's, Wickremesinghe, Tiran Alles, Eran Wickramaratne, Jana Balawegaya, Sudipto Ganguly, Raju Gopalakrishnan Organizations: Reuters, Google, Facebook, Twitter, Public, Asian Internet Coalition, AIC, Yahoo, Sri, Wednesday Locations: Uditha Jayasinghe COLOMBO, Sri Lanka, Lanka's
☆ IMF approves nearly $3 bln bailout for Sri Lanka
  + stars: | 2023-03-20 | by ( ) www.reuters.com   time to read: +2 min
March 20 (Reuters) - The International Monetary Fund (IMF) on Monday said its executive board approved a nearly $3 billion bailout for Sri Lanka, and the country's presidency said the program will enable it to access up to $7 billion in overall funding. The decision will allow an immediate disbursement of about $333 million, the IMF said, and will spur financial support from other partners, potentially helping Sri Lanka emerge from its worst financial crisis in over seven decades. IMF Managing Director Kristalina Georgieva said Sri Lanka also needs to undertake various reforms. "For Sri Lanka to overcome the crisis, swift and timely implementation of the EFF-supported program with strong ownership for the reforms is critical," Georgieva said in a statement. Sri Lanka President Ranil Wickremesinghe's office said in a statement that the IMF program will help improve the country's standing in international capital markets, making it attractive for investors and tourists.
☆ Sri Lanka says 'positive news' coming from IMF on $2.9 bln package
  + stars: | 2023-03-07 | by ( Uditha Jayasinghe | ) www.reuters.com   time to read: +2 min
COLOMBO, March 7 (Reuters) - Sri Lanka is on the verge of getting "very positive news" from the International Monetary Fund on a $2.9 billion programme, a government minister said on Tuesday, while a senior source said it had also won debt restructuring support from China. The island nation of 22 million is struggling with its worst economic crisis in more than seven decades. "Sri Lanka is on the verge of getting very positive news from the IMF," the junior finance minister, Shehan Semasinghe, told parliament. "The IMF programme is essential for us and Sri Lanka has worked very hard since last September to secure it." A senior Sri Lankan government official said the Export-Import Bank of China had written to the IMF supporting Sri Lanka's debt restructuring programme, which is critical to securing final approval for the loan.
☆ Sri Lanka budget to seek recovery for crisis-hit economy
  + stars: | 2022-11-14 | by ( Uditha Jayasinghe | ) www.reuters.com   time to read: +2 min
President Ranil Wickremesinghe's first full-year budget to parliament will include measures aimed at helping Sri Lanka restructure its debt, increase revenues and trim spending as it works on the bailout with the International Monetary Fund, analysts say. "This is a budget that is being presented at a time Sri Lanka is facing an unprecedented crisis," said State Minister for Finance Ranjith Siyambalapitiya. The World Bank estimates Sri Lanka's economy will contract by 9.2% this year and 4.2% in 2023. Unable to pay for critical imports, Sri Lanka struggled to buy essentials such as fuel, and the public faced soaring inflation, a rapidly depreciating currency and sharply shrinking growth. Spending cuts will likely to be tricky, given Sri Lanka's large public workforce and high debt.
☆ Sri Lanka to keep 'middle-income' status but seek concessional loans
  + stars: | 2022-10-11 | by ( Uditha Jayasinghe | ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com Register"Sri Lanka will remain a middle-income country," the office said in a statement. "We will request the World Bank to grant the country eligibility to obtain loans offered by the International Development Association (IDA)." The local World Bank office in Colombo had no immediate comment on the Sri Lankan request. It said it would continue its discussions with Sri Lanka and that the "key priority" was to move ahead with debt restructuring and economic reforms to put the country's growth back on track. Sri Lanka reached a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout in September but has to put its debt on a sustainable path before the funds can be disbursed.
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