The Indian Panorama

Tag: Ranil Wickremesinghe

  • In final stages of negotiations with IMF on bailout package: Sri Lanka President

    COLOMBO (TIP): President Ranil Wickremesinghe on February 9 said Sri Lanka was in the final stages of negotiations with the IMF on the much-awaited USD 2.9 billion bailout package that could help the debt-trapped island nation recover from the unprecedented economic crisis. Wickremesinghe also said that his government was having “direct discussions” with Beijing to restructure the country’s debts with China.

    The International Monetary Fund (IMF) in September last year approved Sri Lanka the USD 2.9 billion bailout package for over 4 years pending the island nation’s ability to restructure its debt with creditors — both bilateral and sovereign bond holders.

    By the end of June 2022, Sri Lanka owed nearly USD 40 billion to bilateral, multilateral and commercial loans, according to the figures released by the Sri Lankan Treasury.

    With assurances from creditors, the USD 2.9 billion facility could get the IMF board approval in March, officials said.

    The IMF facility would enable Sri Lanka to obtain bridging finance from markets and other lending institutions such as the ADB and the World Bank.

    “We are in the final stages of negotiations with the IMF. India has agreed to debt restructuring & extended financial assurance. We are in direct discussions with China. The Paris Club announced its support. The international support is a sign that we are on the right track,” Wickremesinghe tweeted on Thursday.

    Last month, India’s finance ministry issued a letter to the IMF confirming its support to Sri Lanka on the issue of debt restructuring.

    Subsequently, External Affairs Minister S Jaishankar, during his visit to Sri Lanka, also announced India’s assurances to Sri Lanka for the bailout package. Sri Lanka has also completed its debt restructuring talks with Japan, its other big creditor, last month.

    Wickremesinghe, who is also Sri Lanka’s finance minister, said inflation levels, which was 70 per cent when he took over as the president in July last year, had now been reduced to 54 per cent as of January 2023.

    “When I first addressed parliament as President, inflation stood at 70%. It’s now down to 54%. Exports have risen to $13b; imports are down to $18b; remittances are up to $4b. Foreign reserves are up to $500m,” he tweeted, a day after making a policy statement in Parliament. Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves.

    (PTI)

  • Need to fully implement law for Tamils’ political autonomy: Sri Lankan President

    Need to fully implement law for Tamils’ political autonomy: Sri Lankan President

    Colombo (TIP): Sri Lankan (SL) President Ranil Wickremesinghe has underlined the need to fully implement the India-backed 13th Amendment to the Constitution to grant political autonomy to the minority Tamils in the country.

    Addressing an all-party meeting, Wickremesinghe also said that if anyone opposed the full implementation of 13A, the Parliament must take steps to abolish the law. India has been pressing Sri Lanka to implement the 13th Amendment to the Constitution which was brought in after the Indo-Sri Lankan agreement of 1987.

    This law provides for the devolution of power to the Tamil community in Sri Lanka. Colombo has had a history of failed negotiations to end the Tamil claim of discrimination. The 13A provides for the devolution of power to the Tamil community in Sri Lanka. India has been pressing Sri Lanka to implement the 13A which was brought in after the Indo-Sri Lankan agreement of 1987.

    Wickremesinghe, who took over as the president last year amidst the unprecedented economic crisis and political turmoil, said that as the head of the nation, it was his duty to implement the prevailing laws. The all-party conference came closely on the heels of the visit by Indian External Affairs Minister S Jaishankar who had emphasised India’s wish to see the full implementation of 13A.

    The 13A became part of Sri Lanka’s Constitution due to direct intervention by India in Sri Lanka’s ethnic conflict way back in 1987. The provincial council system was part of the Indo-Lanka Accord signed by the then-Indian PM Rajiv Gandhi and Lankan President JR Jayewardene. Wickremesinghe in mid-December had initiated talks with the minority Tamil political groups in order to achieve reconciliation by February 4, the 75th anniversary of the independence of Sri Lanka from Britain.

    Sri Lanka has had a long history of failed negotiations to end the Tamil claim of discrimination by allowing some form of political autonomy. Over the years, the Sri Lankan government has been aggressive against Tamilian groups following its war with the Liberation Tigers of Tamil Eelam (LTTE). The LTTE ran a military campaign for a separate Tamil homeland in the northern and eastern provinces of the island nation for nearly 30 years before its collapse in 2009 after the Sri Lankan Army killed its supreme leader Velupillai Prabhakaran. According to Sri Lankan government figures, over 20,000 people are missing due to various conflicts including the three-decade brutal war with Lankan Tamils in the north and east which claimed at least 100,000 lives. (PTI)

  • Lanka PM: Only India giving money for fuel

    Colombo (TIP): Prime Minister Ranil Wickremesinghe said on June 8 that he has urged IMF chief Kristalina Georgieva to “expedite” its assistance programme to Sri Lanka and underlined that no country except India was providing money to the crisis-hit island nation for fuel. The conversation between Wickremesinghe, who is also the Finance Minister, and the Managing Director of the International Monetary Fund comes as Sri Lanka has decided to seek the assistance of the Washington-based global lender to combat the worst economic crisis since its independence from Britain in 1948. The talks between Sri Lanka and the IMF commenced on April 18.
    Sri Lanka has already initiated measures to restructure its foreign debts — a prerequisite for an IMF programme — after the government suspended all the external debt repayments on April 12. In his address to Parliament, Wickremesinghe said he had a telephonic conversation with Georgieva on Tuesday during which she was informed of Sri Lanka’s need for bridging finance.
    “I am doing my best to push forward this and get finance latest by September,” Wickremesinghe added. (PTI)

  • Ranil Wickremesinghe returns as Lankan PM

    Ranil Wickremesinghe returns as Lankan PM

    COLOMBO (TIP): Opposition leader and former premier Ranil Wickremesinghe was sworn-in as Sri Lanka’s 26th Prime Minister on Thursday, days after his predecessor Mahinda Rajapaksa was forced to resign following violent protests over the worst economic crisis in the debt-ridden island nation.

    The 73-year-old United National Party (UNP) leader took oath before President Gotabaya Rajapaksa at a ceremony in the President’s office after they held closed-door discussions over formation of a new government to address the economic crisis. “My best wishes to the newly appointed PM, who stepped up to take on the challenging task of steering our country through a very turbulent time. I look forward to working with him to make Sri Lanka strong again,” President Gotabaya tweeted along with a picture of him and Wickremesinghe.

    Sri Lanka was without a government since Monday when Gotabaya’s elder brother and former Prime Minister Mahinda Rajapaksa resigned after violence erupted following an attack on the anti-government protesters by his supporters. The attack triggered widespread violence against Rajapaksa loyalists, leaving nine dead.

    Mahinda quickly tweeted a congratulatory message to Wickremesinghe. He is under protection at a naval base following violent attacks on his aides. Members of the ruling Sri Lanka Podujana Peramuna (SLPP) and some from the main Opposition Samagi Jana Balawegaya (SJB) and several other parties said they would back Wickremesinghe in Parliament, according to reports. However, several factions opposed the move to appoint Wickremesinghe as the new Prime Minister.

    Four-time PM

    Wickremesinghe, a lawyer-turned politician who has been in Parliament for 45 years, has served as PM on four previous occasions. He was fired from the post by then President Maithripala Sirisena in October 2018. He was reinstalled after two months

    He is widely accepted as a man who could manage the economy with far-sighted policies, and is perceived as the Sri Lankan politician who could command international cooperation

    Ex-PM of Sri Lanka sends wishes

    Congratulations to the newly appointed Prime Minister. I wish you all the best as you navigate these troubled times. — Mahinda Rajapaksa, former Lanka PM

    India hopes for political stability

    The High Commission of India hopes for political stability and looks forward to working with the Government of Sri Lanka formed in accordance with democratic processes. India’s commitment to the people of Sri Lanka will continue. — Indian High Commission

    President of India congratulates

    My best wishes to the newly appointed PM, who stepped up to take on the challenging task of steering our country through turbulent times. Gotabaya Rajapaksa, Lanka President.

    (Source: PTI/TNS)

  • Sri Lanka’s former PM Wickremesinghe returns to Parliament for record 9th time

    Colombo (TIP): Sri Lanka’s former Prime Minister Ranil Wickremesinghe on June 23 was sworn in as an MP for a record ninth consecutive time, creating history as the only politician in the country to have entered every Parliament since 1977. The United National Party (UNP), which Wickremesinghe has been leading since 1994, suffered a major setback at the 2020 parliamentary polls when the party faced its worst election defeat in history. Wickremesinghe’s UNP was routed with just 2 per cent of the vote and the Samagi Jana Balawegaya (SJB), the breakaway UNP faction, became the main Opposition group by winning 40 seats as opposed to UNP’s solitary seat. Although Wickremesinghe was a defeated candidate in the August 2020 parliamentary election, his entry to Parliament was made possible by the solitary seat the UNP won – through the list of appointed members based on the cumulative votes polled nationally.

    The 72-year-old four-time prime minister has now created history as the only parliamentarian to represent all parliaments since 1977. For 10 months Wickremesinghe resisted the move to return to Parliament. He said he was forced by the party rank and file to return as a parliamentarian. Speaking after taking the oath, Wickremesinghe blamed the government led by President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa for the current economic problems and advocated a return to an International Monetary Fund bailout programme. PTI