India’s Modi visits Sri Lanka to shore up defence and energy ties

Indian Prime Minister Narendra Modi arrived in Sri Lanka on a diplomatic mission aimed at deepening defence and energy collaboration, as the island nation seeks to maintain a strategic balance between India and China—its largest creditor.

On the anniversary of Sri Lanka’s independence from Britain, President Anura Kumara Dissanayake vowed to reshape the country’s global reputation and eliminate its association with corruption.

Sri Lanka is set to secure a staff-level agreement with the International Monetary Fund (IMF) on Friday for the third review of its $2.9 billion bailout program, President Anura Kumara Dissanayake announced during the inaugural session of the new parliament.

Sri Lankans are set to vote in a parliamentary election this week, marking a potential shift away from decades of family-led politics. 

Anura Kumara Dissanayake, a Marxist-leaning politician with no political lineage, took oath as Sri Lanka`s president on Monday, a day after he won a comprehensive victory in the debt-ridden South Asian country`s presidential election.

Anura Kumara Dissanayake, a leftist politician, is leading Sri Lanka`s presidential election. This is the first election since mass protests in 2022 forced the resignation of then-president Gotabaya Rajapaksa, following the country’s worst economic crisis in decades.

President Ranil Wickremesinghe declared on Wednesday that Sri Lanka remains steadfast in its commitment to repaying its debt within the designated 2027-2042 schedule. He emphasized that successful debt restructuring negotiations are anticipated to reduce annual external debt payments to 4% of the country`s GDP.

Lawmakers in Sri Lanka are poised to vote on a social media regulation bill, drawing criticism from opposition figures and activists who argue that it could stifle free speech.

Sri Lankan President Ranil Wickremesinghe commended the electoral success of the Bangladesh Awami League, citing it as a clear demonstration of the Bangladeshi people`s trust and confidence in Prime Minister Sheikh Hasina`s capable leadership.

Sri Lanka has introduced a new 18 percent value added tax (VAT) on fuel, mobile phones, and computers starting from Monday. 

Sri Lanka`s economy has shown signs of growth in the September quarter, marking a significant turnaround since the nation faced a debt default due to a foreign exchange shortage last year, as stated by the country`s central bank on Saturday.

Sri Lanka has been informed that a debt-restructuring agreement with creditor nations has been reached but the official confirmation letter from the creditor committee is yet to arrive.

In a significant move aimed at combating the ongoing economic crisis, Sri Lanka`s Parliament has granted approval to a crucial anti-corruption legislation on Wednesday.

Sri Lanka`s parliament approved a domestic debt restructuring plan on Saturday that is crucial to continue a 2.9 billion US dollar bailout from the International Monetary Fund (IMF).

Sri Lanka has received the first tranche of its bailout package from the International Monetary Fund (IMF), President Ranil Wickremesinghe told parliament. 

Sri Lanka is on the verge of getting `very positive news` from the International Monetary Fund (IMF) on a 2.9 billion dollar programme, a government minister said on Tuesday.