The Executive Board of the International Monetary Fund (IMF) has completed the Review of Poverty Reduction and Growth Trust (PRGT) Facilities and Financing, the IMF’s vehicle for providing concessional financing to low-income member countries.

Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said IMF membership adopted a comprehensive reform and financing package for the Poverty Reduction and Growth Trust (PRGT) to bolster the IMF’s support to low-income countries

"Our membership today has adopted a comprehensive reform and financing package for the Poverty Reduction and Growth Trust (PRGT) to bolster the IMF’s support to low-income countries.”

“The package includes a framework to deploy IMF net income and/or reserves to generate about US$8 billion in additional subsidy resources for the PRGT over the next five years. Combined with other reform measures and last year’s successful bilateral fundraising, this would increase the PRGT’s long-term annual lending envelope to about US$3.6 billion, more than twice the pre-pandemic level, and help catalyze significant additional flows from public and private sources.”

“This agreement comes at a critical time as low-income countries have suffered a series of unprecedented shocks and face substantial financing needs. With exceptionally high demand for PRGT financing, the approved package will generate the concessional resources necessary to ensure that the Fund can continue supporting low-income countries to implement sound policies and build strong institutions.”

“These reforms will help tailor IMF support to country-specific needs, recognizing the increasing economic heterogeneity of low-income countries. To ensure that scarce concessional resources are targeted to those most in need, a new interest rate mechanism will maintain interest-free lending for the poorest countries while ensuring that lending terms for others have a sufficient degree of concessionality. Access policies will allow for flexibility in calibrating Fund support, and safeguards will be strengthened and streamlined.”

“Our global membership has demonstrated once again its shared commitment to support our low-income members in challenging economic times,” she said.

For the first time in Sri Lanka, the government is to establish a mechanism to supervise and advice ministries in the implementation of policies, a source said.

A tense situation was reported at the UNP party headquarters in Sirikotha when a group of UNP supporters arrived to hand over a document on reviving the party.

Samagi Jana Balawegaya (SJB) MP Harsha de Silva said today that an NPP MP has told him that the Parliament canteen will not be closed but the government will see that no one will abuse the facility.

Two fishermen were seriously injured and hospitalised after a parcel floating on the sea exploded while they were checking it off the coast of Mannar.

The Disaster Management Centre (DMC) and the Examinations Department have initiated a joint programme to mitigate potential disasters during the 2024 Advanced Level examinations.

President Anura Kumara Dissanayake addressed the inaugural session of the 10th Parliament of Sri Lanka today. Following are 11 key points from the President’s Government Policy Statement;

Speaker Dr. Ashoka Sapumal Ranwala informed Parliament that nomination of Sajith Premadasa, leader of the Samagi Jana Balawegaya (SJB), has been accepted as the Opposition Leader of the 10th Parliament of Sri Lanka.

Jaffna District Independent MP Archuuna Ramanathan refused to move away after he sat on the Opposition Leader's seat inside the chambers despite requests by Parliament staff to move.

National People's Power (NPP) Gampaha MP Dr. Ashoka Sapumal Ranwala was elected as the Speaker of the 10th Parliament of Sri Lanka a short while ago. Prime Minister Harini Amarasuriya proposed his name, and the nomination was confirmed by Vijitha Herath.

President Anura Kumara Dissanayake adjourned the Sri Lankan Parliament until 9:30 a.m. on December 3. The adjournment followed the President’s delivery of the government’s policy statement during the inaugural session of the 10th Parliament earlier today.