<p>The Colombian navy has intercepted three “narco-submarines” trafficking cocaine across the Pacific, marking a significant blow to illegal drug networks. The operation was part of a massive global naval campaign, "Orion," which seized drugs worth over $8 billion in just six weeks.&nbsp;</p>

<h2><strong>Largest drug seizure in Colombian history</strong></h2>

<p>“This is perhaps the largest seizure of cocaine in transit made by Colombia in history,” said Colombian President Gustavo Petro on social media platform X. The operation resulted in the confiscation of more than 1,400 tonnes of drugs, including 225 tonnes of cocaine and 1,000 tonnes of marijuana. Over 400 individuals were arrested during the global operation targeting oceans, coasts, rivers, and ports in October and November.</p>

<p><strong>Also read |&nbsp;</strong><a href="https://www.wionews.com/world/australia-passes-social-media-ban-on-children-under-16-becomes-first-country-to-take-such-measure-779993">Australia passes social media ban on children under 16, becomes first country to take such measure</a></p>

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<blockquote class="twitter-tweet">
<p dir="ltr" lang="es">Quizás este sea la mayor incautación de cocaína en tránsito hecha por Colombia en la historia.<br />
<br />
¡14 toneladas de cocaína!<br />
<br />
Felicitaciones a la Armada. <a href="https://t.co/8iR4TurfrI">https://t.co/8iR4TurfrI</a></p>
— Gustavo Petro (@petrogustavo) <a href="https://twitter.com/petrogustavo/status/1861846158932345270?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote>
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<p>&nbsp;</p>

<p>Among the seized vessels, one submarine was captured off Clipperton Island, a remote French coral atoll in the Pacific, over 2,000 miles from Colombia. It was carrying five tonnes of cocaine and had enough fuel to reach Australia.</p>

<p><strong>Also read |&nbsp;</strong><a href="https://www.wionews.com/world/five-killed-as-south-korea-battles-with-heavy-snow-third-heaviest-snowfall-recorded-in-seoul-779937">Five killed as South Korea battles heavy snow; third-heaviest snowfall recorded in Seoul</a></p>

<p>Vice-Admiral Orlando Enrique Grisales of the Colombian Navy noted the changing dynamics of drug cartels. “Today they are organised networks that associate, not a pyramid structure like the old cartels,” he said.</p>

<h2><strong>What are Narco-Subs? &nbsp;</strong></h2>

<p>Narco-submarines, typically constructed from fibreglass-covered wood, are ultra-low-profile vessels designed to evade radar detection. While not fully submersible, they can reach depths of up to three metres, and generally carry a crew of four.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>


The Colombian navy has intercepted three “narco-submarines” trafficking cocaine across the Pacific, marking a significant blow to illegal drug networks. The operation was part of a massive global naval campaign, "Orion," which seized drugs worth over $8 billion in just six weeks.

The Colombian navy has intercepted three “narco-submarines” trafficking cocaine across the Pacific, marking a significant blow to illegal drug networks. The operation was part of a massive global naval campaign, "Orion," which seized drugs worth over $8 billion in just six weeks. Largest drug seizure in Colombian history “This is perhaps the largest seizure of cocaine in transit made by Colombia in history,” said Colombian President Gustavo Petro on social media platform X. The operation resulted in the confiscation of more than 1,400 tonnes of drugs, including 225 tonnes of cocaine and 1,000 tonnes of marijuana. Over 400 individuals were arrested during the global operation targeting oceans, coasts, rivers, and ports in October and November. Also read | Australia passes social media ban on children under 16, becomes first country to take such measure Quizás este sea la mayor incautación de cocaína en tránsito hecha por Colombia en la historia. ¡14 toneladas de cocaína! Felicitaciones a la Armada. https://t.co/8iR4TurfrI — Gustavo Petro (@petrogustavo) November 27, 2024 × Among the seized vessels, one submarine was captured off Clipperton Island, a remote French coral atoll in the Pacific, over 2,000 miles from Colombia. It was carrying five tonnes of cocaine and had enough fuel to reach Australia. Also read | Five killed as South Korea battles heavy snow; third-heaviest snowfall recorded in Seoul Vice-Admiral Orlando Enrique Grisales of the Colombian Navy noted the changing dynamics of drug cartels. “Today they are organised networks that associate, not a pyramid structure like the old cartels,” he said. What are Narco-Subs? Narco-submarines, typically constructed from fibreglass-covered wood, are ultra-low-profile vessels designed to evade radar detection. While not fully submersible, they can reach depths of up to three metres, and generally carry a crew of four. (With inputs from agencies)

Colombian navy seizes cocaine worth $8 billion in narco-submarine bust

<p>Sri Lanka is hoping to get $5 billion from multilateral agencies as loans next year along with an IMF deal, as the government is working towards raising around $3 billion through restructuring of state assets, Sri Lanka’s Foreign Minister Ali Sabry told Reuters on Wednesday.</p>

<p>The nation recently witnessed widespread protests because of a shortage of fuel and food&nbsp; and high inflation as it battled its worst economic crisis in more than seven decades. The protests resulted in the ouster of Sri Lanka’s then-President Gotabaya Rajapaksa in July.</p>

<p>Additional funds are important for the Sri Lankan government which is burdened with a public external debt amounting to $40.6 billion, 22% of which it owes to Chinese creditors. An agreement was reached between Sri Lanka and the IMF in September for a loan of $2.9 billion, which may get approval for disbursal next year.</p>

<p><strong>ALSO READ|</strong>&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankas-2023-budget-gets-parliamentary-nod-amidst-unprecedented-economic-crisis-541497">Sri Lanka’s 2023 budget gets parliamentary nod amidst unprecedented economic crisis</a></p>

<p>"Apart from what we get from the IMF, we are looking at all others, the multilaterals put together another $4-$5 billion," said the foreign minister in an interview.</p>

<p>"The president is interested in restructuring some of the (state) institutions, so through that if we can raise $2-$3 billion, then what happens is that our treasury and reserves become strengthened,” he added. The minister stated that Sri Lanka was looking forward to getting approval from the IMF board for the loan in December; however, it has been likely postponed to January.</p>

<p>The government is working towards finalising financing assurances from nations like India, China and Japan, along with private creditors. The foreign minister said that the government is yet to receive "letters of assurance” for restructuring of debt from India as well as China, which is its largest bilateral creditor.</p>

<p>The minister added that the restructuring efforts have been supported by the two nations and that the required data and documents have been shared by Sri Lanka.</p>

<p><strong>WATCH|&nbsp;Exclusive: Sri Lanka's Foreign Minister Ali Sabry speaks to WION</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/exclusive-sri-lankas-foreign-minister-ali-sabry-speaks-to-wion-536570/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>"We are very, very clear, both to the IMF and to our multilateral partners and to our bilateral friends that patience is running out and it is urgent for the sake of Sri Lankans and the good health of the world economy," said Sabry.</p>

<p>He stated that there has been improvement in the economy of Sri Lanka overall due to regular imports of essentials like food and fuel. The country’s inflation had increased above 70% earlier this year, however, it eased to 61% by November end and it is expected that the economy will contract by about 8.7% by the year's end.</p>

<p>"Some stability is taking place. Then the growth can return. So that should start in the next quarter of next year with the IMF loan coming in, other multilateral agencies coming in. But the growth to take place, it is going to be 2024 if everything goes according to plan,” said Sabry.</p>

<p><em>(With inputs from agencies)</em></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Sri Lanka is hoping to get $5 billion from multilateral agencies as loans next year along with an IMF deal, as the government is working towards raising around $3 billion through restructuring of state assets, Sri Lanka’s Foreign Minister Ali Sabry told Reuters on Wednesday.

Sri Lanka is hoping to get $5 billion from multilateral agencies as loans next year along with an IMF deal, as the government is working towards raising around $3 billion through restructuring of state assets, Sri Lanka’s Foreign Minister Ali Sabry told Reuters on Wednesday. The nation recently witnessed widespread protests because of a shortage of fuel and food and high inflation as it battled its worst economic crisis in more than seven decades. The protests resulted in the ouster of Sri Lanka’s then-President Gotabaya Rajapaksa in July. Additional funds are important for the Sri Lankan government which is burdened with a public external debt amounting to $40.6 billion, 22% of which it owes to Chinese creditors. An agreement was reached between Sri Lanka and the IMF in September for a loan of $2.9 billion, which may get approval for disbursal next year. ALSO READ| Sri Lanka’s 2023 budget gets parliamentary nod amidst unprecedented economic crisis "Apart from what we get from the IMF, we are looking at all others, the multilaterals put together another $4-$5 billion," said the foreign minister in an interview. "The president is interested in restructuring some of the (state) institutions, so through that if we can raise $2-$3 billion, then what happens is that our treasury and reserves become strengthened,” he added. The minister stated that Sri Lanka was looking forward to getting approval from the IMF board for the loan in December; however, it has been likely postponed to January. The government is working towards finalising financing assurances from nations like India, China and Japan, along with private creditors. The foreign minister said that the government is yet to receive "letters of assurance” for restructuring of debt from India as well as China, which is its largest bilateral creditor. The minister added that the restructuring efforts have been supported by the two nations and that the required data and documents have been shared by Sri Lanka. WATCH| Exclusive: Sri Lanka's Foreign Minister Ali Sabry speaks to WION "We are very, very clear, both to the IMF and to our multilateral partners and to our bilateral friends that patience is running out and it is urgent for the sake of Sri Lankans and the good health of the world economy," said Sabry. He stated that there has been improvement in the economy of Sri Lanka overall due to regular imports of essentials like food and fuel. The country’s inflation had increased above 70% earlier this year, however, it eased to 61% by November end and it is expected that the economy will contract by about 8.7% by the year's end. "Some stability is taking place. Then the growth can return. So that should start in the next quarter of next year with the IMF loan coming in, other multilateral agencies coming in. But the growth to take place, it is going to be 2024 if everything goes according to plan,” said Sabry. (With inputs from agencies)

‘Growth can return’, says Sri Lankan FM, as govt aims to raise $8 billion in loans

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Colombian navy seizes cocaine worth $8 billion in narco-submarine bust

‘Growth can return’, says Sri Lankan FM, as govt aims to raise $8 billion in loans