The Sri Lankan President is scheduled to arrive in India. Leading up to his visit President Ranil Wickremesinghe made a sharp comment concerning his presidency and his surname. According to the reports, Ranil met with leaders from Tamil political parties on Wednesday. The meeting revolved around solving issues concerning Sri Lankan Tamils including more autonomy to certain provinces in the country.

Sri Lankan President Ranil Wickremesinghe to meet PM Modi, to seek 'innocent passage' for fishermen

<p>The first Test between Sri Lanka and Pakistan in Galle has reached an exciting point. Sri Lanka has handed Pakistan a target of 131 runs to chase. Before the end of the fourth day's play, Pakistan scored 48 runs losing 3 wickets. They have to score 83 runs on the last day to win the first Test. On the other hand, Pakistan's Abdullah Shafiq's fielding during Sri Lanka's second innings has grabbed eyeballs. Shafiq stunned the fans with his excellent fielding, taking a brilliant catch and sending Sadeera Samarawickrama to the pavilion.</p>

<h2>The brilliant catch</h2>

<p>Pakistan’s Salman Ali Agha was bowling in the 56th over of Sri Lanka's second innings. When Agha bowled to Sadeera Samarawickrama, the ball went towards a short fine leg. As soon as the ball came off the bat, Abdullah showed pace, made a wonderful dive to his right, and took a wonderful catch.</p>

<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/sports/one-step-at-a-time-rahul-dravids-mantra-ahead-of-india-vs-pakistan-asia-cup-clash-stst-617707">'One step at a time': Rahul Dravid's mantra ahead of India Vs Pakistan Asia Cup clash</a></strong></p>

<p>The audience, along with the batsman, was surprised to see this one-hand stunner. Twitter users also hailed the 23-year-old for his quick reflexes. Watch the video here:</p>

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<p dir="ltr" lang="en">This is pure sorcery. ft Abdullah Shafique. <a href="https://t.co/LRTn987DXr">pic.twitter.com/LRTn987DXr</a></p>
— Shafqat Shabbir (@Chefkat23) <a href="https://twitter.com/Chefkat23/status/1681591592170434561?ref_src=twsrc%5Etfw">July 19, 2023</a></blockquote>
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<h2>SL vs PAK Test</h2>

<p>Sri Lanka's second innings was reduced to 279 runs. Pakistan bowlers, Abrar Ahmed and Nauman Ali took three wickets each, while Salman Agha and Shaheen Shah Afridi picked two wickets. Sri Lankan opener Nishan Madushka scored 52 runs. Dhananjay de Silva scored the highest 82 runs and R Mendis contributed 42 runs.</p>

<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/sports/ashes-2023-marnus-labuschagne-rues-missed-chances-in-manchester-test-says-i-think-we-would-be-disappointed-617713">Ashes 2023: Marnus Labuschagne rues missed chances in Manchester Test, says 'I think we would be disappointed'</a></strong></p>

<p>In response, Pakistan scored 48 runs for the loss of three wickets. Imam-ul-Haq and Captain Babar Azam were at the crease at the end of the day's play. Haq scored his half-century in 84 balls, while Saud Shakeel, who seemed in good form was dismissed by Ramesh Mendis for 30 runs.</p>

<p>The second match will be played on July 24 at the Singhalese Sports Club Cricket Ground.</p>

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The first Test between Sri Lanka and Pakistan in Galle has reached an exciting point. Sri Lanka has handed Pakistan a target of 131 runs to chase. Before the end of the fourth day's play, Pakistan scored 48 runs losing 3 wickets.

The first Test between Sri Lanka and Pakistan in Galle has reached an exciting point. Sri Lanka has handed Pakistan a target of 131 runs to chase. Before the end of the fourth day's play, Pakistan scored 48 runs losing 3 wickets. They have to score 83 runs on the last day to win the first Test. On the other hand, Pakistan's Abdullah Shafiq's fielding during Sri Lanka's second innings has grabbed eyeballs. Shafiq stunned the fans with his excellent fielding, taking a brilliant catch and sending Sadeera Samarawickrama to the pavilion. The brilliant catch Pakistan’s Salman Ali Agha was bowling in the 56th over of Sri Lanka's second innings. When Agha bowled to Sadeera Samarawickrama, the ball went towards a short fine leg. As soon as the ball came off the bat, Abdullah showed pace, made a wonderful dive to his right, and took a wonderful catch. Also read: 'One step at a time': Rahul Dravid's mantra ahead of India Vs Pakistan Asia Cup clash The audience, along with the batsman, was surprised to see this one-hand stunner. Twitter users also hailed the 23-year-old for his quick reflexes. Watch the video here: This is pure sorcery. ft Abdullah Shafique. pic.twitter.com/LRTn987DXr — Shafqat Shabbir (@Chefkat23) July 19, 2023 × SL vs PAK Test Sri Lanka's second innings was reduced to 279 runs. Pakistan bowlers, Abrar Ahmed and Nauman Ali took three wickets each, while Salman Agha and Shaheen Shah Afridi picked two wickets. Sri Lankan opener Nishan Madushka scored 52 runs. Dhananjay de Silva scored the highest 82 runs and R Mendis contributed 42 runs. Also read: Ashes 2023: Marnus Labuschagne rues missed chances in Manchester Test, says 'I think we would be disappointed' In response, Pakistan scored 48 runs for the loss of three wickets. Imam-ul-Haq and Captain Babar Azam were at the crease at the end of the day's play. Haq scored his half-century in 84 balls, while Saud Shakeel, who seemed in good form was dismissed by Ramesh Mendis for 30 runs. The second match will be played on July 24 at the Singhalese Sports Club Cricket Ground. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

SL vs PAK: Abdullah Shafique's one-hand stunner is too good to miss, internet calls it sorcery

<p>Sri Lankan parliament on Wednesday (July 19) approved a crucial anti-corruption bill without a vote. The bill passed by the 225-member parliament of the South Asian nation is aimed at improving governance in the crisis-hit country. The process of passage of the bill is part of requirements linked to USD 2.9 billion bailout from the International Monetary Fund (IMF).</p>

<p>"The bill is passed with amendments," Sri Lanka parliament Speaker Mahinda Yapa Abeywardena told lawmakers after more than two dozen pages of amendments were included into the draft legislation during the morning session.</p>

<p>Last year, Sri Lanka experienced an unprecedented economic crisis in more than 70 years after foreign exchange reserves of the country became dangerously low. This forced the island nation to default on its foreign debt. This made inflation to increase dramatically. The currency of the country depreciated rapidly.</p>

<p><strong>Watch | Sri Lanka to consider trade in Indian rupee</strong></p>

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<p>There appeared to be some sign of hope after Sri Lanka locked down a USD 2.9 billion programme with the IMF in March. This included fresh anti-corruption legislation in order to strengthen governance and to bring it in line with the&nbsp;United Nations Convention Against Corruption.</p>

<p>This is the first time an IMF programme has been linked to such a measure in Asia.</p>

<h2><strong>'I am Ranil Wickremesinghe, not Ranil Rajapaksa'</strong></h2>

<p>Meanwhile, Sri Lankan President Ranil Wickremesinghe made an assertive statement. Wickremesinghe, who became president of the country after the economic crisis, sought to distance himself from former president Mahinda Rajapaksa. Wickremesinghe was speaking with representatives of Tamil political parties when he made the statement.</p>

<p><strong>Also Read | <a href="https://www.wionews.com/south-asia/i-am-ranil-wickremesinghe-not-ranil-rajapaksa-asserts-sri-lanka-president-617364">'I am Ranil Wickremesinghe, not Ranil Rajapaksa', asserts Sri Lanka president before India visit</a></strong></p>

<p>The statement from Wickremesinghe came just a day ahead of his trip to India which had helped Sri Lanka stabilise in the initial aftermath of the economic crisis by extending monetary and other help.</p>

<p>Sri Lankan president was speaking with Tamil political parties who have urged him to implement the 13th Amendment.&nbsp;</p>

<p>The 13th Amendment is the outcome of an agreement reached between India and Sri Lanka following the deal of 1987. It talks about the devolution of land and police powers to the provinces in Sri Lanka.</p>

<p>Wickremesinghe said that the 13th Amendment will be fully implemented but without police powers.</p>

<p>Sri Lanka, a Sinhalese-majority nation has a minority Tamil population, especially in the country's north and east.</p>

<p>The tension between the community even resulted in a 30-year military campaign during which hardline sections among the Sri Lankan Tamils formed LTTE (Liberation Tigers of Tamil Eelam). The LTTE ran a military campaign for a separate Tamil nation. LTTE collapsed in 2009 after a decisive operation by the Sri Lankan military that saw the leader of LTTE Prabhakaran getting killed.</p>

<p><em>(With inputs from agencies)</em></p>

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Sri Lankan parliament on Wednesday (July 19) approved a crucial anti-corruption bill without a vote. The bill passed by the 225-member parliament of the South Asian nation is aimed at improving governance in the crisis-hit country.

Sri Lankan parliament on Wednesday (July 19) approved a crucial anti-corruption bill without a vote. The bill passed by the 225-member parliament of the South Asian nation is aimed at improving governance in the crisis-hit country. The process of passage of the bill is part of requirements linked to USD 2.9 billion bailout from the International Monetary Fund (IMF). "The bill is passed with amendments," Sri Lanka parliament Speaker Mahinda Yapa Abeywardena told lawmakers after more than two dozen pages of amendments were included into the draft legislation during the morning session. Last year, Sri Lanka experienced an unprecedented economic crisis in more than 70 years after foreign exchange reserves of the country became dangerously low. This forced the island nation to default on its foreign debt. This made inflation to increase dramatically. The currency of the country depreciated rapidly. Watch | Sri Lanka to consider trade in Indian rupee × There appeared to be some sign of hope after Sri Lanka locked down a USD 2.9 billion programme with the IMF in March. This included fresh anti-corruption legislation in order to strengthen governance and to bring it in line with the United Nations Convention Against Corruption. This is the first time an IMF programme has been linked to such a measure in Asia. 'I am Ranil Wickremesinghe, not Ranil Rajapaksa' Meanwhile, Sri Lankan President Ranil Wickremesinghe made an assertive statement. Wickremesinghe, who became president of the country after the economic crisis, sought to distance himself from former president Mahinda Rajapaksa. Wickremesinghe was speaking with representatives of Tamil political parties when he made the statement. Also Read | 'I am Ranil Wickremesinghe, not Ranil Rajapaksa', asserts Sri Lanka president before India visit The statement from Wickremesinghe came just a day ahead of his trip to India which had helped Sri Lanka stabilise in the initial aftermath of the economic crisis by extending monetary and other help. Sri Lankan president was speaking with Tamil political parties who have urged him to implement the 13th Amendment. The 13th Amendment is the outcome of an agreement reached between India and Sri Lanka following the deal of 1987. It talks about the devolution of land and police powers to the provinces in Sri Lanka. Wickremesinghe said that the 13th Amendment will be fully implemented but without police powers. Sri Lanka, a Sinhalese-majority nation has a minority Tamil population, especially in the country's north and east. The tension between the community even resulted in a 30-year military campaign during which hardline sections among the Sri Lankan Tamils formed LTTE (Liberation Tigers of Tamil Eelam). The LTTE ran a military campaign for a separate Tamil nation. LTTE collapsed in 2009 after a decisive operation by the Sri Lankan military that saw the leader of LTTE Prabhakaran getting killed. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Sri Lankan parliament passes anti-corruption bill, fulfills IMF condition

Pakistan has gained the upper hand in the first test against Sri Lanka after day two the visitors are at 221 for five in the first Innings trailing the Lankans by 91 runs. It began the day on 221 for six Dhananjay de Silva was undoubtedly the star of the Innings. The 31-year-old completed his 10th test century and was eventually dismissed for 122.

Pakistan ended day two of the first test in Galle at 221/5

After the signing of a currency pact between India and the United Arab Emirates, Sri Lankan president Ranil Wickremesinghe has made a statement hinting at settling Sri Lanka's trade in the Indian rupee. The Sri Lankan president said that he would like to see the Indian rupee being used as much as the US dollar for foreign trade.

Sri Lanka to consider trade in Indian rupee

<p>Indian Foreign Secretary Vinay Mohan Kwatra is set to travel to Sri Lanka in the coming week to make arrangements for President Ranil Wickremesinghe's visit to New Delhi on July 20, as reported by the Daily Mirror.</p>

<p>This visit will mark President Wickremesinghe's first official trip to India since assuming office last year. Notable individuals accompanying the president on the visit include Fisheries Minister Douglas Devananda, Power and Energy Minister Kanchana Wijesekera, Foreign Affairs Minister Ali Sabry, and Chief of President's Staff Sagala Ratnayake.</p>

<p>During the visit, President Wickremesinghe is expected to engage in bilateral discussions with Indian Prime Minister Narendra Modi.</p>

<p>Sri Lanka's political situation remains uncertain, as President Wickremesinghe has yet to call for a general election and honour the mandate given to Gotabaya Rajapaksa until November 2024. Meanwhile, the country's economic situation likely needs some more time for improvement, especially with the upcoming release of the second tranche of a USD 2.9 billion loan package from the IMF at the end of this year, reported the Hindustan Times.&nbsp;</p>

<h2><strong>Net debtor status and external liabilities</strong></h2>

<p>Sri Lanka continues to be a net debtor country with substantial external liabilities and depleted external assets.</p>

<p>According to an IMF report, the country's net external liabilities significantly increased from an average of 51 per cent of GDP during 2017-2018 to 74 per cent of GDP in the third quarter of 2022.</p>

<p>This rise was mainly due to a surge in gross external liabilities, which increased from 64 to 86 per cent of GDP, driven by high government borrowing and significant depreciation of the rupee, particularly in 2022.</p>

<p>Gross external assets declined from 15 per cent of GDP in 2019 to 11.7 per cent of GDP in 2022.</p>

<p>Foreign Direct Investment accounted for approximately 25 per cent of the external liabilities, while other investments such as debt portfolios and bank loans accounted for about 60 per cent.</p>

<p>The government holds the majority share of the total external debt liabilities, making up 70 per cent.</p>

<p><strong>Also read |&nbsp;</strong><a href="https://www.wionews.com/business-economy/chasing-growth-sri-lanka-unleashes-second-round-of-interest-rate-cuts-612536/amp">Chasing Growth: Sri Lanka unleashes second round of interest rate cuts</a></p>

<h2><strong>Debt owed to India, Japan, and China</strong></h2>

<p>During the political and economic crisis last year, India provided emergency aid to Sri Lanka, with a remaining outstanding balance of around USD 3 billion.</p>

<p><strong>Also watch |&nbsp;Netherlands set to return treasures looted from Sri Lanka &amp; Indonesia</strong></p>

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<p>Additionally, Sri Lanka owes significant amounts to Japan and China, particularly due to loans for infrastructure projects associated with the Rajapaksa administration, reported the Hindustan Times.</p>

<p>The terms of the agreements were changed in 2017 by Ranil Wickremesinghe, leading to the leasing of the Hambantota deep seaport to China for a duration of 99 years.</p>

<p>Furthermore, President Wickremesinghe is scheduled to travel to China in October to attend the Belt and Road Initiative and meet with President Xi Jinping.</p>

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Indian Foreign Secretary Vinay Mohan Kwatra is set to travel to Sri Lanka in the coming week to make arrangements for President Ranil Wickremesinghe's visit to New Delhi on July 20, as reported by the Daily Mirror.

Indian Foreign Secretary Vinay Mohan Kwatra is set to travel to Sri Lanka in the coming week to make arrangements for President Ranil Wickremesinghe's visit to New Delhi on July 20, as reported by the Daily Mirror. This visit will mark President Wickremesinghe's first official trip to India since assuming office last year. Notable individuals accompanying the president on the visit include Fisheries Minister Douglas Devananda, Power and Energy Minister Kanchana Wijesekera, Foreign Affairs Minister Ali Sabry, and Chief of President's Staff Sagala Ratnayake. During the visit, President Wickremesinghe is expected to engage in bilateral discussions with Indian Prime Minister Narendra Modi. Sri Lanka's political situation remains uncertain, as President Wickremesinghe has yet to call for a general election and honour the mandate given to Gotabaya Rajapaksa until November 2024. Meanwhile, the country's economic situation likely needs some more time for improvement, especially with the upcoming release of the second tranche of a USD 2.9 billion loan package from the IMF at the end of this year, reported the Hindustan Times. Net debtor status and external liabilities Sri Lanka continues to be a net debtor country with substantial external liabilities and depleted external assets. According to an IMF report, the country's net external liabilities significantly increased from an average of 51 per cent of GDP during 2017-2018 to 74 per cent of GDP in the third quarter of 2022. This rise was mainly due to a surge in gross external liabilities, which increased from 64 to 86 per cent of GDP, driven by high government borrowing and significant depreciation of the rupee, particularly in 2022. Gross external assets declined from 15 per cent of GDP in 2019 to 11.7 per cent of GDP in 2022. Foreign Direct Investment accounted for approximately 25 per cent of the external liabilities, while other investments such as debt portfolios and bank loans accounted for about 60 per cent. The government holds the majority share of the total external debt liabilities, making up 70 per cent. Also read | Chasing Growth: Sri Lanka unleashes second round of interest rate cuts Debt owed to India, Japan, and China During the political and economic crisis last year, India provided emergency aid to Sri Lanka, with a remaining outstanding balance of around USD 3 billion. Also watch | Netherlands set to return treasures looted from Sri Lanka & Indonesia Additionally, Sri Lanka owes significant amounts to Japan and China, particularly due to loans for infrastructure projects associated with the Rajapaksa administration, reported the Hindustan Times. The terms of the agreements were changed in 2017 by Ranil Wickremesinghe, leading to the leasing of the Hambantota deep seaport to China for a duration of 99 years. Furthermore, President Wickremesinghe is scheduled to travel to China in October to attend the Belt and Road Initiative and meet with President Xi Jinping. WATCH WION LIVE HERE:

Indian foreign secretary to visit Sri Lanka soon ahead of President Ranil Wickremesinghe's New Delhi trip

In order to obtain what is being referred to as an innocent route through Indian territorial seas for Sri Lankan fishermen to join the Arabian Sea for several days of fishing, Sri Lanka is pursuing new diplomatic partnerships with India.

Sri Lanka seeking fresh diplomatic alliance with India

Here, we bring you the news that is trending across WION's social media platforms- The government of the Netherlands has decided to return over 400 highly valuable and culturally significant artworks that were looted in Indonesia and Sri Lanka during the Dutch colonial era. The artefacts included range of jewelry precious metals and richly decorated cannons.

Netherlands set to return treasures looted from Sri Lanka & Indonesia

<p>A range of jewellery, precious metals and a richly decorated cannon are set to be returned by the Netherlands, as part of hundreds of cultural artefacts and art which were looted in Indonesia and Sri Lanka, both former Dutch colonies.&nbsp;</p>

<p>On Thursday, the Ministry of Culture in The Hague stated that most of these artefacts are culturally significant and highly valuable.</p>

<p>Dutch state secretary for Culture and Media Gunay Uslu said, “This is a historic moment. It’s the first time we’re following the recommendations of the committee to give back objects that should never have been brought to the Netherlands. But we are not just returning objects. We are actually starting a period in which we are more intensively cooperating with Indonesia and Sri Lanka."</p>

<p>The decision taken of returning around 478 objects was taken after considering the government-appointed commission's recommendations last year, which talked about the illegal Dutch colonial acquisitions that have now been put on display in museums of the Netherlands.&nbsp;</p>

<p><strong>ALSO READ |</strong>&nbsp;<a href="https://www.wionews.com/europe/netherlands-to-ban-mobile-devices-in-classrooms-from-next-year-612417">Netherlands to ban mobile devices in classrooms from next year</a></p>

<p>Uslu stated that they acted upon the recommendations which were stated in a report published by the Dutch committee in 2020, which was investigating the artefacts stolen during the colonial era.</p>

<p>The government was appealed by the committee to be "willing to return unconditionally" any cultural artefacts looted in former Dutch colonies if asked by the source country.</p>

<p>"The Netherlands must assume responsibility for its colonial past by making the recognition and redress of this injustice a key principle of the policy on colonial collections," the report stated.&nbsp;</p>

<p>The commission was established on the basis of a request received by Indonesia to return the natural history collections and art pieces from its former colonial ruler.</p>

<h2><strong>Loots of Dutches&nbsp;</strong></h2>

<p>Some of the valuable objects which will be returned include "Lombok treasure", a collection of hundreds of precious stones, silver objects and gold&nbsp;looted by the Dutch colonial army from the island of Lombok, Indonesia in 1894. The government returned a part of this treasure to Indonesia in 1977.</p>

<p><strong>WATCH |&nbsp;Netherlands, Germany hit by rare summer storms, 2 dead</strong></p>

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<p>Another highlight from the stolen artefacts is the Cannon of Kandy which will also be returned to Sri Lanka. The ceremonial weapon has been made using silver, gold, bronze, inlaid with rubies.</p>

<p>The barrel, which is decorated with King of Kandy's symbols, is believed to have been looted by the Dutches in 1765. The piece has been a part of the Rijksmuseum's collection since 1800. This week, a ceremony has been planned to officially return the looted artefacts to Indonesia.&nbsp;</p>

<main>
<section>
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A range of jewellery, precious metals and a richly decorated cannon are set to be returned by the Netherlands, as part of hundreds of cultural artefacts and art which were looted in Indonesia and Sri Lanka, both former Dutch colonies.

A range of jewellery, precious metals and a richly decorated cannon are set to be returned by the Netherlands, as part of hundreds of cultural artefacts and art which were looted in Indonesia and Sri Lanka, both former Dutch colonies. On Thursday, the Ministry of Culture in The Hague stated that most of these artefacts are culturally significant and highly valuable. Dutch state secretary for Culture and Media Gunay Uslu said, “This is a historic moment. It’s the first time we’re following the recommendations of the committee to give back objects that should never have been brought to the Netherlands. But we are not just returning objects. We are actually starting a period in which we are more intensively cooperating with Indonesia and Sri Lanka." The decision taken of returning around 478 objects was taken after considering the government-appointed commission's recommendations last year, which talked about the illegal Dutch colonial acquisitions that have now been put on display in museums of the Netherlands. ALSO READ | Netherlands to ban mobile devices in classrooms from next year Uslu stated that they acted upon the recommendations which were stated in a report published by the Dutch committee in 2020, which was investigating the artefacts stolen during the colonial era. The government was appealed by the committee to be "willing to return unconditionally" any cultural artefacts looted in former Dutch colonies if asked by the source country. "The Netherlands must assume responsibility for its colonial past by making the recognition and redress of this injustice a key principle of the policy on colonial collections," the report stated. The commission was established on the basis of a request received by Indonesia to return the natural history collections and art pieces from its former colonial ruler. Loots of Dutches Some of the valuable objects which will be returned include "Lombok treasure", a collection of hundreds of precious stones, silver objects and gold looted by the Dutch colonial army from the island of Lombok, Indonesia in 1894. The government returned a part of this treasure to Indonesia in 1977. WATCH | Netherlands, Germany hit by rare summer storms, 2 dead Another highlight from the stolen artefacts is the Cannon of Kandy which will also be returned to Sri Lanka. The ceremonial weapon has been made using silver, gold, bronze, inlaid with rubies. The barrel, which is decorated with King of Kandy's symbols, is believed to have been looted by the Dutches in 1765. The piece has been a part of the Rijksmuseum's collection since 1800. This week, a ceremony has been planned to officially return the looted artefacts to Indonesia. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Netherlands set to return treasures looted from Sri Lanka, Indonesia in colonial period

<p>Sri Lanka made its second consecutive interest rate cut as the country's inflation rate begins to stabilize after a severe economic crisis, Reuters reported. The focus has now shifted toward revitalising economic growth following a bailout from the International Monetary Fund (IMF).</p>

<p>The Central Bank of Sri Lanka (CBSL) has reduced its standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) from 13 per cent and 14 per cent to 11 per cent and 12 per cent, respectively. This 2 per cent reduction follows a 2.5 per cent cut during the previous policy meeting in June. Last year, Sri Lanka faced a crisis when it depleted its foreign exchange reserves, leading to skyrocketing food and energy prices. In July, protests resulted in the resignation of then-President Gotabaya Rajapaksa.</p>

<p><strong>Tackling Inflation After Infamous Political Unrest</strong></p>

<p>To combat inflation, the central bank raised interest rates by a record 950 basis points last year and increased them by an additional 100 basis points on March 3. However, President Ranil Wickremesinghe, who assumed office in July, negotiated a $2.9 billion bailout from the IMF in March to address the economic challenges.</p>

<p>The CBSL issued a statement urging the banking and financial sector to pass on the benefits of the monetary policy easing to individuals and businesses, thereby supporting economic activity and promoting a rebound. Sri Lanka's key inflation index peaked at 70 per cent year-on-year in September but gradually decreased to 12 per cent in June.</p>

<p>Reuters cited Dimantha Mathew, the head of research at First Capital, who highlighted the CBSL's intention to swiftly implement a domestic debt restructuring plan. He explained that with the rapid reduction of interest rates, the government would issue long-term bonds to lower borrowing costs. Mathew predicted that borrowing costs would decline to between 11 per cent and 13 per cent as rates continue to trend downward.</p>

<p><strong>Factors Affecting Recovery</strong></p>

<p>Although economic activity in Sri Lanka remained subdued in the second quarter of 2023, the CBSL expects a gradual recovery toward the end of the year. Factors contributing to this recovery include:</p>

<ul>
	<li>Policy normalization</li>
	<li>Improved supply conditions</li>
	<li>Relaxation of import restrictions</li>
	<li>Enhanced foreign exchange liquidity</li>
</ul>

<p>The central bank also anticipates that this recovery will gradually close the large negative output gap in the economy and lead to the attainment of the economy's potential level of growth over the medium term.</p>

<p>Analysts predict that more rate cuts will occur in the coming months to support economic recovery and reduce borrowing costs for both corporations and the government. Reuters cited Thilina Panduwawala, head of research at Frontier Research, who stated that the CBSL's confidence in the inflation trajectory and foreign inflows is instrumental in supporting the economy through lower interest rates. Panduwawala's projection is for the SLFR to reach 10 per cent by the end of the year, implying the likelihood of two more 100 basis point cuts during the remainder of the year.</p>

<p><em>(With Inputs from Reuters)</em></p>


Sri Lanka made its second consecutive interest rate cut as the country's inflation rate begins to stabilize after a severe economic crisis, Reuters reported. The focus has now shifted toward revitalising economic growth following a bailout from the International Monetary Fund (IMF).

Sri Lanka made its second consecutive interest rate cut as the country's inflation rate begins to stabilize after a severe economic crisis, Reuters reported. The focus has now shifted toward revitalising economic growth following a bailout from the International Monetary Fund (IMF). The Central Bank of Sri Lanka (CBSL) has reduced its standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) from 13 per cent and 14 per cent to 11 per cent and 12 per cent, respectively. This 2 per cent reduction follows a 2.5 per cent cut during the previous policy meeting in June. Last year, Sri Lanka faced a crisis when it depleted its foreign exchange reserves, leading to skyrocketing food and energy prices. In July, protests resulted in the resignation of then-President Gotabaya Rajapaksa. Tackling Inflation After Infamous Political Unrest To combat inflation, the central bank raised interest rates by a record 950 basis points last year and increased them by an additional 100 basis points on March 3. However, President Ranil Wickremesinghe, who assumed office in July, negotiated a $2.9 billion bailout from the IMF in March to address the economic challenges. The CBSL issued a statement urging the banking and financial sector to pass on the benefits of the monetary policy easing to individuals and businesses, thereby supporting economic activity and promoting a rebound. Sri Lanka's key inflation index peaked at 70 per cent year-on-year in September but gradually decreased to 12 per cent in June. Reuters cited Dimantha Mathew, the head of research at First Capital, who highlighted the CBSL's intention to swiftly implement a domestic debt restructuring plan. He explained that with the rapid reduction of interest rates, the government would issue long-term bonds to lower borrowing costs. Mathew predicted that borrowing costs would decline to between 11 per cent and 13 per cent as rates continue to trend downward. Factors Affecting Recovery Although economic activity in Sri Lanka remained subdued in the second quarter of 2023, the CBSL expects a gradual recovery toward the end of the year. Factors contributing to this recovery include: Policy normalization Improved supply conditions Relaxation of import restrictions Enhanced foreign exchange liquidity The central bank also anticipates that this recovery will gradually close the large negative output gap in the economy and lead to the attainment of the economy's potential level of growth over the medium term. Analysts predict that more rate cuts will occur in the coming months to support economic recovery and reduce borrowing costs for both corporations and the government. Reuters cited Thilina Panduwawala, head of research at Frontier Research, who stated that the CBSL's confidence in the inflation trajectory and foreign inflows is instrumental in supporting the economy through lower interest rates. Panduwawala's projection is for the SLFR to reach 10 per cent by the end of the year, implying the likelihood of two more 100 basis point cuts during the remainder of the year. (With Inputs from Reuters)

Chasing Growth: Sri Lanka unleashes second round of interest rate cuts

30-year-old Asian elephant Sak Surin has returned home to Thailand two decades after he was sent to Sri Lanka as a gift from the Thai royal family. In Lanka, Surin was abused, neglected and inflicted with wounds.

Gravitas: Sak Surin: Jumbo gifted to Sri Lanka returns to Thailand after 2 decades of abuse

<p>Thailand got into a diplomatic spat with Sri Lanka over an elephant which the former country had gifted to the latter two decades ago. The issue is over the alleged mistreatment of the 29-year-old Thai elephant Sak Surin, also known as Muthu Raja. The elephant was airlifted from Sri Lanka and arrived in Thailand on Sunday (July 2) afternoon. The 29-year-old, 4,000-kg mammal arrived in Thailand just after 2:00 pm (local time) on Sunday.</p>

<h2><strong>Muthu Raja elephant: What happened?</strong></h2>

<p>The Thai royal family in 2001 gifted Sak Surin, who came to be known as Muthu Raja, to the Sri Lankan government.&nbsp;</p>

<p>Sak Surin was gifted to a temple where it got the new name and was honoured in religious processions. However, an activist group Rally for Animal Rights and Environment (RARE) alleged that the mammal was being mistreated, tortured and neglected.&nbsp;</p>

<p>Last year, it lobbied to ask Thai officials to intervene. Until then, Muthu Raja was staying at the Kande Viharaya temple. RARE claimed that the elephant had a stiff leg after being forced to work with a logging crew and that its wounds, some allegedly inflicted by its handler, had been long-neglected.</p>

<p>“This is not the end, but the beginning of a new life for Muthu Raja,” said RARE founder, Panchali Panapitiya. The temple had agreed to transfer the elephant last November to Sri Lanka’s National Zoological Garden.&nbsp;</p>

<h2><strong>Health concerns of Muthu Raja elephant</strong></h2>

<p>Madusha Perera, a veterinary surgeon at the zoo told AFP, that Muthu Raja was in pain and covered in abscesses when it was rescued from the Buddhist temple last year. However, as of Friday, the abscesses which the elephant was suffering from have mostly healed. But due to the lack of facilities, Perera said, the zoo has not been able to fully treat its leg.&nbsp;</p>

<p>“Once he gets back to Thailand, the experts there will attend to the conditions so that one day we will be able to see him walk the normal way,” said Perera. According to the visiting Thai veterinarian, the elephant’s treatment in Thailand could include hydrotherapy, laser treatment and acupuncture.&nbsp;</p>

<p>Elephants are considered sacred in Sri Lanka and are protected by law. Therefore, RARE, expressing their unhappiness over Muthu Raja’s departure from the temple, said those responsible for neglecting the animal should be prosecuted.&nbsp;</p>

<p>Panapitiya also said that they were unsuccessful in raising the issue of Muthu Raja’s health with the Sri Lankan government and turned to the Thai government. The group also said that the lack of timely intervention from Sri Lankan wildlife officials has brought “disrepute” to the country.</p>

<h2><strong>Will this affect ties between the two countries?</strong></h2>

<p>Muthu Raja left Colombo at 7:40 am (local time) on a flight which Thai officials said cost $700,000, however, did not mention which country is paying for it. Meanwhile, Sri Lanka-based wildlife environmentalist Jagath Gunawardana said Muthu Raja was a gift which has been taken back and it will have a negative effect on the ties between the countries.&nbsp;</p>

<p>Last month, Sri Lanka Prime Minister Dinesh Gunawardena told the parliament that he personally conveyed the country’s regret to the Thai king over the elephant’s condition.&nbsp;</p>

<p>Meanwhile, Thai environment minister Varawut Silpa-archa said that Thailand has stopped sending elephants abroad while the conditions of those already overseas are being checked by Bangkok’s diplomatic missions.&nbsp;</p>

<p>Speaking about the elephant’s arrival, Varawut at the airport said, “He arrived in Chiang Mai perfectly.” He added, “He travelled five hours and nothing is wrong, his condition is normal.” This comes after the Thai elephant had been transported inside a steel crate onboard an Ilyushin Il-76 cargo plane.</p>

<p><em>(With inputs from agencies) &nbsp;</em><br />
<br />
&nbsp;</p>

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Thailand got into a diplomatic spat with Sri Lanka over an elephant which the former country had gifted to the latter two decades ago. The issue is over the alleged mistreatment of the 29-year-old Thai elephant Sak Surin, also known as Muthu Raja.

Thailand got into a diplomatic spat with Sri Lanka over an elephant which the former country had gifted to the latter two decades ago. The issue is over the alleged mistreatment of the 29-year-old Thai elephant Sak Surin, also known as Muthu Raja. The elephant was airlifted from Sri Lanka and arrived in Thailand on Sunday (July 2) afternoon. The 29-year-old, 4,000-kg mammal arrived in Thailand just after 2:00 pm (local time) on Sunday. Muthu Raja elephant: What happened? The Thai royal family in 2001 gifted Sak Surin, who came to be known as Muthu Raja, to the Sri Lankan government. Sak Surin was gifted to a temple where it got the new name and was honoured in religious processions. However, an activist group Rally for Animal Rights and Environment (RARE) alleged that the mammal was being mistreated, tortured and neglected. Last year, it lobbied to ask Thai officials to intervene. Until then, Muthu Raja was staying at the Kande Viharaya temple. RARE claimed that the elephant had a stiff leg after being forced to work with a logging crew and that its wounds, some allegedly inflicted by its handler, had been long-neglected. “This is not the end, but the beginning of a new life for Muthu Raja,” said RARE founder, Panchali Panapitiya. The temple had agreed to transfer the elephant last November to Sri Lanka’s National Zoological Garden. Health concerns of Muthu Raja elephant Madusha Perera, a veterinary surgeon at the zoo told AFP, that Muthu Raja was in pain and covered in abscesses when it was rescued from the Buddhist temple last year. However, as of Friday, the abscesses which the elephant was suffering from have mostly healed. But due to the lack of facilities, Perera said, the zoo has not been able to fully treat its leg. “Once he gets back to Thailand, the experts there will attend to the conditions so that one day we will be able to see him walk the normal way,” said Perera. According to the visiting Thai veterinarian, the elephant’s treatment in Thailand could include hydrotherapy, laser treatment and acupuncture. Elephants are considered sacred in Sri Lanka and are protected by law. Therefore, RARE, expressing their unhappiness over Muthu Raja’s departure from the temple, said those responsible for neglecting the animal should be prosecuted. Panapitiya also said that they were unsuccessful in raising the issue of Muthu Raja’s health with the Sri Lankan government and turned to the Thai government. The group also said that the lack of timely intervention from Sri Lankan wildlife officials has brought “disrepute” to the country. Will this affect ties between the two countries? Muthu Raja left Colombo at 7:40 am (local time) on a flight which Thai officials said cost $700,000, however, did not mention which country is paying for it. Meanwhile, Sri Lanka-based wildlife environmentalist Jagath Gunawardana said Muthu Raja was a gift which has been taken back and it will have a negative effect on the ties between the countries. Last month, Sri Lanka Prime Minister Dinesh Gunawardena told the parliament that he personally conveyed the country’s regret to the Thai king over the elephant’s condition. Meanwhile, Thai environment minister Varawut Silpa-archa said that Thailand has stopped sending elephants abroad while the conditions of those already overseas are being checked by Bangkok’s diplomatic missions. Speaking about the elephant’s arrival, Varawut at the airport said, “He arrived in Chiang Mai perfectly.” He added, “He travelled five hours and nothing is wrong, his condition is normal.” This comes after the Thai elephant had been transported inside a steel crate onboard an Ilyushin Il-76 cargo plane. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Muthu Raja: Thailand takes back elephant it had gifted to Sri Lanka two decades ago. Here’s why

<p>Sri Lanka beat Zimbabwe by nine wickets in the Super Six stage of the World Cup Qualifiers and booked a ticket for the main event. The 2023 World Cup is scheduled to be held in India from October 5.</p>

<p>Sri Lanka won the toss and elected to field first. The Asian Lions soon brought the hosts to their knees as Zimbabwe lost their first three wickets for just 30 runs. They could never recover from that position and kept losing wickets at the regular interval. Sean Williams (56) and Sikandar Raza (31) although added 68 runs for the fourth wicket but Zimbabwe eventually got out for 165.</p>

<p>Sri Lankan spinner Maheesh Theekshana took four wickets for 25 runs and became the Man of the Match for his performance. Apart from him, Dilshan Madushanka took three wickets, Matheesha Pathirana took two and skipper Dasun Shanaka chipped in with one.</p>

<p><strong>Also Read:</strong>&nbsp;<a href="https://www.wionews.com/sports/ashes-2023-englands-jonny-bairstow-given-run-out-in-another-controversial-decision-in-lords-test-watch-611086">Ashes 2023: England's Jonny Bairstow given 'run-out' in another controversial decision in Lord's Test - WATCH</a></p>

<p>Chasing 166 was never a big task for Sri Lanka as Pathum Nissanka and Dimuth Karunaratne added 103 runs inside 20 overs. Nissanka went on to score his century and remained not out on 101 while Karunaratne and Kusal Mendis scored 30 and 25, respectively.</p>

<p>Sri Lanka won the game by nine wickets with almost 17 overs to spare. Sri Lanka skipper Shanaka was all praise for his team after securing the World Cup spot and said that they want to play 'as hardest as they can.'</p>

<p>"To be honest, these bunch of players, they have got their own skill, and they utilised the conditions really well over here. We stick to our basics whatever the condition, whatever the situation is. We want to play the hardest as much as we can. That is what's important," said Shanaka at the post-match presentation.</p>

<p>Losing captain Craig Ervine, meanwhile, lamented the early wickets and Theekshana's middle overs' choke for the loss.</p>

<p>"Those first three wickets put us on the back foot. I think that the partnership between Raza and Williams got us slowly back into the game, and then Theekshana came on...unfortunately, we couldn't recover from that collapse in the middle order," said Ervine after the match.</p>

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Sri Lanka beat Zimbabwe by nine wickets in the Super Six stage of the World Cup Qualifiers and booked a ticket for the main event. The 2023 World Cup is scheduled to be held in India from October 5.

Sri Lanka beat Zimbabwe by nine wickets in the Super Six stage of the World Cup Qualifiers and booked a ticket for the main event. The 2023 World Cup is scheduled to be held in India from October 5. Sri Lanka won the toss and elected to field first. The Asian Lions soon brought the hosts to their knees as Zimbabwe lost their first three wickets for just 30 runs. They could never recover from that position and kept losing wickets at the regular interval. Sean Williams (56) and Sikandar Raza (31) although added 68 runs for the fourth wicket but Zimbabwe eventually got out for 165. Sri Lankan spinner Maheesh Theekshana took four wickets for 25 runs and became the Man of the Match for his performance. Apart from him, Dilshan Madushanka took three wickets, Matheesha Pathirana took two and skipper Dasun Shanaka chipped in with one. Also Read: Ashes 2023: England's Jonny Bairstow given 'run-out' in another controversial decision in Lord's Test - WATCH Chasing 166 was never a big task for Sri Lanka as Pathum Nissanka and Dimuth Karunaratne added 103 runs inside 20 overs. Nissanka went on to score his century and remained not out on 101 while Karunaratne and Kusal Mendis scored 30 and 25, respectively. Sri Lanka won the game by nine wickets with almost 17 overs to spare. Sri Lanka skipper Shanaka was all praise for his team after securing the World Cup spot and said that they want to play 'as hardest as they can.' "To be honest, these bunch of players, they have got their own skill, and they utilised the conditions really well over here. We stick to our basics whatever the condition, whatever the situation is. We want to play the hardest as much as we can. That is what's important," said Shanaka at the post-match presentation. Losing captain Craig Ervine, meanwhile, lamented the early wickets and Theekshana's middle overs' choke for the loss. "Those first three wickets put us on the back foot. I think that the partnership between Raza and Williams got us slowly back into the game, and then Theekshana came on...unfortunately, we couldn't recover from that collapse in the middle order," said Ervine after the match. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

World Cup Qualifiers: Sri Lanka beat Zimbabwe by 9 wickets to secure World Cup spot

Elephant Muthu Raja that is at the centre of a Sri Lanka-Thailand diplomatic row is to be translocated back to his home country Thailand. Raja had been gifted to Sri Lanka in 2001 to carry Buddhist relics at processions. 22 years on though, he suffers from a range of health issues arising out of alleged negligence and even maltreatment. The issue takes centre stage amid reports of lack of care of pachyderms and other animals in Sri Lanka. Echoes of the Nur Jehan case in Pakistan earlier this year ring out too.

Muthu Raja to be translocated to Thailand

<p>Sri Lanka, on Thursday (June 29) began a five-day bank holiday as the crisis-hit nation is in the midst of restructuring $42 billion in domestic debt. Analysts say that this long bank closure will help absorb any shocks to the country’s market after the restructuring process is over.&nbsp;</p>

<h2><strong>The IMF and World Bank funding</strong>&nbsp;</h2>

<p>Sri Lanka was able to get a nearly $3 billion bailout package from the International Monetary Fund (IMF) in March, to ease the overall public debt load which stood at a whopping $83.6 billion, nearly 130 per cent of the country’s GDP&nbsp;last year. This also followed the World Bank’s approval of $700 million in budgetary and welfare support for the island nation.</p>

<p>The aim is to use the funds to reduce this domestic debt to below 95 per cent of the GDP by 2032. The funding also comes months after India extended a $1 billion credit line for Sri Lanka. Around $500 million of the funds from the World Bank will be allocated for budgetary support, while the remaining $200 million will be for welfare support earmarked for those worst hit by the crisis. &nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-gets-imf-support-months-after-indias-credit-line-extension-for-economic-recovery-609961">Sri Lanka gets $700mn World Bank's support months after India's credit line extension for economic recovery</a></strong></p>

<p>In a statement, World Bank’s country director for Sri Lanka, Faris Hadad-Zervos, said, “Through a phased approach, the World Bank Group strategy focuses on early economic stabilisation, structural reforms, and protection of the poor and vulnerable.” He added, “If sustained, these reforms can put the country back on the path towards a green, resilient and inclusive development.”&nbsp;</p>

<h2><strong>What is this financial restructuring about?</strong></h2>

<p>The debt restructuring could involve the extension of the period over which the loan is repaid. This comes as Sri Lanka has been witnessing its worst economic crisis after it defaulted on its debt with international lenders for the first time since its independence from the British in 1948. &nbsp;</p>

<p>Recently, the government also reportedly pushed forward to reworking its foreign debt with bondholders and bilateral creditors, including China, Japan and India.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/economy-on-the-road-to-recovery-says-sri-lanka-president-599338">Economy on the road to recovery, says Sri Lanka president</a></strong></p>

<p>Meanwhile, the $42 billion domestic debt will be worked on by exchanging shorter-term treasury bills for longer-term bonds in the overhaul, said Sri Lanka’s central bank chief, Nandalal Weerasinghe, last week, in a press conference.&nbsp;</p>

<h2><strong>What have the analysts said about the long bank holiday?</strong></h2>

<p>Local media reports citing analysts said that the long bank holiday was announced to help absorb any possible shocks from market reactions to significant financial announcements. “The government’s action to call an extended public holiday means it obviously saw the risk of bank runs,” Alex Holmes, a senior economist at Oxford Economics, told the BBC.</p>

<p>The process of restructuring involves the announcement of the strategy to its implementation following the approval from the cabinet and the parliament.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-steps-up-rupees-internationalisation-for-sri-lankas-economic-recovery-589593">India steps up rupee's internationalisation for Sri Lanka's economic recovery</a></strong></p>

<p>“The long holiday would allow any day one loss – as the cash flows are adjusted in the banks – to be pushed to the next quarter,” said Udeeshan Jonas, chief strategist for Sri Lankan investment bank CAL, as quoted by the South China Morning Post.&nbsp;</p>

<p>Earlier this month, Weerasinghe, said that the government expects the “entire process to conclude while the markets are closed during these five days.” He also said that the internal analysis indicates that any shocks from the central bank's planned restructuring of the financial bills would be “manageable”.&nbsp;</p>

<p><em>(With inputs from agencies)</em><br />
<br />
<br />
&nbsp;</p>

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Sri Lanka, on Thursday (June 29) began a five-day bank holiday as the crisis-hit nation is in the midst of restructuring $42 billion in domestic debt. Analysts say that this long bank closure will help absorb any shocks to the country’s market after the restructuring process is over.

Sri Lanka, on Thursday (June 29) began a five-day bank holiday as the crisis-hit nation is in the midst of restructuring $42 billion in domestic debt. Analysts say that this long bank closure will help absorb any shocks to the country’s market after the restructuring process is over. The IMF and World Bank funding Sri Lanka was able to get a nearly $3 billion bailout package from the International Monetary Fund (IMF) in March, to ease the overall public debt load which stood at a whopping $83.6 billion, nearly 130 per cent of the country’s GDP last year. This also followed the World Bank’s approval of $700 million in budgetary and welfare support for the island nation. The aim is to use the funds to reduce this domestic debt to below 95 per cent of the GDP by 2032. The funding also comes months after India extended a $1 billion credit line for Sri Lanka. Around $500 million of the funds from the World Bank will be allocated for budgetary support, while the remaining $200 million will be for welfare support earmarked for those worst hit by the crisis. ALSO READ | Sri Lanka gets $700mn World Bank's support months after India's credit line extension for economic recovery In a statement, World Bank’s country director for Sri Lanka, Faris Hadad-Zervos, said, “Through a phased approach, the World Bank Group strategy focuses on early economic stabilisation, structural reforms, and protection of the poor and vulnerable.” He added, “If sustained, these reforms can put the country back on the path towards a green, resilient and inclusive development.” What is this financial restructuring about? The debt restructuring could involve the extension of the period over which the loan is repaid. This comes as Sri Lanka has been witnessing its worst economic crisis after it defaulted on its debt with international lenders for the first time since its independence from the British in 1948. Recently, the government also reportedly pushed forward to reworking its foreign debt with bondholders and bilateral creditors, including China, Japan and India. ALSO READ | Economy on the road to recovery, says Sri Lanka president Meanwhile, the $42 billion domestic debt will be worked on by exchanging shorter-term treasury bills for longer-term bonds in the overhaul, said Sri Lanka’s central bank chief, Nandalal Weerasinghe, last week, in a press conference. What have the analysts said about the long bank holiday? Local media reports citing analysts said that the long bank holiday was announced to help absorb any possible shocks from market reactions to significant financial announcements. “The government’s action to call an extended public holiday means it obviously saw the risk of bank runs,” Alex Holmes, a senior economist at Oxford Economics, told the BBC. The process of restructuring involves the announcement of the strategy to its implementation following the approval from the cabinet and the parliament. ALSO READ | India steps up rupee's internationalisation for Sri Lanka's economic recovery “The long holiday would allow any day one loss – as the cash flows are adjusted in the banks – to be pushed to the next quarter,” said Udeeshan Jonas, chief strategist for Sri Lankan investment bank CAL, as quoted by the South China Morning Post. Earlier this month, Weerasinghe, said that the government expects the “entire process to conclude while the markets are closed during these five days.” He also said that the internal analysis indicates that any shocks from the central bank's planned restructuring of the financial bills would be “manageable”. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Sri Lanka takes five-day bank holiday for domestic-debt restructuring amid economic crisis

<p>In the south of the Indian subcontinent, Sri Lanka heaved a sigh of respite after the World Bank approved $700 million in budgetary and welfare support for the island nation.&nbsp;The biggest funding tranche for the crisis-hit nation comes months after India extended a $1 billion credit line to the crisis-hit nation in a region where Pakistan is also struggling to secure $1 billion in IMF funding before June 30.</p>

<p>For Sri Lanka, the current relief comes after an International Monetary Fund (IMF) deal for nearly $3 billion in bailout in March.</p>

<p>About $500 million of the funds will be allocated for budgetary support while the remaining $200 million will be for welfare support earmarked for those worst hit by the crisis.</p>

<p>"Through a phased approach, the World Bank Group strategy focuses on early economic stabilisation, structural reforms, and protection of the poor and vulnerable," the World Bank's country director for Sri Lanka, Faris Hadad-Zervos, said in an official statement.</p>

<p>"If sustained, these reforms can put the country back on the path towards a green, resilient and inclusive development," Zervos said.</p>

<h2><strong>Sri Lanka's economic crisis</strong></h2>

<p>The island nation in India's south is currently struggling with the worst financial crisis since its independence from Britain in 1948. The country's foreign exchange hit record lows and triggered its first foreign debt default last year, followed by mass protests against the then ruling president.&nbsp;</p>

<p><strong>Also watch |&nbsp;Sri Lanka battles its worst economic crisis in 70 years</strong></p>

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<p>The IMF approved a bailout of nearly $3 billion in March. Sri Lanka expects that IMF's assistance will bring additional funding of up to $4 billion from the World Bank, the Asian Development Bank and other multilateral agencies.</p>

<p>Sri Lanka will reportedly release a domestic debt restructuring programme this week to push forward reworking its debt with bondholders and bilateral creditors including China, Japan and India.</p>

<h2><strong>Sri Lanka's economic recovery: India's role in spotlight too</strong></h2>

<p>As part of $4 billion in emergency assistance, India has extended a $1 billion&nbsp;credit line for Sri Lanka by one year until 2024.</p>

<p><strong>Also read | <a href="https://www.wionews.com/business-economy/india-steps-up-rupees-internationalisation-for-sri-lankas-economic-recovery-589593">India steps up rupee's internationalisation for Sri Lanka's economic recovery</a></strong></p>

<p>Sri Lanka owes $7.1 billion&nbsp;to bilateral creditors, according to the government data. The country owes $3 billion&nbsp;to China, $2.4 billion to the Paris Club and $1.6 billion&nbsp;to India.</p>

<p>Meanwhile, India and Sri Lanka have also stepped up their talks to proceed with trade in Indian Rupee as New Delhi and Colombo look set to expand their bilateral cooperation in "power and energy sector as well as aspects relating to Rupee trade".</p>

<p>&nbsp;</p>

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In the south of the Indian subcontinent, Sri Lanka heaved a sigh of respite after the World Bank approved $700 million in budgetary and welfare support for the island nation.

In the south of the Indian subcontinent, Sri Lanka heaved a sigh of respite after the World Bank approved $700 million in budgetary and welfare support for the island nation. The biggest funding tranche for the crisis-hit nation comes months after India extended a $1 billion credit line to the crisis-hit nation in a region where Pakistan is also struggling to secure $1 billion in IMF funding before June 30. For Sri Lanka, the current relief comes after an International Monetary Fund (IMF) deal for nearly $3 billion in bailout in March. About $500 million of the funds will be allocated for budgetary support while the remaining $200 million will be for welfare support earmarked for those worst hit by the crisis. "Through a phased approach, the World Bank Group strategy focuses on early economic stabilisation, structural reforms, and protection of the poor and vulnerable," the World Bank's country director for Sri Lanka, Faris Hadad-Zervos, said in an official statement. "If sustained, these reforms can put the country back on the path towards a green, resilient and inclusive development," Zervos said. Sri Lanka's economic crisis The island nation in India's south is currently struggling with the worst financial crisis since its independence from Britain in 1948. The country's foreign exchange hit record lows and triggered its first foreign debt default last year, followed by mass protests against the then ruling president. Also watch | Sri Lanka battles its worst economic crisis in 70 years × The IMF approved a bailout of nearly $3 billion in March. Sri Lanka expects that IMF's assistance will bring additional funding of up to $4 billion from the World Bank, the Asian Development Bank and other multilateral agencies. Sri Lanka will reportedly release a domestic debt restructuring programme this week to push forward reworking its debt with bondholders and bilateral creditors including China, Japan and India. Sri Lanka's economic recovery: India's role in spotlight too As part of $4 billion in emergency assistance, India has extended a $1 billion credit line for Sri Lanka by one year until 2024. Also read | India steps up rupee's internationalisation for Sri Lanka's economic recovery Sri Lanka owes $7.1 billion to bilateral creditors, according to the government data. The country owes $3 billion to China, $2.4 billion to the Paris Club and $1.6 billion to India. Meanwhile, India and Sri Lanka have also stepped up their talks to proceed with trade in Indian Rupee as New Delhi and Colombo look set to expand their bilateral cooperation in "power and energy sector as well as aspects relating to Rupee trade". WATCH WION LIVE HERE

Sri Lanka gets $700mn from World Bank months after India’s extended credit line for economic recovery

A private Chinese firm wanted to export 100,000 endangered monkeys from Sri Lanka. The island nation has put the deal on halt after backlash from animal rights activists & environmentalists. Why did China want so many monkeys from Sri Lanka? Molly Gambhir tells you more.

Why did Sri Lanka halt monkey exports to China?

<p>Sri Lanka this week reached a deal with Russian nuclear giant Rosatam&nbsp;to build a nuclear power plant that may run two reactors and generate 300 megawatts of energy, the Sri Lankan ambassador in Russia said.</p>

<p>"We will go for a nuclear power plant … There are options actually … two sources, 300 megawatts," Janitha Abeywickrema Liyanage told Sputnik on the sidelines of the St. Petersburg International Economic Forum.</p>

<p>The ambassador said that having its own power plant would allow the Indian Ocean island nation to overcome the energy crisis.</p>

<p>Reports in the Russian media stated that Moscow&nbsp;will speed up the approval process to begin the construction in the near future.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/g20-nations-should-try-and-stop-the-russia-ukraine-war-bangladesh-fm-tells-wion-567397">G20 nations should try and stop the Russia-Ukraine war, Bangladesh FM tells WION</a></strong></p>

<p>"There is a proposal and there is approval to follow the procedures from the Sri Lankan cabinet, and the International Atomic Energy Agency is also now looking at it, and they have set up certain working groups. Rosatom has set up four working groups in four different areas," Janitha Abeywickrema Liyanage said.</p>

<h2><strong>Russia has agreed to take back nuclear waste from proposed plant: Sri Lanka</strong></h2>

<p>Earlier in March,&nbsp;Sri Lanka Atomic Energy Board (SLARB) chairman SRD Rosa told Sri Lankan newspaper Daily Mirror that the country plans to have either off-shore or on–shore Small Modular Reactors (SMRs) that have a power capacity of up to 100 MW per unit.</p>

<p>With the use of nuclear power generators, the country plans to minimise the use of fossil fuels that have already put a burden on the debt-ridden economy of the South Asian island nation.</p>

<p><strong>Also watch |&nbsp;Russia offers to help build Sri Lanka's first nuclear power plant</strong></p>

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<p>The newspaper had quoted Rosa as saying: "The government has sought to implement the project in collaboration with the Russian government. The required technology will be provided by them, and they had also agreed to take back the nuclear waste. The Russian government has the technology to reprocess the nuclear waste."</p>

<p>Russia is also building Bangladesh its first nuclear power plant, named&nbsp;Rooppur Nuclear Power Plant. It is located on the bank of the Padma river about 160 km from capital Dhaka. With its first nuclear plant, Dhaka, like Colombo hopes to reduce its dependence on coal and other fossil fuels.</p>

<p>India too is a stakeholder in the R-NPP, making the project the first Indo-Russian nuclear project outside India.</p>

<p>So far, it is not clear if India would have any stakes in the proposed nuclear plant in Sri Lanka.</p>

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Sri Lanka this week reached a deal with Russian nuclear giant Rosatam to build a nuclear power plant that may run two reactors and generate 300 megawatts of energy, the Sri Lankan ambassador in Russia said.

Sri Lanka this week reached a deal with Russian nuclear giant Rosatam to build a nuclear power plant that may run two reactors and generate 300 megawatts of energy, the Sri Lankan ambassador in Russia said. "We will go for a nuclear power plant … There are options actually … two sources, 300 megawatts," Janitha Abeywickrema Liyanage told Sputnik on the sidelines of the St. Petersburg International Economic Forum. The ambassador said that having its own power plant would allow the Indian Ocean island nation to overcome the energy crisis. Reports in the Russian media stated that Moscow will speed up the approval process to begin the construction in the near future. Also read | G20 nations should try and stop the Russia-Ukraine war, Bangladesh FM tells WION "There is a proposal and there is approval to follow the procedures from the Sri Lankan cabinet, and the International Atomic Energy Agency is also now looking at it, and they have set up certain working groups. Rosatom has set up four working groups in four different areas," Janitha Abeywickrema Liyanage said. Russia has agreed to take back nuclear waste from proposed plant: Sri Lanka Earlier in March, Sri Lanka Atomic Energy Board (SLARB) chairman SRD Rosa told Sri Lankan newspaper Daily Mirror that the country plans to have either off-shore or on–shore Small Modular Reactors (SMRs) that have a power capacity of up to 100 MW per unit. With the use of nuclear power generators, the country plans to minimise the use of fossil fuels that have already put a burden on the debt-ridden economy of the South Asian island nation. Also watch | Russia offers to help build Sri Lanka's first nuclear power plant × The newspaper had quoted Rosa as saying: "The government has sought to implement the project in collaboration with the Russian government. The required technology will be provided by them, and they had also agreed to take back the nuclear waste. The Russian government has the technology to reprocess the nuclear waste." Russia is also building Bangladesh its first nuclear power plant, named Rooppur Nuclear Power Plant. It is located on the bank of the Padma river about 160 km from capital Dhaka. With its first nuclear plant, Dhaka, like Colombo hopes to reduce its dependence on coal and other fossil fuels. India too is a stakeholder in the R-NPP, making the project the first Indo-Russian nuclear project outside India. So far, it is not clear if India would have any stakes in the proposed nuclear plant in Sri Lanka. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

After Bangladesh, Sri Lanka to be powered by Russia-built nuclear energy facility

<p>The quality of Indian medicines is being questioned again, this time in neighbouring Sri Lanka where health officials are seeking a probe after fatalities and complications were reported across the nation.</p>

<p>Health Secretary Janaka Sri Chandragupta told News 1st that they are probing the quality of these Indian medicines which were imported via the Indian Line of Credit recently.</p>

<p>According to local media reports, a patient at the Intensive Care Unit of the Peradeniya Hospital died after being administered one of the medicines sourced from India.</p>

<p>Director of the Peradeniya Teaching Hospital, Dr Arjuna Thilakaratne, told News 1st that the woman was administered Indian-made anaesthetic Bupivacaine for hernia surgery, some two months ago.</p>

<p>He said that another woman who was admitted to the same hospital to deliver a child died after being given the same Indian anaesthetic drug.</p>

<p>This comes after the 10 visually impaired patients who were administered Indian medicines after eye surgery complained of complications in May 2023.</p>

<p>The doctors noted the “presence of germs” in the eye medication as a reason for the&nbsp;patients’ condition. Following this, the Sri Lankan Health Ministry blacklisted the use of Prednisolone eye drops.</p>

<h2><strong>Two Indian firms in the dock</strong></h2>

<p>The report prompted the Indian drug regulator, Central Drugs Standard Control Organisation, to launch an investigation&nbsp;against a pharmaceutical company based in Gujarat. The probe is currently underway.</p>

<p>Indiana Ophthalmics from Wadhwan-Gujarat has been told to investigate the cause, according to reports.</p>

<h2><strong>WHO labels 4 cough syrups as 'substandard products',&nbsp;Indian pharma&nbsp;company in the dock?</strong></h2>

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<p>Notably, prior to these incidents, Transparency International Sri Lanka, an NGO that fights against corruption, had filed a petition in the Sri Lankan Supreme Court, challenging the decision of the Cabinet and health authorities to procure drugs from unregistered suppliers.</p>

<p>The petition questioned the national drug regulator’s role in providing a waiver of registration to allow for the swift import of essential drugs.</p>

<p>Gujarat-based Savorite Pharmaceuticals (Pvt) Limited and Chennai-based Kausikh Therapeutics were named as respondents. Early in April, the Supreme Court granted leave to proceed in the case and suspended imports from these companies, the Hindu newspaper reported.</p>

<h2><strong>Not the first time</strong></h2>

<p>This is not the first time that Indian-made medicines were taken down over their quality. In February this year, the World Health Organization (WHO) said that around 90 kids died last year of kidney failure, 20 in Uzbekistan and 70 in Gambia, after allegedly consuming India-made&nbsp;cough syrups.</p>

<p>Gambian and Swiss tests found the syrups contained toxic industrial-grade glycol rather than the safe but costlier pharmaceutical-grade glycerine, the agency said.</p>

<p>The US also began investigating the EzriCare Artificial Tears, an over-the-counter eye drop produced by Global Pharma Healthcare in Chennai, India, after linking it to complications and death.</p>

<h2><strong>Relying on India-made drugs</strong></h2>

<p>India is one of the leading manufacturers of low-cost generic drugs. The pharmaceutical sector is one of the fastest-growing sectors with a market value of $42 billion.</p>

<p>It supplies 40 per cent of US generics, a quarter of UK medicines and 45 per cent of Africa’s generics. Many of its factories are world-class and millions of people around the world consume Indian-made drugs without incident.</p>

<p><em>(With inputs from agencies)</em></p>

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The quality of Indian medicines is being questioned again, this time in neighbouring Sri Lanka where health officials are seeking a probe after fatalities and complications were reported across the nation.

The quality of Indian medicines is being questioned again, this time in neighbouring Sri Lanka where health officials are seeking a probe after fatalities and complications were reported across the nation. Health Secretary Janaka Sri Chandragupta told News 1st that they are probing the quality of these Indian medicines which were imported via the Indian Line of Credit recently. According to local media reports, a patient at the Intensive Care Unit of the Peradeniya Hospital died after being administered one of the medicines sourced from India. Director of the Peradeniya Teaching Hospital, Dr Arjuna Thilakaratne, told News 1st that the woman was administered Indian-made anaesthetic Bupivacaine for hernia surgery, some two months ago. He said that another woman who was admitted to the same hospital to deliver a child died after being given the same Indian anaesthetic drug. This comes after the 10 visually impaired patients who were administered Indian medicines after eye surgery complained of complications in May 2023. The doctors noted the “presence of germs” in the eye medication as a reason for the patients’ condition. Following this, the Sri Lankan Health Ministry blacklisted the use of Prednisolone eye drops. Two Indian firms in the dock The report prompted the Indian drug regulator, Central Drugs Standard Control Organisation, to launch an investigation against a pharmaceutical company based in Gujarat. The probe is currently underway. Indiana Ophthalmics from Wadhwan-Gujarat has been told to investigate the cause, according to reports. WHO labels 4 cough syrups as 'substandard products', Indian pharma company in the dock? Notably, prior to these incidents, Transparency International Sri Lanka, an NGO that fights against corruption, had filed a petition in the Sri Lankan Supreme Court, challenging the decision of the Cabinet and health authorities to procure drugs from unregistered suppliers. The petition questioned the national drug regulator’s role in providing a waiver of registration to allow for the swift import of essential drugs. Gujarat-based Savorite Pharmaceuticals (Pvt) Limited and Chennai-based Kausikh Therapeutics were named as respondents. Early in April, the Supreme Court granted leave to proceed in the case and suspended imports from these companies, the Hindu newspaper reported. Not the first time This is not the first time that Indian-made medicines were taken down over their quality. In February this year, the World Health Organization (WHO) said that around 90 kids died last year of kidney failure, 20 in Uzbekistan and 70 in Gambia, after allegedly consuming India-made cough syrups. Gambian and Swiss tests found the syrups contained toxic industrial-grade glycol rather than the safe but costlier pharmaceutical-grade glycerine, the agency said. The US also began investigating the EzriCare Artificial Tears, an over-the-counter eye drop produced by Global Pharma Healthcare in Chennai, India, after linking it to complications and death. Relying on India-made drugs India is one of the leading manufacturers of low-cost generic drugs. The pharmaceutical sector is one of the fastest-growing sectors with a market value of $42 billion. It supplies 40 per cent of US generics, a quarter of UK medicines and 45 per cent of Africa’s generics. Many of its factories are world-class and millions of people around the world consume Indian-made drugs without incident. (With inputs from agencies) WATCH WION LIVE HERE

Alarm in Sri Lanka over India-made medicines causing deaths and complication

The Indian High Commission in Colombo organised a defence conference and exhibition on Wednesday to highlight shared security issues faced by both countries and to encourage additional areas of collaboration and cooperation in the defence sector.

India High Commission organizes first defence exhibition in Sri Lanka

Students in Sri Lanka are marching on the outskirts of the capital Colombo. They have been demanding the release of some student activists who were arrested earlier in anti-government protests. Among their demands was the high cost of living. The protesters faced off with the police and then the police used water cannon to disperse the mob. Tear gas shells were also lobbed at the crowd.

Police fire tear gas and water on protestors | Sri Lanka News

<p>The Indian drug controller is currently investigating a pharmaceutical company based in Gujarat after receiving reports from Sri Lanka that a steroid eye drop manufactured by the firm has been associated with adverse events, including cases of vision loss. Meanwhile, the Sri Lankan government has recalled the medicine, as per media reports.&nbsp;</p>

<p>The Pharmaceuticals Export Promotion Council of India (Pharmexcil) has issued a notice to the company, requesting information regarding the importer, recipients of the drug, and details about the manufacturing license and product permissions.</p>

<p>Also read | <a href="https://www.wionews.com/science/breast-cancer-drug-slashes-risk-of-recurrence-by-25-a-game-changer-in-fight-against-the-disease-600156">Breast cancer drug slashes risk of recurrence by 25 pc, a game-changer in fight against the disease</a></p>

<p>The company, Indiana Ophthalmics from Wadhwan-Gujarat, has been urged to investigate the cause of the alleged product contamination and provide their findings to take appropriate action.&nbsp;</p>

<p>Failure to submit the requested information by June 3, 2023, could result in the suspension of the company's Registration-cum-Membership Certificate (RCMC), Pharmexcil said.&nbsp;</p>

<p>Also Read | <a href="https://www.wionews.com/business-economy/amazon-in-talks-to-introduce-prime-wireless-slashing-cell-phone-bills-to-10-or-even-free-600134">Amazon in talks to introduce 'Prime wireless', slashing cell phone bills to $10 or even free</a></p>

<p>An RCMC is required by companies to export drugs, and if the necessary information is provided, Pharmexcil will await the investigation findings before taking further action.</p>

<h2><strong>Eye drop given to&nbsp;cataract patients post-surgery&nbsp;</strong></h2>

<p>According to reports, the prednisolone eye drop in question was administered to patients in Sri Lanka who had undergone cataract surgery.&nbsp;The eye drop has been linked to "eye infections in over 30 individuals," as mentioned in the Pharmexcil notice.</p>

<h2><strong>Earlier cases of Indian-manufactured eye drop</strong></h2>

<p>This is not the first instance of contamination involving an eye drop manufactured in India. Earlier this year, the US was investigating the EzriCare Artificial Tears, an over-the-counter eye drop produced by Global Pharma Healthcare in Chennai, India. The investigation centred around a widespread outbreak of a highly resistant strain of bacteria that has been associated with different types of infections, including those affecting the eyes.</p>

<p>The US reported an outbreak of highly antibiotic-resistant bacterial infections linked to the Indian-manufactured eye drop. The outbreak reportedly resulted in 68 cases of infection across 16 states, causing three deaths, eight cases of vision loss, and four cases of eyeball removal.</p>

<p>The company voluntarily recalled the eye drops in February.</p>

<h2><strong>Indian-manufactured ophthalmic ointment&nbsp;</strong></h2>

<p>In another incident, the World Health Organization (WHO) issued an alert regarding an Indian-manufactured ophthalmic ointment in February, citing quality issues such as the presence of particles in various colours, sizes, and shapes of the nozzle, cap, and inside tubes.</p>

<p>The ointment is given as a treatment to infants and older children and is also indicated as a preventive measure for infants. As per WHO, the affected ointment is supplied in bulk and as a component of various medical kits supplied by some international organisations providing humanitarian assistance. At least 55 countries received the affected batches, as per the global health agency.&nbsp;</p>

<p><strong>Watch | Pakistan to begin barter trade with Afghanistan, Iran and Russia</strong></p>

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<p>Additionally, black spots and brown splotches were found on the inner foil layer of the tubes. However, the WHO clarified that no adverse events were associated with the ointment. "Redness and swollen eyes are common reactions to the general use of tetracycline eye ointment. There is currently no indication that the above-mentioned quality issues may give rise to adverse events that are not listed in the product labelling," WHO had said. The manufacturer initiated a voluntary recall of several batches.</p>

<h2><strong>Indian-manufactured syrups</strong>&nbsp;</h2>

<p>Apart from eye drops, the WHO has also highlighted three instances of diethylene or ethylene glycol contamination in Indian-manufactured syrups since October last year. These syrups have been linked to 70 deaths in Gambia and 18 deaths in Uzbekistan.</p>

<p>Furthermore, a case of contamination was detected in the Marshall Islands and Micronesia, despite the manufacturer claiming that the syrups were never sold to these countries.</p>

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The Indian drug controller is currently investigating a pharmaceutical company based in Gujarat after receiving reports from Sri Lanka that a steroid eye drop manufactured by the firm has been associated with adverse events, including cases of vision loss.

The Indian drug controller is currently investigating a pharmaceutical company based in Gujarat after receiving reports from Sri Lanka that a steroid eye drop manufactured by the firm has been associated with adverse events, including cases of vision loss. Meanwhile, the Sri Lankan government has recalled the medicine, as per media reports. The Pharmaceuticals Export Promotion Council of India (Pharmexcil) has issued a notice to the company, requesting information regarding the importer, recipients of the drug, and details about the manufacturing license and product permissions. Also read | Breast cancer drug slashes risk of recurrence by 25 pc, a game-changer in fight against the disease The company, Indiana Ophthalmics from Wadhwan-Gujarat, has been urged to investigate the cause of the alleged product contamination and provide their findings to take appropriate action. Failure to submit the requested information by June 3, 2023, could result in the suspension of the company's Registration-cum-Membership Certificate (RCMC), Pharmexcil said. Also Read | Amazon in talks to introduce 'Prime wireless', slashing cell phone bills to $10 or even free An RCMC is required by companies to export drugs, and if the necessary information is provided, Pharmexcil will await the investigation findings before taking further action. Eye drop given to cataract patients post-surgery According to reports, the prednisolone eye drop in question was administered to patients in Sri Lanka who had undergone cataract surgery. The eye drop has been linked to "eye infections in over 30 individuals," as mentioned in the Pharmexcil notice. Earlier cases of Indian-manufactured eye drop This is not the first instance of contamination involving an eye drop manufactured in India. Earlier this year, the US was investigating the EzriCare Artificial Tears, an over-the-counter eye drop produced by Global Pharma Healthcare in Chennai, India. The investigation centred around a widespread outbreak of a highly resistant strain of bacteria that has been associated with different types of infections, including those affecting the eyes. The US reported an outbreak of highly antibiotic-resistant bacterial infections linked to the Indian-manufactured eye drop. The outbreak reportedly resulted in 68 cases of infection across 16 states, causing three deaths, eight cases of vision loss, and four cases of eyeball removal. The company voluntarily recalled the eye drops in February. Indian-manufactured ophthalmic ointment In another incident, the World Health Organization (WHO) issued an alert regarding an Indian-manufactured ophthalmic ointment in February, citing quality issues such as the presence of particles in various colours, sizes, and shapes of the nozzle, cap, and inside tubes. The ointment is given as a treatment to infants and older children and is also indicated as a preventive measure for infants. As per WHO, the affected ointment is supplied in bulk and as a component of various medical kits supplied by some international organisations providing humanitarian assistance. At least 55 countries received the affected batches, as per the global health agency. Watch | Pakistan to begin barter trade with Afghanistan, Iran and Russia × Additionally, black spots and brown splotches were found on the inner foil layer of the tubes. However, the WHO clarified that no adverse events were associated with the ointment. "Redness and swollen eyes are common reactions to the general use of tetracycline eye ointment. There is currently no indication that the above-mentioned quality issues may give rise to adverse events that are not listed in the product labelling," WHO had said. The manufacturer initiated a voluntary recall of several batches. Indian-manufactured syrups Apart from eye drops, the WHO has also highlighted three instances of diethylene or ethylene glycol contamination in Indian-manufactured syrups since October last year. These syrups have been linked to 70 deaths in Gambia and 18 deaths in Uzbekistan. Furthermore, a case of contamination was detected in the Marshall Islands and Micronesia, despite the manufacturer claiming that the syrups were never sold to these countries. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Indian drug controller probes medicines exported to Sri Lanka following reports of vision loss

<p>A joint operation by the Indian Coast Guard, Directorate of Revenue Intelligence and Customs has foiled an attempt to smuggle gold bars weighing 32.689 kgs into India, via the sea route from Sri Lanka. Launched on Tuesday 30th May, this operation was carried out based on specific input from DRI regarding the smuggling of contraband from the island nation to India.&nbsp;</p>

<p>In anticipation of the smuggling attempt, Indian agencies maintained close surveillance of fishing vessels operating in the Gulf of Mannar and those near the India-Sri Lanka International Maritime Boundary Line (IMBL). The agencies apprehended two boats - a suspicious boat approaching the Mandapam fishing harbour in Tamil Nadu's Ramanathapuram district and another suspicious vessel south of Mandapam.<br />
<br />
The sea route between northern Sri Lanka and the&nbsp;southern districts of Tamil Nadu, India, is&nbsp;highly porous and has a lot of fishing activity. In a matter of a few hours and a few dozen kilometres, it is possible to cross over the IMBL and reach the waters of the other side.&nbsp;</p>

<p>The first boat attempted to evade the agencies and then dumped the consignment overboard before its three-member crew was apprehended by the agencies. Upon interception, the second boat was said to have 21.269 kgs of smuggled gold and its two-member crew was&nbsp;taken into custody.&nbsp;</p>

<p>To recover the consignment that was dumped overboard by the first vessel, the Indian Coast Guard launched a diving operation at the site and recovered the gold consignment from the seabed, on Thursday. It contained gold bars weighing 11.6 kg. The entire seized consignment is valued at Rs. 20.20 crore or $2.5 million. The seized contraband and suspects are in DRI custody for legal action.<br />
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A joint operation by the Indian Coast Guard, Directorate of Revenue Intelligence and Customs has foiled an attempt to smuggle gold bars weighing 32.689 kgs into India, via the sea route from Sri Lanka.

A joint operation by the Indian Coast Guard, Directorate of Revenue Intelligence and Customs has foiled an attempt to smuggle gold bars weighing 32.689 kgs into India, via the sea route from Sri Lanka. Launched on Tuesday 30th May, this operation was carried out based on specific input from DRI regarding the smuggling of contraband from the island nation to India. In anticipation of the smuggling attempt, Indian agencies maintained close surveillance of fishing vessels operating in the Gulf of Mannar and those near the India-Sri Lanka International Maritime Boundary Line (IMBL). The agencies apprehended two boats - a suspicious boat approaching the Mandapam fishing harbour in Tamil Nadu's Ramanathapuram district and another suspicious vessel south of Mandapam. The sea route between northern Sri Lanka and the southern districts of Tamil Nadu, India, is highly porous and has a lot of fishing activity. In a matter of a few hours and a few dozen kilometres, it is possible to cross over the IMBL and reach the waters of the other side. The first boat attempted to evade the agencies and then dumped the consignment overboard before its three-member crew was apprehended by the agencies. Upon interception, the second boat was said to have 21.269 kgs of smuggled gold and its two-member crew was taken into custody. To recover the consignment that was dumped overboard by the first vessel, the Indian Coast Guard launched a diving operation at the site and recovered the gold consignment from the seabed, on Thursday. It contained gold bars weighing 11.6 kg. The entire seized consignment is valued at Rs. 20.20 crore or $2.5 million. The seized contraband and suspects are in DRI custody for legal action. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Indian agencies seize 32 kg gold worth $2.5 million being smuggled from Sri Lanka

<p>Sri Lankan President Ranil Wickremesinghe said on Thursday (June 1) that the South Asian island nation's economy is on the road to recovery. He underlined that inflation, which had risen as high as 70 per cent, was now down to 25. 2 per cent.</p>

<p>"Today we are all benefiting from the results of the patient, committed and focused policies. Inflation that rose to 70% has reduced to 25.2%. Because of this cost of living is gradually coming down. The entire society is feeling the benefits of this," said Wickremesinghe.</p>

<p>Sri Lanka's central bank, earlier in the day, took a surprise decision of cutting interest rates for the first time in three years. This was seen to be a sign that the worst of Sri Lanka's financial crisis was over.</p>

<p>Last year, Sri Lankan economy faced an unprecedented crisis after its foreign exchange reserves ran out. Prices of food and fuel skyrocketted and protesting mobs of thousands caused the then president to resign and even flee the country.</p>

<p>Wickremesinghe took the reins in July and negotiated a $2.9 billion bailout from the International Monetary Fund (IMF) in March.</p>

<p>Inflation, which hit a record high of around 70% in September, is coming down, government revenues are looking up and pressure on the country's balance of payments is easing.</p>

<p>The government is aiming to complete talks to restructure its bilateral debt with other countries by September.</p>

<p>"Sri Lanka's trade policies have been formulated with strong protective system. It is the right time to lift those restrictions,'' Wickremesinghe said.</p>

<p>''Most systems have been formulated to discourage investors. We will change that. With that we will create a country that will be attractive for investors.''</p>

<p>Reuters mentioned analysts who said that with the Central Bank of Sri Lanka (CBSL) having successfully dealt with the runaway inflation, it was turning its attention to growth.</p>

<p>Last year, the central bank raised rates by a record 950 basis points in order to try and control inflation. On March 3 this year, the rares were increased by 100 bps.&nbsp;</p>

<p>The IMF expects GDP to contract 3% this year after a 7.8% contraction last year. The CBSL has forecast a 2% contraction in 2023.</p>

<p><em>(With inputs from agencies)</em></p>


Sri Lankan President Ranil Wickremesinghe said on Thursday (June 1) that the South Asian island nation's economy is on the road to recovery. He underlined that inflation, which had risen as high as 70 per cent, was now down to 25.

Sri Lankan President Ranil Wickremesinghe said on Thursday (June 1) that the South Asian island nation's economy is on the road to recovery. He underlined that inflation, which had risen as high as 70 per cent, was now down to 25. 2 per cent. "Today we are all benefiting from the results of the patient, committed and focused policies. Inflation that rose to 70% has reduced to 25.2%. Because of this cost of living is gradually coming down. The entire society is feeling the benefits of this," said Wickremesinghe. Sri Lanka's central bank, earlier in the day, took a surprise decision of cutting interest rates for the first time in three years. This was seen to be a sign that the worst of Sri Lanka's financial crisis was over. Last year, Sri Lankan economy faced an unprecedented crisis after its foreign exchange reserves ran out. Prices of food and fuel skyrocketted and protesting mobs of thousands caused the then president to resign and even flee the country. Wickremesinghe took the reins in July and negotiated a $2.9 billion bailout from the International Monetary Fund (IMF) in March. Inflation, which hit a record high of around 70% in September, is coming down, government revenues are looking up and pressure on the country's balance of payments is easing. The government is aiming to complete talks to restructure its bilateral debt with other countries by September. "Sri Lanka's trade policies have been formulated with strong protective system. It is the right time to lift those restrictions,'' Wickremesinghe said. ''Most systems have been formulated to discourage investors. We will change that. With that we will create a country that will be attractive for investors.'' Reuters mentioned analysts who said that with the Central Bank of Sri Lanka (CBSL) having successfully dealt with the runaway inflation, it was turning its attention to growth. Last year, the central bank raised rates by a record 950 basis points in order to try and control inflation. On March 3 this year, the rares were increased by 100 bps. The IMF expects GDP to contract 3% this year after a 7.8% contraction last year. The CBSL has forecast a 2% contraction in 2023. (With inputs from agencies)

Economy on the road to recovery, says Sri Lanka president

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