Sri Lanka
$200 million loan: Sri Lanka repaid $50 million to Bangladesh, says central bank
Sri Lanka has repaid $50 million to Bangladesh, an official of Bangladesh Bank has said. Bangladesh had earlier lent $200 million amid economic crisis in the island nation.
Also read : Ambassador Fick to visit India, Sri Lanka from August 17 to 23
Md Mesbaul Haque, Executive Director and Spokesperson of the central bank, told UNB: “Out of the $200 million loan given to Sri Lanka, we have received an installment of $50 million. Another installment is due later this month. We expect them to repay the loan in full within this year.”
Sri Lanka took the loan in 2021 under the currency swap system with the condition of repayment within three months.
Also read : French President Macron visits his counterpart in Sri Lanka
But it failed to repay the loan on time and the island nation wanted an extension of time due to political chaos amid domestic financial turmoil. Bangladesh had extended the deadline for several times.
Also read : Bangladesh will never be like Sri Lanka: MA Mannan
According to BB, Bangladesh released 50 million dollars in the first phase on August 19, 2021. The second round of $100 million was given on October 30 of that year. Then $50 million dollars was given in November.
Under an agreement, the money was supposed to be returned with interest between August, October, and November last year. But the country failed to repay the loan on time.
LPL Auction 2023: Tamim Iqbal among 24 Bangladeshi Cricketers Who Signed Up
The 2023 Lanka Premier League (LPL) is the fourth season of LPL in Sri Lanka. The tournament will start on July 31 and end on August 22, 2023. Five teams will participate, and they will play their matches in three different international stadiums. The tournament is organized by Sri Lanka Cricket, the governing body of cricket in the island nation. Sri Lanka Cricket has announced that the auction for the LPL 2023 will happen on June 14, and 360 players have signed up to participate in the T20 tournament — 24 of them are Bangladeshi cricketers.
Bangladeshi Players Signed Up for Lanka Premier League 2023 Auction
All 360 registered cricketers have been divided into 51 groups. Twenty-four cricket players from Bangladesh have signed up for the auction of the Lanka Premier League (LPL). Several Bangladeshi cricketers, including players from the national team and those who are not currently part of it, have registered for the LPL auction.
One of the star players, Litton Das, is in the third set of players. Taskin Ahmed is also on the list. Additionally, two retired batsmen from international T20 cricket, Mushfiqur Rahim and Tamim Iqbal, have also registered. Tamim is in the first set, while Mushfiqur is in the third set. Some young players like Towhid Hridoy, Afif Hossain, and Najmul Hossain Shanto have also put their names forward for the auction.
Read more: Litton Das as Captain: Test experience could mean advantage over Afghanistan
However, two popular players, Shakib Al Hasan, and Mustafizur Rahman, are not included in the list.
Several cricketers who have previously played for the national team, but are not currently part of it, have also entered their names for the auction. Some notable names include Imrul Kayes, Soumya Sarkar, Mohammad Mithun, Mahedi Hasan, Sabbir Rahman, and Mohammad Saifuddin.
List of the Bangladeshi Players in the LPL Auction
Tamim Iqbal, Litton Das, Mushfiqur Rahim, Mohammad Mithun, Taskin Ahmed, Nasum Ahmed, Mehidy Hasan Miraz, Anamul Haque Bijoy, Nurul Hasan Sohan, Afif Hossain, Taijul Islam, Najmul Hossain Shanto, Mahmudullah Riyad, Mahedi Hasan, Ebadot Hossain, Sabbir Rahman, Towhid Hridoy, Mosaddek Hossain, Imrul Kayes, Mohammad Saifuddin, Soumya Sarkar, Yasir Ali, Shoriful Islam, Rubel Hossain.
Read more: 2023 Bangladesh Vs Afghanistan Test: Head-to-head records, Who is favorite?
Rules for the 2023 LPL Auction
Just like the IPL auction, players who want to participate in the auction for the Lanka Premier League (LPL) will be divided into two groups: capped and uncapped players. Capped players are those who have already represented their national team in international matches. The base value for capped players in the auction will range from $10,000 to $50,000, increasing in $10,000 increments.
Players who haven’t represented their national teams yet will be divided into three different groups based on their experience.
Players who have played 50 or more First-Class matches can register themselves with a base value of $20,000.
Read more: BCB to introduce its own TV channel
Players who have played at least 25 First-Class matches or 18 matches in T20 franchise leagues like the LPL (Lanka Premier League) can register themselves with a base value of $10,000.
Players who don’t meet any of the above criteria can still register themselves with a base value of $5,000.
Each of the five teams in the tournament will have a squad of 20 to 24 players. Out of these players, six must be from other countries, not from Sri Lanka.
Read more: BAN vs AFG Series 2023: Afghanistan Test Squad Analysis
LPL 2023 Auction Bidding Process
After some players have already been chosen by teams, the remaining players will be put up for auction. Only two teams can bid on a player at a time, but if one team decides to stop bidding, then a third team can join the auction.
However, the auction process won’t be the same for all players. After the first 70 players have been auctioned, there will be a faster auction called the ‘accelerated’ auction. In this auction, each team can nominate 15 to 20 players to be auctioned, and these players can include those who were not sold in the previous rounds.
Final Words
In the past, players for the Lanka Premier League were chosen through a draft system. However, this time, the LPL will try something new by using an auction method similar to the Indian Premier League (IPL). It will be exciting to see how this change adds a new flavor to the tournament. And let’s see how many Bangladeshi players get picked.
Read more: BAN vs AFG Series 2023: Bangladesh Test Squad Analysis.
Sri Lankan state workers strike, protesting high taxes
Sri Lankan health, railway, port and other state workers were on a daylong strike Wednesday to protest against sharp increases in income taxes and electricity charges, as the island nation awaits approval of an International Monetary Fund package to aid its bankrupt economy.
Most government hospitals around the country suspended their outpatient clinics because doctors, nurses and pharmacists were on strike. The railways operated fewer trains and armed soldiers guarded carriages and train stations fearing sabotage.
Trade unions say the increase in taxes and electricity charges have hit them hard amid difficulties from the country's worst economic crisis. They have threatened to extend the strike indefinitely if the government fails to address their demands.
Also Read: Sri Lanka leader says IMF deal imminent after China’s pledge
The government says it was compelled to raise taxes to strengthen state revenue and electricity charges to cover production costs, key prerequisites to unlocking the proposed $2.9 billion IMF package. Authorities say they managed to operate some trains and most state banks despite the strike.
IMF Managing Director Kristalina Georgieva said last week the fund's board will meet on March 20 to consider the final approval of Sri Lanka's bailout package after China gave crucial debt restructuring assurances.
Sri Lanka announced last year it was suspending repayment of its foreign loans amid a severe foreign currency crisis that resulted in shortages of fuel, food, medicines and cooking gas, along with long power cuts. The crisis led to street protests that forced then-President Gotabaya Rajapaksa to flee the country and resign.
President Ranil Wickremesinghe, since taking over last July, has managed to end the power cuts and reduce shortages.
The Central Bank has said the country's reserves have improved and Sri Lanka's rupee has started to strengthen after crashing last year. The Central Bank has wrested back control of foreign currency trade from the black market, the monetary authority says.
However, critics say the strengthening of the currency might be linked to import controls and that it is bound to weaken once the country reopens for imports.
Wickremesinghe told Parliament last week that difficult reforms are needed to remain on course with the IMF program. Sidestepping them, as the country has done on 16 previous occasions, could spell danger, he added, noting that any breakdown would compel Sri Lanka to repay $6-7 billion of foreign debt every year until 2029.
However, he found no support from the opposition parties and the public, who say he is shielding the ousted Rajapaksa family from allegations of corruption, which they say caused the economic crisis, in return for their support for his presidency.
Sri Lanka police fire tear gas at election protest; 15 hurt
Police in Sri Lanka on Sunday fired tear gas and water cannons to disperse protesters angry over a decision to postpone local elections after the government said it cannot finance them because of the country's crippling economic crisis.
About 15 people were treated for minor injuries, according to Colombo National Hospital.
Thousands of supporters of the opposition National People's Power party tried to march toward the main business district in capital Colombo, ignoring police warnings after a court order barred them from entering the area, which includes the president's residence, office and several key government buildings.
The order had been obtained in the backdrop of last July's massive protests, when thousands of people stormed the presidential office and residence and occupied them for days. The crisis forced then-President Gotabaya Rajapaksa to flee the country and resign.
The turmoil was caused by severe shortages of some foods, fuel, cooking gas and medicine, after Sri Lanka went bankrupt because it could not repay its foreign debt. The new president, Ranil Wickremesinghe, negotiated a rescue package with the International Monetary Fund for $2.9 billion over four years, but it can be finalized only if Sri Lanka’s creditors give assurances on debt restructuring.
Sri Lanka’s total foreign debt exceeds $ 51 billion, of which it must repay $28 billion by 2027. India and several other creditor countries have so far given assurances that meet the IMF standards, but the deal hinges on whether China would agree to debt restructuring at the same level.
The Finance Ministry under Wickremesinghe said it can't allocate sufficient funds for the March 9 elections for town and village councils, even though political parties had submitted nominations.
The decision forced the Election Commission to indefinitely postpone the elections.
Despite signs of progress in reducing shortages and ending daily power cuts after nearly a year, Wickremesinghe is immensely unpopular. Many people say he lacks the mandate because he was elected by lawmakers backed by Rajapaksa supporters. They accuse Wickremesinghe of protecting members of the Rajapaksa family from corruption allegations in return for backing him in Parliament.
The National People’s Power party, which organized Sunday's rally, has only three lawmakers in Sri Lanka's 225-member Parliament but it enjoys a wave of public support after the economic crisis eroded the popularity of traditional political parties that have ruled Sri Lanka since independence.
Sri Lanka wins Silver Jubilee BIMSTEC quiz contest held in Thimphu
The team comprising Medhini Wanigaratne and Sayurangi Premasiri representing Sri Lanka emerged victorious in the BIMSTEC Silver Jubilee Quiz held in Thimphu recently.
The team representing Nepal comprising Aayusha Bohara and Sushank Paudel became the first runner-up, while the team representing India comprising Reet and Ron Dutta stood as the second runner-up.
Dr. Tandi Dorji, Minister of Foreign Affairs and External Trade of Bhutan handed over the winning trophy and medals to the champions from Sri Lanka, said the BIMSTEC Secretariat on Monday.
The Ambassador-designate of Bangladesh to Bhutan Shib Nath Roy handed over medals and certificates to the first and second runners-up from Nepal and India.
The team representing Sri Lanka scored 130 points, while the second and third runners-up Nepal and India scored 87 and 84 points respectively.
Bangladesh likely to get back the money borrowed by Sri Lanka: FM
Bangladesh is expected to get back the money borrowed by Sri Lanka by September this year as the country's economic situation is improving.
"Sri Lanka is gradually doing better. They are recovering slowly. We have given them time till September (to repay the loan)," Foreign Minister Dr AK Abdul Momen told reporters at state guesthouse Padma on Sunday (February 05, 2023) afternoon, hoping for repayment by Sri Lanka within the timeframe.
The Foreign Minister, who returned home Sunday from Sri Lanka, said the new government in Sri Lanka is running the country “pretty well”.
The Sri Lankan government hopes that they will recover from the problem and the International Monetary Fund (IMF) is coming up for support, Momen said.
Also read: FM likely to visit New Delhi March 1-2
Sri Lankan President Ranil Wickremesinghe has conveyed Sri Lanka's gratitude to the Bangladesh government and Prime Minister Sheikh Hasina for the timely assistance as the country battles to rebuild its economy.
“I must say they are very grateful to us,” said Foreign Minister Momen.Foreign Minister Momen visited Sri Lanka as a guest for the country's 75th Independence Day celebrations, for which the guest list was filled up mostly by neighbouring countries at foreign minister-level.
Sri Lanka and the International Monetary Fund (IMF) recently reached a staff-level agreement on a 48-month, $2.9 billion Extended Fund Facility which will also help it secure short-term funds from other donors.
Bangladesh Bank earlier granted Sri Lanka six more months to repay the $200 million loan after the Island nation requested to extend the repayment period due to its prolonged economic crisis.
Read More: Sri Lanka thanks Bangladesh for timely assistance on road to recovery
In a friendly gesture, Bangladesh had extended the loan to cash-strapped Sri Lanka under a currency swap arrangement in 2021.
Sri Lanka and the International Monetary Fund (IMF) recently reached a staff-level agreement on a 48-month, $2.9 billion Extended Fund Facility which will also help it secure short-term funds from other donors.
Bangladesh Bank earlier granted Sri Lanka six more months to repay the $200 million loan after the Island nation requested to extend the repayment period due to its prolonged economic crisis.
In a friendly gesture, Bangladesh had extended the loan to cash-strapped Sri Lanka under a currency swap arrangement in 2021.
Also read: FM Momen to join Sri Lanka's 75th Independence Day celebrations in Colombo
Sri Lanka thanks Bangladesh for timely assistance on road to recovery
Sri Lankan President Ranil Wickremesinghe has conveyed Sri Lanka's gratitude to the Bangladesh government and Prime Minister Sheikh Hasina for the timely assistance as the country battles to rebuild its economy.
Foreign Minister AK Abdul Momen is now in Sri Lanka as a guest for the country's low-key 75th Independence Day celebrations, for which the guest list was filled up mostly by neighbouring countries at foreign ministry-level.
Momen, along with the others, attended the "Independence Parade" featuring march-past, fly-by, and parachute display by the joint forces at the Galle Face Green, Colombo Saturday.
The foreign minister later paid a courtesy call on President Wickremesinghe at the Presidential Secretariat. It was then that Wickremesinghe conveyed the Sri Lanka people's gratitude to their neighbours in Bangladesh.
Sri Lanka marks independence anniversary amid economic woes
Sri Lanka marked its 75th independence anniversary on Saturday as a bankrupt nation, with many citizens angry, anxious and in no mood to celebrate.
Many Buddhists and Christian clergy had announced a boycott of the celebration in the capital, while activists and others expressed anger at what they see as a waste of money in a time of severe economic crisis.
Despite the criticism, armed troops paraded along the main esplanade in Colombo, showcasing military equipment as navy ships sailed in the sea and helicopters and aircraft flew over the city.
Catholic priest Rev. Cyril Gamini called this year's ceremony commemorating independence from British rule a “crime and waste” at a time when the country is experiencing such economic hardship.
“We ask the government what independence they are going to proudly celebrate by spending a sum of 200 million rupees ($548,000),” said Gamini, adding the Catholic Church does not condone spending public money on the celebration and that no priest would attend the ceremony.
About 7% of Sri Lanka’s 22 million people in this Buddhist-majority nation are Christians, most of them Catholics. Despite being a minority, the church’s views are respected.
Prominent Buddhist monk Rev. Omalpe Sobitha said there is no reason to celebrate and that the ceremony is just an exhibition of weapons made in other countries.
Sri Lanka is effectively bankrupt and has suspended repayment of nearly $7 billion in foreign debt due this year pending the outcome of talks with the International Monetary Fund.
The country’s total foreign debt exceeds $51 billion, of which $28 billion has to be repaid by 2027. Unsustainable debt and a severe balance of payment crisis, on top of lingering scars from the COVID-19 pandemic, have led to a severe shortage of essentials such as fuel, medicine and food.
The shortages led to protests last year that forced then-President Gotabaya Rajapaksa to flee the country and resign.
Read more: Sri Lanka’s government cuts expenses as economy tanks
There have been signs of improvement under President Ranil Wickremesinghe, but power cuts continue due to the fuel shortages, hospitals face medicine shortages and the treasury is struggling to raise money to pay government employees’ salaries.
The economic crisis has made people angry and apathetic toward political leaders.
To manage the country's expenses, the government has increased income taxes sharply and has announced a 6% cut in funds allocated to every ministry this year. Also, the military, which had swelled to more than 200,000 members amid a long civil war, will be downsized by nearly half by 2030.
A group of activists began a silent protest on Friday in the capital, condemning the government’s independence celebration and failure to ease the economic burden.
FM Momen to join Sri Lanka's 75th Independence Day celebrations in Colombo
Foreign Minister Dr AK Abdul Momen will join Sri Lanka's 75th Independence Day celebrations in Colombo on February 4.
He reached Colombo on Thursday, said an official, adding that he will have a number of meetings apart from joining the Independence Day programmes there.
Sri Lankan State Minister of Defence Premitha Bandara Tennakoon received Foreign Minister Dr Momen upon his arrival in Colombo.
The main ceremony of the National Independence Day celebrations will be held on February 4 at 8.30 am at Galle Face Green under the patronage of Sri Lankan President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena.
Earlier, Sri Lankan President Ranil Wickremesinghe has given out instructions to celebrate the 75th Independence Day “with pride at minimal cost” and with the new reformist programme for the next 25 years.
Read More: Bangladesh's Nur Khan among winners of US' Global Human Rights Defender Award
The Foreign Minister is likely to meet the Sri Lankan President and Prime Minister apart from his meeting with Sri Lankan Minister for Foreign Affairs Ali Sabry during his stay in Colombo.
Nepal’s Minister for Foreign Affairs Dr Bimala Rai Paudyal will also join the celebrations and is likely to have a meeting with Minister Momen.
As part of the 75th Independence Day celebration, a number of programmes are scheduled to be held from February 2 to 19.
Read More: Bangladesh playing a critical, life-saving role in responding to climate-related disasters: Gwyn Lewis
“We must celebrate the 75th Independence Anniversary; otherwise, the world will say that we are not capable of even celebrating our independence. Similarly, we need to attract tourists and investors to our country. We need to build a positive image of our country. Therefore, let us minimize our expenditure and celebrate our Day of Independence,” Sri Lankan media quoted President Ranil Wickremesinghe as saying.
Read More: Dhaka urges Riyadh to consider crude or refined oil on deferred payment basis.
Sri Lanka leader suspends parliament until policy address
Sri Lanka's president suspended Parliament until Feb. 8, when he said he would announced a new set of long-term policies to address a range of issues including an unprecedented economic crisis that has engulfed the Indian Ocean nation for months.
President Ranil Wickremesinghe issued an extraordinary decree suspending Parliament from midnight Friday.
The government did not give a clear reason for the move, but Wickremesinghe' s office in a statement said his address to lawmakers on Feb. 8 will announce new policies and laws, which will be implemented until the centenary celebrations of Sri Lanka's independence in 2048.
It is also widely expected that Wickremesinghe would announce his policies on sharing power with ethnic minority Tamils. A civil war between the majority Sinhala-controlled Sri Lankan government and ethnic Tamil rebels killed at least 100,000 people, according to U.N. conservative calculations, before it ended with the rebels’ defeat in 2009.
Political analyst Jehan Perera said the president’s move to suspend Parliament is “to show that he is the authority.”
He said that the suspension also “symbolises a fresh start” as the president gets the opportunity “to announce all the new things that are going to be done.”
Also Read: Sri Lanka says debt-restructuring talks making progress
Unsustainable debt, a severe balance of payment crisis on top of lingering scars of the COVID-19 pandemic have led to a severe shortage of essentials such as fuel, medicine and food. The soaring prices triggered massive protests last year that ousted Wickremesinghe's predecessor, Gotabaya Rajapaksa.
Although there are some signs of progress, daily power cuts have continued due to fuel shortages and the government is struggling to find money to pay its employees and conduct other administrative functions.
There's been a growing public displeasure over the government’s recent move to increase taxes and electricity bills in an apparent bid to obtain a bailout package from the International Monetary Fund.
Also Read: Sri Lanka’s government cuts expenses as economy tanks
Sri Lanka is effectively bankrupt and has suspended repayment of nearly $7 billion in foreign debt due this year pending the outcome of talks with the IMF. The country’s total foreign debt exceeds $51 billion, of which $28 billion has to be repaid by 2027.
The government announced 6% cuts in the budgets of each ministry this year and plans to nearly half the size of the military, which had swelled to more than 200,000 personnel due to a long civil war.
During the suspension of Parliament, the speaker continues to function and lawmakers keep their seats even though they do not attend any sessions.