Economic Crisis in Sri Lanka – Credit card interest increased to 30%
Several commercial banks in Sri Lanka have increased the interest rates charged on credit cards. Accordingly, several banks have announced a 30% interest rate on credit cards. The Monetary Board of the Central Bank of Sri Lanka decided on April 08 to remove the maximum interest rate caps imposed on credit cards. Following that decision, credit card interest rates have risen from 18% to 24% and have since risen to 30%. Meanwhile, according to the latest reports from the Central Bank of Sri Lanka, the number of active credit cards in the country stood at 1,973,481 at the end of April this year. The total amount due for these credit cards by the end of April 2022 is Rs. 138,192 million. During the first four months of 2022, the number of active credit cards in the country increased by 46,286 and the total amount of credit cards outstanding was Rs. 4,907 million.
In accordance with the policies of the International Monetary Fund look forward to assisting Sri Lanka – IMF
Representatives appointed by the International Monetary Fund for Sri Lanka met President Gotabhaya Rajapaksa. The meeting took place at the President’s House, Fort, Colombo. The representatives will stay in Sri Lanka for a week to study at length the policy and issues relevant to reaching a diplomatic level agreement. They briefed the President on the discussions held with the Prime Minister, the Ministry of Finance, the Central Bank and other economic authorities and experts on the current situation. The representatives stated that they look forward to assisting Sri Lanka in this difficult time in line with the policies of the International Monetary Fund. The President elaborated on the current economic situation and thanked the delegation for their support to Sri Lanka during difficult times. Peter Breuer, Senior Operations Head, International Monetary Fund Chief of Operations Masahiro Nozaki, Resident Agent Dr. Tubagus Feridhanu setyawan, Anne Marie Gulde, Deputy Director, Asia Pacific Department; Alternative Executive Director of the International Monetary Fund, Dr. C. Amarasekera participated at the event Also the Secretary to the President Gamini Senarath Chief of Staff to the President Anura Dissanayake Governor of the Central Bank Dr. Nandalal Weerasinghe, Finance Secretary K.M. Siriwardena, Deputy Finance Secretary MSS Saman Fernando, Deputy Governor TMJYP Fernando ,Director of Department of Economic Research Dr Harischandra were present at this occasion.
Power plant reservoirs falling to 50%,providing electricity will be another crisis
The Irrigation Department says that the total water level in the country’s reservoirs which was 55% last week has dropped to 50% today. The Mahaweli engineers say that the meteorological department has not given a definite picture of the future rainfall conditions and if there is no significant rainfall by July. A crisis will arise in the reservoirs associated with the hydropower plants as at present most of the metro power generation is generated by hydropower. The highest rainfall last year was in September and October.
Sri Lankans wore Yellow to Support Australia today
Before the 5th one-day cricket match between Sri Lanka and Australia which is being played today at the R. Premadasa Stadium, it has been announced that a group of people wearing yellow is supporting Australia. So it can be seen some wearing Yellow in the pictures. While some people came wearing blue clothes in support of Sri Lanka. As Australia did not give up on Sri Lanka during the difficult times, the idea of making this yellow dress as a tribute to the Australian team was discussed and spread on social media. Later, veteran players like Aravinda Silva and Sanath Jayasooriya were praised for their response. Sri Lanka Cricket has also announced its support for the move. Meanwhile, when the announcer reminds reminded of this yellow, the Australian captain, who was present at the time, thanked Sri Lanka and applauded from the middle of the field. Sri Lanka won the toss and elected to bat first.
An Unidentified Disease Widely Spreading in North Korea
North Korea is often maintained as an isolated country from the rest of the world. Although they named the country where the corona disease did not spread, a few months ago acknowledged that the corona pandemic came in the face of a rapid spread. But the North Korean leader said there was no need for vaccinations and urged citizens to trust the country’s medicine. Meanwhile, foreign reports say that Kim Jong Un is worried about a disease spreading again in the country. The state channel KCNA reports that an “unidentified gastrointestinal disease” has begun to spread in the southern province of Hwanghae. According to the state media, Kim Jong Un and his family have been involved in the treatment and the drugs have been sent to the southwest of the country. At least 800 families are affected by the disease. It has been reported that disinfection activities, including sewage and other contaminants, are being carried out to ensure the safety of drinking and domestic water. However, they are trying to solve the disease on their own and have not even given the WHO a chance to look into it.
A situation of civil war will start in Sri Lanka
MP Vasudeva Nanayakkara says that there is a risk of a civil war in the country due to the pressure that the people of this country are facing today. He added that if the current situation escalates, people will be abducted and a civil war will break out as the government tries to control it He also said that there was no response to the letter sent to the President asking him to inform him about the possibility of obtaining fuel and fertilizer from Russia. He further stated that the Minister of Energy should not hand over the responsibility of finding fuel to the Opposition MPs but should take immediate steps to hold talks with Russia. Sri Lanka was afraid to buy fuel from Russia due to going to the International Monetary Fund, adding that if the government continued to act in this manner, the tolerance of the people would be exceeded. He was addressing the media in Colombo.
UN declares full humanitarian emergency in Sri Lanka
UN declares full humanitarian emergency in Sri Lanka The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) has said that Sri Lanka is facing a complete humanitarian emergency, the Daily Mirror reports. The United Nations says in its latest update that nearly 200 essential medicines are currently out of stock and another 163 are expected to run out in the next two to three months. In addition, there is a shortage of over 2,700 essential surgeries required and more than 250 standard laboratory materials. Many hospitals have had non-emergency surgeries and delays due to power outages and a lack of fuel to operate generators. “Sri Lanka’s economic turmoil could escalate into a full-fledged humanitarian emergency,” OCHA said. In response to the government’s request, the United Nations has launched a $ 47.2 million plan for the period from June to September.
Sri Lanka working to build back strong relations with Russia after the recent Aeroflot spat
Sri Lanka working to build back strong relations with Russia after the recent Aeroflot spat
Daily power cuts from 24th June to 26th June
Daily power cuts from 24th June to 26th June as follow 24th June – 2-Hours and 30-Minutes from 12.00 noon to 10.00 PM 25th June – 2-Hours and 30-Minutes from 9.30 AM to 10.00 PM 26th June – 2-Hours from 2.00 PM to 10.00 PM
600 acres in Colombo to be cultivated -Rosy Senanayake
The Colombo Municipal Council has taken steps to cultivate short, medium and long-term harvest crops in an area of 600 acres in the Colombo Municipal Area. Mayor Rosy Senanayake said that other information, including knowledge, could be obtained through the Colombo Municipal Council’s website and the ‘Urban Harvest by CMC’ Facebook page set up for the project. She further stated that due to the low income of about 60% of the population of the city of Colombo, an accelerated cultivation project has been initiated to encourage the people of Colombo to cultivate essential food crops in their backyards, office premises and wherever possible and to make the city of Colombo self-sufficient. The program is implemented with the participation of volunteers, social empowerment organizations and the private sector. So under this; Distribution of essential food coupons to families in need of relief services and relief. Organizing dehydration programs for vegetables and fruits removed through economic centres and weekly markets in the city of Colombo. Introduction of income-generating methods for unemployed families, The Public Library will also have a team of agricultural advisors assigned to provide services, etc.