Nivard Cabraal: Latest News

COLOMBO (News 1st) – Sri Lanka's Former Central Bank Governor Ajith Nivard Cabraal said that Former President Gotabaya Rajapaksa simply let things happen during his tenure as the Head of State.Speaking to News 1st's 10 Questions program the Former Head of the Central Bank said he too believed that the Former President should have conducted himself differently, and that could have changed the fate of the country."An unexpected person is now the President.

COLOMBO (News 1st): Dr. P.

COLOMBO (News 1st); The All-Party Conference is not a mere political charade, stressed Sri Lankan President Gotabaya Rajapaksa on Wednesday (23) while chairing the much-awaited APC at Temple Trees in Colombo.“This All-Party Conference, with representations from the ruling faction and the opposition, was organized to reach solutions in unison for the issues that we face today,” said the President.President Rajapaksa said all politicians are duty-bound to find solutions to the issues that the country is facing today.He urged the political party representatives to be determined to work together to solve the issues that are plaguing the country.Central Bank Governor Ajith Nivard Cabraal who was also present for the meeting said Sri Lanka is facing a serious economic crisis, like most other countries in the world, and when the pandemic struck some countries had a strong foundation and others were not that fortunate.He once again confirmed the Sri Lankan government’s intentions of working with the International Monetary Fund for financial assistance.Former Sri Lankan Prime Minister Ranil Wickremesinghe, however, snapped back at the Central Governor for opening his remarks by saying the former government was responsible for the crisis, at a time when parties have come forward for the APC casting aside differences.“What would happen if I respond? Then another person will have to respond.

COLOMBO (News 1st); Sri Lanka’s Central Bank Governor Ajith Nivard Cabraal says comments on seeking IMF expert advice is a routine program.In a tweet, Cabraal said ” Finance Minister’s comments that Sri Lanka informed the International Monetary Fund to provide expert advice on the economic situation is about a routine Technical Assistance Program on Macro-Fiscal capacity building for MOF’s new Macro-Fiscal Unit. “Nothing else,” he added.However, Sri Lanka has sought technical advice from the International Monetary Fund (IMF) in better managing the debt servicing as well as boosting foreign reserves, Finance Minister Basil Rajapaksa revealed on Thursday (3).He said the IMF in writing agreed to extend support to Sri Lanka following a request.“We have not made it official yet, but we have requested their assistance by providing their expertise.

COLOMBO (News 1st); Sri Lanka’s Central Bank Governor Ajith Nivard Cabraal said the island nation has to settle USD 12.5 Billion of debt in International Sovereign Bonds over the next seven years.Speaking to the US-based CNBC, the Governor said the total foreign debt outstanding for 2022 is approximately USD 6.9 Billion.“Out of the 6.9 Billion, most of the loans are Sri Lankan-based loans which we have already negotiated for rollover as well as certain multilateral debts which are also being funded with new receipts that are coming in,” he said.“The only area that we do see as some kind of risk, as well as concern, is the international sovereign bonds. Out of which we need to pay 1.5 Billion Dollars back this year.

COLOMBO (News 1st); Sri Lanka’s Central Bank Governor Ajith Nivard Cabraal said that the Monetary Board decided to increase policy rates after five months to deliver a message that inflation was being dealt with and that the external sector needs to be stabilized further.Cabraal was speaking at a press conference at the Central Bank on Thursday (20) after the Monetary Board decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points each, to 5.50 percent and 6.50 percent, respectively.Responding to a question by News 1st, the governor said the USD 500 Million settlement of sovereign bonds was made from the reserves and from the inflows that Sri Lanka receives.As a measure to address the USD crisis in Sri Lanka, the Central Bank has reached an agreement with the Licensed Commercial banks in the country allowing them to bear the financing and arrangement of the financing of essential goods, to bring greater stability.The monetary board had decided to distribute the financing of essential import bills for fuel purchases among the licensed banks in proportion to their foreign exchange inflows.He said that the Chinese SWAP is within Sri Lanka’s range of products and currencies, noting that it was moved into the reserves.

COLOMBO (News 1st); A currency swap agreement with China has assisted Sri Lanka to raise its foreign exchange reserves to around $3.1 billion, Reuters reports.According to the agency, the reserves had been topped up after a $1.5 billion currency swap with the People’s Bank of China was finalized on Wednesday (29).Central Bank Governor, Ajith Nivard Cabraal, said in a tweet on Wednesday (29) reserves has risen to around $3.1 billion and would remain at that level until year-end.In keeping with our previous announcements, the official #reserve position of the @CBSL has today reached appox USD 3.1 billion and will remain around that level by end 2021 as well. #RoadMap #SriLanka #GoSL— Ajith Nivard Cabraal (@an_cabraal) December 29, 2021Subsequently, the CBSL confirmed the foreign support but did not specifically reference the Chinese swap arrangement.

COLOMBO (News 1st); Sri Lanka’s President Gotabaya Rajapaksa emphasizes that solutions for the electricity crisis should be sought without hindering the people’s daily life.In a backdrop where the island nation is facing an imminent power shortage, the Head of State spoke to the heads of the Power and Energy sectors at the Presidential Secretariat on Monday (10), said the President’s Media Division in a press release.Officials pointed out that the root cause of the current crisis is the issues prevalent in generating electricity through coal and fossil fuel.Sri Lanka’s coal reserves are sufficient as well as in good maintenance and if the fossil fuel power generating sector is managed well, the country can survive an impending power cut, said the officials.The Subject Ministers noted that all measures have been taken to manage the daily life of the general public during the current situation of the country.Ministers Gamini Lokuge, Udaya Gammanpila, Governor of the Central Bank Ajith Nivard Cabraal, State Minister Duminda Dissanayake, Secretary to the President P. B.