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Sri Lanka Hopes For ‘Good News’ From Jaishankar’s Two-Day Visit

Given Sri Lanka’s crucial negotiations with the IMF to secure a USD 2.9 billion bridge loan for a bailout to come out of the economic crisis, External Affairs Minister S Jaishankar’s two-day visit beginning Thursday is anticipated with much hope.

His visit comes two days after President Ranil Wickremesinghe said in Parliament on Tuesday that talks with India to restructure Sri Lanka’s debt had made a breakthrough and that the talks had been successful.

“We are working to get our economy on the right track. Now we have to get India and China to consent to this debt restructuring. We are continuing discussions… and I am pleased to announce to this House that the discussions are successful,” said Wickremesinghe, who also holds the finance ministry portfolio.

His junior minister, Shehan Semasinghe, stated that “good news from India and China” would be forthcoming. Sri Lankan officials, who are close to planning the visit, stated that the Indian minister’s visit was essential for obtaining the IMF facility.

Finmin To Meet Heads Of Public Sector Banks, To Review Progress Of Various Schemes

Heads of public sector banks and financial institutions have been invited to a meeting by the finance ministry to discuss the progress of various social sector programs like Jan Dhan, Mudra, KCC, and PM SVANidhi, reported PTI.

According to sources, the meeting with managing directors and CEOs of public sector banks is scheduled for January 19 and will primarily focus on reviewing the plans to promote financial inclusion.

The meeting, which will be led by Financial Services Secretary Vivek Joshi, will discuss the saturation of the Pradhan Mantri Jan Dhan Yojana (PMJDY).

In addition, progress in the PM SVANidhi (Prime Minister Street Vendors’ AtmaNirbhar Nidhi) program will be evaluated. The program has been extended by the government until December 2024.

The PM SVANidhi scheme was launched by the ministry of housing and urban affairs on June 1, 2020, to assist coronavirus-affected street vendors in resuming their livelihood activities. Working capital loans of up to Rs 10,000 at subsidized interest rates are the goal of the program.