Category: Breaking News

Another person who was injured and hospitalized following the accident during the “Fox Hill Super Cross 2024” racing event in Diyatalawa has succumbed to his injuries, Police Media Spokesman DIG Nihal Thalduwa confirmed.

Accordingly, the death toll from the tragic incident climbs to 06 with this.

The deceased individuals include five adult males and a small child, according to police. Four of the deceased were officials of the racing event, while two others were civilians who were among the spectators.

The deceased child is a 08-year-old girl, the Sri Lanka Army Spokesperson said.

DIG Thalduwa further stated that the accident has taken place after a car ran off the track during a race.

Meanwhile, it is also reported that 04 out of 24 individuals who were injured and hospitalized after the accident are in critical condition.

The “Fox Hill Super Cross 2024” racing event has now been temporarily suspended, the police mentioned.

Diyatalawa Police is conducting further investigations regarding the incident.

Five persons have been killed following an accident during the “Fox Hill Super Cross 2024” racing event held in Diyatalawa.

Meanwhile, another 21 individuals who sustained injuries in the incident have also been hospitalized, Police Media Spokesperson DIG Nihal Thalduwa said.

He said that the incident occurred when a race car had veered off the race track and collided with a group of spectators.

The 28th edition of the ‘Fox Hill Super Cross’ organized by the Sri Lanka Military Academy Diyatalawa with the support of Sri Lanka Automobile Sports (SLAS) kicked off at Diyatalawa on Sunday (21).

Russia says there is no evidence to back claims Sri Lankans are involved in the Ukraine war.

The Russian Embassy in Colombo said that it does not have any information about the participation of Sri Lankan nationals in the Ukrainian conflict on the Russian side.

“Neither we are aware of a local recruiting agency which ostensibly hires people to join such activities while deceiving about their true nature,” the Embassy said.

The Embassy also denied any connections with the return to Sri Lanka of a corporal who allegedly fled from the combat zone.

“We would like to note that protection of interests and rights of Sri Lankan citizens in the territory of Russia is under the jurisdiction of the Embassy of Sri Lanka in Moscow. At the same time the Embassy finds it necessary to stress that visas are issued to Sri Lankans by its Consular Section in Colombo on the basis of valid documents of applicants in confirmation of their travel goals which have nothing to do with military operations,” the Embassy said.

In order to prevent the entrance of persons with such intentions to Russia, the Embassy conducts additional interviews with them.

“However, if the Sri Lankans decide to change their travel goal or nature of activity performed in Russia, we cannot impede them to act so. We would like to reiterate that the issues related to foreigners residing in Russia fall within the competence of relevant diplomatic representations in Moscow while the Russian Embassy in Colombo is in charge of protection of the Russian citizens’ in Sri Lanka,” the Embassy said.

The Embassy also said that it is prepared to provide available information if an official request is received from Sri Lanka.

The United National Party (UNP) accused the Archbishop of Colombo, Malcolm Cardinal Ranjith, of having a hand in the crisis Sri Lanka is in as a result of his earlier links to then President Gotabaya Rajapaksa.

UNP General Secretary, Palitha Range Bandara said that the Cardinal had admitted he was misled by Gotabaya Rajapaksa and worked for him.

Bandara said that the Cardinal’s admission shows that he handed over the Sri Lankan people to Rajapaksa.

He said that the question is now raised if willingly or unwillingly the Cardinal had a hand in the destruction of the country.

Palitha Range Bandara also noted that the Cardinal met the National People’s Power (NPP).

The NPP gave the Archbishop of Colombo a written assurance over the steps it will take on the Easter Sunday attacks investigations.

Palitha Range Bandara noted that the NPP presented a 7-point action plan to Cardinal Ranjith.

However, he said the Cardinal should have asked the NPP about one of its members being linked to the Easter Sunday attacks.

In a recent development on the presidential election front, the Samagi Jana Balawegaya (SJB) has signaled a potential alliance with the United National Party (UNP) in support of Opposition Leader Sajith Premadasa.
SJB Parliamentarian Ashok Abeysinghe suggested that if the UNP backs Premadasa, they may consider offering a position to current President Ranil Wickremesinghe. However, Abeysinghe emphasized that no members of the SJB would defect to the UNP. These statements were made during a press briefing in Kurunegala.

Having hit a roadblock with international bondholders, uncertainty looms over the economy of crisis-hit Sri Lanka and an upcoming review by the International Monetary Fund (IMF), experts warn.

The South Asian island country announced on Tuesday that it has failed to strike an agreement with international bondholders on restructuring more than $12 billion in debt, a mandatory requirement set out by the IMF.

Colombo-based economist Talal Rafi explained that with Sri Lanka still in default status and facing uncertainty regarding credit ratings and foreign investment, the economic fallout could be significant. “The larger impact is the uncertainty as no one knows what the deal will be for them to plan anything,” he said.

In March last year, the IMF’s board approved a $2.9 billion bailout package under a 48-month arrangement under the Extended Fund Facility (EFF) to support Sri Lanka’s economic policies and reforms. Sri Lanka is currently on its second review and is awaiting board approval for a staff-level agreement reached in March this year. Since 1965 to 2016, Sri Lanka has had a total of 16 programs with the IMF and the current program with IMF is the seventeenth.

The delay in reaching an agreement could also affect Sri Lanka’s upcoming IMF review, which is scheduled for June, Rafi said. “As debt restructuring is a key condition for the IMF, it would have an impact on the time taken for board approval.”

The program specifically supports Sri Lanka’s efforts to restore macroeconomic stability and debt sustainability, safeguard financial stability, and enhance growth-oriented structural reforms. In April 2022, the country defaulted on its foreign debt for the first time, triggering the worst economic crisis in its history. According to official data, Sri Lanka’s gross official foreign currency reserves inched up to $4.5 billion million in February.

Moreover, the nation’s impending presidential election piles pressure on the government to accelerate the negotiation process, raising concerns about the sustainability of any deal struck hastily under such circumstances. “In a rushed environment, there is a chance an unfavorable deal may be struck, where the debt repayments agreed may be unsustainable for Sri Lanka to pay in the coming years which could lead to a second default,” Rafi noted.

Sri Lanka is expected to hold its presidential election between September and October. In 2019, Gotabaya Rajapaksa was elected as president, but he was forced to resign due to mismanagement in 2022, which led to Ranil Wickremesinghe taking over. Presidential elections take place every 5 years.

Despite the stumbling block, Sagala Ratnayaka, Sri Lanka’s national security adviser and chief of staff to the president, said “there is no snag, but the discussions will continue.”

He explained that the government couldn’t come to a “settlement” specifically in two areas of the counter-proposals submitted to the government by bondholders. However, Rathnayaka emphasized the government’s commitment to continuing discussions and involving all stakeholders, including bond advisers and representatives from the IMF.

Shehan Semasinghe, Sri Lanka’s finance minister, said in a statement on Wednesday, “The next steps would entail further consultation with the IMF staff regarding assessments of the compatibility of the latest proposals with program parameters.” He added, “We hope to continue discussions with the bondholders with a view to reaching common ground ahead of the IMF board consideration of the second review of Sri Lanka’s EFF program.”

However, Sergi Lanau, director of global emerging markets strategy at Oxford Economics, said that debt restructuring is progressing slowly everywhere. Ghana, for example, defaulted in December 2022 and is still negotiating, he said. “I don’t think there are widespread expectations of a quick agreement in Sri Lanka.”

Reflecting on the lack of trust and transparency that has characterized the negotiations from the outset, W.A. Wijewardena, a former central bank deputy governor, said, “The outcome involving the failure to reach agreement is not unanticipated because neither party had any intention of reaching out to the other.”

According to Wijewardena, the trust necessary for a fair negotiation was absent. “Now it seems both parties are asking for the pound of flesh which isn’t available for delivery to the other party.”

Source: Nikkei Asia