IMF approves USD 206 million emergency funding for cyclone-hit Sri Lanka's recovery
Colombo (PTI): The IMF has approved an emergency funding of USD 206 million under its rapid finance instrument to help Sri Lanka “address the urgent needs arising from the catastrophic Cyclone Ditwah and preserve macroeconomic stability”.
The cyclone caused widespread destruction in the island nation and left over 643 people dead.
In a statement issued on Friday, the Washington-based International Monetary Fund (IMF) said the disaster has created urgent humanitarian and reconstruction needs, generating significant fiscal pressures and balance-of-payments needs.
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The emergency financial support provided by the IMF under the rapid finance instrument will help address these pressures, it said.
The IMF added that the cyclone devastation hit when the Fifth Review of Sri Lanka’s USD 2.9 billion bailout was nearing completion.
“Given the time needed to assess the economic impact of the cyclone and examine how an IMF-supported programme can best support Sri Lanka’s recovery and reconstruction efforts while preserving objectives and policy priorities, the Fifth Review has been deferred," it said.
"An IMF mission team will visit Sri Lanka in early 2026 to resume discussions,” it added.
The 48-month extended fund facility deal with the IMF in March 2023 carried hard reforms to Sri Lanka's welfare-based governance.
It was signed after Sri Lanka plunged into an unprecedented economic meltdown with its first-ever sovereign default.
Several hours before the IMF decision, the parliament here approved without a vote a supplementary estimate of LKR 500 billion, which the government said was required to restore the livelihoods of those affected by the disaster.
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PM's silence on Kharge's insult by Himanta is his consent: Rahul
New Delhi (PTI): Congress leader Rahul Gandhi on Tuesday said the use of "derogatory language" against party chief Mallikarjun Kharge by Assam Chief Minister Himanta Biswa Sarma is an insult to the entire SC/ST community, and the silence of Prime Minister Narendra Modi on the matter "is not his helplessness, but his consent".
"If the prime minister sees an attack on the dignity of crores of Dalits in the country and does not speak up - he is not only shirking his responsibility, but is also a party to that insult," Gandhi said in a post in Hindi on X.
Gandhi said the use of "vulgar and derogatory language" by Sarma against Leader of Opposition in Rajya Sabha Kharge "is entirely condemnable, shameful, and unacceptable".
"Kharge ji is a senior and popular Dalit leader of the country - his experience, stature, and prestige are unparalleled. Insulting him is not an insult to one individual alone, but also to crores of people from the SC-ST community in this country," he posted.
This, he said, just reflected the "old and premeditated mindset" of the BJP-RSS and was nothing new, the leader of opposition in Lok Sabha said.
"Whether it is the insult to Babasaheb Ambedkar, belittling Dalit leaders, or personal attacks on representatives of the SC-ST community - the history of BJP and RSS bears witness that whenever a Dalit leader speaks the truth, they stoop to humiliate him," he posted.
"This is their ideology, this is their true character and face," he added.
Posing a direct question to the PM, he asked, "do you support Himanta Sarma's use of this language? Your silence is not helplessness, it is consent."
Sarma earlier hit out at Kharge, claiming that he was "speaking like a madman" due to old age, after the latter put the onus on central agencies to probe the charges made against the Assam chief minister.
Slamming the Congress chief, Sarma said, "Kharge is ageing and is speaking like a pagal (madman)."
