First tranche of $332 million pledged by IMF given; US pledges an assistance of $8 million for rehabilitation of displaced people; Colombo accepts chairmanship of G-15; Nepal, Sri Lanka working to operationalise Joint Commission agenda
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  • Sri Lanka received the first tranche of the $332 million pledged under the Stand by Agreement (SBA) signed with the IMF to buttress its foreign reserves and improve the balance-of-payments situation. The final amount of the 20-month SBA program will be disbursed by March 20111.

    The US on its part pledged an assistance of $8 million to help in the process of rehabilitation of people displaced in the recent conflict2. Pakistan meanwhile stated that it would not dictate to the Sri Lankan government regarding the rehabilitation of displaced people. Additional Foreign Secretary (Asia-Pacific) Masood Khalid stated that his country’s relationship with Colombo was based on “non-interference, mutual respect and mutual trust3.”

    Sri Lanka meanwhile accepted the chairmanship of G-15 from Iran. The grouping is currently a coalition of 18 developing countries, including Algeria, Argentina, Brazil, Chile, Egypt, India, Indonesia, and Iran, among others4.

    Reports noted that Nepal and Sri Lanka were working to operationalise the mandate of the bilateral Joint Commission set up by both the countries. The Commission covers nearly fifteen areas of co-operation including trade, direct air links, education, health, global warming, among other issues5.

    In other developments, Beijing gifted a Chinese language unit to Lumbini Vidyalaya in Colombo in order to enhance its Chinese language training courses. Among other programmes and schemes being undertaken with Chinese assistance include mega projects like the Hambanthota harbour, coal power plants in Norochcholai and other infrastructure projects6.

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