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International Monetary Fund Managing Director Kristalina Georgieva said yesterday that Sri Lanka is a warning sign to countries with high debt levels and limited policy space.

Georgieva made these remarks at the hybrid meeting of the G20 Finance Ministers and Central Bank Governors held in Indonesia.

The war in Ukraine has intensified, exerting added pressure on commodity and food prices. Global financial conditions are tightening more, than previously anticipated. And continuing pandemic-related disruptions and renewed bottlenecks in global supply chains are weighing on economic activity, she said.

"As a result, later this month we will project a further downgrade to global growth for both 2022 and 2023 in our World Economic Outlook Update. Moreover, downside risks will remain and could deepen -- especially if inflation is more persistent -- requiring even stronger policy interventions which could potentially impact growth and exacerbate spillovers particularly to emerging and developing countries. Countries with high debt levels and limited policy space will face additional strains. Look no further than Sri Lanka as a warning sign," she said.

Emerging and developing countries have also been experiencing sustained capital outflows for four months in a row. They now suffer the risk of reversing three decades of catching up with advanced economies and instead falling further behind.

Prime Minister Ranil Wickremesinghe was sworn in as the Acting President a short while ago (15).

Wickremesinghe was sworn in by Chief Justice Jayantha Jayasuriya.

The Premier was appointed as the Acting President on 13 July by Gotabaya Rajapaksa during his absence from the country, by virtue of Article 37(1) of the Constitution.

The Ceylon Petroleum Corporation has reduced fuel prices, effective from 10.00 pm today (17).

Accordingly, the price of a litre of 92 Octane petrol has been reduced by Rs.20 to Rs.450.

The price of 95 Octane petrol has been reduced by Rs.10 and will be sold at Rs.540 per litre.

Meanwhile, the price of a litre of Auto Diesel was reduced by Rs.20 and will be sold at Rs.440, while Super Diesel was reduced by Rs.10 and will be sold at Rs.510 per litre.

A special Party Leaders’ meeting is due to be held at 10:00 am today (15), under the patronage of Speaker Mahinda Yapa Abeywardena.

The meeting is expected to focus on the ongoing crisis, while a consensus pertaining to nominations for the post of Prime Minister is also expected to be reached.

Meanwhile, Parliament will convene tomorrow (16), so as to commence the procedure required to appoint a new President.

Acting President Ranil Wickremesinghe has decided to implement an urgent relief program to provide fuel, gas and essential food items to the public who are struggling due to the pressures of the ongoing economic crisis.

The decision was reached following discussions held with Ministers and Members of Parliament earlier today (16).

In addition, it has been decided to use additional money for this purpose from the relief budget that will be presented in August.

The Acting President advised to expedite the implementation of the food security program, while special attention was also paid to providing fuel and fertilizers regularly and promptly.

During the discussion, plans were also made to prepare the necessary environment for businessmen to run their business without any inconveniences.

Meanwhile, Acting President Wickremesinghe said that the plan handed over by the peaceful protesters has been recognized as a good plan and added that he will inform the activists about the measures being taken to fight corruption.

President Gotabaya Rajapaksa’s letter of resignation has been received by Speaker Mahinda Yapa Abeywardena, the Speaker’s Media Division confirmed.

Accordingly, Rajapaksa had reportedly sent his resignation letter to the Speaker via e-mail, of which the legality is now being verified, the Media Division further said.

Abeywardena is due to make an official statement in this regard tomorrow (15).

Former President and the Chairman of the Sri Lanka Freedom Party (SLFP) Maithripala Sirisena says that the current situation of multiple candidates being proposed as Presidential Candidates could cause for a rift within the Parliament.

Speaking to News 1st, the former President stated that no matter whoever may win out of the three candidates proposed, it would create a divide, and the best possible alternative is for the Party Leaders to discuss and propose a single candidate for the Presidential election.

He further stated that this divide within the Parliament would end up being an issue for any Government that is yet to come.

However, the former President said that the Sri Lanka Freedom Party has not yet taken a decision in this regard, and will come into a consensus after the nominations are handed over.

The former President also added that although there were requests, he will not be contesting for Presidency, and will support an existing candidate.

A curfew has been declared within the Colombo district from 12:00 noon today (14) till 05:00 am tomorrow (15).

The curfew was imposed by Acting President and Prime Minister Ranil Wickremesinghe by way of an Extraordinary Gazette.

Accordingly, only those with written permission granted by the Secretary, Ministry of Defence Secretary, Ministry of Public Security, the Inspector General of Police or any officer authorised by them will be permitted to travel during the hours in which the curfew has been imposed.

Parliamentarian Dullas Alahapperuma has expressed his intentions to contest for the vacant post of President of Sri Lanka.

In a statement, the MP said the resignation of Former President Gotabaya Rajapaksa was confirmed in today’s meeting of the party leaders in the Parliament and it is a known fact that the new President should be elected in a constitutional vote in the Parliament to complete his next term.

“The Sri Lankan people are going through a period of transition, experiencing many political, economic and social activities that have never been seen before in history,” he said.

“I strongly believe that the people of this country should not suffer any more hardship, hardship or despair under such a situation,” the MP added.

Dullas Alahapperuma said he expects the unwavering support of the parliamentarians with the sincere aim of building a peaceful and developed Sri Lanka.

(Reuters); Sri Lankan President Gotabaya Rajapaksa was expected to head to Singapore after fleeing to the Maldives in the early hours of Wednesday, a government source in Sri Lanka told Reuters, as protests continued in Colombo.

The source, who declined to be identified given the sensitivity of the subject, said Rajapaksa could send his resignation to the speaker of Sri Lankan parliament after landing in Singapore.

An aide to Rajapaksa and the Singapore government did not immediately respond to requests for comment.

Ministry of Education has decided to keep all government and government-approved private schools closed from the 18th to 20th of July 2022.

The decision was taken at the virtual discussion held this morning (July 15) at the Ministry of Education, with the participation of the Education Secretary, Additional Secretaries, Director of Education (National schools), Provincial Secretaries of Education and Provincial Directors of Education.

In arriving at this decision, they have taken into account the difficulties in securing transport facilities due to the prevailing fuel crisis.

Accordingly, the schools will be reopened for in-person lessons on the 21st of July.

Prime Minister Ranil Wickremesinghe has ordered the Sri Lanka Police to impose a curfew within the Western Province within immediate effect.

Further, he also ordered that an emergency law be imposed islandwide, the Prime Minister’s Office confirmed.

Despite such orders having been given though, no such curfew has been enforced yet.

Earlier today (13), Police fired tear gas and water cannons to disperse protesters near the Prime Minister’s Office in Colombo.

The protesters had marched from the Galle Face protest site towards the Prime Minister’s Office on Flower Road and staged a protest outside the premises.