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December 20, 2016    Reading Time: 2 minutes

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Italian government seeks parliamentary approval to borrow 20 billion euros. Image Credit - Presidenza della Repubblica/ Wikimedia Commons

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World Bank to provide concessionary loan to Sri Lanka

The Minister of Finance, Ravi Karunanayake, has stated that the World Bank is expected to approve a concessionary loan of USD 1,340 million to Sri Lanka, within the next three years. The repayment period is to be 15 years.

Minister Karunanayake requested the World Bank to continue granting Sri Lankaconcessionary loans, even as the country reached middle-income status.

Ambassador to Ethiopia presents credentials to African Union

Sri Lanka’s new Ambassador to Ethiopia, and Permanent Representative to the African Union (AU), Dassanayake Mudiyanselage Sumith Priyantha, has presented his credentials to the Chairperson of the AU Commission, H.E. Dr. Nkosazana Dlamini Zuma.

The newly appointed Ambassador announced plans to open an embassy in Addis Ababa in January 2017.

Sri Lanka and Malaysia enhance economic relations

The Prime Minister of Malaysia, Najib Razak, and President Maithripala Sirisena, have expressed the need to enhance economic relations and investments between the two countries, and explore the possibility of a Free Trade Agreement.

This was expressed through a joint statement during President Sirisena’s official visit to Malaysia.


Russian Ambassador to Turkey assassinated

The Ambassador of Russia to Turkey, Andrey Karlov, was assassinated at an Ankara art gallery, by a Turkish gunman. President Vladimir Putin and the President of Turkey, Recep Tayyip Erdoğan, independently stated that the assassination was an attempt to undermine Russia-Turkey relations.

The assassination follows apparent improvements in Russia-Turkey relations. Both leaders have vowed not to let the assassination cast a shadow over bilateral relations.

Austrian far-right signs agreement with Russian ruling party

The leader of Austria’s far-right Freedom Party, Heinz-Christian Strache, has signed a cooperation agreement with Russia’s ruling party, United Russia.

The agreement, which is valid for five years and not legally binding, called for economic, business and political collaboration. United Russia has signed 34 cooperation agreements with parties of other countries.

Italian government seeks 20 billion euros for bailouts

The Italian government is to seek parliamentary approval to borrow 20 billion euros, to improve the stability of Italy’s banking sector, and bail out the Italian bank, Monte dei Paschi di Siena.

Italy’s Minister of Economy and Finance, Pier Carlo Padoan, stated that the money would be used to guarantee liquidity in the banking system. Monte dei Paschi di Siena is the world’s oldest bank, and is currently seen as the weakest of the EU’s major banks.

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