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To tackle the economic recession the IMF advises Sri Lanka to tighten its monetary policy and raise taxes

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Amid the continuous instability in Sri Lanka, an IMF official encouraged the country to tighten its monetary policy, raise taxes, and employ flexible exchange rates to manage its financial problems on Tuesday. During an online event, Anne-Marie Gulde-Wolf, the temporary head of the IMF’s Asia and Pacific Department, claimed they had “really fantastic, fruitful technical talks over the last weekend and a couple of days prior,” according to Xinhua.

“The criteria for fund financing will be progress toward debt sustainability,” Gulde-Wolf continued in the statement. To keep inflation under control, monetary policy must be tightened. We believe that flexible exchange rates are required.” According to Xinhua, she also declined to reveal how much any IMF package would cost or how long it would take to strike a deal with Sri Lanka.

In addition, Sri Lankan Finance Minister Ali Sabry and Central Bank Governor Nandalal Weerasinghe recently returned from a visit to the International Monetary Fund (IMF) to explore financial aid for the country.

Sri Lanka is in the midst of its worst economic downturn since independence.

The island country is in the midst of the biggest economic crisis since its 1948 independence. Due to electricity shortages, rolling blackouts are taking place in several parts of Sri Lanka. According to ANI, Sri Lanka’s foreign debt is estimated at $51 billion. Payments on Sri Lanka’s external debt had already been suspended.

Sri Lanka appears to be on the edge of a humanitarian calamity, according to the United Nations Development Programme, as its financial troubles grow, with rising food prices and the country’s coffers running out.

Aside from that, the International Monetary Fund said on Saturday that it will contribute $300 million to $600 million in help to the country. According to the IMF, the island nation would receive a significant sum from the World Bank during the next four months.

This significant event occurred during the IMF and World Bank Spring Meetings in Washington, DC in 2022, when a group of Sri Lankan ministers met with representatives from the IMF and the World Bank. According to an IMF statement, the Sri Lankan government should use the sanctioned funds to purchase pharmaceuticals and other essential items.

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Navi Mumbai Police Arrest African National With Rs 1 Crore Worth Of Cocaine In Ulwe

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The Anti-Human Trafficking Unit (AHTU) of Navi Mumbai Police arrested Jeorge Ocante DaSilva, a 35-year-old native of Guinea, on Monday for possessing 410 grams of cocaine, allegedly intended for illegal sale. Acting on a tip-off, API Alka Patil of the AHTU led a raid at RM Heights Building in Ulwe, where DaSilva was found in possession of the narcotics.

Around 2:30 p.m. on October 28, officers discovered 410 grams of cocaine, valued at approximately Rs 1,02,50,000, hidden in DaSilva’s bedroom. Authorities also seized a mobile phone, a black Tabata weighing scale, scissors, plastic packaging bags, and a sky bag, bringing the total seizure value to Rs 1,02,55,610.

An FIR was filed at Panvel City Police Station under Sections 8(a) and 21(a) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Dasilva was presented in court and remanded to police custody until October 31, 2024. Investigations are ongoing, with the Crime Branch seeking potential accomplices and sources of the narcotics. Notably, Dasilva has a prior NDPS case registered at Nahar Police Station in Mumbai.

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Taloja Society Chairman Detained For Allegedly Abusing Residents And Objecting To Diwali Decorations

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The chairman of a housing society in Taloja Phase One has been detained by Taloja police following allegations of verbal abuse toward residents, including women, and objections to Diwali lighting in the complex. The incident occurred on Tuesday night, sparking outrage among residents.

According to the police, the chairman is accused of abusing a woman with intent to insult her modesty, provoking a breach of peace, and engaging in criminal intimidation. A formal complaint was filed, and the chairman was promptly taken into custody.

The situation intensified after a video of the incident went viral on social media platform X (formerly Twitter), showing a group of men, allegedly from the housing society, verbally abusing residents and threatening to halt Diwali decorations. The video received widespread attention, with users expressing shock over the treatment of residents.

Police officials confirmed that the chairman’s detention is part of an ongoing investigation into the incident. Residents are awaiting further action as authorities work to address the disturbance and ensure the safety of the community amid Diwali festivities.

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Thane Sees Surge of Nomination Filings for 2024 Vidhan Sabha Election

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The final day for filing nominations for the 2024 Vidhan Sabha General Election witnessed a surge of candidates in Thane district, with a total of 281 applications submitted across 18 assembly constituencies. This high turnout signals a competitive race for seats in the upcoming election.

Among the nominees, 114 candidates represent various political parties, while 167 have filed as independents, reflecting a diverse array of participants aiming to represent Thane’s voters. Nominations were filed throughout the day with election decision officers at each constituency, marking an essential step in the electoral process.

Collector and District Election Decision Officer Ashok Shingare announced that the scrutiny of these nomination forms is scheduled for October 30, 2024. Following this verification process, candidates who wish to withdraw their names from the race may do so until November 4, 2024.

As the election date approaches, Thane’s political landscape appears more dynamic than ever, with a record number of candidates ready to contest the assembly seats, making for an engaging electoral season for voters and candidates alike.

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