Sunday, April 14, 2024

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Sri Lanka Original Narrative Summary: 10/02

  1. Japanese giant Mitsubishi Corporation to wind up operations in Sri Lanka after 60 years: move causes big shock to private sector: Sri Lanka was one of Mitsubishi’s first overseas offices.
  2. Trade unions of petroleum, ports, water supply, banking, electricity, health and education hold a massive demonstration jointly in Colombo: urge Govt to revoke the tax revisions.
  3. Latest coal tender runs into problems with the Indonesian supplier: supplier said to request a change to a crucial term that Lanka Coal Company has deemed unacceptable say authoritative sources: dispute likely to cause delays in procuring crucial coal supplies beyond March.
  4. Police inform Aluthkade Magistrate’s Court that the death of prominent businessman Dinesh Schaffter was caused by ingestion of cyanide: post-mortem examination report said to have also concluded that the injuries which have been caused by strangulation were not fatal.
  5. Elections Commission said to have requested the Treasury to release Rs.770 mn for LG poll expenditure in February: President Ranil Wickremesinghe instructs Treasury Secretary Mahinda Siriwardana to only provide for essential Govt expenses in order to maintain public services until the revenue situation improves.
  6. SJB MP and Economic Guru Harsha de Silva says the Govt would not be able to collect Rs.100 bn in PAYE tax, as envisaged: challenges President to explain how new PAYE tax revisions would add an extra Rs.100 bn to state revenue.
  7. Opposition Leader Sajith Premadasa says the Cabinet insisted the
    country was bankrupt: also says the Govt can’t come out of the crisis by stifling economic activity; insists good diplomacy is needed to bring in FDI: complains that SMEs can’t operate at 30% interest rates.
  8. IMF says its approval for the much-touted USD 2.9 bn loan to bail out Sri Lanka will depend on assurances on debt relief from its bilateral creditors: assures that as soon as adequate assurances are obtained and remaining conditions are met, the EFF can be presented to the IMF’s Board for approval: analysts say IMF negotiations have now entered 49th week: no funding from IMF or any other bilateral party during this period and economy contracting severely.
  9. SriLankan Airlines to renew commercial operations to China in April 2023: thrice weekly service each to Shanghai, Beijing and Guangzhou planned.
  10. Appeal Court extends interim order preventing the imposition of PAYE tax on salaries of judges till petition is supported.

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