Thursday, June 1, 2023

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Sri Lanka Original Narrative Summary: 01/04

  1. Sri Lanka’s flagship tea company Dilmah Tea’s CEO Dilhan Fernando threatens to pull its products out from Australian supermarkets: wants major Australian retail chains to pay more for its handcrafted brands of Ceylon teas and cease demands for discounts: also says the company has been losing money in Australia for more than a decade.
  2. CB Governor Nandalal Weerasinghe and Treasury Secretary Mahinda Siriwardana say Treasury Bills held by the CB will be considered for “debt treatment”: also affirm that a “voluntary domestic debt optimization” operation “without coercion” is envisaged for Treasury Bonds: previously, Governor Weerasinghe had assured there would not be any local currency debt restructuring.
  3. LKR depreciates for the 6th consecutive day: loses a further Rs.0.60 against the USD from Rs.335.41 on 30.03.23 to 336.01 on 31.03.23: depreciation of 2.25% recorded in the 6-day period.
  4. Consumer prices jump 2.5% in March 2023, though 12-month inflation eases slightly to 50.3% from 50.6% a month earlier: re-based CCPI increases from 189.5 pints to 195.0 points, partly driven by the large power tariff hike: CB’s TB holdings (money printing) increases by a staggering Rs.995 billion upto 15th March 2023, under the watch of Governor Nandalal Weerasinghe.
  5. Former Elections Commission Chairman Mahinda Deshapriya says the postponement of the LG election is a crime which affects the country’s democracy: says the postponement should not be justified under any circumstances.
  6. National Christian Fellowship condemns the doctrine of local “Prophet” Jerome Fernando: states dubious prophets, miracle workers, faith healers and prosperity gospel preachers are exploiting innocent believers.
  7. Foreign Employment Bureau suspends women who have left overseas without registering with the Bureau from being admitted to “Suraksha” safe houses operated at SL embassies in the Middle East: decision to be effective from 1st April 2023.
  8. Cabinet spokesman, SLPP Economic Guru & Minister Dr Bandula Gunawardena says Sri Lanka has cheated the IMF on 16 occasions over the years by not acting in accordance with the conditions agreed upon.
  9. Hector Kobbekaduwa Agricultural Training and Research Institute study reveals the food consumption patterns of citizens have been devastatingly impacted by the on-going economic crisis: states domestic demand for “Kohila” has surged by 45% as citizens are forced to eat whatever vegetable they could find.
  10. Minister of Sports requests a discussion with the International Cricket Council on social media reports that the ICC has appointed a 3-member committee to investigate political infringements in the administration of Sri Lanka Cricket.

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