- Minister of Energy Kanchana Wijesekara says the QR Code based fuel rationing system has been suspended: fuel shed owners say this rationing system was only of academic interest after the fuel pump prices were more that doubled, as most customers purchased much lower quantities of fuel as against the quota.
- Analysts express shock upon learning from Dr Wasantha Bandara of the National Patriotic Collective that China’s plan to rescue SL from economic crisis in 2022 had been shattered following the unilateral declaration of bankruptcy by CB Governor Nandalal Weerasinghe: also refer to the previous CB Governor Ajith Nivard Cabraal’s affidavit to the Supreme Court wherein he has asserted that a USD 10.7 bn “pipe-line of inflows” was in place when the hasty debt default announcement was made on 12April’22.
- Representatives of the Transport sector propose to the National Transport Commission to increase bus fares by 4% and to keep the minimum bus fare unchanged: Assn of Container Transporters say Container haulage charges will be increased by 5%.
- Central Bank tweets that its Governor Dr Nandalal Weerasinghe has been rated “A-” by the “Global Finance Magazine” based “on inflation control, economic growth goals, currency stability, & interest rate management”: analysts question the credibility of this claim since Sri Lanka announced bankruptcy, experienced its highest inflation & interest rates, suffered quarterly economic contractions of over 10% per quarter, and the LKR displayed wide fluctuations, during Weerasinghe’s tenure: analysts also express amusement that the CB has tweeted this news as this “Global Finance Magazine” has only 9,693 followers on Twitter, 8,300 followers on Facebook & a worldwide “circulation” of just 50,000.
- Disaster Management Center says 20 districts affected by the dry spell: Agriculture and Agrarian Insurance Board says more than 60,000 acres of paddy fields destroyed by the dry weather: overall, 279,892 people affected.
- The US Govt asks a US Federal Court in New York to delay judgment in the case between the SL Govt and Hamilton Reserve Bank (which has sued for the recovery of USD 250mn in bonds that the SL Govt defaulted last year), as it may intervene in the case: previously, the SL Govt had filed a motion to stay the judgment for a period of 6 months until it carries out negotiations on debt restructuring with sovereign & commercial creditors.
- Monetary Board cancels the Finance Business Licence of Bimputh Finance PLC with effect from 1September’23: says the financial condition of BFP has deteriorated due to deficient capital level, poor asset quality & continuous losses and no satisfactory progress has been made to revive the critical condition.
- Diplomatic sources say Japanese PM Fumio Kishida is scheduled to visit SL next week, on his way to the G-20 Summit in New Delhi: PM Kishida is likely to meet President Ranil Wickremasinghe to discuss the SL’s debt restructuring and future investment opportunities.
- UNDP Report reveals that “a lack of education, and the ability to adapt to disasters are factors that make most people feel vulnerable” in SL: also says several districts, including Puttalam, Batticaloa, Mullaitivu, Kilinochchi, Ampara, Vavuniya, & Nuwara Eliya, exhibit multi-dimensional vulnerability, “highlighting the need for focused interventions to address factors like disaster preparedness, debt relief, water source accessibility, & female education”.
- England Womens Cricket team slumps to its 1st defeat by SL in T20 internationals: SL levels series with this historic win at Chelmsford: ENG-W 104 (18): SL-W 110/2 (13.2): Chamari Athapaththu 55 in 31 balls.
