- President Wickremesinghe addresses the UNP May Day rally in Colombo, urging unity to safeguard economic stability and support the IMF agreement: The rally, themed “A Proud Nation that will Never Fall Again,” drew a significant turnout, with cross-party support noted, including from SLPP MP Dr. Navanandana: outlines plans for economic revitalisation, emphasising job creation and youth empowerment: calls for bipartisan cooperation to advance these goals and ensure progress: highlights the UNP’s historical role and resilience, urging national unity for Sri Lanka’s prosperity and development.
- At its May Day rally, the SJB unveils electoral commitments covering various areas such as constitutional reforms, agriculture, investment, employment, and education: Notably, SJB leader Sajith Premadasa pledges to address the Easter Sunday attacks, revoke liquor licenses, and uphold integrity among party members.
- NPP leader Anura Kumara Dissanayake urges SJB to set a date for an economic policy debate before May 20 during what he described as the NPP’s ‘final May Day rally’ under ‘corrupt governance’: Despite ongoing dialogue, Dissanayake expresses frustration over SJB’s unavailability for the debate: The NPP’s rally advocated for worker rights and economic justice, emphasising fair wages, worker protections, economic equality, and solidarity among workers and social movements.
- Finance Minister Shehan Semasinghe will attend the ADB’s annual meetings in Tbilisi, Georgia, from May 2 to 5: As a founding member, Sri Lanka has actively collaborated with the ADB to address developmental challenges and foster sustainable progress: The meetings provide an opportunity for networking and discussions on key developmental issues and regional cooperation strategies.
- The government is considering removing the recently reintroduced Minimum Room Rate (MRR) for Colombo hotels within two months, pending an evaluation of its effectiveness: This aligns with Tourism Minister Harin Fernando’s statements, indicating a possible review: The MRR was reinstated in September 2023 after appeals from hoteliers: However, its reintroduction sparked debate, with support from the Hotels Association of Sri Lanka (THASL) but reservations from the Sri Lanka Association of Inbound Tour Operators (SLAITO): Fernando highlighted concerns about unfair practices by destination management companies: Despite interest from other regions like Kandy, he stressed the importance of market forces determining future prices based on the MRR’s foundation: Ongoing litigation against MRR raises the need for careful consideration before revoking it, with the government weighing various factors for informed decisions.
- Sri Lanka’s exports surge to $1.139 bn in March, the highest since August 2022, with a 9.8% increase from last year: The textile and garment sector led the growth, reaching $444.9 mn, the highest since December 2022: Petroleum product exports also surge by 134.6%: Despite challenges like the rupee’s appreciation, exports continue to rise: However, imports increase by 4.0%, driven by fuel imports, leading to a trade deficit of $369 mn: Nevertheless, robust inflows from remittances, tourism, IT/BPO services, and freight services balanced the deficit, providing stability to the economy.
- Renowned economic news agency ‘Economy Next’ reports negotiations for Sri Lanka’s debt restructuring are on hold pending clarity on how the IMF assesses securities linked to economic performance: adds an initial proposal from private investors involving macro-linked bonds was deemed inconsistent with the IMF’s framework: A new proposal submitted in April awaits assessment: While discussions have resumed, there’s a need for a better understanding of how the IMF’s framework applies to these bonds: This clarity could expedite negotiations and lead to a resolution.
- Central Bank says Sri Lanka’s gross official reserves reached US$ 5 bn by March 2024, up from US$ 4.4 bn in 2023: The growth is attributed to substantial foreign exchange purchases and support from a swap facility with China: The trade deficit narrows to US$ 369 mn, driven by increased exports, particularly in industrial goods like petroleum products and textiles: However, imports also rose, especially for fuel and consumer goods: Despite challenges, earnings from tourism and remittances remained steady.
- The Examinations Department aims to release the results of the 2023 GCE Advanced Level Examination by the final week of May: Over 346,000 candidates participated, including both school and private applicants.
- Sri Lanka’s women cricket team clinches their third consecutive victory, defeating Uganda by 67 runs in the ICC Women’s World Cup Qualifying T20 match in Abu Dhabi: Opener Vishmi Gunaratne’s unbeaten 73 powered Sri Lanka to a challenging total of 154/4: In response, Uganda struggled, managing only 87 all out: Gunaratne was named Player of the Match: Sri Lanka will face the USA next.
