- President Ranil Wickremesinghe will attend the 10th World Water Forum High-Level Meeting in Indonesia from May 18 to 20, invited by Indonesian President Joko Widodo: set to deliver a statement on “Water for Shared Prosperity” on May 20 and engage in several bilateral meetings, including one with President Widodo.
- SLPP MP Mahindananda Aluthgamage says his party faces no challenge from the JVP: expresses confidence in the party’s prospects and states that decisions regarding elections are made collectively within the party: The MP’s response is in correspondence with reporters’ queries on the JVP-led NPP’s growing popularity in the country’s political landscape.
- The Colombo District Court grants SLFP MP Duminda Dissanayake permission to argue against Justice Minister Wijeyadasa Rajapakshe’s appointment as SLFP Chairman: The court will decide on an injunction today: Rajapakshe’s counsel objected, citing a previous court order, but Dissanayake’s counsel argued it didn’t apply: The plaintiff seeks to prevent Rajapakshe and another from acting in SLFP roles and invalidate decisions from a recent meeting.
- Sri Lanka plans to establish a domestic small arms ammunition manufacturing unit, with discussions underway with India for collaboration: Defence State Minister Premitha Bandara Tennakoon emphasises learning from India’s defence manufacturing success: adds while Sri Lanka aims to strengthen military ties with India, there are no immediate plans for equipment procurement.
- Tourism Minister Harin Fernando remarks to CNBC that the Maldives boycott calls among Indian travellers are benefiting Sri Lanka’s tourism industry: notes a significant rise in Indian visitors to Sri Lanka, contrasting the decline in Indian arrivals to the Maldives: Despite temporary visa price increases, Sri Lanka experienced higher arrivals in the 1Q24’ compared to the previous year: emphasises the strong ties between Sri Lanka and India, citing various attractions and robust connectivity as key factors driving Indian tourism to Sri Lanka.
- First Capital Research (FCR) in a report forecasts the Sri Lankan Rupee (LKR) is expected to depreciate to Rs. 310-320 against the US Dollar by year-end due to increased import demand and foreign loan repayments post-External Debt Restructuring (EDR): In the first half, the LKR might appreciate to around Rs. 295 due to high taxes reducing consumer demand: The USD/LKR spot rate was Rs. 300.83 as of yesterday: Tourism earnings and worker remittances are projected to rise, supporting the Rupee: However, import relaxations and loan repayments later in the year may offset this appreciation: The Central Bank aims to build foreign reserves, impacting the exchange rate.
- The Joint Apparel Association Forum (JAAF) responds to criticism of Sri Lanka’s garment industry minimum wage, stating that the official minimum wage doesn’t reflect workers’ total earnings: clarifies the current system includes fixed basic wages supplemented by productivity-based payments and non-cash benefits: The industry-agreed minimum wage, including government allowances, is approximately Rs. 24,000 per month: emphasises the article didn’t consider variable cash payments and non-cash benefits, like production bonuses and subsidised meals, provided to employees: also notes inflation has reduced since early 2023 and remain confident in achieving US $4.5 billion in apparel export earnings this year.
- The Tea Exporters Association (TEA) voices deep concern over the newly introduced 18% VAT and a 30% corporate income tax on the tea industry, adding strain to an already challenging period: With the tea sector contributing annually about USD 1.3 billion in revenue, the sudden tax increase could hinder its revival efforts: Over 90% of tea is exported, and the VAT on exports might diminish competitiveness in the global market: While the tax is reimbursed later through SVAT, the process adds administrative burden and disrupts industry efficiency: SL tea sector, unlike its counterparts, operates uniquely with over 95% of tea sold in weekly auctions, ensuring transparency.
- President Ranil Wickremesinghe orders the immediate construction of the “Ashraf Memorial Museum” in Kalmunai, honouring the late M.H.M. Ashraf, founder of the Sri Lanka Muslim Congress: The initiative, prompted by MP H.M.M. Haris and the local Muslim community, commemorates Ashraf’s 24th death anniversary: Wickremesinghe allocates Rs. 25 million for the project, recognising Ashraf’s significant contributions to the Eastern Province’s Muslim population.
- Sri Lanka’s men’s volleyball team achieves a historic 3-0 victory against Iran, marking their first-ever win over the volleyball powerhouse: Led by Captain Deepthi Romesh and Vice-Captain Lasindu Methmal Wasanthappriya, Sri Lanka dominated the match, securing their spot in the Asian Championship: Today’s match against Turkmenistan is crucial, determining their fate in the tournament.
