February 14, Colombo (LNW): The Sectoral Oversight Committee, chaired by MP Gamini Waleboda, convened in Parliament to address the repercussions of the economic crisis resulting from the microfinance turmoil in Sri Lanka.

During the recent committee meeting, representatives from organizations in Sri Lanka, advocating for those affected by microfinance loans, were summoned. Key stakeholders including officials from the Central Bank of Sri Lanka, Ministry of Finance, Economic Stabilization and National Policy, Department of Prosperity, Women, Child Affairs and Social Empowerment Ministry, and the Department of Registrar of Companies were present to discuss strategies for alleviating the impact of the crisis.

In a compelling revelation, Sri Lankan organizations representing the adversely affected individuals emphasized that a staggering 2.8 million rural persons, of which 2.4 million are women, have suffered due to the microfinance crisis. These findings, dating back to a 2018 survey, underscore the dire consequences faced by rural communities. Despite the loans being of a relatively small amount, the inability of rural borrowers to repay them, coupled with exorbitant interest rates of 38% to 48%, has plunged the lives of many rural women into misery. Additionally, the crisis has forced more rural women to seek employment in domestic roles in Middle Eastern countries.

The committee disclosed that the microfinance crisis primarily affected the largest group, which had obtained loans from six major non-banking financial companies under the Central Bank’s supervision. These institutions accounted for 80% of the total microfinance loans amounting to 84,000 million rupees. Disturbingly, it was revealed that the properties of those who obtained loans had already been seized, exacerbating the challenges faced by the aggrieved parties.

Despite the gravity of the situation, representatives of the affected parties pointed out that the proposed Bill fails to adequately address their concerns, leaving them to grapple with even more challenges in the aftermath of the microfinance crisis.

February 14, Colombo (LNW):Today, on February 14, the Sri Lankan Rupee has shown a slight appreciation against the US Dollar in commercial banks across the country compared to Tuesday’s rates.

According to Peoples Bank, there is a reduction in both buying and selling rates of the US Dollar. The buying rate has decreased from Rs. 308.18 to Rs. 307.69, while the selling rate has dropped from Rs. 318.92 to Rs. 318.41.

Similarly, at Commercial Bank, the buying rate for the US Dollar has been adjusted from Rs. 307.49 to Rs. 306.99, and the selling rate has seen a decrease from Rs. 317.50 to Rs. 317.

At Sampath Bank, the trend continues with a decrease in both buying and selling rates of the US Dollar. The buying rate has gone down from Rs. 309 to Rs. 308.50, and the selling rate has dropped from Rs. 318 to Rs. 317.50.

This slight appreciation of the Sri Lankan Rupee against the US Dollar reflects the dynamic nature of foreign exchange markets and may be influenced by various economic factors and market conditions.

1. President Ranil Wickremesinghe issues a Gazette declaring all service, work or labour, of any description whatsoever, necessary or required to be done in connection with the maintenance, and the reception, care feeding, and treatment, of patients in hospitals, nursing homes, dispensaries, and other similar institutions, as Essential Services.
2. The President’s Media Division confirms that the presidential election will be held within the mandated period and according to the current timeline: added that the general election will be held next year and financial provisions will be provided for in the 2025 budget.
3. The government expects the Sri Lankan Rupee to strengthen against the US Dollar, dropping to as low as Rs. 280, Cabinet Spokesman Minister Bandula Gunawardena said.
4. The Government appoints a committee to review Memorandums of Understanding (MoUs) between foreign and local institutes, to check compliance with national interest. State Minister for Defence Premitha Bandara Tennakoon said that the move was in response to growing concerns over the adequacy of existing MoUs between foreign and local institutes.
5. The proposal to introduce courses on artificial intelligence to the education system receives Cabinet approval. As a part of the strategic plan, a pilot project is designed to introduce artificial intelligence courses to general education.
6. International Bhagavad Gita Festival 2024 or ‘International Gita Mahotsav’ will be held in Sri Lanka. The International Gita Mahotsav is conducted by the Kurukshetra Development Board (KDB) in Haryana State in India to pay tribute to the sacred ‘Bhagavad Gita’ along with the series of religious activities related to sacred Bhagavad Gita.
7. The Cabinet gives its approval for the creation of a National Hospital and a Children’s Hospital in the Biyagama region of Gampaha. The government cites the significant population growth and industrialization of the Gampaha District, making it a crucial hub for service delivery.
8. The Ceylon Electricity Board (CEB) assured the Supreme Court that it is prepared to pay interest for the year 2023 on security deposits collected from consumers for new service connections. The statement was made during the hearing of a fundamental rights petition filed by the Electricity and Renewable Energy Consumers’ Association before a three-member bench.
9. Sri Lanka has been honored as a UN World Restoration Flagship for its significant contributions to rebuilding and restoring mangrove ecosystems. This recognition, awarded at the United Nations Environmental Assembly on February 27, 2024, applauds the nation’s impactful and sustainable efforts to preserve ecosystems crucial for countless lives and livelihoods.
10. Sri Lanka plans to test new combinations in the final match on Wednesday at the ODI series against Afghanistan. Notable changes may include resting key spinners Wanindu Hasaranga and Maheesh Theekshana, providing opportunities for Dunith Wellalage and Akila Dhananjaya. While the batting lineup is likely to remain unchanged, Avishka Fernando is expected to rejoin the squad after a brief absence for the birth of his child.

February 14, Colombo (LNW): There are reports of a significant objection being raised through the Sri Lanka Rugby Executive Committee concerning the
upcoming Colombo International Rugby 11’s Tournament scheduled to take place in Colombo. Multiple members of the executive committee informed us that the current acting president participated in the press conference and granted approval for it without the appropriate consent from the executive committee.

It is also alleged that Lasitha Gunaratne, a former president, voiced criticism face to face within the executive council against the current acting president for lifting the ban on the Kandy Sports Club and allowing its participation in the Clifford Cup tournament. An executive committee member objecting to this pointed out that the responsibility of conducting such a tournament is given to the Sri Lanka Rugby, where an officer appointed by Sri Lanka Rugby is responsible to the superintendence etc.

Also, Dilroy Fernando, who is working to lead the tournament, was named as unfit for a sports administration in 2013, according to a decision taken by the Rugby administration represented by Lasitha Gunaratne, Kiran Athapattu, etc., on the advice of the Sports Ministry. Also, as a reason behind all this, the executive committee member pointed out that among the reasons for imposing the ban on Dilroy, who has been banned from joining rugby by his school, is his sports organization that he is using to manage this tournament.

The executive committee member emphasized that the objection regarding the acting president granting permission to such a individual to organize a rugby tournament without adhering to proper procedures is intended to be formally communicated to the Ministry of Sports, the Minister of Sports, and the Director
General of Sports. He further stated that legally, members of the executive committee have initiated discussions to seek a court order in order to obtain a censor for this tournament. The executive committee member who shows that he has the power to remove or request the removal of the Acting President
by acting with a person of no good identity in relation to financial matters, betraying the authority of Sri Lanka Rugby, this will be done by the Rugby administration. It is a matter of handing over a large financial profit to a competition organization by illegally obtaining permission to be obtained
from it.

“Sometimes it is possible to break the beehive and not lick the
hand’”

This executive member pointed out that it is completely doubtful that a person who participated in spreading slander against the current Acting President through social media, to work in a financial environment and hand over the will of the association to a single individual without considering the constitutional matters of the association.

“This should have been accomplished through communication with Sri Lanka Rugby and presenting a comprehensive plan that ensures our district associations also benefit financially. It is utterly inappropriate for Sri Lanka Rugby to unknowingly permit the unconditional execution of such work by an organization with questionable credibility and an individual barred from assuming responsibilities.”

He is the Acting President and not someone who was elected as President by the Sri Lanka Rugby, the executive member further states. The executive committee member who points out that it is shameless for a person who has been given to look after the work until a president is appointed for Sri Lanka Rugby in this way, like many other executive committee members about this tournament and the participation of Acting President Nalin De Silva, and the permission of Sri Lanka Rugby. The member mentioned got to know of the situation through media reports. “They lack the expertise on how to get the huge amount of money that we should be receiving from international rugby. They have made quite a mess by going to spend sponsor money. In addition, when there is a tournament that can generate more income for the Sri Lanka Rugby Fund, they appointed a man who has been accused and banned by the administration is allowed to do it secretly without paying attention to it.”

Based on all these facts, the executive committee member points out that the majority of the executive committee members have agreed to present matters not only to the Minister of Sports, the Director General of Sports, but also to the law. He said that Rizly Illiyas, who was a president who fought not only for politicians but also for the international community, to protect the independence of Sri Lankan Rugby, had the wrong idea that such a person is suitable for work.

“Many people supported Nalin due to their admiration for Illiyas. Or Nalin, the president who did not oppose Asanga’s work and was fined 50,000 pounds. Now it seems that Nalin is the zombie who sent the people who opposed Illyas away from Illyas’ control.”

He says that Nalin de Silva, who was in the Rugby administration led by Rizly Illyas, showed a completely different behavior to that administration and betrayed the conscience of the Rugby executive council. According to him, Nalin de Silva’s current demeanor is likened to a lizard adorned with gold on its back.

February 14, Colombo (LNW): Several spells of showers will occur in Eastern and Uva provinces and in Polonnaruwa, Matale and Nuwara-Eliya districts.

A few showers may occur in Hambantota and Anuradhapura districts.

Showers or thundershowers may occur at a few places in Western and Sabaragamuwa provinces and in Galle and Matara districts after 2.00 p.m.

Fairly strong winds about (30-40) kmph can be expected at times in eastern slopes of the central hills and in Northern, North-Central, Southern,North-western, Uvaand Easternprovinces.

Misty conditions can be expected at some places in Western and Sabaragamuwa provinces and in Galle and Matara districts during the morning.