February 03, Colombo (LNW): The Prime Minister of Thailand, Srettha Thavisin, arrived in Sri Lanka this (03) afternoon for a two-day official visit.
Welcomed at the Bandaranaike International Airport (BIA) in Katunayake by his Sri Lankan counterpart, Prime Minister Dinesh Gunawardena, PM Thavisin’s visit holds strategic significance.
During his stay from 03 – 04 February 2024, Prime Minister Thavisin is an esteemed guest of honour at the national ceremony marking the 76th Anniversary of Sri Lanka’s Independence.
A highlight of his agenda includes witnessing the historic signing of the Sri Lanka – Thailand Free Trade Agreement (SLTFTA) during official discussions with President Ranil Wickremesinghe.
In addition to diplomatic discussions, a Sri Lanka-Thailand Business Forum, organised by relevant departments from both nations, is scheduled at the Kingsbury Hotel.
The forum aims to facilitate strategic economic collaborations and is expected to be attended by top-level business delegates from Thailand.
Accompanied by a high-level delegation, including Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce, and Jakkapong Sangmanee, Deputy Minister of Foreign Affairs of Thailand, this visit underscores the commitment to fostering bilateral ties between Sri Lanka and Thailand.
February 03, Colombo (LNW): In commemoration of the 76th National Independence Day, President Ranil Wickremsinghe has exercised the powers vested in the office by Article 34 of the Constitution to grant a special state amnesty to a group of prisoners.
A total of 754 prisoners, comprising 729 male prisoners and 25 female prisoners, have been identified as eligible for this presidential pardon.
The amnesty will result in the release of these individuals from various prisons across the island.
This initiative aligns with the longstanding tradition of extending clemency on significant national occasions and reflects the President’s authority to grant special state amnesty in accordance with constitutional provisions.
February 03, Colombo (LNW): The International Monetary Fund (IMF) could hold back the next tranche of funding for Sri Lanka under the Extended Fund Facility (EFF) if the government fails to show good faith and hold constructive talks with private creditors.
Several private creditors said that while the Government has been having extensive talks with bilateral creditors, including China, similar discissions have not been held with the private creditors.
“The size of private creditors is very significant and Sri Lanka cannot rely only on IMF or China money,” sources said.
Senior Mission Chief of the International Monetary Fund (IMF) Peter Breuer had said recently that the IMF anticipates that Sri Lanka will secure an agreement with its commercial creditors, including bondholders and the China Development Bank, ahead of the next review.
The Government has gained momentous progress on the debt restructuring process with the successful completion of the Domestic Debt Optimisation (DDO) which is expected to extend the maturity of domestic debt and reduce the stress on government finances, Central Bank Governor Nandalal Weerasinghe disclosed recently
However several private creditors rejected this claim stating that they will do “everything they can” to block the next IMF review and tranche for Sri Lanka if the Government does not actively engage with them.
“The private creditors believe it is the only way to get the Sri Lankan authorities to talk to them,”
Sources said there is dissatisfaction at Sri Lanka’s approach towards private creditors, and that Sri Lanka’s credibility with international capital markets will “disintegrate”.
One source noted that Sri Lanka has debt obligations that are under contract and are in default and so litigation cannot be ruled out
Nevertheless Sri Lanka has entered into an agreement in principle (AIP) with both the Official Creditors Committee (OCC) and the Export-Import Bank of China (EXIM Bank) for debt restructuring., Weerasinghe said.
The CB Governor also noted that negotiations with other external and commercial creditors are continuing expressing expectations that agreements will be reached with them soon.
However, it is still to reach consensus on the debt restructuring with sovereign bond holders, who had lent over US $25 billion before the Sri Lanka declared debt repayment stand still or preemptive default in April 2022.
The government will conclude the MOUs with them and striking a deal on plans of the issuance of new bonds with longer maturity by cancelling previous ones and differ interest rates, he disclosed.
The private creditor noted that there have been “too polite” in the process to give Sri Lanka plenty of space for good faith engagement but if there is no such engagement then other alternatives will need to be looked at.
“Everybody started the process hopeful that the new President (Ranil Wickremesinghe) could do things better than the previous regime. There was so much hope but now it is turning into so much disappointment,” sources said.
The private creditors fear that Sri Lanka is moving at a very slow pace in dealing with private creditors owing to domestic politics and the upcoming elections.
State Minister of Finance Shehan Semasinghe said that Sri Lanka wants to finalise the debt resolution as early as possible which will be beneficial to all creditors, including the bond holders and commercial creditors.
February 03, Colombo (LNW): The International Organization for Migration (IOM) is helping Sri Lanka strengthen border governance and ensure the safe, orderly, and dignified return and readmission of migrants.
The IOM, in collaboration with the International Civil Aviation Organization (ICAO) training arm and the Sri Lanka Airport and Aviation Academy (SLAAA), facilitated training of 15 Immigration Officers attached to the Border Surveillance Unit (BSU) on ICAO Traveller Identification Programme (TRIP) Strategy.
The primary objective of this training was to deliver an ICAO accredited training course for Immigration Officers on the Traveller Identification Programme Strategy. Through the standardized curriculum delivered as part of the Sri Lanka Readmission Project,
IOM aimed to enhance the department’s traveller identity management capabilities, better aligning them with international standards. By providing internationally recognized training, the programme sought to strengthen border governance and contribute towards the safe, orderly, and dignified return and readmission of migrants.
The Controller General of Immigration and Emigration, I. S. H. J. Ilukpitiya in acknowledging the significance of this training initiative stated,“This programme, made possible through the generous support of the European Union and the efforts of the International Organization for Migration, marks a significant step forward in fortifying our border governance measures.
The enhanced skills and knowledge acquired by our officers will undoubtedly contribute to the efficiency and effectiveness of our operations, ensuring the safe and secure movement of travellers in line with international standards.
He said “we appreciate the collaborative spirit that has made this achievement possible and look forward to continued partnerships in advancing our capabilities.”
The successful completion of the capacity building programme was commemorated with a certificate award ceremony held at the Department of Immigration and Emigration last week.
The event was graced by the presence of the Controller General, Senior Executive Staff of the Department, SLAAA staff, and the IOM project team.
“This milestone not only acknowledges the dedication of the Department of Immigration and Emigration officials, but also highlights IOM’s commitment towards strengthening strategic partnerships and enhancing capacities to combat irregular migration while facilitating regular pathways” IOM Sri Lanka Chief of Mission Sarat Dash shared.
The collaboration between IOM, ICAO, and SLAAA stands as a testament to the collective efforts in building a robust framework for immigration and border governance.
The project was delivered under the European Readmission Capacity Building Facility (EURCAP) funded by the European Union.
February 03, Colombo (LNW): Still, a buoyant Sri Lankan tourism authority is targeting 2.3 million tourist arrivals and US $4.6bn in revenue this year.
To achieve this, the country has launched its first global tourism marketing campaign in 16 years, under the tagline “You Will Come Back For More.”
Sri Lanka Tourism Promotion Bureau (SLTPB) has formulated plans to release an aggressive promotional campaign within the selected potential markets to compete with the potential competitors in the region.
As part of the plans, Public Relation division at SLTPB are planning to bring down high profile journalists from key markets under their Visiting Journalists Program (VJP) increase global awareness on destination Sri Lanka.
Under this plan, the SLTPB, together with Korean Broadcasting Systems (KBS) and the Sri Lankan mission in Seoul, has taken the initiative of promoting Destination Sri Lanka in Republic of Korea.
Sri Lanka Tourism collaborates with UL Korea GSA and influencers to promote the island nation as a tourist destination.
Han Moon Chul, a popular YouTube sensation with 1.78 million subscribers and a Broadcaster in Korea, visited Sri Lanka on the 27th of January 2024, and received a warm welcome from the Sri Lanka Tourism Promotion Bureau.
He had a high level meeting with the top management of the Sri Lanka Tourism Promotion Bureau (SLTPB ) on how to promote Sri Lanka as a travel destination.
Han Moon Chul is also a lawyer, specializing in traffic accidents and compensation for damages, which adds to his portfolio as a talented you tuber and Broadcaster.
His main purpose is to promote Sri Lanka among his Korean followers who are unfamiliar with Sri Lanka and encourage them to visit the destination by highlighting its diverse culture, ethnicity and beauty through his you tube channel.
To create awareness about Sri Lanka among his Korean fans, Han Moon Chul has asked multiple questions regarding Sri Lanka’s strength as a travel destination, attractions, cuisine, cost effective restaurants, and the beautiful beaches.
In addition, he also inquired about the transportation in Sri Lanka, so that Korean visitors can find the best way to travel across the country.
South Korea can be a major source market for Sri Lanka, with the increasing number of tourist arrivals each month. From 1st to 30th January 2024, Tourist arrivals have been recorded as 201, 687, whereas India has brought the highest number of tourist arrivals for the month of January, 2024.
Sri Lanka has been able to receive this target after several years , and has been one of the most successful years in the Tourism Calendar.
February 03, Colombo (LNW): Sri Lanka is set to strengthen the resilience of the financial sector with the World Bank’s assistance of US $150 million in financing for. Safety Net Strengthening Project, official sources said.
The Government of Sri Lanka has made arrangements to borrow $ 150 million from the International Development Association (IDA) of the World Bank Group to finance the implementation of Financial Sector Safety Net Strengthening Project.
The Financial Sector Safety Net Strengthening Project will contribute to strengthen Sri Lanka’s financial sector safety net with the focus on the Sri Lanka Deposit Insurance Scheme (SLDIS), which is managed by the CBSL.
The project also aims at strengthening the financial and institutional capacity of SLDIS in line with international best practices for effective deposit insurance schemes.
Further, it will also support to boost the reserves of SLDIS in order to enable it to meet its payout and bank resolution obligations, and to safeguard the confidence of the public in the financial system.
It is aimed to improve the capacity of the SLDIS to perform its legally mandated functions by the reduction in time required for reimbursement and by an increase in public awareness about the scheme.
The project will be implemented by the Central Bank (CBSL) in consistent with the project development objectives and project design.
The relevant Financing Agreement for the Financial Sector Safety Net Strengthening Project, amounting to USD 150 million was signed by Mr. K.M. Mahinda Siriwardana, Secretary to the Treasury, and Mr. Faris H. Hadad-Zervos, Country Director for Maldives, Nepal and Sri Lanka, on January 31, 2024 on behalf of the Government of Sri Lanka and IDA, respectively.
“Sri Lanka’s economic crisis highlights the need for strong safety nets to support the financial sector. Stable and reliable banking sector is essential for the economy, businesses and individuals, small businesses and poor households,” said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka.
“Strengthening the Deposit Insurance Scheme will help protect the savings of smaller depositors, including women and people living in rural areas. It will also sustain the confidence in Sri Lanka’s financial system, a critical part of building the country back better”, he pointed out.
Amidst the decline in the core business, the LFCs sector diversified its activities particularly towards pawning/gold loan facilities which heightened the sector’s risk to fluctuations in global gold prices.
The asset quality of the sector also deteriorated as indicated by the increase in stage 3 loans to total loans ratio.
Meanwhile, overall liquidity of the sector remained at an acceptable level while few companies faced difficulties in meeting liquidity requirements.
February 03, Colombo (LNW): Former Health Minister, currently serving as the Environment Minister, Keheliya Rambukwella, has been remanded until February 15, as per the directives of the Maligakanda Magistrate’s Court.
The prominent lawmaker was presented before the court this (03) morning.
This development follows the arrest of Minister Rambukwella by the Criminal Investigation Department (CID) yesterday (02), in connection with the alleged procurement of substandard human intravenous immunoglobulin.
The arrest came subsequent to his appearance before the CID earlier that morning, adhering to a court order issued the previous day.
Minister Rambukwella underwent an extensive interrogation lasting nearly 10 hours before being officially taken into custody.
February 03, Colombo (LNW): In a targeted operation, the Special Task Force (STF) conducted a raid on a residence in the Enderamulla area of Wattala, resulting in the discovery of a substantial cache of drugs with an estimated value exceeding Rs. 100 million.
During the operation, the STF uncovered a stockpile of 192,000 narcotic pills, marking a significant seizure in the ongoing efforts to combat illegal drug trafficking.
The raid, based on intelligence gathered by STF officers, led to the apprehension of a 40-year-old suspect believed to be associated with the illicit drug trade.
The narcotics, believed to have been imported from a foreign country, were meticulously concealed within cardboard boxes in the raided residence.
The STF asserts that this organised packaging indicated a large-scale distribution plan, targeting not only Colombo but also other areas.
The successful operation highlights the ongoing commitment of law enforcement agencies to curb the illegal drug trade and protect communities from the detrimental effects of narcotics.
The arrested suspect will now face legal proceedings as authorities work to dismantle the networks involved in drug trafficking.
February 03, Colombo (LNW): The UN Human Rights Office expressed deep concerns about Sri Lanka’s recently enacted Online Safety Act, emphasising its potential adverse effects on human rights, particularly freedom of expression.
The Office taking to X (previously knowns as Twitter) called upon the Sri Lankan government to reconsider the legislation and consider amendments that address the apprehensions raised by civil society and industry groups.
The UN Human Rights Office stressed the importance of ensuring that the Online Safety Act aligns with the country’s human rights obligations, particularly those related to freedom of expression.
#SriLanka: The new Online Safety Act will have far reaching negative implications for human rights, incl. freedom of expression.
We urge the Govt. to consider amending the law to address concerns of civil society & industry groups & ensure it complies w/ human rights obligations
This call for reconsideration underscores the international community’s vigilance in safeguarding fundamental human rights and the need for Sri Lanka to strike a balance between regulating online safety and upholding democratic values.
The UN Human Rights Office encourages a collaborative approach, involving stakeholders from civil society and industry, to refine the legislation and bring it in line with internationally recognised human rights standards.
February 03, Colombo (LNW): The Indian Navy submarine ‘INS Karanj’ arrived at the port of Colombo today (03) for a formal visit, marking a diplomatic engagement between the two maritime nations.
Sri Lanka Navy extended a traditional welcome to the visiting submarine, adhering to precision naval protocols.
‘INS Karanj’ is a 67.5m long submarine with a crew of 53, under the command of Commander Arunabh.
The submarine’s visit is not only a diplomatic gesture but also an opportunity for mutual engagement and cooperation between the Indian and Sri Lankan navies.
During the submarine’s stay in Sri Lanka, the Sri Lanka Navy personnel will participate in a submarine awareness programme, fostering understanding and collaboration in naval operations.
Additionally, the crew of ‘INS Karanj’ is scheduled to explore some of the country’s tourist attractions, enhancing people-to-people ties.
The official visit of INS ‘Karanj’ will conclude on February 5, symbolising the strengthened maritime relations between India and Sri Lanka.
The diplomatic and cultural exchange during this visit contributes to the broader cooperation between the two nations in the maritime domain.
