January 30, Colombo (LNW): In a recent development, law enforcement authorities utilised water cannons and deployed tear gas to disperse the protest organised by the main opposition party, the Samagi Jana Balawegaya (SJB), near the Public Library in Colombo.
The protest, organised by the SJB, aimed to voice opposition to the government’s policies and actions. Law enforcement agencies intervened, resorting to crowd control measures to manage the gathering.
Water cannons and tear gas were deployed to disperse the protesters and restore order.
January 30, Colombo (LNW): In a historic initiative, the National Police Academy inaugurated the first-ever series of training and sensitisation programmes aimed at educating in-service police officers on the Rights of people with diverse Sexual Orientations, Gender Identities, Gender Expressions, and Sex Characteristics (SOGIESC).
The opening ceremony of this pioneering programme was graced by distinguished guests, including Chairperson of the Human Rights Commission of Sri Lanka (HRCSL), Supreme Court Justice LBT Dehideniya, and Senior Deputy Inspector General (SDIG) Asanga Karavita, on behalf of the Acting Inspector General of Police (IGP).
The event also saw the participation of Acting Ambassador of the Embassy of the Kingdom of the Netherlands in Sri Lanka, HE Iwan Rugtens, DIG Renuka Jayasundara, Chief of the Police Women and Children Division, and Focal Point for the LGBTQIA+ Community.
Trainers leading the programme also joined hands with these eminent figures.
This initiative is hailed as a significant milestone in advancing the LGBTQIA+ movement within the Sri Lanka Police, signifying a commitment to fostering an inclusive environment.
The comprehensive training programmes aim to raise awareness, enhance understanding, and promote respectful engagement with individuals of diverse sexual orientations and gender identities.
The engagement of high-ranking officials and the commitment to such training initiatives underscore the evolving landscape of diversity and inclusion within the law enforcement community.
As advocates for inclusivity and human rights, the Sri Lanka Police Academy’s proactive approach is commendable, aligning with global efforts to create police forces that respect and protect the rights of all individuals, regardless of their sexual orientation or gender identity.
This training initiative is poised to contribute significantly to the ongoing efforts to build a more equitable and tolerant society within the framework of law enforcement.
January 30, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight fluctuation against the US Dollar today (30) in comparison to yesterday, as per the official exchange rates issued by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has increased to Rs. 312.81 from Rs. 312.67, and the selling price has dropped to Rs. 322.73 from Rs. 322.77.
The Sri Lankan Rupee indicates similar pattern against several other foreign currencies as well.
January 30, Colombo (LNW): In the aftermath of recent attacks in the Red Sea, vessels are opting to bypass the Suez Canal and navigate around South Africa’s Cape of Good Hope.
This shift has disrupted a crucial global shipping route, compelling ships to add another 15 days to their journeys, accompanied by increased costs.
The Port of Cape Town has become essential, particularly with the closure of the Algoa Bay bunkering zone on the Indian Ocean.
As the crisis in the Red Sea persists, the re-routing of ships through the Cape of Good Hope continues, providing South Africa and the continent with a unique economic opportunity for bunkering at ports in South Asia including Colombo port.
The crisis surrounding the Red Sea has propelled the Colombo port to post positive growth with record handling since November.
The eruption of the Israel-Palestine clashes on 7 October and the tensions spilling over to select parts of the region including attacks on cargo ships has had a positive impact on the Colombo port.
In November, transshipment traffic at the Colombo port saw an 8% negative growth year on year, and 2.8% negative growth in overall volume.
However, both turned positive in December. The total throughput jumped by 14% or 77,727 TEUs to a record 631,617 TEUs. The SLPA terminals saw 24% to 188,750 TEUs.
From January to November 2023 the total number of containers handled remained flat at 6.3 million as against the corresponding period the previous year.
However, the surge in December saw the Colombo port ending 2023 at 6.94 million TEUs, thereby enjoying a 1.17% growth over 2022. Growth in 2023 was driven by transshipment as handling of domestic import and export boxes was down by 6% in the first 11 months.
The spike in demand for the Colombo port has spilled on to January as well. In the first 25 days of January the total throughput rose by 27.5% to 554,651 TEUs. The SLPA terminals saw their volume jump by 70% to 193,524 TEUs.
Given the surge in activity, Ports, Shipping and Aviation Minister Nimal Siripala de Silva visited the Colombo port yesterday.
The Ministry confirmed that due to the current crisis in the Red Sea in the Middle East, the number of cargo vessels arriving at the port of Colombo has increased resulting in an increase of the container operation capacity.
During the visit the Minister gave instructions to the officers to carry out the ship operations effectively and efficiently. He expressed gratitude to the management, executive officers, employees and trade union representatives for their support to make this process a success.
January 30, Colombo (LNW): Sri Lanka’s total exports reached US$ 14.94 Bn in 2023 including merchandise exports (US$ 11.85Bn) and estimated service exports (US$ 3.08 Bn). It is only a 0.39 % decline when compare to the value recorded in previous year (US$ 14.99 Bn). Estimated increase in service exports is around 63%, Export Development Board data showed.
Sri Lanka’s merchandise exports decreased by 11.25% to US$ 947.5 Million in December 2023 compared to December 2022 as per the provisional data released by the Sri Lanka Customs. Also, it is a 5.16 % decrease when compared to the value recorded in November 2023.
However the exports of Apparel and Textile recorded the highest in the year in December 2023 showing a positive sign of regaining its momentum.
Export earnings from tea which made up 12% of merchandise exports, increased by 3.57 % y-o-y to US$ 111.12 Mn in December 2023 compared to December 2022.
This increase is mainly due to the strong performance in the export of Tea packets & Tea bags, increased by 10.95% and 142.37% respectively in December 2023 compared to December 2022.
In addition, Export earnings from Rubber and Rubber Finished products have increased by 6.92 % y-o-y to US$ 79.62 Mn in December 2023, with the strong performance in exports of Pneumatic & Retreated Rubber Tyres & Tubes (18.43 %).
On monthly analysis, export earnings of Coconut based products increased by 2.02 % in December 2023 compared to December 2022. Moreover, export earnings of Coconut kernel products and Coconut shell products increased by 9.07 % and 3.53 % respectively in December 2023 compared to December 2022.
Export earnings from Coconut Oil, Coconut Cream and Liquid Coconut Milk which are categorized under the Coconut kernel products increased by 9.17 %, 41.38 % and 22.27 % respectively in December 2023 compared to December 2022.
Earnings from Activated Carbon, which is categorized under the Coconut shell products increased by 4.6 % to US$ 11.5 Mn in December 2023 compared to December 2022.
Export earnings from Spices and Essential Oils increased by 0.1 % to US$ 31.42 Mn in the month of December 2023 compared to December 2022. This increase was mainly driven by a significant increase in the export of Cinnamon by 13.75 %.
Export earnings from Seafood increased by 11.64 % to US$ 23.79 Mn in December 2023 compared to December 2022. This increase was mainly due to the strong performance in export of Fresh fish (74.58 %) and Shrimps (49.74 %). Furthermore, the estimated value of ICT exports is expected to increase by 33.3 % to US$ 112.9 Mn in December 2023 when compared to December 2022. Also, the value of Transport & Logistics services exports is expected to increase by 107.4 % in December 2023 compared to the corresponding period in the previous year
January 30, Colombo (LNW): The new Anti-Corruption Act which is to be enacted this year contains provisions to strengthen the mechanisms for asset declaration.
Publication of Asset Declarations for senior officials (President, Prime Minister, ministers) on a designated website in line with Anti Corruption Law by July 2024, ministry of justice sources revealed.
The anticorruption framework is in the process of undergoing major changes. The recent adoption of the Anticorruption Act (ACAACA) introduced substantial improvements in the legal framework for anticorruption and organizational arrangements for confronting corruption.
The Act will go far in aligning Sri Lanka’s legal framework with international commitments and good practice standards.
The Bribery or Corruption Allegation Investigation Commission has issued a stern directive, setting a deadline for the submission of asset declarations from various high-profile figures, including the President, the Prime Minister, public servants, and media heads.
This move comes in accordance with the recently enacted Bribery or Corruption Allegations Act.
Under the provisions of the new legislation, approximately 150,000 individuals, comprising politicians, public servants, and media leaders, are mandated to submit detailed asset and liability statements to the Bribery or Corruption Allegations Commission on an annual basis.
The scope of the directive extends to individuals across thirty-one different sectors. The deadline for compliance with this mandatory disclosure is fixed at March 31st of each year, adding a sense of urgency to the process.
While these steps are critical, and will be reviewed in greater detail, accurate asset declaration mechanisms are only one element of an effective conflict of interest (CoI) system, sources said.
Equal attention must be placed on clarity in elaborating a definition what constitutes a conflict (which may extend well beyond ownership of assets), training officials in their obligations and responsibilities, and establishing procedures to provide rapid and consistent guidance on how to manage a conflict once it has been declared.
Public reporting on system performance is necessary to demonstrate the probity of officials, and officials found to have acted in non-conformity with CoI requirements must be appropriately and visibly sanctioned.
Approximately 90% of jurisdictions have legislation requiring some form of asset disclosure due to their potential value in helping promote a culture of integrity. Less evident is the fact that asset disclosures can also help public officials build trust in their work and, therefore, in public institutions.
Finally, asset disclosure systems can promote key partnerships with civil society and journalists.
January 30, Colombo (LNW): The Real Estate market in Sri Lanka has been experiencing significant growth in recent years and it is expected to reach a value of US$589.80bn by 2024.
The residential segment holds the largest share in the market, with a projected market volume of US$341.00bn in 2024.
This segment is anticipated to grow at an annual rate of 6.60% (CAGR 2024-2028), resulting in a market volume of US$761.60bn by 2028.
Amidst a growing tourism industry, Sri Lanka’s real estate market is experiencing a surge in demand for beachfront properties.
Customer preferences in the market have been shifting towards more modern and luxurious properties.
There is a growing demand for high-end apartments and condominiums, especially in urban areas. This trend can be attributed to the increasing urbanization and the rise in the number of middle-class and affluent individuals in the country.
Additionally, foreign investors are also showing interest in the Sri Lankan real estate market, further driving the demand for upscale properties.
One of the key trends in the market is the development of integrated mixed-use projects. These projects combine residential, commercial, and recreational spaces in a single development, providing residents with convenience and a wide range of amenities.
This trend is driven by the desire for a holistic lifestyle and the need for convenience in today’s fast-paced world
The research firm that specialises in the Sri Lankan real estate market says that the average land prices in Colombo city, denominated in LKR, experienced a marginal increase from Rs. 14.024 million per perch in November to Rs. 14.038 million per perch in December.
Similarly, when assessed in USD terms, the prices rose from $ 42,725 per perch in November to $ 42,965 per perch in December.
Its monthly real estate market surveillance update flagged Colombo 5 as having the highest growth rate of average land price per perch within the Colombo city land market. It has increased nearly by 3% (Y-o-Y) during the time period from December 2022 – December 2023.
In the suburban areas of Colombo, the trend continued with average land prices in LKR terms rising from Rs. 2.474 million per perch in November to Rs. 2.486 million per perch in December 2023.
In USD terms, this equated to an increase from $ 7,538 per perch to $ 7,611 per perch over the same period. RIUNIT ongoing research captured Rajagiriya as having the highest growth rate of average land price per perch in the Colombo suburban land market. It has increased nearly by 6% (Y-o-Y) during the time period from December 2022 – December 2023.
Whilst the land market is still on a positive incline, the rate of increase is extremely sluggish at present. Moreover, we at RIUNIT have witnessed high growth rates even during the civil conflict before 2009. However, we do expect the market to pick up toward the latter part of 2024.
The Research Intelligence Unit (RIUNIT), is the first agency to start collecting land price data in Sri Lanka and other Asian countries since 2003.
January 30, Colombo (LNW): Auditor General W. P. C. Wickramaratne has issued a directive stipulating that all government agencies must submit their annual financial statements by February 28.
In an official statement, Wickramaratne emphasised that the timely submission of financial statements is imperative, as it allows for an extensive three-month period dedicated to thorough audit activities.
This strategic timeline is designed to ensure a comprehensive examination of financial records before the release of the Auditor General’s summary report.
The summary report, which is slated for publication before May 31, will be issued alongside the annual financial statement reports.
This coordinated approach aims to maintain transparency, accountability, and adherence to established financial reporting standards within government agencies.
January 30, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates a slight depreciation against the US Dollar today (30) in comparison to yesterday, as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has increased to Rs. 312.35 from Rs. 312.11, and the selling price to Rs. 323.24 from Rs. 322.98.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 311.45 from Rs. 310.59, and the selling price remains unchanged at Rs. 321.50.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 313 from Rs. 312.50, and the selling price to Rs. 322 from Rs. 321.50.
January 29, London (LNW): Sri Lanka’s Minister of Foreign Affairs, Ali Sabry, has concluded his official visit to the United Kingdom, marked by engagements with prestigious academic institutions, key government officials, and business leaders.
Minister Sabry’s visit was initiated by an invitation from the renowned Cambridge Union and Wilberforce Society of the University of Cambridge.
On 23 January, he addressed the Cambridge Union, the world’s oldest debating society, focusing on Sri Lanka’s path to economic recovery.
His discussion with the academic community highlighted the country’s efforts and challenges in navigating economic revitalisation.
Sabry’s address at the Cambridge Union marks a significant moment as the only recent Sri Lankan speaker at this esteemed platform.
Continuing his academic engagements, on 24 January, the Sri Lankan Foreign Minister addressed the Wilberforce Society and the Lucy Cavendish Finance Society.
His talk centred on the accessibility of development finance across South Asia, drawing insights from Sri Lanka’s experiences with the IMF debt restructuring process.
Following this, The Wilberforce hosted a formal dinner in honour of Foreign Minister Ali Sabry at Christ’s College.
Prior to his speech at the Wilberforce Society, Sabry also interacted with students and academia at the Sri Lanka Society of the University of Cambridge.
During the bilateral phase of the visit on 25 and 26 January, he held discussions with Lord Tariq Ahmad of Wimbledon, the UK Minister of State for the Middle East, North Africa, South Asia, the United Nations, and the Commonwealth.
The talks focused on reviewing the multifaceted Sri Lanka-UK relationship and cooperation at multilateral forums. Minister Sabry briefed the UK side on the progress in Sri Lanka’s debt restructuring process and expressed gratitude for UK’s support as a member of the Paris Club.
In addition to government-level meetings, Sabry engaged with UK Parliamentarians, including Shadow Secretary of State for Foreign, Commonwealth, and Development Affairs The Rt Hon David Lammy, Chair of All Party Parliamentary Group (APPG) for Council of Sri Lankan Muslim Organisations UK (COSMOS) Bob Blackman, Chair APPG Foreign Affairs Dr. Lisa Cameron, and former Secretary of State for Defence the Rt Hon Liam Fox MP.
These interactions included briefings on Sri Lanka’s economic progress, developments in the reconciliation process, and insights into international politics.
The visit concluded with roundtable discussions with Sri Lankan Tour Operators organised by Sri Lankan Airlines and a Business Roundtable organised by the Sri Lanka-UK Chamber of Commerce.
These sessions facilitated meaningful discussions on enhancing the economic relationship between Sri Lanka and the UK, addressing the tourism industry, and fostering collaboration within the business community.
High Commissioner Rohitha Bogollagama and senior officials of the High Commission accompanied Foreign Minister Ali Sabry during the University of Cambridge events and bilateral meetings.
