Sri Lanka Export Credit Insurance Corporation (SLECIC) has recorded a historically highest turnover of Rs. 450 M for the Year ended 31^st Dec 2023. During the year it has targeted discerning exporters to mitigate their Buyers & Country risk. Being the sole Export Credit Insurance organization in Sri Lanka owned by the Government of Sri Lanka had extended its services to the credit Exporters and indirect exporters to cover their risks as well as to finance their operations by way of Pre & Post shipment guarantees. In addition to the insurance policies they offer Carnet guarantees enabling exhibitors to showcase their products globally in collaboration with International Chamber of Commerce. So far mainly the gem & jewelry trade has been benefitted from this.

Being one of the profitable state owned enterprises, SLECIC has Contributed Rs.500 M to the Treasury as a Levy in 2023. This is in addition to taxes of Rs. 290 M  for the year. This is a much needed boost for the Economic growth of Sri Lanka.

Despite down trend of the USD parity rate and the volumes of exports in 2023 this achievement is creditable. SLECIC will target to enhance its market coverage by extending its support to the SME s at grass root level by partnering with the Industrial Development Board, where they spread the awareness among rural industries & Exporters.

Looking Forward, SLECIC Chairman / Managing Director Mr. Senarath  Devendra has commented that they have strategised a road map and drawn a Corporate Plan for the next 5 years. He is confident that with introduced marketing initiatives, SLECIC has the potential of increasing the revenue by at least 50% in the next full year 2024, since the achievement in 2023 was only for the eight months.  Further, he is expecting to kick start the guarantee business collaborating with commercial banks in the coming year, facilitating our direct & indirect exporters for their financing requirements.    

January 12, Colombo (LNW): Education Minister Dr. Susil Premajayantha announced that school uniforms for students will be distributed before the commencement of the new school year on February 19, 2024. This assurance comes as a result of a significant grant from the Chinese government, covering 80% of the total fabric requirement for school uniforms.

Initially, the Chinese government had agreed to provide a 50% grant, which was later increased to 70% through the direct intervention of Minister Premajayantha. The grant has now been elevated to 80%, with the Chinese Ambassador to Sri Lanka, Xi Shang Hung, officially handing over the first batch of school uniform clothes to the Minister on January 11 at the Ministry of Education.

The Minister disclosed that the first batch, comprising 5.8 million meters of uniform cloth, has already arrived in Sri Lanka, and the second batch is expected by February 4. To ensure uniform quality for all students, the government will purchase the remaining 20% of the school uniform fabric directly from the Chinese manufacturer.

Distribution efforts for the received cloth have commenced, starting from January 4, and will cover 313 education offices. The Minister assured that the government will facilitate the importation process through various legalized corporations.

Expressing gratitude to the Chinese government, Minister Premajayantha highlighted the significant economic relief provided by the grants, saving approximately five billion rupees during challenging economic times in the country.

In addition to the school uniform support, Minister Premajayantha announced that the Chinese government will extend technical and financial assistance for the digitization of 3,000 schools, covering all institutions with Advanced Level subject streams.

January 12, Colombo (LNW): In a pivotal step towards comprehensive national development, Prime Minister Dinesh Gunawardena spearheaded the inaugural meeting at the Parliament complex on January 11th, marking the initiation of the development programme under the 2024 decentralized budgetary allocation. Covering all districts across the country, this strategic initiative aims to identify and implement relevant development projects through regional and district coordination committees.

During the meeting, it was emphasized that proposals at the district level should be submitted by January 31, 2024, with approved projects scheduled for completion before July 31 of the same year. The decentralized budget program allocates a total of 11,250 million rupees for projects across all 25 districts. Oversight of the entire program falls under the purview of the Cabinet Sub-Committee, led by Prime Minister Dinesh Gunawardena. Weekly reviews at regional and district levels, along with national-level monitoring by the Treasury’s Project Management and Oversight Department, ensure the efficient progress of the program. Regular updates will be submitted to the Cabinet Sub-Committee.

Prime Minister Dinesh Gunawardena, addressing the gathering, expressed the government’s expectation to implement projects that benefit all citizens equally. He stressed the importance of balanced development, considering factors such as poverty, population distribution, and geographical size in square miles within each district. The Prime Minister underscored the need for uninterrupted progress in the development program and urged officials to promptly inform the President’s Office in case of any disruptions.

Gunawardena highlighted the stabilization of the country’s economy due to the President’s initiatives and called on everyone to continue dedicating themselves to advancing economic stability and achieving the government’s development goals.

Urban Development and Housing Minister Prasanna Ranatunga, Chief Organizer of the ruling party, encouraged active participation in district development committees, emphasizing the submission of development proposals. He urged stakeholders to focus on providing tangible benefits without resorting to accusations about inadequate funding for development activities. Minister Ranatunga noted that, given the current non-functioning of local government institutions, the program will also include provincial council development projects, with the pilot program already underway in the Gampaha district.

The meeting saw the participation of Ministers, Governors, District Coordination Committee and Regional Development Committee chairpersons, Parliamentarians, and officials from various government offices, underlining the collective commitment to driving inclusive and impactful development nationwide.

January 12, Colombo (LNW): In a collaborative initiative aimed at fostering small business development, American small business owners are engaging with Sri Lankan entrepreneurs through a transformative five-week program. Facilitated by the Professional Fellows Programme on Economic Empowerment, an initiative of the State Department’s Educational and Cultural Affairs, this effort seeks to promote mutual growth in both nations.

During a recent meeting, Deputy Chief of Mission Douglas Sonnek learned firsthand about the positive impact of the program, which not only facilitates skills enhancement but also fosters invaluable cross-cultural connections. The initiative has proven instrumental in helping past fellows enhance their businesses, ranging from skincare lines to artisanal ice cream shops, thereby highlighting the tangible benefits of the program for small business entrepreneurs.

In a noteworthy continuation of this collaboration, American business leaders are currently in Sri Lanka, reconnecting with the fellows they hosted in the United States last year. This ongoing exchange underscores the enduring relationships forged through the Professional Fellows Programme and the positive influence it continues to have on small businesses in both nations.

January 12, Colombo (LNW): In a significant diplomatic development, the Canadian High Commissioner in Colombo, Eric Walsh, held a meeting with Northern Province Governor P. S. M. Charles in Jaffna yesterday.

The discussions centered around crucial community priorities, with a particular focus on reconciliation, economic development, and inclusion in the Northern Province. This meeting underscores the commitment to fostering positive relations and addressing key concerns for the betterment of the local community.

1. PM Dinesh Gunawardena says steps will be taken to resolve land ownership related issues of all people residing in the North within the next 2 months.
2. Army deploys troops at Govt hospitals affected by the islandwide strike of minor staff trade unions in the health sector, to ensure the smooth run of the essential health services in the country.
3. Govt and Opposition MPs in a collision course with CB Governor Dr Nandalal Weerasinghe who declared on 12th April’22 that the country was bankrupt: one Minister informs Parliament that the Governor had made a startling remark on finances, while a prominent Opposition MP declares that they do not trust Weerasinghe.
4. Japan’s Finance Minister Suzuki Shunichi meets with President Ranil Wickremesinghe.
5. State Finance Minister Shehan Semasinghe says IMF officials on a visit to SL at present will meet officials from the Finance Ministry & Central Bank, as well as the President.
6. All Ceylon General Port Employees Union Chief Secretary Niroshan Gorakanage says a “joy ride” for MPs had been provided by the Ports Authority in 2 vessels at a cost of nearly Rs. 5mn: Ports Authority says the total cost for fuel for the 2 vessels was around Rs. 300,000 only.
7. UK’s New Year Honours List 2024 recognizes 3 Sri Lankans residing in New Zealand for their contributions: Dr Anne Doloras Perera for services to food science, nutrition, and community: Athula Cuda Bandara Wanasinghe for contributions to SL community & Cricket: Sadun Kithulagoda for shaping the expatriate community for over 2 decades.
8. Kaushalya Nawaratne PC re-elected as President of the Bar Association for 2024/25: Chathura Galhena elected as Secretary.
9. SL beats Zimbabwe in the 3rd Cricket ODI by 8 wickets on D/L basis: Zimbabwe all out – 96 in 22.5 overs: Wanindu Hasaranga 19/7: SL – 97/2 in 16.4 overs: Kusal Mendis 66*: SL win the series 2-0.
10. Former Cricket Captain Arjuna Ranatunga questions the role of Mahela Jayawardene as a Consultant Coach of the Sri Lanka Cricket Institute: points out that no one has been held responsible for the failure of the team at the 2023 World Cup and that SL Cricket has still not taken any action or removed any coaching staff in this regard.

President Ranil Wickremesinghe will attend the influential World Economic Forum in Davos from 15-19 January, according to Government sources.

To coincide with this important visit, the Swiss-Asian Chamber of Commerce in collaboration with the Board of Investment of Sri Lanka has organised an interactive discussion with Presidential Wickremesinghe, who will be accompanied by a group of top Sri Lankan business leaders.

The President will address the forum on Sri Lanka’s path to recovery while outlining priorities for trade, investment and growth.

The Swiss Asian Chamber of Commerce, also in collaboration with the Board of Investment of Sri Lanka and the Sri Lankan private sector, will host “Sri Lanka Night” complementing the Sri Lankan delegation to the World Economic Forum 2024.

Wickremesinghe is expected to address several other forums and meet several high level business executives during the visit to the WEF. 

Daily FT

January 12, Colombo (LNW): On Thursday (Jan. 11), Minister of Foreign Affairs Ali Sabry chaired the first briefing of the year for the members of the Colombo-based diplomatic Corps at the Ministry. The minister highlighted the progress made in 2023 across various fronts that contributed to greater stability, including debt restructuring, economic and legal reforms, and reconciliation efforts.

Referring to 2024 as the year to revitalize the country’s economy, Minister Ali Sabry expressed optimism following the crucial achievements in overcoming challenges in 2022. He mentioned the establishment of a Commission for Truth, Unity, and Reconciliation, with the draft Bill gazetted and set to be tabled in Parliament after extensive consultations with stakeholders. Additionally, he informed that the Office for National Unity and Reconciliation Bill was recently passed by Parliament, with two more draft Bills on anti-terrorism and the Office for Overseas Sri Lankans to be tabled soon.

Minister of Public Security Tiran Alles provided an update on the progress made in the special operation against drug-related issues and underworld activities. Senior Advisor to the President on Climate Change Ruwan Wijewardene outlined Sri Lanka’s initiatives on climate change, including the proposal for an International Climate Change University and the implementation of the Sri Lanka Climate Prosperity Plan to achieve carbon neutrality by 2050.

Foreign Secretary Aruni Wijewardane focused on the country’s upcoming international engagements and incoming visits of foreign dignitaries. Deputy Treasury Secretary R.M.P. Rathnayake made a presentation on the current economic situation and the envisioned path forward.

Representatives of domestic institutions dealing with reconciliation, such as the Office on Missing Persons, Office for Reparations, Office for National Unity and Reconciliation, Interim Secretariat of the Truth and Reconciliation Commission, and the Office for Overseas Sri Lankans, were also present at the briefing.

During the discussions following the presentations, members of the diplomatic Corps expressed appreciation for the comprehensive briefing organized by the Ministry of Foreign Affairs, acknowledging the efforts made toward recovery and stabilization in the country.