June 15, Colombo (LNW): Sri Lanka’s year-on-year GDP growth rate for the first quarter of 2024 has been estimated at a positive 5.3%, according to the Department of Census and Statistics (DCS).
The DCS released the estimated Gross Domestic Product (GDP) at current and constant (2015) prices using the Production approach, along with other macroeconomic indicators for the first quarter (January 1st to March 31st) of 2024.
The GDP at constant prices (2015) for the first quarter of 2024 increased to Rs. 3,329,583 million from Rs. 3,161,963 million recorded in the first quarter of 2023.
In detail, the Agricultural, Industrial, and Services sectors expanded by 1.1%, 11.8%, and 2.6% respectively in the first quarter of 2024.
Issuing a communiqué on the release of the National Accounts Estimates, the DCS confirmed the year-on-year GDP growth rate for the first quarter of 2024 at 5.3%.
Overall, the GDP growth reflects a significant increase, with the GDP at constant price (2015) reaching Rs. 3,329,583 million in the first quarter of 2024, up from Rs. 3,161,963 million in the same period of 2023.
President Ranil Wickremesinghe has assured that he has not deviated from the principles of the democratic socialist system of Sri Lanka, in his efforts to revive the economy. The President explained that although Sri Lanka gradually started liberalizing its economy since 1977, it did not bring along the necessary legislation.
National Peoples’ Power (NPP) Leader MP Anura Kumara Dissanayake has left for the United Kingdom (UK) for a meeting with the Sri Lankan community residing in the country.
Minister of Tourism, Lands, Sports and Youth Affairs Harin Fernando said that an election will be held on October 5, this year. “An election will be held on the fifth of October,” the Minister said. Minister Fernando said that President Ranil Wickremsinghe will emerge victorious in the forthcoming election.
Sri Lanka’s year-on-year GDP growth rate for the first quarter of 2024 has been estimated as 5.3% of positive growth rate, according to the Department of Census and Statistics. The Department of Census and Statistics (DCS) Sri Lanka, has released the estimated Gross Domestic Product (GDP) at current price and at constant (2015) price in Production approach and the other macroeconomic indicators for the first quarter (January 1st to March 31st) of 2024.
Former Minister of Health Keheliya Rambukwella and 07 others have been further remanded until June 28 by the Maligakanda Magistrate’s Court over the import of substandard human Immunoglobulin vials.
Sri Lanka Podujana Peramuna (SLPP) National Organizer MP Namal Rajapaksa has warned the people in the North to be cautious of politicians who change their policies to secure votes. MP Rajapaksa cautioned the people in the North, including the main political party in the North, the Tamil National Alliance (TNA), to be mindful of policy changes ahead of the anticipated elections.
Sri Lanka’s economy is expected to expand by 2.2 percent in 2024, according to the World Bank’s latest Global Economic Prospects report issued on Friday (14). The report indicates that this is a 0.5-percentage-point upward revision from January—supported by modest recoveries in remittances and tourism.
The Attorney General’s Department today informed the Supreme Court that it will not appear on behalf of former Health Minister Kehiliya Rambukwella and arrested NMRA officials over the case of purchasing medicines from two allegedly unregistered companies.
The Forest Conservation Department said drone operations will commenced to detect forest destruction. Forest Conservation General Nishantha Edirisinghe said operations will commence in seven districts under the first phase. Accordingly drone operations will commence in the Ratnapura, Hambantota, Ampara, Mullaitivu, Monaragala, Batticaloa, and Mannar districts.
Minister of Sports Harin Fernando expressed concerns about Sri Lanka’s consistent losses in the ICC T20 World Cup, emphasizing the need for long-term solutions. He mentioned that Sri Lanka Cricket was already in disarray when he took over. Responding humorously to a question about future steps, he remarked that he might have to play cricket himself if the team keeps losing.
June 15, Colombo (LNW): State Minister for Home Affairs, Mr. Ashoka Priyantha, announced that the Grama Niladhari Service Constitution has been approved by the Public Service Commission following the Cabinet Ministers’ endorsement. This new constitution also allows for necessary amendments.
During a press briefing titled “Collective Path to a Stable Country” at the Presidential Media Centre on June 13, State Minister Priyantha shared several key updates:
The government has initiated significant projects such as “Urumaya” and “Aswasuma.”
Development projects that were previously halted have now resumed, with efforts underway in both villages and towns through decentralized allocations.
State Minister Priyantha emphasized the importance of government officials supporting these initiatives and fulfilling their duties to the public. Despite the challenges faced when the ministries assumed their responsibilities, the government has made steady progress in strengthening public services. Notably, they appointed GN officers for 1,942 Grama Niladhari Divisions, and their training is currently in progress.
Addressing the long-standing issue of the Grama Niladhari Service Constitution, he noted its recent approval by the Public Service Commission. This approval, following the Cabinet Ministers’ endorsement, includes provisions for future amendments if necessary.
Reflecting on past challenges, Priyantha mentioned the trade union actions of GN officers during which a disaster struck. Despite these difficulties, government officials and the majority of GN officers stepped up to fulfill their duties, for which he expressed gratitude.
Furthermore, rural food security and nutrition committees have been established across the country, ensuring the provision of a safe and healthy diet for the population.
June 15, Colombo (LNW): Ho Thi Thanh Truc, the outgoing Vietnamese Ambassador to Sri Lanka, expressed deep affection for the country as she concluded her tenure in Colombo on Wednesday. Reflecting on her time in Sri Lanka, she described it as a land of “smiling people” and expressed gratitude for the warm hospitality she received.
In an interview with Daily News on the eve of her departure, Ambassador Truc shared that Sri Lanka and its people would remain in her heart forever due to the enduring friendship shown towards her and her country. “I am grateful for the warm welcome I received and Sri Lanka has become my second home. I have experienced with you the difficult period of the Covid pandemic and then the economic crisis. I am glad that Sri Lanka is bouncing back fast now,” she said.
Quoting a famous Vietnamese poet, she remarked, “When you are here, it is just a place, but when you are going to leave, it has become part of your soul,” expressing how Sri Lanka has deeply touched her soul. She also promised to return, in line with Sri Lanka’s tourism slogan, “I will come back for more.”
Ambassador Truc shared these sentiments during a meeting with Colombo Times Editor in Chief, Mohammed Rasooldeen, on Monday, June 10, where she was presented with a memorabilia.
Enthusiastically recounting her travels within Sri Lanka, she revealed that she had visited all nine provinces and especially enjoyed the historical sites. She proudly mentioned visiting Sigiriya five times and considered herself fortunate to have climbed Adams Peak three times.
June 15, Colombo (LNW):Russian Ambassador in Colombo, Levan S. Dzhagaryan, stated that Russia has never meddled in the internal affairs of Sri Lanka. He emphasized that Russia hopes the future Sri Lankan government will maintain an independent and neutral foreign policy, continuing the friendly relations between the two nations regardless of the outcome of this year’s Presidential Election.
Dzhagaryan expressed his hopes for a peaceful election, which he believes will contribute to the stability, growth, and prosperity of Sri Lanka.
The ambassador made these remarks at a reception hosted by the Russian Embassy in Colombo to mark Russia Day at the Galle Face Hotel on Tuesday. Russia Day, celebrated on June 12, commemorates the adoption of the Declaration of State Sovereignty by the Russian Soviet Federative Socialist Republic in 1990, a milestone regarded as the beginning of modern Russia.
The event’s Chief Guest was the Chairman of the Russia Sri Lanka Friendship Association and Education Minister, Susil Premajayantha. Ambassador Dzhagaryan highlighted the strong and sincere friendship and mutual understanding between Russia and Sri Lanka, noting that both countries share similar approaches to significant foreign policy issues.
June 15, Colombo (LNW): The 13th round of Diplomatic Consultations between Sri Lanka and China is set to take place in Beijing, where the progress in areas of bilateral engagement—including political, trade, investment, and defense—will be comprehensively reviewed.
Leading the Sri Lankan delegation will be Foreign Secretary Aruni Wijewardana, who will co-chair the consultations with Sun Weidong, Vice Minister of Foreign Affairs of the People’s Republic of China.
Sri Lanka’s delegation will also feature Ambassador Majintha Jayesinghe and senior officials from both the Ministry of Foreign Affairs and the Embassy of Sri Lanka in China.
The preceding 12th Round of Bilateral Political Consultations was held on May 30, 2023, in Colombo.
June 15, Colombo (LNW):Several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Galle and Matara districts.
Strong winds of about (40-50) kmph can be expected at times over the Western slopes of the central hills, Northern, North-central and North-western provincesand in Trincomalee, Hambantota and Monaragala districts.
June 14, Colombo (LNW); The panel of umpires and match referees for the ODI and T20 matches between the West Indies women’s team and the Sri Lanka women’s team starting tomorrow (15) have been announced.
ODIs
Ms. Vanessa De Silva – ICC Match Referee Ms. Lauren Agenbag – International Panel of ICC Development Umpires Ms. Dedunu De Silva – International Panel of ICC Development Umpires Mr. Ruchira Palliyaguruge – ICC International Panel Umpire Mr. Lyndon Hannibal – ICC International Panel Umpire
T20i
Ms. Michell Pereira – ICC Match Referee Ms. Lauren Agenbag –International Panel of ICC Development Umpires Ms. Dedunu De Silva – International Panel of ICC Development Umpires Ms. Nimali Perera – International Panel of ICC Development Umpires Mr. Raveendra Wimalasiri -ICC International Panel Umpire Mr. Prageeth Rambukwella -ICC International Panel Umpire
June 14, Colombo (LNW): Tea production in May saw an uptick, but the first five months’ crop sustained an overall decline, highlighting ongoing challenges within the industry, including weather variability and other factors on cultivation, especially dwindling of plantations owing to illegal encroachments. .
Sri Lanka tea plantation sector is facing an alarming issue of illegal encroachments of estates managed by the Regional Plantation Companies (RPCs) by unknown gangs with the backing of politicians in respective areas, several planters and residents complained.
The extent of plantation land has been shrinking since RPCs took over its management in 1995 due to either land encroachments, subleasing or selling lands lots illegally.
According to official data, 94.521 hectares leased out to 20 RPCs in 1995, have dwindled to a level of less than 72.000 ha after 28 years
An expert panel appointed by the Sri Lankan government is reviewing lease agreements with Regional Plantation Companies (RPC), Minister of Estate Infrastructure Development Jeevan Thondaman said.
The tea export sector cannot grow beyond the available tea crop volume in Sri Lanka. The declining trend in the tea crop has restricted the growth in tea export volume and value. The tea production issue also affects the growth of Sri Lankan tea brands and also the processing of Global Tea Brands by Sri Lankan companies..
Asia Siyaka Commodities Plc said tea production in May increased to 24.54 million kilos, up 14% compared to April 2024.
However, despite this monthly rise, the overall production for May 2024 declined by 8.5% compared to the same period last year, indicating a broader trend of reduced tea yields.
The breakdown by elevation categories in May has shown a decrease in comparison with the corresponding month of 2023.
“The high-grown tea crop saw the sharpest decline of 18.6% year-on-year (YoY) to 5.88 million kilos, whilst medium-grown production experienced a decline of 8.9% YoY decrease to 4.4 million kilos.
The low-grown crop saw a marginal decline of 3.4% YoY to 14.26 million kilos, relatively better compared to the other two elevation categories,” it added.
Asia Siyaka also said that January-May 2024 cumulative production totalled 104.37 million kilos registering a decrease of 6.5% YoY compared to 111.57 million kilos in the same period a year earlier.
Compared to the corresponding period in 2023, all elevations have shown negative variances in the year 2024.
“Low-grown at 62.6 million kilos was down by 6% YoY with a loss of 3.7 million kilos. High-grown trail the previous year with production of 23.5 million kilos following very hot and dry conditions during the first quarter and excessive rain in May.
Mediums have declined to a lesser extent,” it added. The crop fluctuations underscore the need for adaptive strategies among tea growers and stakeholders to mitigate risks and sustain productivity in the face of changing climatic condition
June 14, Colombo (LNW): The Government has decided to implement the new National Tariff Policy in three phases starting January 2025 to establish a stable, predictable tariff framework, boosting competitive edge for trade and investment in Sri Lanka.
The Cabinet of Ministers on Tuesday approved the implementation of the policy, which will be published through a Gazette notification under Section 101 of the Customs Ordinance to ensure awareness and compliance among stakeholders.
Treasury Secretary Mahinda Siriwardana has said that Sri Lanka has high import duties, and so-called para-tariffs such as the port and airport levey, and ‘export development’ CESS which has pushed up cost of imported raw materials, making it impossible for any firm other than those in Board of Investment zones, which can import inputs tax free, to be export competitive.
“The tax structure to support exports and investment is also being facilitated, particularly with the phasing out of para-tariffs such as PAL and Cess which have in the past added to cost of raw materials and intermediate inputs which undermined Sri Lanka’s competitiveness,” Siriwardana was quoted as saying at presentation at the Finance Ministry.
“Para-tariffs also contributed to an overall macroeconomic framework that led to an anti-export bias in the economy since they channelled scarce resources into sectors where Sri Lanka has not been globally competitive.”
“The reforms to the tariff structure to support an export-oriented economy will be encapsulated in the National Tariff Policy which is being developed he saidadding that so-called para tariffs are to be phased out in stages.
Sri Lanka’s investment climate has been negatively impacted by frequent tariff policy revisions aligned with the changing policies of successive Governments. A clear, simple, coherent and predictable tariff system is crucial for maintaining a competitive trade and investment environment.
“This policy aims to establish a more stable and predictable tariff framework, enhancing the competitive environment for trade and investment in Sri Lanka,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the weekly post-Cabinet meeting media briefing yesterday.
In response to this issue, he said a technical committee led by the Director General of the Department of Trade and Investment Policy of the Treasury, along with members from relevant agencies, was appointed on the advice of the Minister of Finance, Economic Stabilisation and National Policy.
“This committee, in consultation with the business and industry community and under the guidance of trade experts and Ministry Secretaries has formulated the new national tariff policy,” he added.
