March 14, Colombo (LNW): The Sri Lanka Postal Department has issued a warning to the public regarding a financial scam perpetrated through SMS messages, which falsely claim to require payment via bank cards for the clearance of parcels purportedly sent in the recipients’ names.

In an official statement, the Postal Department cautioned that scammers have been targeting individuals, seeking to obtain sensitive bank card information through this fraudulent scheme.

According to the department, the scam operates under various identities such as “Sri Lanka Post,” “Sri Lanka Postal Department,” and “SL Post,” often using a website resembling the official platform of the Postal Department.

The Postal Department emphasised that it never solicits bank details via SMS and does not engage in transactions involving bank cards for parcel clearance purposes.

The public is urged to exercise caution and refrain from sharing their bank account or card details in response to these deceptive SMS messages disseminated by fraudsters.

March 14, Colombo (LNW): High Commissioner Dharmapala Weerakkody underscored the critical importance of bolstering and sustaining the longstanding and amicable bilateral economic relationship between Sri Lanka and Bangladesh to maximise trade and investment opportunities.

These sentiments were expressed during his meeting with the newly appointed Foreign Minister of Bangladesh, Dr. Hasan Mahmud, in Dhaka on Monday.

Weerakkody emphasised the enduring ties between the two nations, spanning centuries, with growing people-to-people connections over time.

Highlighting the necessity of exploring new avenues to enhance trade, investment, and bilateral partnerships for economic development, Weerakkody noted ongoing negotiations for a Preferential Trading Agreement (PTA) aimed at further strengthening trade cooperation.

Foreign Minister Dr. Mahmud conveyed gratitude for the warm congratulations extended by the President of Sri Lanka to Prime Minister Sheikh Hasina following her victory in Bangladesh’s 12th National Parliamentary elections. He commended the enduring friendship between the two countries.

Dr. Mahmud also expressed satisfaction with Sri Lanka’s economic recovery efforts despite recent challenges.

Weerakkody briefed the Minister on Sri Lanka’s ongoing commitment to a new economic vision focused on stabilising the economy through comprehensive reforms in finance, law, and governance.

He highlighted positive economic indicators such as increased foreign remittances and growth in the tourism sector.

The discussion also covered the importance of enhancing collaboration in various sectors including trade, investment, shipping, pharmaceuticals, and agriculture.

Both sides recognised the significance of partnerships in ICT and hospitality for mutual economic progress.

Dr. Mahmud encouraged further Sri Lankan investments in Bangladesh’s new economic zones, underscoring opportunities for economic cooperation.

Both parties agreed to strengthen ties at bilateral, regional, and multilateral levels to address mutual concerns and interests effectively.

By: Isuru Parakrama

March 14, Colombo (LNW): Showers or thundershowers may occur at a few places in Western, Sabaragamuwa and Southern provinces and in Nuwara-Eliya district during the evening or night, the Department of Meteorology said in its daily weather forecast today (14).

Mainly dry weather will prevail elsewhere of the island, the statement added.

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

Marine Weather:

Meanwhile, heat index, the temperature felt on human body is expected to increase up to ‘Caution level’ at some places Western, Sabaragamuwa, North-western and Southern provinces.

People are advised to stay hydrated and takes breaks in the shade as often as possible, check up on the elderly and the sick, never leave children unattended, limit strenuous outdoor activities, find shade and stay hydrated, and wear lightweight and white or light-colored clothing.

France together with Canada, Japan, Netherlands, Spain and the United Kingdom as long-standing and active members of the Paris Club recently requested the Southern District Court of New York to consider extending the five-month stay in support of the Government of Sri Lanka to safeguard the ongoing debt restructuring process.

Paris Club Secretary General Philippe Guyonnet Duperat, in a letter to Judge Denise L. Cote, strongly pointed out a judgment in favour of the plaintiff Hamilton Reserve Bank Ltd. (HRB) before the conclusion of the debt restructuring process would risk disrupting the negotiations by creating an incentive for creditors to hold out. 

 In consideration of Sri Lanka’s return to a sustainable economic and financial trajectory, France together with Canada, Japan, Netherlands, Spain, and United Kingdom, therefore, support Sri Lanka’s request to extend the motion to stay proceedings,” said the Secretary General.

He added that they were making this appael on the basis of continuing negotiations, which are critical to enduring the successful implementation of the International Monetary Fund-support program, including the smooth conclusion of its second review leading to the expected IMF Board approval at the end of June

According to Paris Club, since the beginning of this year, the Official Credit Committee (OCC) has been actively working to finalise the Memorandum of Understanding to be shared with the Sri Lankan authorities. 

The OCC for Sri Lanka is composed of Paris Club members with exposure to Sri Lanka, as well as India and Hungary, who are not members of the Paris Club. The People’s Republic of China participated in the OCC as an observer.

“Additionally, the OCC has been informed that discussions are underway for a formal agreement between the Sri Lankan authorities and Exim Bank China, while negotiations with cooperative commercial creditors continue in good faith. 

It is expected that the debt restructuring agreement with the OCC should be completed in the coming months, facilitating the advancement of negotiations with bondholders in view of ensuring comparability of treatment between official creditors and the private sector,” he added.

In a letter dated 31 August 2023, France and the United Kingdom expressed their support for Sri Lanka’s motion to stay. Since then, and supported by this decision to stay, 

Sri Lanka has demonstrated significant progress in restructuring debt with relevant creditor groups. This began with the OCC, which deliberated on potential debt treatment scenarios during a dedicated meeting in September and established the main financial terms of debt treatment. 

“Additionally, the OCC identified key non-financial clauses to be included in the forthcoming memorandum of understanding, such as the requirement for Sri Lanka to respect the long-standing principle of comparability of treatment. 

 The Sri Lanka Sustainable Energy Authority (SLSEA) has been invigorated to go on with the master plan for achieving the target of sharing the national grid with 70 percent of renewable electricity resulting from the enforcement of Electricity Act (amendment) No. 16 of 2022, by 2030. 

Minister Kanchana Wijesekara has instructed the Authority to work in collaboration with the CEB to add a minimum of 2,550 MW renewable electricity to the national grid during the period 2023 – 2026.

“Up to 2023 we had been able to connect 1,600 MW of renewable energy capacity to the grid and endeavouring to reach the target to be fulfilled by 2030, with having given priority to six major renewable energy generation projects,” Sepala said.

Sri Lanka is looking for $11.26 billion in investment to meet its renewable energy targets in eight years through 2030 including building storage capacity, Narendra De Silva, the Acting General Manager at the state-run Ceylon Electricity Board, said.

De Silva, addressing a forum to explain Sri Lanka’s renewable energy requirements for potential Indian partners said the island nation is likely to see solar power as a key source in the energy mix by 2026.

The CEB’s 2030 target showed plans by 2030 to generate 3,805 MW from solar power, 1,475 MW from wind power, and establish Battery Energy Storage System (BESS) with 1,100 MW capacity, and Pumped Storage Plants (PMP) with 700 MW.

“We are looking at approximately $9.4 billion in acquiring this generation infrastructure,” he said, adding that further $1.86 billon investment is required for the network.

He said Sri Lanka’s Northern region will be focusing more on wind power plants and the Eastern region will focus mainly on solar power plants. The southern region is demarcated for both wind and solar plants.

, 150 MW of solar is to be completed by the end of this year, and will be the largest solar capacity being connected to the system. 

Also 100 MW of solar projects at Siyambalanduwa for which tenders have already been awarded and this project once completed by the end of 2025 will generate a total of energy 200 GWh annually. 

One hundred MW solar project at Oddamavadi in Batticaloa which will be connected to the national grid in 2024/ 2025 and 50 MW of solar project at Sampoor is under construction.

Apart from the solar project, a 234 MW wind power project at Poonaryn will be activated to enable it to supply a total energy of 804 GWh per year next year. 

 The Sri Lanka Sustainable Energy Authority (SLSEA) has been invigorated to go on with the master plan for achieving the target of sharing the national grid with 70 percent of renewable electricity resulting from the enforcement of Electricity Act (amendment) No. 16 of 2022, by 2030.

 Minister Kanchana Wijesekara has instructed the Authority to work in collaboration with the CEB to add a minimum of 2,550 MW renewable electricity to the national grid during the period 2023 – 2026.

“Up to 2023 we had been able to connect 1,600 MW of renewable energy capacity to the grid and endeavour to reach the target to be fulfilled by 2030, with having given priority to six major renewable energy generation projects,” Sepala said.

Sri Lanka is looking for $11.26 billion in investment to meet its renewable energy targets in eight years through 2030 including building storage capacity, Narendra De Silva, the Acting General Manager at the state-run Ceylon Electricity Board, said.

De Silva, addressing a forum to explain Sri Lanka’s renewable energy requirements for potential Indian partners said the island nation is likely to see solar power as a key source in the energy mix by 2026.

The CEB’s 2030 target showed plans by 2030 to generate 3,805 MW from solar power, 1,475 MW from wind power, and establish Battery Energy Storage System (BESS) with 1,100 MW capacity, and Pumped Storage Plants (PMP) with 700 MW.

“We are looking at approximately $9.4 billion in acquiring this generation infrastructure,” he said, adding that further $1.86 billon investment is required for the network.

He said Sri Lanka’s Northern region will be focusing more on wind power plants and the Eastern region will focus mainly on solar power plants. The southern region is demarcated for both wind and solar plants.

150 MW of solar is to be completed by the end of this year, and will be the largest solar capacity being connected to the system. 

Also 100 MW of solar projects at Siyambalanduwa for which tenders have already been awarded and this project once completed by the end of 2025 will generate a total of energy 200 GWh annually. 

One hundred MW solar project at Oddamavadi in Batticaloa which will be connected to the national grid in 2024/ 2025 and 50 MW of solar project at Sampoor is under construction.

Apart from the solar project, a 234 MW wind power project at Poonaryn will be activated to enable it to supply a total energy of 804 GWh per year next year. 

China is reportedly considering pursuing military facilities in multiple locations, including in Sri Lanka, as per the latest report by US Intelligence Community.

These facilities are beyond developing its military base in Djibouti and its military facility at Ream Naval Base in Cambodia.

“Beijing will focus on building a fully modernised national defence and military force by 2035 and for the PLA to become a world-class military by 2049.

 In the meantime, the CCP hopes to use the PLA to secure what it claims is its sovereign territory, to assert its preeminence in regional affairs, and to project power globally, particularly by being able to deter and counter an intervention by the US in a cross-Strait conflict,” the assessment by the US intelligence said.

However, China lacks recent warfighting experience, which probably would weaken the PLA’s effectiveness and leaders’ willingness to initiate a conflict, it said.

“Xi Jinping’s prioritisation of security and stability for the CCP is undermining China’s ability to solve complex domestic problems,” it added.

“Beijing’s hardline approach to alleged separatism in Xinjiang, Hong Kong, and Tibet, as well as broader crackdowns on religion and dissent in China, have generated widespread global criticism of China’s human rights abuses and extraterritorial interference,” it added

China is planning to set up a radar base in the jungle near Dondra Bay, about 155 kilometres southeast of the Sri Lankan capital of Colombo.

The facility will be able to monitor India’s assets in the Indian Ocean, including its Navy, and its strategic installations in the southern and eastern parts of South Asia, like the Kudankulam and Kalpakkam nuclear power plants and their refuelling activities.

Some observers believe Dondra Bay’s radar station could track the movements of Indian warships en route to the Andaman and Nicobar Islands.

A Chinese radar base in Sri Lanka will also be able to monitor US and UK military assets on Diego Garcia, a British Indian Ocean Territory.

In Sri Lanka, “With the help of its radar, China will be able to spy on the Indian space station in Sriharikota (Andra Pradesh), the missile testing range in Chandipur (Odisha) and several other Indian military bases, “as well as monitor its satellites in space.”

In August,last year  the Chinese surveillance vessel Yuan Wang 5 docked for six days at the port of Hambantota for logistical and supply operations, this despite Indian warnings to Sri Lanka. Since then, India has increased its monitoring of Chinese movements in the region.

Several academics note that India’s Defence Minister Rajnath Singh submitted a 12-page secret report to Indian Prime Minister Narendra Modi drafted by the Indian naval intelligence about China’s attempt to set up a radar base in Sri Lanka.

According to the document, China is working on a deal with Sri Lanka to lease Dondra Bay for 99 years, as it did for the Port of Hambantota.

In the wake of no taker for the share divestiture and the restructuring of loss making Sri Lankan Airlines after postponing four times of the request for proposals till mid April , the government has taken over worth  Rs. 100 billion of SriLankan Airlines sparing the US $ 175 million five year international bond.

The SOE Restructuring Unit (SRU) said yesterday that the Cabinet of Ministers by its decision dated 4 March 2024 approved the transfer of liabilities of SriLankan Airlines to the Government of Sri Lanka (GoSL):

SriLankan Airlines should show operational and financial progress in the next six months, Minister of Aviation Nimal Siripala de Silva said.

He noted that progress should be shown as the Government has provided necessary assistance by absorbing the USD 510 million outstanding debt by the national carrier. 

SriLankan Airlines has faced severe criticism in the recent past due to the severe inconvenience caused to passengers as a result of operational issues.

However, based on a proposal by the President, as the Finance Minister, the government has allocated funds to cover US$ 510 million from the total US$ 1.2 billion debt that the airline owed to banks and other institutions, he said.

The national carriers liabilities included $ 105 million of Treasury guaranteed debt due to Bank of Ceylon, $ 12.9 billion of Treasury guaranteed debt due to Bank of Ceylon, $ 105 million of Treasury guaranteed debt due to People’s Bank.and Rs. 18.5 billion of Treasury guaranteed debt due to People’s Bank

These liabilities will be taken over by the treasury under the new financial arrangement .SRU said consequent to the move (worth Rs. 100 billion), the only component of significant term borrowing that remains in the books of SriLankan Airlines relates to a $ 175 million, 7%, five year international bond issued in 2019. 

This bond is also backed by a sovereign guarantee and is due for settlement in June 2024.“The Cabinet of Ministers has also decided that in the event of a ruling in favour of Sri Lankan Airlines with respect to the arbitration case filed by it against Airbus SE, steps will be taken to transfer proceeds arising from the same to the GoSL,” the SRU added. 

Last week Ports, Shipping and Aviation Minister Nimal Siripala de Silva the Government decided to take over $ 512 million of national carrier’s debt in a bid to make the national carrier more attractive to prospective investors. 

The Government last week announced that the deadline for Expressions of Interest for the national carrier was extended to 22 April. The previous deadline was 5 March.

March 13, Colombo (LNW): The Sri Lankan Rupee continues to exhibit strength against the US Dollar in commercial banks in Sri Lanka today (March 13), marking a further appreciation compared to Tuesday’s rates.

As reported by Peoples Bank, the buying and selling rates of the US Dollar remain stable at Rs. 300.82 and Rs. 311.30, respectively.

Commercial Bank notes a reduction in the buying rate of the US Dollar from Rs. 300.48 to Rs. 300.41, while the selling rate has also dropped from Rs. 310.25 to Rs. 309.75.

Similarly, at Sampath Bank, the buying and selling rates of the US Dollar have decreased from Rs. 302 to Rs. 301.50 and from Rs. 311 to Rs. 310.50, respectively.

March 13, Colombo (LNW): With arid weather prevailing, water consumption in the region has surged by 15%, prompting the National Water Supply and Drainage Board to announce low-pressure water supply to higher ground and outermost areas of water projects. While water cuts have not been enforced in any region thus far, the Board urges residents to use water judiciously.

The Department of Meteorology predicts the continuation of dry weather conditions into the next month, with intermittent showers expected. However, these showers are not anticipated to provide sufficient rainfall to alleviate the arid conditions. Ajith Wijemanna, the Director of the Department of Meteorology, emphasized that the dry spell is likely to persist until the onset of the South Western monsoon.

In light of the increased water consumption and the prolonged dry period, authorities are urging the public to adopt water-saving measures to ensure sustainable usage during these challenging conditions.

March 13, Colombo (LNW): The non-academic staff members of all 17 state universities in Sri Lanka have entered the second consecutive day of their trade union action. The token strike, initiated at noon on March 12, is a protest against the authorities’ failure to fulfill promises made during a meeting on January 22, specifically regarding the rectification of salary cuts.

As the strike continues until 4.30 p.m. today, the non-academic staff members are emphasizing their demand for a resolution to the salary cut issue. K. L. D. G. Richmond, the co-secretary of the Inter University Trade Union Federation, warned that if authorities do not provide a satisfactory solution, they are prepared to escalate the protest to an indefinite strike starting next week.

The ongoing trade union action highlights the urgency for a resolution to address the concerns of the non-academic staff members and underscores their commitment to securing fair compensation for their work.