By: Staff Writer

Colombo (LNW): Credit regulatory authority is to be established following the enactment of the credit regulation authority bill in parliament soon, Central Bank Governor Nandalal Weerasinghe disclosed.

This will enable the government to regulate the money lending business and the microfinance business and to provide for matters connected therewith, including protection of customers of said businesses.

He noted that this bill is to be presented in parliament for enactment soon and it will tackle unauthorized money lending and online loan business mushrooming at present.

The Central Bank Governor on last Friday revealed the establishment of the Credit Regulatory Authority, aiming to fill the regulatory void concerning credit lending firms.

The Credit Regulatory Authority is to address the absence of regulations for credit lending firms, thus far operating without specific regulations.

“The draft bill is approved by the Attorney General and gazetted now. It will soon get approval from the Parliament to make it a statute,” Weerasinghe said last Friday.

As the draft bill progresses through Parliamentary approval, the Central Bank hopes it will bring about responsible lending practices and overall financial stability to the sector.

The Governor noted that the new regulatory authority stands as a distinct institution from the Central Bank and will operate under the purview of the Finance Ministry.

The separation is designed to provide a specialised focus on credit-related activities and to streamline regulatory efforts.

Despite its independence, a representative from the Central Bank will hold a seat on the Board of the Credit Regulatory Authority.

The move comes amid former JVP Parliamentarian Wasantha Samarasinghe revealing that certain online loan providers were imposing exorbitant interest rates of 365%.

Speaking to the media last Friday, Samarasinghe called on the Central Bank and other relevant institutions to promptly intervene and implement regulatory measures to curb such lending practices.

He disclosed that certain companies operating in online lending, request users to download an app and submit a selfie, giving them access to all phone data, including contacts.

“These companies, charging a daily interest rate of 1%, engage in aggressive debt recovery tactics, demanding repayment within a week. If borrowers cannot comply, the companies resort to calling contacts and even use submitted selfies for public exposure on social media,” he said.

Samarasinghe expressed concern about the adverse impact of such lending practices, cautioning of potential severe consequences, including self-harm.

The Board of Investment of Sri Lanka recently unveiled a groundbreaking agreement signaling the advent of the country’s first-ever cable car experience at Ambuluwawa. Nestled within the central highlands, Ambuluwawa stands as a unique biodiversity complex and the nation’s inaugural multi-religious sanctuary.

This transformative project, spearheaded by an agreement worth US$ 4.5 million with Amber Adventure, promises to redefine Sri Lanka’s tourism landscape. The collaboration between the Board of Investment and the Ambuluwawa Biodiversity Center marks a pivotal moment in the country’s tourism sector.

The construction of Sri Lanka’s maiden cable car will harness the technical prowess and product expertise of the China Machine-Building International Corporation, as emphasized by the Board of Investment.

‍Colombo (LNW): Senthil Thondaman, Governor of the Eastern Province and President of the Sri Lankan Labour Congress, participated in the 2023 Loy Krathong Festival held at the Thai Parliament building, upon the invitation of the Wanmuhamadnoor Mata, Speaker of the Thai Parliament.

Thondaman extended congratulations to the Speaker, Senate President, diplomats, and Members of Parliament on Loy Krathong and graced the occasion.

1. Former President & SLPP Leader Mahinda Rajapaksa says people should base their decisions on proper data & facts, and not on noise, lies & propaganda: also says the SL economy grew at an average 6% annually during his 9 years as President, leading to per capita GDP increasing from USD 1,242 in 2005 to USD 3,819 in 2014: highlights the “debt to GDP ratio” was reduced ro 69% in 2014 from 90% in 2005: notes that after he left office, economic growth declined, reaching negative levels in 2019: attributes the economic decline from 2015-2019 to mismanagement due to accumulation of foreign commercial debt, particularly ISBs, during the post-2015 period.
2. Treasury Secretary Mahinda Siriwardana & 2 other officials from the Finance Ministry questioned for approximately 10 hours by the CID over the importation of Human Immunoglobulin.
3. President Ranil Wickremesinghe urges hotels to go above the Minimum Room Rate: asks them to harness SL’s culinary prowess, culture, diversity & scenic beauty: also asks industry to seek higher revenue: commends the anticipated achievement of 1.5mn tourists in 2023 & asks the industry to target 2.5 mn tourists next year.
4. Chamber of Commerce President Duminda Hulangamuwa says the economy needs it to expand at least by 4-5% annually to create new jobs: asserts 2023 was an “year of stabilization” with decline in inflation, interest rates, appreciation of Rupee and progress in fiscal & monetary reforms: analysts point out however that in 2023, economic growth has plummeted, millions of livelihoods lost, NPLs escalated, poverty doubled, peoples’ EPF balances slashed, & utilities (electricity, water, fuel & gas) usage significantly reduced.
5. SJB MP Vadivel Suresh reportedly removed from his position as the SJB’s Passara Organiser: decision has reportedly been taken in the wake of the MP voting in favour during the vote on the 2nd reading of the 2024 Budget.
6. Joint Apparel Association Forum says apparel exports continue its downward trend: October’23 exports decline 20% year-on-year to USD 331mn.
7. Finance Ministry’s fiscal report reveals 38 state-owned enterprises out of 52 strategic ones now running at a profit after massive losses in the recent past: transformation said to be due to the Govt’s reform measures of 2022/23, including cost-reflective electricity tariff adjustment, fuel price formula and revision of water tariff, etc.
8. Dept of Immigration & Emigration announces a “visa free” regime for nationals of China, India, Indonesia, Russia, Thailand, Malaysia & Japan, with immediate effect until 31st Mar’24: scheme launched as a pilot program to rebuild the tourism industry.
9. Govt to borrow USD 60mn from the Asian Development Bank under the 2nd Integrated Road Investment Programme: SL is currently only repaying loans taken from the ADB, World Bank, IMF & other multi-lateral financial institutions, after the default announcement of 12th April’22.
10. President Ranil Wickremesinghe says SL needs USD 100 bn to become a “net zero emitter” by 2040: adds there are no immediate plans to utilise green bonds: also says some funds will come from investors who are “interested”.

A historic moment unfolded early on Wednesday as the Ambassador of the Netherlands to Sri Lanka oversaw the official handover of six colonial-era treasures. Among these treasures was the famed “Lewke’s cannon,” adorned with gold, silver, and bronze, a symbol of cultural significance.

The artifacts, which also included the Cannon of Kandy, a Gold kastane, Singalese knife, a Silver kastane, and Two guns, were returned to Sri Lanka in response to the country’s request. Minister Vidura Wickramanayake accepted these prized possessions at the Bandaranaike International Airport.

Acknowledging the wrongful acquisition during the colonial period, the Dutch government noted that these objects held immense historical value and were obtained either through duress or looting.

In Waskaduwa, an early morning collision between a bus carrying foreign tourists and a train at an unsafe level crossing has resulted in minor injuries to two foreign nationals. The bus was en route to pick up additional tourists from a hotel after already collecting a group from another location. These tourists, bound for the Czech Republic, were scheduled for a 9 p.m. flight from the Bandaranaike International Airport (BIA) in Katunayake.

The incident occurred as the train was traveling from Aluthgama to Chilaw and collided with the bus. The bus driver, who sustained an eye injury, has been admitted to the hospital for treatment. The injured tourists received initial medical care in a Suwa Seriya ambulance.

Passengers from the train involved in the accident were transferred to another Maradana-bound train to continue their journey to their destination.

The recent joint military exercise between India and Sri Lanka reached its conclusion at the Southern Command Foreign Training Node in Pune. These joint army drills play a pivotal role in fostering military diplomacy between nations globally. They serve as a cornerstone for cultivating rapport, confidence, and trust within the armies, crucial elements for potential collaborative military operations such as UN peacekeeping missions.

During the closing ceremony, Brigadier S Taluja from the Aundh Military Station and Major General PGPS Rathnayaka RWP, RSP, NDC, representing the Sri Lankan Army, commended the participating contingents for their impeccable drills and procedures. The enthusiasm and professionalism displayed by both nations’ contingents throughout the joint exercises were highly noted.

The bonds forged between the contingents during this exercise are expected to significantly bolster confidence between the armies, especially if deployed together for future operations, as highlighted in an official release. Upholding values of peace, prosperity, international brotherhood, and trust remains a central tenet of such joint military engagements, aligning with the vision for security and growth across the region.

With 120 personnel from India, predominantly from the Maratha Light Infantry regiment, and representation from the Sri Lankan 53 Infantry Division, the exercise witnessed participation from 15 personnel from the Indian Air Force and five from the Sri Lankan Air Force, as per the Ministry of Defence (MoD) release.

The exercise focused on jointly rehearsing subconventional operations under Chapter VII of the United Nations Charter, encompassing coordinated responses during counter-terrorist operations. Tactical maneuvers including raids, search and destroy missions, heliborne operations, and specialized training such as Army Martial Arts Routine (AMAR), combat reflex shooting, and yoga were integral parts of the exercise curriculum.

Showery weather condition is expected to enhance over the island due to an atmospheric disturbance over Southeast Bay of Bengal Sea area and North-East monsoon is gradually getting established over the island.

Showers or thundershowers will occur at times in Northern, Eastern, Southern, North-central and Uva provinces.

Showers or thundershowers will occur at several places in other provinces of the island after 01.00 p.m.

Heavy showers about 100 mm are likely at some places in Eastern, Central, Uva and Sabaragamuwa provinces and in Galle and Matara districts.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

Colombo (LNW): Ambassador Prof. Janitha A. Liyanage, representing Sri Lanka in Russia, recently visited the Federal Agency for the Commonwealth of Independent States Affairs, Compatriots Living Abroad, and International Humanitarian Cooperation (Rossotridnichestvo), engaging in discussions with its Head, Yevgeny Alexandrovich Primakov, the Embassy of Sri Lanka in Moscow said in a statement.

During the meeting, the two diplomats explored avenues of collaboration in education, culture, and humanitarian efforts between their respective nations.

A key focus was on expanding Russian Government scholarships for Sri Lankan students, establishing Russian cultural and language centers in Sri Lanka, and other initiatives aimed at bolstering the bilateral relationship.

Yevgeny Alexandrovich Primakov, the Head of Rossotridnichestvo, acknowledged the commendable performances and dedication of Sri Lankan students in Russian universities.

He expressed Russia’s willingness to further support Sri Lanka in providing higher education opportunities to its citizens.

Ambassador Prof. Liyanage conveyed her gratitude for Russia’s support and underscored the strategic importance of such initiatives in advancing the development goals of Sri Lanka.

The meeting reflected a shared commitment to strengthening ties and fostering educational, cultural, and humanitarian cooperation between the two countries.

Colombo (LNW): The Sri Lanka High Commission, in collaboration with Sri Lankan Hindu devotees and representatives of Sri Lankan Associations in Canberra, joyously observed Diwali, the Festival of Lights, within the premises of the Sri Lanka High Commission, the Sri Lankan High Commission in Canberra said in a statement.

The event took place on November 24, 2023, and the High Commission was adorned with Kolam and other vibrant festive decorations, setting the stage for a cultural celebration.

Swamy Arjun led the auspicious religious rituals associated with the Diwali festival, invoking blessings upon the gathered participants.

Welcoming the guests, Sri Lanka’s High Commissioner to Australia, Chitranganee Wagiswara, underscored the significance of Diwali. She highlighted that, as Sri Lankans, the celebration serves as a testament to the multicultural, multi-religious, and multilingual essence of Sri Lankan society.

Maniwannan, the President of Sri Lanka Senior’s Tamil Association in Canberra, further emphasised the cultural richness of the Diwali festival and its profound relevance to the people’s way of life.

The cultural segment featured traditional performances, including a mesmerising Bharatanatyam dance, instrumental music, and devotional songs.

Following the formal program, guests were treated to a sampling of traditional food prepared by the dedicated staff of the High Commission, adding a delightful culinary touch to the festive occasion.