March 05, Colombo (LNW): In response to the recent decision by the Central Bank of Sri Lanka (CBSL) to increase salaries for Sri Lanka Administrative Service officers, the Sri Lanka Administrative Service Association (SASA) has issued a statement highlighting several concerns.

The association emphasised the need for CBSL officials to possess a broader understanding beyond economics, advocating for knowledge in social sciences such as sociology, peace and conflict studies, and human behaviour.

This broader understanding is essential for comprehending the societal implications of policy decisions, according to SASA.

Expressing concerns about potential social unrest, SASA cited recent incidents brought to light on social media as examples of the consequences of decisions made without considering broader societal impacts.

The association urged CBSL officials to consider historical context, pointing out past policy changes that have affected salary structures and contributed to economic challenges.

SASA also called attention to disparities in access to resources and infrastructure funded by public taxes, emphasising the importance of recognising these disparities in decision-making.

The association highlighted the role of neuroscience and early childhood experiences in moral development, urging CBSL officials to adopt a more holistic approach to decision-making to ensure the well-being of both the economy and society.

In conclusion, SASA urged the Governor of the CBSL to consider not only market rates but also the broader social and moral implications of salary increase decisions, emphasising the interconnectedness of market and social conditions and the potential long-term consequences for future generations.

Full Statement:

Dear all respected Citizens of Sri Lanka,

With all due respect, we’d like to raise some points that haven’t been addressed in conversation that had between Dr. Nandalal Weerasinhe and Mr. Jayantha Kovilgodage.

Central Bank officials should have a broader understanding than just economics. Their education should encompass social sciences like sociology, peace and conflict studies, and human behavior to better grasp the societal implications of their decisions.

The current decision-making process, lacking this broader understanding, risks perpetuating social unrest. This recent incident, brought to light by social media, exemplifies this concern.

The Central Bank of Sri Lanka, meant to be a professional body supporting policymakers, has unfortunately contributed to the current economic situation, impacting other social development indicators.

Confined within their own environment, Central Bank professionals might rely solely on data,neglecting the human factor. This approach stands in stark contrast to other government services directly interacting with citizens and experiencing the real consequences of policy decisions.

It’s important to consider historical context. In 1978, salaries of similar-graded officials of SLAS, Central Bank and State Owned Enterprises (SOEs) were comparably similar level.

However, a policy change implemented by a former Central Bank official, who later became the Treasury secretary, allowed SOE salaries to be renegotiated every three years through collective bargaining.

This policy set a precedent for the Central Bank to increase its own salaries, contributing to a drain of non-taxable income from SOEs that previously flowed into the national treasury.

Another former Central Bank official who served as Treasury secretary prioritized unnecessary public service recruitment over salary increases. His belief that financial bookkeeping alone could manage societal issues proved shortsighted. He also received two pensions, further burdening the nation.

Therefore, we urge the Governor of the CBSL to consider not just market rates but also the broader social and moral implications of your decisions.

The market and social conditions are intricately linked. While CBSL officials, like all citizens, are consumers, their access to resources and infrastructure funded by public taxes differs. It’s crucial to recognize this disparity.

Neuroscience tells us that the prefrontal cortex, responsible for executive functions, also plays a role in decision-making and morality.

Additionally, early childhood experiences significantly impact moral development.

By neglecting these factors, CBSL risk fostering a nation of dissatisfied citizens, with negative consequences impacting future generations who will bear the cost of these decisions.

We hope this comprehensive perspective encourages a more holistic approach to decision-making,ensuring the well-being of both the economy and society as a whole.

March 05, Colombo (LNW): S.C. Muthukumarana, representing the Sri Lanka Podujana Peramuna (SLPP), officially assumed office as a Member of Parliament today (05).

In a ceremony held at the commencement of the parliamentary session, Muthukumarana took the oath of office before Speaker Mahinda Yapa Abeywardena.

March 05, Colombo (LNW): The Public Utilities Commission of Sri Lanka (PUCSL) has officially endorsed the modification of electricity tariffs, effective from midnight yesterday (04), resulting in an overall reduction of 21.9 per cent, announced PUCSL chairman Prof. Manjula Fernando during a press conference held in Colombo yesterday.

Prof. Fernando emphasised that the decision was reached following a comprehensive review of proposals and cost data presented by the Ceylon Electricity Board (CEB) regarding the tariff adjustment.

This process adhered to the stipulations outlined in Section 30 of the Sri Lanka Electricity Act No. 20 of 2009 and the regulations of the Public Utilities Commission of Sri Lanka.

Initially, the CEB proposed a tariff reduction of 3.4 per cent in January, subsequently revising it to 16 per cent in a proposal submitted on February 22.

After careful consideration of public feedback and thorough examination of the CEB’s cost data, the PUCSL determined a tariff reduction of 21.9 per cent to be appropriate.

Under this revised tariff structure, significant relief is extended to all consumer categories, with a notable reduction of 33 per cent for domestic consumers utilising less than 30 units of electricity.

Additionally, consumers falling within the consumption brackets of 61-90 units, 91-180 units, and over 180 units will experience reductions of 30 per cent, 24 per cent, and 18 per cent, respectively. Religious institutions will benefit from a tariff reduction of 33 per cent.

Tariffs for general-purpose consumers will be decreased by 23 per cent, while government institutions will witness a reduction of 22 per cent.

Furthermore, reductions of 18 per cent, 18 per cent, and 20 per cent will apply to the hotel, industry, and street lamp sectors, respectively.

In conjunction with the tariff adjustment, amendments have been made to monthly fixed charges and unit prices across various consumption tiers to reflect the new rates.

Additionally, the CEB has been instructed to settle outstanding payments and interest arrears owed to owners of renewable power plants, including roof-mounted solar power plants, by the end of this month.

The PUCSL has imposed further obligations on the CEB, including the formulation of plans to achieve renewable electricity generation targets by 2030, with a deadline for submission set for June 30.

In conjunction with the tariff revision, the PUCSL has stipulated 13 additional conditions for implementation by the CEB.

March 05, Colombo (LNW): Basil Rajapaksa, former Sri Lankan Minister and Founder of the Sri Lanka Podujana Peramuna (SLPP), returned to Sri Lanka this (05) morning after a trip to the United States of America following the change in government.

Upon his arrival, Rajapaksa mentioned to reporters that no official decision has been made regarding candidates for the upcoming elections.

He stated his commitment to leading the SLPP’s preparations for elections regardless of their nature.

March 05, Colombo (LNW): The Ceylon Petroleum Corporation (CEYPETCO) has announced a reduction in fuel prices effective from midnight on March 04.

Petrol 95 Octane will now be priced at Rs. 447 per litre, reflecting a decrease of Rs. 9, while Super Diesel will be priced at Rs. 458 per litre, marking a reduction of Rs. 10.

Similarly, the price of Kerosene has been reduced by Rs. 5 to Rs. 257 per litre.

However, the prices of Petrol 92 Octane and Auto Diesel will remain unchanged, as confirmed by the CPC.

Furthermore, Lanka IOC has announced its intention to adjust retail fuel prices in alignment with CEYPETCO’s revisions.

Additionally, both Lanka IOC and Sinopec have committed to aligning their retail fuel prices with those set by CEYPETCO.

By: Isuru Parakrama

March 05, Colombo (LNW): Mainly fair weather will prevail in most parts of the island, the Department of Meteorology said in its daily weather forecast today (05).

Misty conditions can be expected at some places in Western and Sabaragamuwa provinces during the morning, the statement added.

Meanwhile, the natural hazards early warning centre of the Department stated that the heat index, the temperature felt on human body, is expected to increase up to ‘Caution level’ at some places in Western, Southern provinces and in Rathnapura District.

Marine Weather:

March 04, Colombo (LNW): The Ceylon Electricity Board (CEB) has concluded the fiscal year 2023 with substantial profitability, as indicated by unaudited interim financial statements submitted to the Colombo Stock Exchange (CSE).

The Group reported profits of Rs. 75.7 billion, with the Board recording Rs. 61.2 billion in profits.

This positive financial performance can be attributed to several factors, including increased rainfall from September and a tariff hike implemented in the fourth quarter of 2023.

Even without the beneficial impact of heightened rainfall, which decreased reliance on oil and coal-based generation, CEB would have still generated profits of approximately Rs. 40 billion.

In terms of revenue, the Group garnered Rs. 679 billion during the fiscal year, resulting in a gross profit of Rs. 132 billion and an operating profit of Rs. 143 billion.

Distribution costs saw a reduction of 13.7 percent, while other expenses decreased by 15.3 percent.

Additionally, finance income expanded by 29 percent, albeit with a 42.8 percent increase in finance costs.

However, recent scrutiny by the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis revealed that CEB had notably overestimated the costs associated with electricity production and transmission for the year 2024.

The overestimation amounts to approximately Rs. 140 billion, underscoring the need for accurate financial forecasting and management within the institution.

1. His Holiness Dr. Syedna Mufaddal Saifuddin Saheb, spiritual leader of the Dawoodi Bohras, meets with President Ranil Wickremesinghe at the President’s residence: discusses strengthening Sri Lanka’s economy and highlights the upcoming Bohra Conference: A book documenting Bohra community programmes presented to the President.
   
2. Opposition Leader Sajith Premadasa expressed concerns about the lack of IT education for Grades 1 to 5 in Sri Lanka despite the government’s promises of a ‘digital revolution’: pledges making IT a mandatory subject in English medium for all grades, Grade 1 to Grade 13, to address this gap if the SJB comes into power.
   
3. NPP Leader MP Anura Kumara Dissanayake says President Ranil Wickremesinghe has outsourced his propaganda efforts for the upcoming Presidential polls to three advertising agencies with the aim of attacking the NPP: alleges RW’s strategy includes instilling fear by referencing past incidents, including those of 88/89’ and the May 09 Attack, questioning the NPP’s ability to garner a majority vote: asserts politics is not solely based on numbers but is a social science: adds both the Opposition and Government are attempting to discredit the NPP, but the NPP will not engage in responding to these allegations.
   
4. Education Minister Susil Premajayantha says the number of GCE Ordinary Level exam subjects will be slashed to seven, with three focusing on industry and environmental knowledge to prevent student failure: Professional training in preferred subjects will also be provided to 50,000 A/L students at 300 centres nationwide.
   
5. An Extraordinary Gazette has been issued, designating electricity supply, and petroleum distribution as essential services: The declaration ensures uninterrupted provision of these vital services for the welfare of the populace.
   
6. Questions arise over the Central Bank’s handling of interest rates for the Employees’ Provident Fund (EPF), with disparities seen between rates paid to staff (19.5%) and regular contributors (9%): Critics raise concerns about fairness and transparency, urging closer examination of EPF management practices for equitable treatment of all contributors.
   
7. Hamilton Reserve Bank opposes Sri Lanka’s request for a five-month stay of proceedings in the case against sovereign debt restructuring: SL cites ongoing negotiations and aims to finalise agreements with creditors by the completion of the IMF’s review: HRB seeks full payment on over $250 million of Sri Lanka’s dollar bond: SL argues that delaying the judgment would assist in the negotiation process, while HRB claims minimal prejudice from the delay.
   
8. Education officials are taking action in response to concerns over leaked term papers: Secretary to the Western Province Ministry of Education Sirisoma Lokuwithana is meeting with the State Printing Corporation today to address the issue: Secretary to the Sabaragamuwa Provincial Education Department Chamara Bamunu Arachchi confirms a probe into the Grade 10 English Second Paper leak, with a rescheduled exam planned for next Wednesday.
   
9. The Expolanka Group, with over 45 years of history, becomes a leading logistics company operating in 39 countries: Despite recent challenges impacting its financial performance, including geopolitical tensions, the company plans to focus on its core business and international expansion: To address capital requirements for this expansion, the company’s board approves a proposal to delist its shares from the Colombo Stock Exchange, subject to necessary approvals.
   
10. The 94th Battle of the Maroons between Ananda and Nalanda Colleges ends in a draw with Ananda securing a first-innings lead: Ananda declared at 286/9 in response to Nalanda’s 277/8: Notable performances included Kithma Withanaparhirana’s 76 and Dinada Athalage’s 71: Sadew Samarasinghe and Manupa Manmitha impressed for Nalanda: Sajitha Vithanage of Nalanda was named player of the match, with awards also presented for best fielder, bowler, batsman, and man of the match.