The Sectoral Oversight Committee on National Economic and Physical Plans, chaired by MP Mahindananda Aluthgamage, recently convened in Parliament to address the concerning performance of Foreign Investment Projects. Shockingly, among the 179 ongoing projects, only 31 were found to be yielding desired outcomes, raising serious concerns about the efficiency of these initiatives.

Revealing insights into the matter, discussions disclosed that despite receiving approximately Rs. 2.6 trillion for these projects from foreign institutions, the expected results remain elusive. The Committee lamented the failure of these initiatives to fulfill objectives, attributing this shortfall to the inadequacies within relevant Ministries, operating institutions, and the established project monitoring units.

Highlighting the alarming rise in the country’s foreign debt due to this inefficiency, the Committee emphasized the urgent need for improved implementation strategies and stringent monitoring mechanisms. Consequently, officials were tasked with submitting a comprehensive progress report within a month, aiming to rectify these shortcomings.

Additionally, during the session, the Committee scrutinized four performance reports, encompassing various departments and annual reports from key institutions such as the Ceylon Industrial Development Board and the Sri Lanka Tourism Development Fund. The meeting also saw the active participation of MPs and Committee Members, including Harshana Rajakaruna, Sudath Manjula, Nipuna Ranawaka, Gunathilaka Rajapaksha, and others, signifying the gravity of the issue at hand.

Co-opted Members to serve in the Legislative Standing Committee for the consideration of the “Dassana Bauddha Sanvidhanaya (Incorporation)” Bill named.

The Hon. Mahinda Yapa Abeywardana, Speaker announced to the House  yesterday  (24) that the following Co-opted Members to serve in the Legislative Standing Committee for the consideration of the “Dassana Bauddha Sanvidhanaya (Incorporation)” Bill. Namely;
 Hon. Keheliya Rambukwella
 Hon. Vidura Wickramanayaka
 Hon. Vijitha Berugoda
 Hon. Gayantha Karunatilleka
 Hon. Tissa Attanayake
 Hon. R. M. Ranjith Madduma Bandara
 Hon. Gunathilaka Rajapaksha
 Hon. Upul Mahendra Rajapaksha

A decision to debate the Budget Head of the Non-Cabinet Ministry of State Plantation Enterprises Reforms.
The Hon. Mahinda Yapa Abeywardana, Speaker also announced that apart from the Budget Head of the Ministry of Agriculture and the Ministry of Plantation Industry, scheduled to be debated on Saturday, December 09 th , 2023, the Budget Head of the Non-Cabinet Ministry of State Plantation Enterprises Reforms, has also scheduled to be debated.

In a significant and forward-looking speech at the 25th Presidential Awards of the Export Development Board (EDB), held yesterday (24) at the Bandaranaike Memorial International Conference Hall (BMICH), President Ranil Wickremesinghe outlined a comprehensive plan to revitalize Sri Lanka’s agricultural sector for export, acknowledging past challenges and missed opportunities.

The President also underscored the importance of modernizing agricultural practices and enhancing research capabilities. He revealed plans to restructure and modernize existing agricultural research institutes, culminating in the establishment of the Agro-Technology University of Sri Lanka. This institution aims to support extension services and further innovation in the sector.

Reflecting on historical setbacks in the agricultural sector due to land reforms in 1972, President Wickremesinghe emphasized their adverse impact on agricultural exports. The President cited missed opportunities to focus on exports during key periods, such as the 60s, early 70s and post-war periods, attributing these lapses to internal conflicts and policy choices. The President expressed regret for not capitalizing on the country’s inherent strengths in agriculture, which other successful nations like Singapore had recognized.

Acknowledging the past neglect of agriculture due to various constraints, he emphasized the need to reposition the sector as a key player in the nation’s export strategy.

The President outlined a multi-pronged approach to agricultural development, targeting both small and large-scale farmers. He stressed the importance of providing financial support for smallholders to embrace agro-technology, aiming to enhance productivity. Additionally, plans were revealed to grant freehold status to individuals holding land development permits, fostering a sense of ownership and incentivizing further development.

In a bid to create opportunities for large-scale agriculture, President Wickremesinghe announced the allocation of previously undeveloped areas, including portions of the Mahaweli scheme and lands owned by government plantation corporations, for agricultural purposes. This strategic move is expected to bring approximately 300,000 acres of land under cultivation within the next few years, requiring significant capital investment.

To ensure the success of these initiatives, President Wickremesinghe emphasized the need for extension services, collaboration with the private sector and the establishment of an agro-technology university. He outlined plans to review the performance of regional plantation companies and shift towards contract farming in the tea and rubber sectors.

Turning to broader economic challenges, President Wickremesinghe acknowledged the country’s lack of growth and opportunities over the past two years. He attributed these issues to a historical imbalance in the trade and emphasized the critical need to address the budget deficit and balance of trade and highlighted the urgency of increasing exports. The President elaborated on measures to improve the country’s fiscal situation and the availability of funds for small and medium industries affected by the economic crisis.

In a global context, President Wickremesinghe acknowledged the challenges posed by international competitors such as China, Vietnam, Thailand and Malaysia in the export-oriented industries. Despite this, he stressed the urgency of the current export drive, emphasizing the need to secure the country’s future and prevent further brain drain.

The President highlighted the importance of attracting investments, both foreign and domestic, to drive innovation and expand export markets. He announced financial support for small and medium industries, underlining the government’s commitment to preserving and strengthening the supply chain.

President Wickremesinghe reiterated Sri Lanka’s historical strength as an exporter of agricultural goods. He urged a return to these roots, emphasizing the potential for value-added exports in tea, rubber and coconut. The President encouraged stakeholders to explore new areas of exports, inviting investments and partnerships to ensure the sustained growth of the country’s export-driven economy.

Concluding his address, President Ranil Wickremesinghe positioned the revival of Sri Lanka’s agricultural exports as a requirement for the nation’s economic turnaround. By combining support for smallholders, large-scale agricultural initiatives and strategic planning for export diversification, the President set forth a comprehensive vision aimed at harnessing Sri Lanka’s rich agricultural legacy for a prosperous future.

The ambitious plans outlined by President Ranil Wickremesinghe signal a pivotal moment for Sri Lanka’s agricultural sector, offering a roadmap for economic revitalization and a renewed focus on export-driven growth.

President Ranil Wickremesinghe conferred the Presidential Awards to recognize the exceptional contributions of Sri Lankan exporters to the export sector and overall economic advancement. In addition to the awards ceremony, President Ranil Wickremesinghe presided over the launch of the Sri Lanka Export Brand, the online application https:pea.edb.gov.lk dedicated to Presidential Export Awards.

The event was attended by Ministers Nimal Siripala de Silva, Bandula Gunawardena, Mahinda Amaraweera, Douglas Devananda, Jeevan Thondaman, State Ministers Dilum Amunugama, Taraka Balasuriya, Kanaka Herath, Aravinda Kumar, Secretary of the Investment Promotion Ministry, M. M. Naimuddin, Dr. Kingsley Barnard, Chairman/Chief Executive Officer of the EDB, Foreign Ambassadors and other officials.

State Minister for Defence, Pramitha Bandara Tennakoon, announced plans to amend the National Hydrology Act, paving the way for the creation of Electronic Navigation Charts (ENCs) that could generate an estimated $200 million annually from ships traversing near Sri Lankan waters. He made these remarks while addressing a Press Briefing held under the theme ‘Collective Path to a Stable Country,’ at the Presidential Media Centre (PMC) yesterday (24).

The State Minister pointed out that the existing nautical charts are managed by the British Hydrographical Office according to an agreement with the NARA Institute. Therefore, steps will be taken to hand over the responsibility of creating ENC to the Navy in the future.

State Minister Tennakoon was appointed to the position by President Ranil Wickremesinghe during a challenging period when national security and the rule of law had collapsed in the country. At that time, people were tired of queuing for fuel and gas. Under the right leadership of President Ranil Wickremesinghe, it has been possible to bring the country’s situation to a much better level than it was then. Mr. Tennakoon commended the President’s leadership, noting improvements in national security and the economy. He stressed the continual importance of ensuring national security, citing lessons learned from the Easter Sunday attack, emphasizing the obligation of the army to safeguard citizens regardless of race, religion, or caste.

The role of ensuring national security cannot be dismissed by simply stating that there is no war in a country. As a nation, we understood this lesson vividly during the Easter Sunday attack. A country’s army exists to ensure the security of the entire nation, obligated to safeguard every citizen regardless of race, religion, or caste.

The budget of the Ministry of Defence has been passed in Parliament. In any country around the world, a significant allocation of funds is made for the security of the nation. However, some politicians are misleading the people by claiming that the amount allocated for our country’s national security is excessive. It’s important to note that the funds allocated to the Ministry of Defence are not solely for the maintenance of the three armed forces; there are 23 institutions under the Ministry of Defence.

Addressing budget allocations, State Minister Tennakoon clarified that out of the total of Rs. 423 billion allocated this year, only Rs. 169 billion were designated for the armed forces, while the remaining funds supported disaster management, meteorological departments, and various institutions under the Ministry of Defence.

He highlighted the diverse roles of these institutions, including educational establishments like the National Cadet Corps, Civil Defence Department, and Kothelawala Defence University. Approximately 200,000 patients receive treatment in the outpatient department of Kothelawala Defence University Hospital each year, where military personnel also play a crucial role. It’s essential to recognize that military personnel not only serve in defense but also take the lead during times of national disasters. Consequently, it’s important for everyone to understand that the funds allocated to the Ministry of Defence are not exclusively for the army.

Notable allocations in the budget include Rs. 2.5 million for a task force to prevent human trafficking and efforts by the Navy to intercept drugs valued at Rs. 33,917 million.

The State Minister outlined plans to revitalize the National Hydrological Office to capitalize on the approximately 45,000 ships passing near Sri Lanka annually. The creation of ENCs is essential to harness income potential from this maritime traffic.

Unfortunately, the institutions entrusted with this responsibility have neglected their duties since 1983, resulting in the current nautical charts being over a hundred years old. In line with the recommendations of the International Hydrographical Office, the use of printed nautical charts is set to be completely phased out by the year 2026. Consequently, the transition to electronic navigation maps is imperative.

At present, the NARA Institute has entered into an agreement with the British Hydrographical Office for the creation of nautical maps covering the ocean region belonging to Sri Lanka.

Hence, the time has arrived for Sri Lanka to establish itself as a nation capable of creating nautical maps. To achieve this goal, the President has introduced a new bill to Parliament, aiming to empower the hydrological office by amending the existing legislation. Once the Act is passed, the responsibility for creating electronic navigational maps will be transferred to the Navy.

In the interim, the country has incurred substantial financial losses, amounting to billions of rupees in revenue. The indirect losses, particularly from insurance surcharges, have been even more significant. Fortunately, owing to the President’s judicious decisions, the Navy has willingly accepted this responsibility. It is estimated that this initiative could yield approximately $200 million per year, with the potential for even higher indirect income.

In 2024, steps will be taken with the support of a World Bank loan to modernize and enhance the accuracy of forecasts in the Department of Meteorology (Weather Intelligence). Many countries generate income through high technology, and recognizing this, efforts are underway to issue precise weather forecasts by leveraging advanced technical equipment and providing comprehensive training to officials.

Simultaneously, through the National Building Research Institute, there is an initiative to legislate a Building Code for the future. Without such a code, there is a risk of issues arising from buildings constructed without proper standards. The National Building Research Institute has been entrusted with this responsibility, and there is a directive to complete the preparation by the year 2024. This effort aims to establish a certain standard and responsibility for the buildings constructed in the country.

The National Water Supply and Drainage Board (NWSDB) reported a sudden breakdown at the Ambatale treatment plant, leading to water supply interruptions in various areas across the Western Province.

Communities in Colombo, Dehiwela, Mt. Lavinia, Kotte & Kaduwela MC areas, Maharagama, Boralasgamuwa, Kolonnawa UC areas, Kotikawatta, Mulleriyawa PS areas, Ratmalana & Katubedda are affected by this unexpected breakdown at the Ambatale treatment plant.

1. Colombo Stock Market suffers its 2nd consecutive week of losses post-2024 Budget presentation: positives reiterated by Govt MPs in Parliament fail to convince equity investors: ASPI loses 86 points (0.81%) during the week while average daily turnover improves to Rs 1 bn, up from Rs.834mn in the previous week.
2. IGP & Director, Terrorist Investigation Division give undertaking to the Court of Appeal that action would be taken against those who attempt to celebrate Mahavriu Day, commemorating LTTE cadres.
3. Colombo District Court rejects petition filed by State Minister Diana Gamage requesting to issue an interim order stating that SJB leader Sajith Premadasa and General Secretary Ranjith Maddumabandara are unfit to hold the positions.
4. State Minister for Defence Pramitha Bandara Tennakoon says SL will provide early retirement to a 34,000 strong civil defence force that protected villages from Tamil Tigers: Opposition leader Sajith Premadasa says there is a plan to pay compensation of Rs.3mn for such early retirement of each civil protection force member, but that such amount is not enough.
5. Rebel SLPP MP Gevindu Cumaratunga says SL should be concerned about external interventions in the judiciary: also says he raised this issue without any malicious intent on behalf of the Nidahasa Janatha Sabhawa: urges Parliament to provide required funds for judges.
6. Police launch investigations into a children smuggling racket, where children are smuggled to France & UK via Malaysia: Police also say information has been received of 13 such children being sent to Malaysia.
7. Court of Appeal orders that the hearing of the case against former Minister Champika Ranawaka, filed over an alleged hit-and-run incident in 2016, be suspended: such interim injunction to be in effect until the hearing of a petition put forward by Ranawaka challenging the lawsuit.
8. CB Governor Dr Nandalal Weerasinghe confirms that the IMF programme will be approved within the month of Dec’23: further says SL is making “good progress”: Monetary Board stresses the need for all banks to take swift measures to reduce market lending interest rates to ensure that the benefits of monetary policy easing are passed on to businesses & households.
9. An Australian Court rules that Police who prosecuted top Sri Lankan cricketer Danushka Gunathilaka in Australia, acted “unreasonably”: awards costs.
10. Squad of 15 selected ahead of the forthcoming Under-19 Cricket Asia Cup & World Cup Tournaments: Sineth Jayawardene – Captain: Malsha Tharupathi – Vice Captain: Asia Cup tournament to be held in UAE among 8 teams, while the World Cup is to be held in South Africa with 16 teams.