April 07, Colombo (LNW): Sri Lanka and a group of its creditors are in final negotiations to suspend debt repayments until 2028, as country creditors including Japan seek to prevent China’s influence from expanding in the debt-ridden island.
Sri Lanka’s national security adviser to the president, Sagala Ratnayaka, told Nikkei in a recent interview, “Negotiations with the creditor nations have concluded. We are hoping that it [a detailed announcement] will take place in the next few weeks.”
The repayment period will be 15 years, from 2028 to 2042, with the interest rate newly set at around 2%. He said that there will be no further debt reduction, despite a request by the island nation.
Sri Lanka in April 2022 announced a temporary suspension of public external debt payments, in effect putting the country into default.
A meeting of creditor nations was set up in April 2023.Japan, which is the largest creditor country after China, is serving as the chair in the talks along with India and France.
Sri Lanka and the creditor nations have reached a basic agreement on a repayment moratorium and a reduction in interest.
The provision of financial assistance from the International Monetary Fund, which was conditional on debt restructuring agreements being struck with major creditor countries, has also begun.
China, the biggest creditor, has only joined the meeting as an observer. However, the restructuring of debt from China via loans of the Export-Import Bank of China would be “similar,” Ratnayaka said. “We have a saying which means ‘everyone will be treated equally’,” implying that the terms of debt repayment to China would be similar to those agreed at the creditors’ meeting.
As of the end of 2023, Sri Lanka’s outstanding debt was $37.3 billion, of which China accounted for $4.7 billion.
Sri Lanka handed over control of its southern Hambantota Port to China in 2017. This was seen as a typical example of a “debt trap,” where infrastructure rights are taken away amid delayed debt repayments. Some creditors, including Japan and India, are wary of China expanding its influence into the Indo-Pacific, with Sri Lanka as its base.
Ratnayaka explained that “this is all purely commercial. There is nothing military [about the port agreement]. Sri Lanka is open to investment and we don’t pick and choose on the basis of what country, unless it affects national security.” He added, “But in the north and areas which would affect the security of India, we are conscious.
April 07, Colombo (LNW): Sri Lanka has initiated arrangements for the export of various types of seeds for the first time ever, marking a significant milestone for the country’s agricultural sector.
The Department of Agriculture has confirmed the successful testing of several species of seeds, including chillies, eggplant, green chillies, ladies fingers, and maize, which are set to be exported soon.
It is also reported that there is a significant surge in demand for these seed varieties from many foreign countries.
The required research on seeds has been carried out by experts of the Department of Agriculture, while the development and processing activities of the seeds have been undertaken by the private sector, with the highest technology and expert support with te aim of exporting excess seeds, said the Department of Agriculture.
The Ministry of Agriculture is implementing new seed production programme named Community Based Seed Production Village Programme with the objective of providing quality seeds to farmers on time.
This programme has been initiated utilizing the limited resources available at the Department of Agriculture through which it will be possible to provide quality seeds and planting materials in sufficient quantities to meet the country’s seed requirement locally.
Ministry of Agriculture, Ministry of Agrarian Services and Wildlife, Ministry of Minor Export Promotion, Provincial Departments of Agriculture and all affiliated institution and sub units collectively contribute its share in the establishment of those villages.
Every unit should select at least one village by organizing farmers for this purpose as a group.Type of seed to be produced is selected by considering factors such as climate suitability and demand etc.
Provision of seeds, issuing instructions and supervision of the programme will be the responsibility of the respective institutions involved in setting up of those villages while the certification of seed is done by the Department of Agriculture.
If the production is in excess of the requirement, such villages are facilitated exchange same with other seed producing villages or sell them in the private sector for exports . Accordingly this programme is used as profit earning agri-business for farmers.
Rs. 30 Million allocation already made to the Ministry for this purpose will be distributed among all provincial Ministries of Agriculture, HADABIMA Authority of Sri Lanka and the National food promotion Board.
Accordingly the number of seed producing villages due to be established by the above institutions is 299. In addition an allocation of Rs. 20 Mn has been provided to the department of Agriculture for establishing 200 such villages. Accordingly the total number of seed producing villages to be established under this programme will be 499.
Sri Lanka has initiated arrangements for the export of various types of seeds for the first time ever, marking a significant milestone for the country’s agricultural sector.
The Department of Agriculture has confirmed the successful testing of several species of seeds, including chillies, eggplant, green chillies, ladies fingers, and maize, which are set to be exported soon.
It is also reported that there is a significant surge in demand for these seed varieties from many foreign countries.
The required research on seeds has been carried out by experts of the Department of Agriculture, while the development and processing activities of the seeds have been undertaken by the private sector, with the highest technology and expert support with te aim of exporting excess seeds, said the Department of Agriculture.
The Ministry of Agriculture is implementing new seed production programme named Community Based Seed Production Village Programme with the objective of providing quality seeds to farmers on time.
This programme has been initiated utilizing the limited resources available at the Department of Agriculture through which it will be possible to provide quality seeds and planting materials in sufficient quantities to meet the country’s seed requirement locally.
Ministry of Agriculture, Ministry of Agrarian Services and Wildlife, Ministry of Minor Export Promotion, Provincial Departments of Agriculture and all affiliated institution and sub units collectively contribute its share in the establishment of those villages.
Every unit should select at least one village by organizing farmers for this purpose as a group.Type of seed to be produced is selected by considering factors such as climate suitability and demand etc.
Provision of seeds, issuing instructions and supervision of the programme will be the responsibility of the respective institutions involved in setting up of those villages while the certification of seed is done by the Department of Agriculture.
If the production is in excess of the requirement, such villages are facilitated exchange same with other seed producing villages or sell them in the private sector for exports . Accordingly this programme is used as profit earning agri-business for farmers.
Rs. 30 Million allocation already made to the Ministry for this purpose will be distributed among all provincial Ministries of Agriculture, HADABIMA Authority of Sri Lanka and the National food promotion Board.
Accordingly the number of seed producing villages due to be established by the above institutions is 299. In addition an allocation of Rs. 20 Mn has been provided to the department of Agriculture for establishing 200 such villages. Accordingly the total number of seed producing villages to be established under this programme will be 499.
April 07, Colombo (LNW): The inaugural annual conference of the “Samagi Buddhi Mandapaya,” a collaborative initiative spearheaded by the Samagi Jana Balawegaya (SJB) and esteemed university lecturers, is set to commence today (07) at 4 pm at the prestigious Shangri-La Hotel in Colombo.
The genesis of the “Samagi Buddhi Mandapaya” stems from the collective vision of formulating comprehensive policies to propel the nation towards progress and prosperity.
Gathering a formidable cohort of 1,131 university scholars representing 17 esteemed institutions nationwide, the consortium aims to serve as a dynamic platform for policy discourse and formulation.
Heading this pivotal consortium is Professor Ananda Jayawickrama, renowned for his expertise in economics as a distinguished faculty member of the Economics and Statistics Department at the University of Peradeniya.
Dr. S. Baskaran from the Department of Political Science at the University of Peradeniya assumes the role of Secretary, while Mr. Ranjan Bandara (MSc) acts as the National Coordinator.
The overarching objective of the “Samagi Buddhi Mandapaya” is to foster the development of holistic policies across various domains encompassing economic, social, cultural, and geopolitical spheres that resonate with the aspirations of the Sri Lankan populace under SJB governance.
National Coordinator Bandara affirmed the growing momentum behind the initiative, with an influx of esteemed professors and scholars pledging their support to the cause.
He emphasised the consortium’s pivotal role in bolstering the candidacy of Opposition Leader Sajith Premadasa in the forthcoming Presidential Election, heralding it as the most expansive intellectual network affiliated with a political entity in Sri Lanka.
Dr. Pradeep N. Weerasinghe, a seasoned academic with expertise in Mass Media at the University of Colombo, assumes responsibility for operational management within the consortium.
Dr. Weerasinghe’s extensive background encompasses roles as a foreign expert at the Chinese International Radio and Television network and as a national communications specialist with the Health System Project of the Asian Development Bank.
Presently, he serves as the Chief Organiser of the Haliela electorate within the SJB.
In a significant highlight of today’s conference, Opposition Leader Premadasa is slated to address pressing issues across seven key domains, underscoring the “Samagi Buddhi Mandapaya’s” commitment to robust policy dialogue and constructive engagement.
April 07, Colombo (LNW): In a significant development, Nepali authorities apprehended four Pakistani nationals suspected of involvement in the illicit trafficking of four Sri Lankan citizens, the Press Trust of India (PTI) reported quoting Superintendent of Police Nakul Pokharel from the Kathmandu Valley Crime Investigative Department of Nepal Police on Friday (05).
The arrests, executed following a tip-off, occurred on Thursday (04).
The detained Pakistani nationals, aged between 42 and 62, purportedly extorted significant sums from the Sri Lankan individuals under the false pretense of facilitating employment opportunities in various European countries, including Canada and Romania.
Reports indicate that the Sri Lankan victims, who were brought to Nepal from their home country, endured physical assault, torture, and intimidation at the hands of the Pakistani perpetrators.
Additionally, their passports were confiscated as they were held captive across different hotels in Kathmandu.
Authorities have initiated procedures to repatriate the Sri Lankan victims to their home country for their safety and well-being.
The four Pakistani suspects are expected to face charges related to abduction and human trafficking in accordance with Nepali law enforcement protocols.
April 07, Colombo (LNW): The Ministry of Finance has declared that salaries for government employees for the month of April will be disbursed prior to the 10th, incorporating the augmented public employee allowance delineated in the budget proposal.
This adjustment entails an extra Rs. 10,000 for each employee.
Moreover, pensions for April will also be distributed ahead of the 10th.
April 07, Colombo (LNW): The United Kingdom on April 05 updated its travel advisory for Sri Lanka, incorporating additional information concerning emergency medical contacts, road travel, safety, and security across various sections, including ‘Entry requirements,’ ‘Safety and security,’ and ‘Health.’
Notably, the revised advisory removes previous references to shortages of essential commodities such as food, fuel, and medicine attributed to Sri Lanka’s economic situation.
Similarly, mentions of constraints in healthcare services, including shortages of imported medications and medical equipment due to economic factors, have also been eliminated.
The High Commission of Sri Lanka in London has consistently advocated for the removal of these adverse references from the previous travel advisory, aiming to align the advisory with the prevailing ground realities in Sri Lanka.
This updated travel advisory is expected to provide a significant impetus to Sri Lanka’s tourism industry, which has demonstrated resilience by welcoming over 600,000 visitors in the first quarter of 2024 alone.
Notably, the United Kingdom stands as the third-largest contributor to tourist arrivals in Sri Lanka, with 53,928 arrivals recorded between January 1st and March 27th, 2024.
April 07, Colombo (LNW): In a recent telephone conversation between US National Security Advisor Jake Sullivan and Sri Lanka’s National Security Advisor Sagala Ratnayake, the United States expressed its unwavering support for Sri Lanka’s security and sovereignty, as well as its ongoing endeavors to fulfill the fiscal, monetary, and governance requirements of its International Monetary Fund (IMF) bailout programme.
The White House issued a succinct statement on Friday, outlining the key points discussed during the call.
According to the statement, Sullivan and Ratnayake delved into various aspects of bilateral engagement, with a particular emphasis on the United States’ commitment to bolstering Sri Lanka’s security and upholding its sovereignty.
Furthermore, the conversation touched upon Sri Lanka’s sustained efforts to meet the fiscal, monetary, and governance benchmarks outlined in its IMF programme.
Both parties explored future avenues for collaboration and cooperation, underscoring the importance of ongoing dialogue and partnership between the two nations.
The International Monetary Fund (IMF) recently announced on March 21st that it had reached a staff-level agreement with Sri Lanka, paving the way for the disbursement of US$ 337 million from the approximately US$ 3 billion bailout package approved in 2023.
Notably, two tranches of US$ 330 million each were already released in March and December 2023, highlighting the IMF’s continued support for Sri Lanka amid its fiscal challenges.
Moreover, the IMF commended Colombo for its efforts in implementing macroeconomic policy reforms, noting that these initiatives are beginning to yield positive results.
April 07, Colombo (LNW): The 131st branch of the ‘DP Education IT Campus’ programme was inaugurated at the Sri Gangarama Temple in the Ayagama Divisional Secretariat of Ratnapura District on April 03, 2024.
This milestone event marks a significant step towards achieving the programme’s overarching goal of generating one million jobs in the field of information technology.
Led by the Deputy Registrar of Ayagama Sri Gangarama Temple and Registrar of Ayagama Shasanarakshaka Bureau, Venerable Rambukpotha Dhammadinna Thero, alongside ‘DP Education’ Operations Manager, Sandunika Wanigaratna, the inauguration ceremony garnered participation from various local dignitaries.
Among the attendees were the Ayagama Divisional Secretary, school principals, the Police Superintendent, Grama Niladhari officers, Samurdhi officers, and numerous others from the community.
Currently, the newly established IT Campus is catering to the educational needs of 800 students, providing them with valuable skills in computer language.
The course, valued at Rs 2.5 million, is offered entirely free of charge through the ‘DP Education IT Campus’, affiliated with the ‘DP Education’ programme under the auspices of the ‘Dhammika and Priscilla Perera Foundation’.
Designed with a strong focus on job readiness, this course equips young learners with the skills necessary to pursue lucrative IT careers within their local communities.
The DP Education IT Campus programme has been instrumental in democratising access to IT education across Sri Lanka.
With a total of 122,000 students enrolled in the physical branches established in 131 different divisional secretariats nationwide, and an additional 120,000 students accessing the course online, the programme has reached an impressive 242,000 students to date.
Looking ahead, the programme aims to establish a DP Education IT campus branch in every divisional secretariat across the island, further expanding opportunities for IT education and employment.
Parents and guardians are encouraged to explore the DP Education IT Campus programme through dpcode.lk, providing their children with a pathway to secure high-paying IT jobs in the future.
April 07, Colombo (LNW): Dr. R. H. S. Mr. Samaratunga, the Presidential Senior Adviser on Economic Affairs, has underscored the importance of artists drafting proposals aimed at enhancing the progress of the film industry and supporting its members.
This directive came during a recent discussion at the Presidential Secretariat focused on modernising Sri Lankan cinema to meet contemporary standards and ensuring sustained professional growth for artists within the sector.
Led by Dr. Samaratunga and attended by Presidential Trade Union Director General Mr. Saman Ratnapriya and National Film Corporation Chairman Mr. Deepal Chandraratne, the discussion extensively addressed the challenges confronting the film industry.
Dr. Samaratunga highlighted the parallel between the film industry’s challenges and broader societal issues, emphasising the need to safeguard the sector and urging the submission of comprehensive proposals for inclusion in the general budget or policy framework.
Addressing the longstanding issue of insufficient artist pensions since 1993, Dr. Samaratunga stressed the importance of presenting factual data to prompt governmental action on this matter.
Additionally, recognising the significance of artist welfare in preserving the film industry, efforts are underway to establish a specialised loan scheme.
Dr. Samaratunga solicited relevant proposals to effectively communicate the industry’s needs to the government.
President’s Trade Union Director General, Saman Ratnapriya, assured the possibility of arranging a medical insurance scheme for artists through the Sri Lanka Insurance Corporation.
Recognising the challenges of aging in maintaining professional engagements, he emphasised the necessity of implementing a suitable programme to support artists.
He urged prompt submission of proposals for the betterment of the film industry and artist welfare.
Stressing the potential for swift action, Ratnapriya indicated that timely proposals could yield results following discussions with relevant institutions, including the Ministry of Finance.
Efforts are underway to inform President Ranil Wickremesinghe of these developments.
The event was attended by veteran film director Sugath Samarakoon, film producers Padmasiri Kodikara and Raj Ranasinghe, along with actors Arjun Kamalanath, Wasantha Kumaravila, Nadika Gunasekara, and numerous other industry artists.
April 07, Colombo (LNW): Sri Lankans are gearing up to witness a celestial rarity as the Devil’s Comet, scientifically known as 12P/Pons-Brooks, makes its appearance, a phenomenon occurring once every 71 years.
Positioned near Jupiter, the comet will be visible to the naked eye during the total solar eclipse on April 08.
This massive comet, renowned for its distinctive “horned” shape, first caught the attention of Chinese astronomers in the year 1300 Anno Domini.
However, it gained official recognition when observed by French astronomer Jean-Louis Pons in the 19th century and later rediscovered by British American astronomer William Brooks in 1883.
Consequently, it was christened the 12P/Pons-Brooks comet.
Featuring two “horns” formed of ice and gas and periodic explosions, the comet earned its moniker “devil comet.”
According to NASA, the 18.6-mile-wide celestial visitor is expected to reach its closest point to the Sun and shine brightest on April 21.
It will also be positioned below the moon on April 10, offering a spectacle visible to the unaided eye.
During the total solar eclipse, the sudden darkness will provide an opportune moment for skywatchers to marvel at the vast expanse of the sky, potentially catching a glimpse of stars, planets, and perhaps even the Pons-Brooks comet as it traverses the solar system.
This marks the fourth appearance of the Devil’s Comet since its official discovery in 1812.
