Indian High Commissioner Santosh Jha expresses optimism about the prompt resumption of the Nagapattinam – Kankesanthurai (KKS) ferry service and aims to revive ferry services between Talaimannar and Rameswaram: emphasises enhancing bilateral connectivity and strengthening cultural ties: reiterates India’s commitment to Northern Province’s development, engaging with various stakeholders to explore further collaboration.
Opposition Leader Sajith Premadasa distinguishes his approach from others, asserting a commitment to practical solutions over false promises: emphasizes the importance of generating revenue through export-focused development to address the country’s significant debt, which amounts to US$ 90 billion.
Finance State Minister responds to criticism involving the Central Bank’s conduct of increasing the institutional heads’ salaries in extraordinary amounts, stating that according to the Central Bank of Sri Lanka Act, the Central Bank ‘independently determines’ its employees’ salaries: asserts the importance of attracting and retaining exceptional talent for the critical role of the Central Bank.
Sri Lanka aims to finalise negotiations on the Economic and Technology Cooperation Agreement (ETCA) with India in the coming months, following the recent Free Trade Agreement (FTA) with Thailand.
US Assistant Secretary of State for South and Central Asian Affairs Donald Lu praises Sri Lanka’s recent progress from crisis to stability in a recent address: highlights the nation’s improved economy, stable food and fuel prices, and successful debt restructuring: appreciates international cooperation.
The Port Access Elevated Highway (PAEH) Project, linking Colombo Harbour, Colombo Port City, and Katunayake Airport, nears completion, with over 85% of the work finished: Expected to open in October 2024.
Tamil Nadu Police arrest three individuals from Nagapattinam district for attempting to smuggle over 364 kg of ganja to Sri Lanka: The suspects were caught planning to transport the contraband via sea route using a seized fiberglass boat: A case has been filed against them under the Narcotic Drugs and Psychotropic Substances (NDPS) Act by Vettaikaraniruppu Police.
A Verité Research report exposes critical weaknesses in Sri Lanka’s procurement system, citing the absence of provisions to blacklist contractors engaged in corrupt activities: highlights non-compliance with regulations, such as failing to blacklist defaulting contractors.
The Central Bank calls for legal reforms to streamline credit recovery processes, particularly for the MSME sector: Governor Weerasinghe highlights the need for expedited credit recovery cycles, advocating for a 3-6 month period for economic efficiency and SME support: Despite SME pressures, the Central Bank remains firm on maintaining banks’ Parate execution rights.
CR and FC claim victory in the Nippon Paint Super Round League Rugby Tournament final after 26 years, defeating defending champions Kandy Sports Club 33-25: Despite trailing 6-13 at halftime, CR and FC staged a remarkable comeback: Mursheed Doray and Gemunu Chethiya played pivotal roles in the win.
February 19, Colombo (LNW): Assistant Secretary of State for South and Central Asian Affairs, Donald Lu, delivered a comprehensive analysis of Sri Lanka’s notable resurgence during a recent address, highlighting the nation’s remarkable transition from a period of crisis to stability, facilitated by collaborative efforts on the international stage.
Reflecting on Sri Lanka’s trajectory, Lu articulated the substantial progress witnessed over the past eighteen months, contrasting the previous climate of unrest, shortages, and political instability with the current landscape characterised by a stable economy, consistent food and fuel prices, and successful debt restructuring initiatives.
Emphasising the pivotal role of international cooperation in Sri Lanka’s revitalisation, Lu acknowledged the pivotal contributions made by key partners.
Notably, he commended India for its initial humanitarian aid and USAID’s critical agricultural support.
Additionally, Lu underscored the significance of debt restructuring efforts spearheaded by Japan, France, and India, which exerted pressure on other stakeholders, including China, ultimately facilitating access to IMF funding and fostering economic stability.
Furthermore, Lu elucidated on non-traditional avenues of support, citing the US Development Finance Corporation’s substantial investment of $553 million in the Colombo Port West Container Terminal.
This private sector initiative, he noted, not only directly benefits the Sri Lankan populace but also catalyses sustainable economic development.
Addressing broader strategic imperatives, Lu emphasised the importance of safeguarding Sri Lanka’s sovereignty, highlighting US assistance in the form of patrol boats for the Sri Lankan military and the forthcoming delivery of a King Air aircraft to bolster coastal surveillance capabilities.
In conclusion, Lu reiterated Sri Lanka’s remarkable turnaround as a testament to the collective efforts of the international community.
He underscored the Indo-Pacific strategy’s ethos of partnership and collaboration, emphasising its role in offering a more promising future for nations in the region.
February 19, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates further appreciation against the US Dollar today (19) in comparison to last week’s Friday, as per the exchange rates issued by leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 306.71 from Rs. 306.95, and the selling price to Rs. 317.40 from Rs. 317.65.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 306.25 from Rs. 306.50, and the selling price to Rs. 316.25 from Rs. 316.50.
At Sampath Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 307.50 and Rs. 316.50, respectively.
February 19, Colombo (LNW): An investigation will be launched into the allegations that the Central Bank of Sri Lanka (CBSL) is issuing false information.
The above announcement was made by Finance State Minister Ranjith Siyambalapitiya.
He also affirmed that a report is being prepared to address the concern and will be presented to both Parliament and the President.
February 19, Colombo (LNW): Following the recent enactment of the Free Trade Agreement (FTA) with Thailand, Sri Lanka is presently strategising to conclude negotiations on the Economic and Technology Cooperation Agreement (ETCA) with India within the forthcoming months, while also gearing up to resume discussions on a Free Trade Agreement (FTA) with China in April, as per sources familiar with the matter.
There exists underlying apprehension regarding the Economic and Technology Cooperation Agreement (ETCA) with India within certain circles.
Sri Lanka’s professional sectors remain cautious about liberalising the service industry, expressing concerns that an influx of Indian professionals may jeopardise local job opportunities.
After a hiatus of five years, Sri Lanka re-initiated discussions on the ETCA last year, with the 13th round of talks convened in January of the current year.
The upcoming negotiations are scheduled to take place in Colombo from March 10 to 12, aiming to conclude negotiations by the end of April, contingent upon receiving Cabinet clearance, for a swift signing of the agreement.
Regarding the service sector, it has been reported that India has advocated for its liberalisation; however, Sri Lanka has declined such provisions, particularly concerning professional fields like medicine and engineering.
In an effort to assuage the concerns of Sri Lankan professionals, the government plans to engage with organisations such as the Government Medical Officers’ Association (GMOA) in the lead-up to the next round of talks.
In celebration of the 76th Anniversary of Independence of Sri Lanka, the Embassy of Sri Lanka to the UAE, hosted a prestigious diplomatic reception on 9th February 2024, at hotel Shangri-La Abu Dhabi.
The event brought together 120 number of Ambassadors and Heads of Missions from UAE, and notable figures for an evening of celebration. The dignitaries that attended the event included H.E. Sultan Al Shamsi- Assistant Minister of Foreign Affairs and International Cooperation for International Development Affairs of the UAE, Sheikh Humaid bin Rashid Al Nuaimi – Royal family member of Ajman, Hon. Manusha Nanayakkara- Minister of Labour and Foreign Employment of Sri Lanka and Sheikh Khalid bin Ahmed Al Hamed – Chairman IBMC International Group, whose presence underscored the importance of fostering strong ties between Sri Lanka and the international community.
In his remarks, Udaya Indrarathna Ambassador of Sri Lanka to the UAE highlighted that under the visionary leadership of H.E. the President, Ranil Wickremesinghe- Sri Lanka is rejuvenating and is on a committed path for prosperity and success amidst challenges. Ambassador further expressed gratitude to all those in attendance and reaffirmed the Embassy’s commitment to strengthening ties with the host country and the international community at large. As the evening unfolded, guests were treated to a selection of fine cuisine, showcasing the rich culinary heritage of Sri Lanka. Traditional music and cultural performances performed by the renowned Sri Lankan dancing troupe – Chandana Wickramasinghe and the Dancers Guild added colour to the festive ambiance, transporting attendees on a journey of discovery and appreciation for the island nation’s vibrant culture and heritage.
The event served as a platform for meaningful discussions and networking opportunities, allowing guests to explore potential collaborations and initiatives that could benefit both Sri Lanka and its global partners. From engaging conversations to shared experiences, the diplomatic reception exemplified the power of diplomacy in building bridges and forging lasting friendships.
The Embassy of Sri Lanka extends its heartfelt gratitude to all the sponsors of the event, including the Platinum partner Mr. Rusan Fyroze – CEO – Siraj Finance PJSC, Gold sponsors – Sri Lankan Airlines Ltd, Mr. Lakshmi Narayanan – Chairman Sovereign Wealth Fund Institute, Mr. Ashish Vijay – Chairman of House of Ashish Vijay, Silver sponsors Alpen Capital, Heartland General Trading, Burjeel Holdings, Frico International LLC and all other sponsors, well wishers and the distinguished guests who made the event a success.
February 19, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) advocates for legal reforms to enhance Sri Lanka’s Parate execution law and other credit recovery laws, aiming to expedite credit recovery cycles in line with global standards.
CB Governor Dr. Nandalal Weerasinghe emphasised the need for strengthening these laws to support the Micro, Small and Medium Enterprise (MSME) sector, ensuring smoother access to credit and facilitating business continuity.
Speaking at a webinar organised by Daily FT, ACCA, and other associations, Weerasinghe underscored the importance of a 3-6 month credit recovery period for economic efficiency and SME support, distinguishing between SMEs and willful defaulters.
Despite SME pressures, the Central Bank maintains its stance against amending banks’ Parate execution rights, he added.
February 19, Colombo (LNW): A staggering revelation comes to light exposing Sri Lanka’s critical vulnerabilities towards combatting corruption in procurement, according to a Verité Research report.
The report, “Backwards in Blacklisting: Gaps in Sri Lanka’s Procurement Framework Enable Corruption“, points out that Sri Lanka’s procurement guidelines, established in 2006, lack essential provisions, notably the absence of recognising corrupt activities during procurement as grounds for blacklisting contractors.
This omission exposes the system to potential corruption risks.
Furthermore, the report reveals a lack of compliance with existing regulations, such as the failure to blacklist contractors who default on contracts, as mandated.
Unlike neighbouring countries like Nepal and Bangladesh, Sri Lanka’s Department of Public Finance has not populated its online database with the names of such defaulters.
These findings underscore the pervasive corruption within Sri Lanka’s public procurement system, corroborated by assessments from civil society governance diagnostics and the International Monetary Fund (IMF).
The IMF has stressed the urgency of enacting a public procurement law by December 2024 to align with global best practices, emphasising the need for comprehensive reform in this critical area.
February 19, Colombo (LNW): Tamil Nadu Police announced on Sunday the arrest of three individuals from Nagapattinam district, seizing over 364 kg of ganja intended for smuggling to Sri Lanka, New Delhi-based IANS reported.
The arrested individuals were identified as K. Sathiyaseelan (37) from Velankanni, M. Mahendran (38) from Naluvedhapathi, and T. Sugumar (29) from Pushpavanam.
The suspects were apprehended while planning to transport the ganja to Sri Lanka via the sea route, utilising the seized fiberglass boat, according to Nagapattinam Superintendent of Police, Harsh Singh.
A case has been filed against the accused under the Narcotic Drugs and Psychotropic Substances (NDPS) Act by the Vettaikaraniruppu Police.
February 19, Colombo (LNW): A few showers may occur in Eastern and Uva provinces, and showers or thundershowers may occur at a few places in Sabaragamuwa province after 4.00 p.m., the Department of Meteorology said in its daily weather forecast today (19).
Mainly fair weather prevail elsewhere, the statement added.
Fairly strong winds about (30-35) kmph can be expected at times in eastern slopes of the central hills and in Northern, North-central, North-western, Uva, Southern and Eastern provinces and in Matale and Kandy districts.
The public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Condition of Rain:
Mainly fair weather will prevail over the sea areas around the island.
Winds:
Winds will be north-easterly and wind speed will be (25-30) kmph. Wind speed may increase up to (45-55) kmph at times in the sea areas off the coasts extending from Galle to Pottuvil via Hambantota and from Colombo to Kankasanthurai via Puttalam.
State of Sea:
The sea areas off the coasts extending from Galle to Pottuvil via Hambantota and from Colombo to Kankasanthurai via Puttalam can be rough at times.
