In response to the current shortage of cancer medicines in Sri Lanka, Ambassador Mahinda Samarasinghe requested Heart to Heart International to donate urgent cancer medicines worth approximately $12,802,367.66 USD (i.e., LKR 4.29 billion)to the people of Sri Lanka. The latest donation includes sunitinib malate which is an oncology drug used to treat certain types of cancers (kidney, pancreas and intestinal).

Facilitated by the Presidential Secretariat, Ministry of Health and Disaster Management Center (DMC) in Sri Lanka and the Embassy, the donation is due to arrive in Colombo, Sri Lanka via air on 13 August 2023, at no cost to the people of Sri Lanka. Heart to Heart International has borne all expenses, and the donation will be received by the Ministry of Health for immediate distribution. The Sri Lankan Embassy in Washington, D.C. greatly appreciates the continued assistance provided by Heart to Heart International.

Headquartered in Lenexa, Kansas, Heart to Heart International (HHI) is a global humanitarian organization focused on improving access to health. Since its inception in 1992, HHI has delivered medical aid and supplies worth $2.6 billion to more than 130 countries, including within the United States. HHI responds to natural disasters both domestically and internationally by supplying medical relief and mobilizing volunteers. The organization is a 4-star Charity Navigator charity, a BBB Accredited charity and is on the “Philanthropy 400.”

The Embassy of Sri Lanka in Moscow is pleased to have initiated direct employment opportunities for Sri Lankan skilled migrant workers in the Russian Federation for the first time in the history, in collaboration with the Sri Lanka Foreign Employment Agency (SLFEA), a fully owned state organization in Sri Lanka.

Under this initiative, the first group consisting of 58 seamstresses arrived in the Russian Federation on the 02 August 2023 to be employed at two renowned textile manufacturing plants located in Nizhny Novgorod region.

The Embassy facilitated the said employers to enter into agreements with the Sri Lanka Foreign Employment Agency to recruit these 58 seamstresses without involvement of intermediate agencies.

Discussions are underway in a progressive manner with the regional government authorities in Nizhny Novgorod to to make more 700 employment opportunities available for Sri Lankan skilled seamstresses. Moreover, this Embassy in liaison with relevant authorities is in the process of devising a mechanism in order to create more employment opportunities for Sri Lankan skilled migrant workers in the Russian Federation and other countries of accreditation, under a number of technical categories.

M/S Ceylon Beverage Can Pvt Ltd of Sri Lanka, promoted by former Sri Lanka ace spinner  Muttiah Muralitharan, had sent a proposal to the Government of Karnataka seeking clearance for setting up an ‘aluminum cans and beverages filling plant’ at FMCG cluster on the outskirts of Dharwad.

The Sri Lankan company  will set up a full-fledged plant in Mummigatti off Dharwad in Karnataka, Deccan Herald (DH) reported on Thursday.

The Karnataka Industrial Area Development Board (KIADB) has allotted 16.70 acres of land at plot no 157, 2.64 acres on plot no 156 and 6.15 acres on plot no 158. Clearance has also been accorded for providing 3,000 kVA power by Hescom and 20 lakh litres of water per day.

The Sri Lankan company currently manufactures eight different sizes of slim, sleek and standard cans with a range of customer labels. It is setting up a plant in India owing to huge demand from this region.

In May, Ceylon Beverage tied up with Reliance Consumer Products to manufacture the cans for Campa soft drink.

Ceylon Beverages was established in 2020 and partners with several companies making mineral water, energy drinks, soft drinks and flavoured milk in cans. It has an hourly output of over 48,000 cans and 34,000 bottles. The company’s plant is equipped to fill 300 million cans per year.

The Karnataka Industrial Area Development Board (KIADB), according to DH, has allotted 16.70 acres of land at plot no 157, 2.64 acres on plot no 156 and 6.15 acres on plot no 158. Clearance has also been accorded for providing 3,000 kVA power by Hescom and 20 lakh litres of water per day.

Reliance Consumer Products Ltd has signed up former cricketer Muttiah Muralitharan’s Ceylon Beverage International as the contract packaging partner for the Campa Cola beverage brand’s canning operations.

The agreement may also grant Reliance Consumer distribution rights for Sri-Lanka based Ceylon Beverage’s energy drinks and juices in India, expanding its presence in the nation’s ₹67,000 crore beverage market, people familiar with the development said, requesting anonymity.

Ceylon Beverage may also establish a packaging facility in India to support the national expansion of the Campa brand; currently Campa cans rely on direct imports from its Sri Lankan factory

Reliance Consumer already has partnerships with multiple Indian manufacturers and distributors for the Campa brand, including those with Tamil Nadu-based Asian Beverage and Kali Aerated Water Works.

Muralitharan is expected to become a “major” partner for Reliance Consumer’s beverage portfolio in India, people familiar with the development said. Ceylon Beverage’s energy brand Spinner and its juices will be retailed by Reliance Consumer in India as part of the deal, officials said.

Campa, initially launched in Andhra Pradesh and Telangana, is preparing for a national rollout following its acquisition by Reliance Consumer from the Pure Drinks Group last year.

In a proactive move towards enhancing bilateral collaboration, Minister of Labour and Foreign Employment, Manusha Nanayakkara, engaged in a productive dialogue with the Chairman of the Public Transport Commission in Poland. The discussions, held yesterday, focused on the potential avenues for skilled workers from Sri Lanka to contribute to Poland’s dynamic public transport sector.

This collaborative exchange forms a key element of Minister Nanayakkara’s overarching strategy to comprehend and harness Poland’s workforce demands, particularly within the realm of transportation, with the aim of facilitating opportunities for proficient Sri Lankan workers.

The optimism radiating from both sides underscores the mutual aspiration for a mutually beneficial outcome. The exploratory nature of this initiative is poised to lay the foundation for strengthened economic and employment ties, fostering a promising partnership between Sri Lanka and Poland.

In support of Minister Nanayakkara’s endeavor, the delegation included esteemed representatives from the Sri Lanka Foreign Employment Agency. Suraj Dandeniya, Chairman, and Mangala Randeniya, General Manager, joined the Minister alongside other officials, collectively reaffirming Sri Lanka’s commitment to nurturing its skilled workforce and forging valuable international collaborations.

The launch of Sri Lanka’s long-awaited global tourism advertising campaign is still being determined due to a controversy involving the alleged forging of bid documents by officials of the Sri Lanka Tourism Promotion Bureau (SLTPB). 

It’s reported that a group of officials forged bid documents favouring one company out of two during an international tender. The Tourism Ministry is investigating the matter, and the officials involved have been temporarily transferred pending the completion of the investigation. 

The delay in launching the campaign, anticipated by the tourism industry, is seen as a significant loss to the country’s tourism sector. The campaign aims to attract more tourists and increase arrivals from various countries.

Sri Lanka Tourism Ministry has already instigated a comprehensive investigation into recent procumbent forgery allegedly involving several top officials of the Sri Lanka Tourism Promotion Bureau (SLTPB).  

Tourism Ministry Secretary Buwaneka Herath said the investigations into the alleged tampering of bid documents by officials over two key multi-million rupee procurement exercises is still ongoing.

 “As the investigations are ongoing, I cannot comment on the matter further,” he told journalists this week. 

The matter has now forced Sri Lanka Tourism Promotion Bureau (SLTPB) to float fresh tenders. The initial inquiry has revealed a deliberate effort by the accused officials to alter a bid by substituting documents in favour of a party over another during the international tender.

Six SLTPB officials including Managing Director, Director Finance, Director PR and Assistant Director Procurement have been transferred to the Ministry.

Alleged offence in tender for PR had been exposed when the Committee responsible for Digital Marketing procurement was debating the final awarding.

 A bid clause which was flagged off in favour of one of the two short-listed was found to have been overlooked in the finalised tender for PR, prompting the Ministry to direct SLTPB to call for fresh tenders for both initiatives.

Tourism Minister Harin Fernando said if the offences are found serious the case will be handed over to the Criminal Investigations Department (CID).

Responding to concerns about the integrity of the procurement process, Sri Lanka Tourism Development Authority Chairman Priantha Fernando reassured that corrective action had been taken. 

“Although attempts were made to tamper with bid documents by SLTPB officials, the tender was not awarded and it was detected well in time and action was taken. It would have been worse if it took place, but it was stopped at the correct time averting severe setbacks,” he added.

In a move set to pave the way for a robust and stable economic outlook, the government will implement a series of reform measures designed to fortify economic growth and ensure enduring stability.

The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Finance, Minister has been approved by the cabinet of ministers after the president presented a comprehensive overview of critical areas 

Discussions covered a spectrum of vital domains including State finance policy, financial stability, energy sector strategies, external sector, debt restructuring, and international funding.

“The President has championed a firm approach to tackling these challenges head-on. The Cabinet meticulously evaluated measures taken thus far, demonstrating a commitment to steering the economy toward resilience,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said 

“These concerted efforts sought to tackle pressing challenges such as inflation, foreign reserves, energy crisis and strategically align policies and resources with the Central Bank and other authorities to ensure the Government’s goal of fostering enhanced economic stability. 

By meticulously addressing identified issues and implementing change, these reform initiatives are poised to make a substantial contribution to the country’s financial health and secure a more promising economic future,” he said.

Noting that there was no second chance for the country to rectify its economic blunders, the President has reiterated that it was critical to bring in the new reforms backed with new laws, and digitalisation to ensure a stable export-led, green economy.

“As Sri Lanka continues its journey towards economic stability and growth, the Government’s commitment to addressing national concerns and prioritising the country’s interests over politics remains crucial. With steadfast leadership and sound policies, Sri Lanka aims to build a resilient and prosperous future for all citizens,” Gunawardena noted.

Meanwhile The Central Bank surprised markets by announcing a key measure to release Rs. 200 billion in liquidity thereby further easing interest rates.

 It said the Monetary Board of the CBSL at its meeting held on 8 August 2023, decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of Licensed Commercial Banks (LCBs) by 200 basis points, from 4% to 2%, with effect from the reserve maintenance period commencing 16 August 2023.

“This decision was taken with the view to inject liquidity to the banking system and  further reduce market liquidity deficit on a permanent basis, in line with the current  monetary policy stance of the Central Bank,” it said in a statement.

CBSL said this reduction in the SRR is expected to release around Rs.200 billion of liquidity to the domestic money market, which would enable a further downward adjustment in the  market lending rates as a result of the reduction in cost of funds of LCBs, thereby  supporting the expansion in credit flows to the economy.

Dilshan Wijesekera, Chairman of the Colombo Stock Exchange (CSE), revealed a remarkable turn of events at the Invest Sri Lanka Investors Forum in Chennai on Wednesday. Within the span of a single year, the Sri Lanka stock market underwent an unprecedented transformation, transitioning from the depths of underperformance to claiming the crown of the best-performing stock market. This astonishing feat was emblematic of the market’s resilience and adaptability, according to Wijesekera.

During his address, Wijesekera highlighted the inherent volatility within the market and stressed that such fluctuations present unique opportunities for investors. He attributed a significant portion of Sri Lanka’s economic recovery to India’s instrumental role. India’s timely provision of a USD 2.5 billion credit line and other crucial assistance played a pivotal part in steering Sri Lanka toward its current commendable position.

Wijesekera acknowledged that while Sri Lanka’s stock market may appear modest compared to India’s, its size generates favorable prospects for collaboration between the two nations. Chinthaka Mendis, Director General of the Securities and Exchange Commission (SEC), drew parallels between the achievements of Sri Lanka’s SEC and India’s SEBI, emphasizing their critical roles in fostering market growth.

Mendis noted that Sri Lanka’s financial markets often precede the broader economy, showcasing their ability to rebound resolutely. The dedication of the Sri Lankan government to a comprehensive reform agenda has contributed to recent signs of stability and growth, with the CSE playing an active role in this trajectory.

In unity with the government’s reform agenda, both the SEC and CSE remain committed to supporting and bolstering Sri Lanka’s economic resurgence. As confidence and stability are integral to a flourishing market, the securities market infrastructure has been fortified through proactive measures to prevent misconduct.

Mendis underscored the SEC’s vigilance through regular surveillance and supervision, aimed at swiftly identifying and eliminating any instances of misconduct. With the past behind them, the Sri Lanka stock market is poised to embrace a promising future, characterized by robust growth and enduring optimism.