January 31, Colombo (LNW): A passive resistance was held in front of the Criminal Investigation Department (CID) this (31) afternoon demanding the arrest of former Health Minister Keheliya Rambukwella.
The resistance was organised by the Citizen Power Against Bribery, Corruption and Waste movement, together with the Union of Environmental, Civic and Peoples’ Organisations.
Despite the existence of evidence corroborating the involvement of Rambukwella in the questionable immunoglobulin import endangering people’s lives, the ex Minister is protected on certain parties’ wishes, the demonstrators pointed out.
Meanwhile, Rambukwella is expected to arrive in the CID to be questioned about the questionable immunoglobulin deal.
January 31, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates appreciation against the US Dollar today (31) in comparison to yesterday, as per the official exchange rates issued by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has dropped to Rs. 312.09 from Rs. 312.81, and the selling price to Rs. 321.85 from Rs. 322.73.
The Sri Lankan Rupee has also appreciated against several other foreign currencies.
January 31, Colombo (LNW): Sri Lanka’s tax revenue increased significantly by 56% to 2,512 billion rupees in the 11 months leading up to November. Total revenues also rose to 2,758 billion rupees, finance ministry data shows.
Despite this, the country faced a substantial surge in its deficit, primarily due to increased interest costs.
The monthly tax collection reached 299 billion rupees in November. The country’s current spending skyrocketed to 4,292.8 billion rupees, marking a 46% increase, with interest costs experiencing a significant jump.
Non-interest expenses rose by 14.5%. Notably, there were salary and pension increases in January 2024. Interest costs, which were already high at 1,772 billion rupees up to October, escalated further to 2,351 billion rupees by November 2023.
The Inland Revenue Department (IRD) has achieved its highest ever tax revenue of Rs. 1,550.6 billion in 2023 exceeding the target of Rs. 1,492 billion given to them for the year which is 104 percent of the set revenue target of Rs.1,492 billion given for 2023.
Deputy Commissioner General Inland Revenue Department, Saman Shantha (Media Committee Chairman) said that the target of Tax Revenue to achieve in the year 2024 is set at Rs.2,024 billion.
The total revenue collected by Inland Revenue for the year 2023 is Rs.1,550,589 Million compared to the total of Rs. 861,233 earned in 2022.
The Inland Revenue Department has succeeded in raising the tax revenue by 80 percent up to Rs.1,550.6 Billion for 2023 and by doing so has made a commendable contribution to maintain the financial position of the Government at a very strong base.
The Department has achieved a remarkable revenue collection growth of 25 percent in Corporate and Non-Corporate Income Tax, 59 percent in Value Added Tax (VAT), 473 percent in Advance Personal Income Tax and 684 percent in Advance Income Tax when compared to 2022.
In Sri Lanka, interest costs tend to rise during a stabilization year following a currency crisis triggered by the central bank’s rate cuts and liquidity injections.
The stabilization process began in April 2022 when Sri Lanka allowed interest rates to rise. However, fears of a full default in domestic securities to meet IMF requirements caused further spikes in government securities’ interest rates.
Officials have tried to mitigate the impact of domestic bonds and restructured some bonds, with the EPF-held bonds’ coupon set at 12.5% until 2025.
The deficit in the current account of the budget increased by 35% to 1,534 billion rupees. Capital spending was relatively controlled at 498 billion rupees, a 7% increase. Overall, the budget deficit rose by 26% to 2,020 billion rupees.
January 31, Colombo (LNW): Sri Lanka’s Services exports recorded a new high in 2023 with a strong rebound whilst shipment of goods lagged amidst challenges as per provisional data released by the export development board yesterday.
As against a 6% decline in 2022, services exports last year shot up by 63% to surpass the $ 3 billion mark. Merchandised exports on the other hand, declined by 9.5% to $ 11.85 billion, statistics from the Export Development Board revealed.
Robust performance by the services sector helped Sri Lanka finish 2023 with $ 14.95 billion in total exports, down marginally by 0.39% from $ 14.99 billion in the previous year.
The highest performance of total exports was $ 15.91 billion in 2018. However, 2023 performance was also far below the original target of $ 18.51 billion.
The services sector also beat the original forecast of $ 2.58 billion for 2023. Merchandise exports target was $ 16 billion.
In 2023, the value of ICT exports is estimated to have increased by 13.2 % to $ 1.26 billion. Construction, and transport and logistics services exports are forecasted to have increased as well, according to the EDB.
Except for tea, spices and concentrates, Electrical and Electronic Components (EEC) and food and beverage, all the other key export sectors including apparel and textiles, rubber and rubber finished products, coconut and coconut-based products and seafood underperformed in 2023.
“We cannot estimate the numbers for 2024 amid the highly volatile internal and global scenario,” the EDB Chairman Dr. Kingsley Bernard said.
He said the EDB in collaboration with the Investment Promotion Ministry has obtained technical support from the International Trade Centre (ITC) based in Geneva to revisit its existing Export Strategic Plan – National Export Strategy (NES).
“The key focus for 2024 is on reviewing the existing NES to align it with contemporary market challenges and harness emerging opportunities to boost exports. The ITC has not yet informed final details regarding the targets but it will soon be announced,” Dr. Bernard added.
Earnings from export of tea, spices and concentrates, electronics and electronic components and food and beverages increased by 4.06 %, 7.42 %, 0.62 % and 0.37 % respectively during the period of January – December 2023 compared, in comparison to the corresponding period of 2022.
Earnings from export of Electrical and Electronic Components (EEC) increased by 0.62 % to $ 486.66 million in the period of January to December 2023 compared to the corresponding period of 2022.
This increase was due to the strong performance in exports of printed circuits (52.37 %), switches, boards and panels (3.78 %) and boilers/ piston engines/ pumps and vacuum pumps (639.88 %) in the period of January to December 2023 compared to the corresponding period of 2022.
Earnings from export of Tea increased by 4.06 % to $ 1,390.9 million in the period of January to December 2023. This increase was mainly due to the strong performance in export of tea packets (10.95 %).
January 31, Colombo (LNW): Shasheendra Rajapaksa took the oath of office as the State Minister for Irrigation and Water Resources Management in a ceremony presided over by President Ranil Wickremesinghe at the Presidential Secretariat a short while ago.
January 31, Colombo (LNW): A delegation from the Regional Office of the Food and Agriculture Organisation of the United Nations (FAO) has arrived in Sri Lanka to oversee the organisational activities of the upcoming 37th session of the Asia Pacific Regional Conference (APRC).
The conference, scheduled to take place in Colombo from 19th to 22nd February 2024, will bring together ministers of agriculture and high-ranking officials from 46 member countries across the Asia Pacific region.
During their visit, the representatives of the FAO’s regional office met with Sri Lanka’s Minister of Agriculture, Mahinda Amaraweera, to discuss the preparations and agenda for the upcoming conference.
The Asia Pacific Regional Conference serves as a platform for ministers and officials to engage in discussions on challenges and priorities related to food and agriculture, fostering regional coherence.
This year’s conference will focus on key themes such as the state of food and agriculture in the region, agrifood systems transformation, and solutions tailored to the needs of smallholders and family farmers.
The FAO delegation’s presence underscores the organisation’s commitment to addressing crucial issues in the Asia Pacific region and promoting collaboration among member countries.
January 31, World (LNW): A Pakistani court has sentenced former Prime Minister Imran Khan and his wife to 14 years in prison for corruption, according to prison officials.
This follows a separate conviction the previous day in which another special court found Khan guilty of leaking state secrets, resulting in a 10-year prison sentence.
The corruption charges against Khan and his wife involve allegations of retaining and selling state gifts during Khan’s tenure as the country’s premier.
The court’s decision marks a significant legal development for the prominent political figure, known for leading Pakistan’s Tehreek-e-Insaf (PTI) party and serving as the Prime Minister.
These legal proceedings add a layer of complexity to the political landscape, with implications for Khan’s role and influence within Pakistani politics.
The convictions and sentences are subject to legal processes and may have broader ramifications on the political dynamics of the country.
January 31, Colombo (LNW): The government intends to create 100,000 additional foreign job opportunities for Sri Lankan citizens this year, announced State Minister of Social Empowerment Anupa Pasqual.
The Minister outlined this initiative during a press briefing held at the Presidential Media Centre (PMC) under the theme ‘Collective Path to a Stable Country.’
Recognising the potential of international job markets, the government intends to send 10,000 individuals proficient in the Japanese language to secure employment abroad.
This strategic move aims to leverage existing language skills and tap into new markets, providing lucrative opportunities for the workforce.
State Minister Anupa Pasqual emphasised the government’s commitment to investing in skills development and training programmes to ensure that Sri Lanka’s workforce is well-prepared for the demands of the global job market.
Empowering beneficiaries is the government’s ultimate objective, Pasqual went on, adding that they are moving beyond simply providing financial assistance.
The State Minister further emphasised that the government’s revamped system focuses on creating opportunities for foreign employment, with 10,000 Japanese Language Proficiency Test passers already placed abroad and a further 100,000 foreign jobs targeted.
In addition to enhancing professional skills through targeted training programmes, the government plans to promote the cultivation of high-value crops such as tea, cinnamon, and pepper for export.
This dual approach, combining skill development and export-oriented agriculture, is expected to pave the way for sustainable economic empowerment.
January 31, Colombo (LNW): Vaiyapuri Gopalsamy, better known as Vaiko, the General Secretary of the Marumalarchi Dravida Munnetra Kazhagam (MDMK) and Member of Rajya Sabha, has called upon the Indian government to approach its relationship with Sri Lanka with careful consideration, particularly in light of China’s increasing presence in the island nation, The Hindu reported.
During an all-party meeting chaired by Defence Minister Rajnath Singh in New Delhi, Vaiko emphasised the strategic significance of China’s construction of a port in Hambantota, highlighting the potential threat that could emerge from the south.
In addition to geopolitical concerns, Vaiko drew attention to the alleged attacks on Tamil fishermen by the Sri Lankan Navy, expressing deep concern over the reported fatalities of over 800 fishermen.
He urged the Indian government to address this issue promptly, emphasising the importance of safeguarding the lives and property of Tamil fishermen.
During the meeting, Vaiko also took the opportunity to criticise Tamil Nadu Governor R.N. Ravi, accusing him of making inconsistent remarks on various issues.
Responding to claims that Governor R.N. Ravi attributed India’s independence to Subhas Chandra Bose, Vaiko pointed out the Governor’s clarification and suggested that the Minister may not have been adequately informed on the matter.
Furthermore, Vaiko expressed apprehension about the potential threats to Indian democracy, cautioning against the implementation of policies driven by “Hindutva forces,” such as one country, one election, one language, and one religion, which, according to him, could pose significant risks to the democratic fabric of the nation.
January 31, Colombo (LNW): The Sri Lankan Rupee (LKR) has appreciated against the US Dollar today (31) in comparison to yesterday, as per the exchange rates of leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 310.88 from Rs. 312.35, and the selling price to Rs. 321.71 from Rs. 323.34.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 309.60 from Rs. 311.45, and the selling price to Rs. 320.50 from Rs. 321.50.
Sampath Bank follows similar pattern with the buying and selling prices of the US Dollar dropping to Rs. 312 from Rs. 313 and Rs. 321 from Rs. 322, respectively.
