March 07, Colombo (LNW): The National People’s Power (NPP) has outlined its stance regarding the International Monetary Fund (IMF) programme, stating that if elected to power, it would not obstruct the programme but rather seek to renegotiate its terms and conditions.
NPP representatives emphasised concerns over the current austerity measures, which they argue have placed undue burdens on the populace.
Additionally, they expressed apprehension regarding government attempts to privatise public assets, cautioning against potential adverse economic consequences for the nation.
Speaking on behalf of the NPP, Prof. Anil Jayantha, a member of the party’s economic council, highlighted the necessity for expedited actions in the debt restructuring process.
He underscored the importance of implementing homegrown solutions to stabilise the economy, asserting the NPP’s readiness to devise plans aimed at unlocking growth potential, augmenting government revenue, replenishing foreign reserves, and fostering sustainable economic development.
Prof. Jayantha criticised the current government’s handling of economic challenges, suggesting that earlier negotiations with creditors and exploration of alternative strategies could have mitigated the present situation.
Despite being halfway through the IMF programme, he stressed the NPP’s commitment to a pragmatic approach, indicating a willingness to engage constructively while also conducting inquiries into specific credit agreements to ensure transparency and accountability in fund utilisation.
March 07, Colombo (LNW): Deputy Speaker Ajith Rajapakshe on Wednesday (06) announced in Parliament that ACMC MP Ali Sabri Raheem’s parliamentary services will be suspended for one month, effective immediately.
This decision comes in light of the Committee on Ethics and Privileges’ recommendations.
During the parliamentary session, MPs approved a resolution proposing the suspension of MP Raheem from participating in parliamentary proceedings.
The suspension follows an incident in May last year when MP Raheem was apprehended by Sri Lanka Customs officials at Katunayake Airport upon his return from Dubai.
The MP was found in possession of undeclared gold weighing over 3 kilograms, valued at Rs. 74 million, and 91 smartphones valued at more than Rs. 4.2 million.
As a consequence, MP Raheem was fined Rs. 7.5 million and released upon payment. The undeclared items were confiscated by customs authorities.
March 07, Colombo (LNW): State Minister for Urban Development and Housing, Arundika Fernando, announced the commencement of significant development endeavors during a press briefing at the Presidential Media Centre yesterday (06), under the theme ‘Collective Path to a Stable Country.’
Addressing the nation, State Minister Fernando underscored the government’s proactive response to the economic crisis, which had previously impeded development projects.
As the economy exhibits signs of improvement, essential development initiatives have been initiated to address pressing needs and catalyse growth.
Key highlights of the minister’s address include:
Launching a housing project comprising 2000 units in Colombo and its suburbs, with support from Chinese aid, aimed at addressing housing shortages.
Facilitating the issuance of deeds to residents of flats to ensure proper documentation and ownership rights.
Progressing with the “Kandukara Dashakaya” Development Project, focusing on rural development.
Commencing coastal and low-lying land development activities to facilitate regional-level development projects across the island.
Readying the Colombo Hilton Hotel for private sector investment, with interest already expressed by four businessmen. Emphasis is placed on securing expected financial investment for project success.
Advancing the Hyatt Hotel project, seeking an investor for its completion, and proposing development opportunities along DR Wijewardene Mawatha.
Successfully concluding preliminary work for the Japanese project aimed at cleaning the Beira Lake in Colombo, with commencement slated for next month.
Implementing a comprehensive flood control programme for Colombo city to mitigate flood risks and protect infrastructure, pending necessary financial allocation.
Noteworthy interest from countries like India, China, and various Western nations reflects growing confidence in investing in Sri Lanka, signaling promising opportunities for economic growth and development.
The Central Bank came under heavy fire from the Members of Parliament yesterday. During the Party Leaders’ meeting convened on the matter, MPs voiced their discontent over the move to increase salaries by 70% without government approval , labelling it as a violation of the law. Several MPs argued that the Central Bank lacked the legal authority to unilaterally raise its staff salaries without prior approval from Parliament, adding to that this decision has resulted in an additional monthly expenditure of Rs. 232 million to the CbSL.
Moral integrity
The MPs also criticized the moral integrity of the Central Bank, highlighting the contradiction of increasing its employees’ salaries, whilst introducing policies that hike taxes such as PAYE and VAT for other segments of the workforce. Central Bank Governor Dr. Nandalal Weerasinghe defended the salary hikes, citing provisions within the Central Bank Act that empower the institution to determine and adjust salaries as necessary. He also underscored that these provisions were not only present in previous legislation, but also in the current law. This argument was shot down by the MPs. Separately during the Parliamentary session yesterday, Dr. Charitha Herath raised concerns about the legitimacy of the purported three-year collective agreement of the Central Bank, pointing out that it has not been approved by the Labour Ministry and considering it a mere document. MP Dayasiri Jayasekara criticised the Central Bank officials, accusing them of serving their own interests while penalising others with their powers. He highlighted the disparity in interest rates, noting that Central Bank employees enjoy rates as low as 1% whilst the general public faces rates as high as 20.5%.Adding to the heated discussion, MP Suresh Raghavan issued a stark warning, suggesting that if there were to be another wave of public unrest akin to the Aragalaya movement, bureaucrats’ houses would be targeted instead of politicians’.The decision to implement steep salary hikes for CBSL staff sparked concerns amid debates over the autonomy of the Central Bank and the implications of recent legislative changes. The IMF must be held accountable for this.
CBSL Poor Performance
The CBSL is largely responsible for the economic mayhem. For the following four Reasons;
Borrowing USD from international markets at commercial rates between 2015-2020
Declaring bankruptcy without parliamentary approval for 65$ Million.
Jacking interest rates to 30% without any concern for the SMEs, public and Corporate sector . Making over 25% of the SMEs bankrupt and also pushing government borrowing up by 16% by issuing long term bonds at 30%
Allowing local bond holders to making a killing ; classic cases first capital and Capital Alliance
A commission must be appointed to review these decisions and the impact these decisions had on livelihood of people. if found guilty their civic rights should be removed or fined. The current governing body has one banker who retired over 25 years ago . Knows nothing on technology. There is an uncle and nephew on the governing board . How much is the governing board members paid . Over 3 million each annually?
Conclusion
The CBSL by increasing salaries by 70% arbitrarily has failed the nation. It is a shameful to say the least whilst they heap taxes on the general public. Central Bank ‘s independence should therefore be limited only to make decisions on behalf of the country without restrictions and outside influences to manage price levels, but not for their personal benefit. If the law is not clear on this, the Parliament has the responsibility to amend it. The Central Bank must be held accountable for their actions . If the Governor and the Governing Council had any decency they would have all resigned yesterday. The perks are too good for them to leave the Central Bank.
The governing body
a) Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, as the Chairman, b) Mr. Sanjeeva Jayawardena, President’s Counsel, who was previously, a member of the Monetary Board as well, c) Mr. Nihal Fonseka, who also was previously, a member of the Monetary Board, d) Dr. Ravi Ratnayake, e) Mr. Anushka Wijesingha. F) Manil Jayasinghe G) Amerasekara Rajiv
March 07, Colombo (LNW): The Sri Lanka Posts Department has articulated its ambition to achieve a revenue target of Rs. 21 billion for the fiscal year 2024, aiming to operate as a self-sustaining entity independent of Treasury funding.
Postmaster General Ruwan Sathkumara elaborated on the department’s strategic shift towards becoming a business service provider rather than solely a public service entity.
Sathkumara highlighted the department’s proactive engagement in forging strategic partnerships with the private sector to address revenue shortfalls and strive for financial viability.
Notably, the department recently entered into a collaboration agreement with the global logistics and package delivery company, United Parcel Service (UPS).
Sathkumara shared these insights on the sidelines of the launch event for a commemorative stamp marking Hatton National Bank’s 135th anniversary.
It marked a significant milestone for the Posts Department, which issued its first-ever first-day cover stamp to a private bank.
In the preceding fiscal year, the department reported a revenue of Rs. 13.6 billion but incurred a loss of Rs. 3.2 billion.
March 07, Colombo (LNW): In January, Experience Travel Group, alongside 35 co-signatories, published an open letter urging the UK’s Foreign, Commonwealth & Development Office (FCDO) to revise its travel advice concerning Sri Lanka.
The letter criticised the FCDO’s references to fuel and food shortages dating back to the 2022 political unrest and continued mentions of the 2019 terrorist attacks, deeming the current guidance “excessively severe.”
It asserted that such advisories were detrimental to Sri Lanka’s travel industry and suggested that the UK government was inadvertently undermining the sector.
Conservative peer Lord Naseby raised concerns in the House of Lords regarding the accuracy of the FCDO’s comments, noting discrepancies such as references to ongoing protests and fuel shortages that, according to him, were not reflective of the current situation in Sri Lanka.
Lord Naseby urged Foreign Secretary David Cameron to review and potentially amend the guidance, proposing that representatives from the Experience Travel Group be included in discussions with junior ministers to address the matter.
Managing Director of Experience Travel Group, Sam Clark, described Lord Naseby’s intervention as a significant development in their advocacy efforts.
He expressed gratitude for the opportunity to engage with the Foreign Office and voiced hope that constructive dialogue would lead to updates in the travel advice that accurately represent Sri Lanka’s situation without causing undue harm to its tourism-dependent economy.
Clark emphasised the importance of updating the FCDO’s advice to reflect the current realities in Sri Lanka, underscoring the need for travelers to have access to accurate and reliable information for informed decision-making.
March 07, Colombo (LNW): The International Monetary Fund (IMF) is set to initiate the second review of the Extended Fund Facility (EFF) programme for Sri Lanka today (07), commencing with an inaugural meeting scheduled with President Ranil Wickremesinghe.
In a statement shared via his official communication platform, Finance State Minister Shehan Semasinghe underscored the significance of this development in the government’s ongoing endeavors to fortify stability and foster economic growth.
The government anticipates a successful review outcome leading to the attainment of a staff-level agreement, facilitating access to the program’s third tranche.
Semasinghe emphasised that such progress would catalyse Sri Lanka’s growth trajectory, bolstering confidence in the economy among stakeholders.
March 07, Colombo (LNW): Except for a few showers in Ratnapura, Galle and Matara districts in the evening or night, mainly dry weather will prevail over the island, the Department of Meteorology said in its daily weather forecast today (07).
Misty conditions can be expected at some places in Western and Sabaragamuwa provinces and in Galle and Matara districts during the morning, the statement added.
Marine Weather:
Condition of Rain:
Mainly fair weather will prevail sea areas around the island.
Winds:
Winds will be easterly or north-easterly in the sea areas off the coast extending from Mannar to Matara via Kankasanthurai, Trincomalee, Pottuvil and Hambantota, and winds will be variable in direction in the other sea areas around the island. wind speed will be (15-30) kmph.
State of Sea:
The sea areas around the island will be slight to moderate.
The year 2009 dawned under ominous skies of media oppression. The tragic loss of Lasantha Wickramatunga, the esteemed editor-in-chief of the Sunday Leader newspaper, on January 08, 2008, sent shockwaves not only through Sri Lanka’s media landscape but reverberated across society. Out of this darkness emerged ‘Lanka News Web’ (LNW), born from impassioned discussions among individuals, both within and outside Sri Lanka, seeking to uphold press freedom, safeguard democracy, and ensure the public’s right to information amidst an atmosphere fraught with fear.
LNW embarked on its mission on March 7, 2009. Over the past fifteen years, we have navigated a path strewn with challenges, spanning one and a half decades. Fifteen years may seem like an eternity, especially considering the tumultuous events that have unfolded in Sri Lanka during this time. It feels akin to watching a movie on fast-forward, with each moment carrying its own weight of significance.
Reflecting on the journey…
From the final throes of a devastating war in the North to the seismic shifts in political landscapes, including presidential elections and constitutional amendments; the Presidential Election in 2010, the presentation of the former Army Commander as the common candidate of the Opposition against the President, the imprisonment of the former Army Commander who lost the election, the establishment of a government with two-thirds power of the winning President, the 18th Amendment to the Constitution, Maithripala Sirisena becoming the common candidate of the Opposition, the defeat of the Rajapaksas, the good governance (Yaha Palanaya) government, the Bond Scam, the 19th Amendment to the Constitution, the rampant violence against Muslims, the SLPP (Pohottuwa) coming forward in the 2018 local government elections, the October 2018 Political Coup, the 52-day Sirisena-Rajapaksa government, the Easter attack, the ‘Sterilisation Operation’ drama (Vanda Sethkam Natakaya), Gotabhaya Rajapaksa becoming President, Tax Amendment, Fertiliser Ban, the 20th Amendment to the Constitution, the Covid-19 Pandemic, the Economic Crisis, 2022 People’s Struggle (Aragalaya), the May 9 Events, Gotabhaya fleeing the Country, Ranil Wickramasinghe becoming President, the 21st Amendment to the Constitution, the agreement with the International Monetary Fund (IMF), and the importation of substandard Medicines — we have borne witness to it all.
Amidst the ebb and flow of events, Lanka News Web has remained steadfast in our commitment to the people, standing resolutely against injustice, discrimination, and the erosion of freedoms.
Our allegiance lies not with any political faction but with the collective well-being of society. Through the darkest of times, we have steadfastly opposed racism and religious intolerance, unwavering in our defense of human dignity and freedom.
Life’s journey is a tapestry of peaks and valleys, and ours has been no exception. Despite facing myriad challenges, setbacks, and moments of stagnation, it is the unwavering support and appreciation of our readers and allies that have sustained us through the journey. To them, we extend our heartfelt gratitude.
As we enter another election year, we reaffirm our commitment to impartial reporting, offering equal platforms to all major political parties. Additionally, we are poised to explore new avenues, leveraging audio-visual media to delve deeper into realms such as politics, education, healthcare, arts, sports, and social welfare.
The fate of Sri Lanka in the coming decade and a half — and indeed, beyond — may well be determined in the months ahead. Whatever the future holds, whatever trials may arise, Lanka News Web pledges unwavering solidarity with the people of this nation, championing their cause unconditionally and continuously.
To our readers and supporters who have stood by us for fifteen years, we extend our heartfelt appreciation. Together, let us forge ahead into the future.
March 06, Colombo (LNW):Hayleys Aventura has become Sri Lanka’s official service partner (SP) for Grundfos, the globally renowned Danish manufacturer of water pumps.
The SP uniquely positions Hayleys Aventura to provide unparalleled after-sales care and expertise across the entire range of Grundfos products, through the integration of its software systems, access to a comprehensive spare parts inventory and a wealth of technical information.
With tailored capability building programs provided by Grundfos, Hayleys Aventura’s staff are empowered with the requisite knowledge and skills to efficiently address and exceed customer requirements, solidifying their status as trusted experts in Grundfos product support in Sri Lanka.
This partnership which commenced in 2014, will now further enhance Hayleys Aventura’s capability to deliver a stronger customer value proposition from end-to-end, including after-sales services.
“We’re excited to declare our strategic partnership with Grundfos as its official service partner in Sri Lanka, reinforcing our commitment to deliver exceptional solutions.
This collaboration enhances our service and support capabilities, reaffirming our dedication to ensure customer satisfaction whilst setting new standards in engineering excellence,” Hayleys Aventura Head of Power Engineering Thilina Bandara said.
Aftermarket Senior Regional Sales Manager CBS APAC Meenna Yodrayub expressed her enthusiasm about the collaboration stating, “Our mission has always been to provide the most optimum water solutions to the world, and this partnership will bolster Hayleys Aventura’s capabilities to add more value to our customers across borders, so we can continue to do what we do best.
Ultimately, by enabling Hayleys Aventura to handle the after sales related services, they can now present customers with a total solution to make our pumps more reliable and resilient, on par with the highest global standards.”
Drawing on its engineering expertise, Hayleys Aventura has already executed numerous large-scale projects island-wide via Grundfos products, including installations in one of the country’s largest public sector banks.
An after-sales Grundfos pump replacement project was able to save over 200 (Kwh) electrical units for the client, daily. Meanwhile, an installation of pumps for the improvement of a sand filter, was estimated to have incurred a saving of more than 215,000 (Kwh) per annum.
From conserving energy via smarter and more efficient pumping technologies, to reusing over 1.8 billion m3 of water annually, these efforts underscore Grundfos’ commitment to sustainability in its portfolio, thereby opening avenues for the company’s customers to achieve the LEED U.S. Green Building Certification.
Grundfos, a global leader with a production capacity exceeding 20 million pumps annually, operates in six strategic locations worldwide, including Hungary, China, North America, South America, and an assembling plant in Singapore.
