By: Staff Writer

Colombo (LNW): The Sri Lanka Air Force (SLAF) has been able to procure two state-of-the-art Harbin Y-12-IV aircraft from China for the replenishment of its ageing Y-12 light transport aircraft fleet since 2017, with orders placed with the manufacturer in late 2019.

The Air Force (SLAF) has received two state-of-the-art Harbin Y-12-IV aircraft from China, marking a significant advancement in the nation’s aviation capabilities recently.

The official induction ceremony, symbolizing the formal takeover of the aircraft, took place at the SLAF Ratmalana Base No. 8 “Light Transport” Squadron.

The Sri Lanka Air Force today received two Harbin Y-12-IV aircraft from China, marking a significant step in bolstering the nation’s aviation capabilities.

The Sri Lanka Air Force initiated preparations to purchase the aircraft in 2017 for the acquisition of two state-of-the-art Y-12IV aircraft.

A contract was signed on 16 December 2019 between the Secretary to the Ministry of Defence on behalf of the Sri Lankan Government and the China National Aero-Technology Import & Export Corporation.

The Sri Lanka Air Force (SLAF) last week signed an acquisition agreement with Chinese aviation giant China National Aero-Technology Import and Export Corporation for the purchase of two state-of-the-art Y-12 IV aircraft in June 2023.

The SLAF has been pursuing the replenishment of its ageing Y-12 light transport aircraft fleet since 2017, with orders placed with the manufacturer in late 2019.

With a number of Y-12s in the SLAF inventory reaching the end of their lifespan, many will become unserviceable in the coming years, a senior defence official disclosed.

It is learnt that Air Force Commander Air Marshal Sudarshana Pathirana signed the official acceptance documentation at a ceremony held in Beijingin June 2023.

When contacted, Air Force Spokesperson Group Captain Dushan Wijesinghe acknowledged that the SLAF had signed acceptance papers for two Y-12 IV aircraft, but would not provide details.

The Y-12 IV, the latest iteration of the Y-12 series of turboprop twin-engine, light transport aircraft, incorporates extended wing tips and an increased take-off weight, enhancing its performance capabilities, and includes modern avionics with a ‘glass cockpit’ instrument and information display console system.

The Y-12 aircraft has been in service with the SLAF since the 1980s and is manufactured by Harbin Aviation Industry Co. Ltd. in China.

The Y-12IV aircraft is a Short Take Off and Landing (STOL) aircraft that serves as a versatile light transport aircraft. This particular model, an improved version of the Y-12, incorporates extended wing tips and an increased take-off weight, enhancing its performance capabilities.

In addition to fulfilling operational, search and rescue needs, the Air Force Commander highlighted the unique capability of these aircraft to support tourism promotion. Each aircraft has a capacity for 15 passengers.

The Commander highlighted the unique ability of the Y-12IVs to land on 90% of Sri Lanka’s runways, making them ideal for promoting tourism in remote and picturesque locations.

By: Staff Writer

Colombo (LNW): The Telecomm-unication Engineers’ Union (TEU) has raised concerns over the proposed sale of SLT-Mobitel highlighting a host of issues relating to the Government’s first step – the notice of Request for Qualification (RFQ) published last month.

TEU is the most prestigious professional trade union in Sri Lanka Telecom PLC consisting of around 550 qualified, experienced, and passionate professional engineers representing 95% of the management of the Company.

The TEU letter to the SOE Restructuring Unit Director General Suresh Shah listing the key concerns has been signed by President Eng. Manjula Samarasinghe and Secretary Eng. Hasaranga Vidanapathirana.

The latest representation in writing is despite TEU together with other fellow professional trade unions having been in communication with the SOERU.

Since the inception of the divestiture process in late 2022 and having held several meetings to guarantee that the potential investor of SLT would be the ideal strategic partner who would propel the entity to new heights and ultimately benefit the entire country.

Having raised serious doubts whether the recently released RFQ to divest Sri Lanka Telecom PLC will actually pave the way for the country to achieve its short- and long-term goals, TEU said it (RFQ) contained ambiguities and catered simply to “any investor,” diluting the level of knowledge, competence, and ability expected of a potential investor.

TEU recalled in their discussions Shah was specifically conveyed the desirable characteristics of such a strategic partner.

However, TEU said it appears that neither the Committee nor the project and evaluation committees appointed by the Cabinet have given much thought to the recommendations put forth by TEU.

Instead, they may have been swayed by political pressure or unseen forces to alter the RFQ document, which was purportedly prepared by the renowned International Finance Corporation (IFC) on a global scale, in order to suit their own whims and fancy.

Noting that some of the trade unions of SLT have resorted to various trade union actions all over the country, TEU said: “Such actions will only tarnish the image of the company and will distant potential investors eventually be bringing a negative impact on the Government’s effort on reformation.

The Union is to start discussing employee rights, benefits, and welfare also under this subject of divestiture since it is going to be a critical factor in the whole process.”

By: Staff Writer

Colombo (LNW):In the nine months leading up to September 2023, Sri Lanka received a total of 1.5 billion US dollars from its foreign creditors.

The Asian Development Bank (ADB) was the largest contributor, disbursing 529 million US dollars, followed by the World Bank with 442.8 million US dollars and the International Monetary Fund (IMF) with 343.7 million US dollars.

Other contributors included India (142.5 million US dollars), the Netherlands (7.4 million US dollars), the Saudi fund for economic development (5.6 million US dollars), and the Asian Infrastructure Development Fund (22.9 million US dollars).

Additionally, grants totaling 10.6 million US dollars were provided, with the World Bank contributing 8.4 million US dollars and Germany 2.1 million.

It’s noted that some countries may halt new loans after a default but resume after debt restructuring. Multilateral lenders typically initiate budget support loans following an IMF program, and in this instance, IMF loans are also budget support loans directed to the Treasury instead of the central bank.

Despite facing default, Sri Lanka is expected to continue repaying multilateral agencies, having made debt service payments of 912.8 million US dollars by September, covering principal repayments (631.9 million US dollars) and interest (280.9 million US dollars.

Sri Lanka’s economic stability has been affected by prolonged or insufficiently deep external debt restructuring, deterioration in the political situation (including a backlash to the reforms), and inadequate domestic revenue mobilization this year, World Bank report highlighted.

Moreover limited external financing support, a sharper global slowdown, and a prolonged recovery from the scarring effects of the crisis are key risks to restoring stability, regaining a sustainable growth path, and bringing Sri Lanka back to pre crisis rates of poverty.

The financial sector needs continuous monitoring, given high exposures to the public sector, rising non performing assets, and tight liquidity conditions.

The necessary macroeconomic adjustments may initially adversely affect growth, poverty, and inequality, but will correct overall imbalances, help regain access to international financial markets, and build the foundation for sustainable growth.

Mitigating the impacts on the poor and vulnerable remains critical during the adjustment it added.