March 12, Colombo (LNW): In a recent media statement, the Sri Lanka Banks’ Association (SLBA) representing all licensed banks, including state banks, public listed companies, and branch offices of international banks, emphasised that the suspension of parate execution would not safeguard mortgaged assets of defaulters.

This is because banks would continue to pursue mortgage actions through legal channels.

The SLBA clarified that the mortgage action process involves presenting individual cases to bank boards of directors and publishing notices in the media.

It cannot be unilaterally implemented by bank officers.

Parate execution, one option available to banks in debt recovery, helps mitigate delays in the process.

However, it is utilised as a last resort before resorting to legal action, until laws are amended to incorporate the proposed suspension approved by the Cabinet.

Highlighting the parate rights of banks as a crucial legal remedy for debt recovery, the SLBA emphasised its necessity when borrowers fail to cooperate in developing feasible debt repayment plans.

Continuing unsustainable businesses is not viable, it noted, especially considering the interests of bank depositors.

Expressing concern over state intervention in debt recovery laws without consulting banks, the SLBA warned of increased borrowing costs for all borrowers due to government decisions.

It argued that unilateral interventions weaken banks’ ability to support economic revival.

Key Issues Raised:

• Some defaulters seek amendments to existing debt recovery laws.
• Good borrowers may face funding constraints as banks become cautious.
• Borrowing costs may rise due to added risk premiums.
• Banking sector efforts to support economic revival could be hampered.
• Inability to recover funds risks public deposits.
• Banks have already absorbed costs to support borrowers during recent crises.

Warning on Project Interruptions:

The SLBA cautioned that suspending parate action could disrupt ongoing projects with international donor agencies such as the IMF, World Bank Group, ADB, and the Central Bank.

These agencies collaborate with banks to resolve distressed debts and rehabilitate borrowers, preserving residual business assets.

The SLBA urged policymakers to base decisions on data and national economic interests rather than the lobbying of a small group of defaulters.

March 12, Colombo (LNW): 92 per cent of the sanitary towels needed in the country are domestically manufactured, with no tax imposed on them, Finance State Minister Ranjith Siyambalapitiya asserted.

Speaking at an event in the Thalduwa area, Siyambalapitiya highlighted that the remaining 8 per cent of imported sanitary towels are brought into Sri Lanka by a single company as finished products, subject to a 22.5 per cent tax.

He clarified that this tax is solely aimed at safeguarding local producers.

March 12, Colombo (LNW): The Ministry of Agriculture has announced the suspension of a recent gazette notification permitting the importation of various spices, including pepper, for re-export.

Initially, the government had issued a gazette notification allowing the importation of locally grown spices such as pepper, nutmeg, mace (Vasavasi), turmeric, ginger, and cardamom for subsequent re-export.

Following deliberations during yesterday’s Cabinet meeting, Agriculture and Plantation Industries Minister Mahinda Amaraweera voiced his reservations regarding the aforementioned gazette notification.

Permitting the importation of these spices for re-exportation would adversely impact local spice farmers, potentially leading to the decline of domestic spice cultivation, the Minister emphasised.

Furthermore, he underscored concerns about the potential deterioration in the quality of Sri Lankan spices, which currently hold a premier position globally.

Considering these factors, the Cabinet decided to suspend the relevant gazette notification, thereby halting the importation of spices intended for re-export.

Minister Amaraweera further highlighted the Cabinet’s commitment to conducting comprehensive studies aimed at preserving the quality of local spices and enhancing the government’s role in promoting the cultivation of indigenous spices as vital plantation crops.

March 12, Colombo (LNW): President Ranil Wickremesinghe yesterday (11) led a significant gathering of party leaders at the Presidential Secretariat to deliberate on proposals put forth by the International Monetary Fund (IMF).

The meeting convened various stakeholders, including TNA MP M. A. Sumanthiran, to delve into the intricacies of ongoing negotiations with bilateral creditors, commercial creditors, and ISBs.

Treasury Secretary Mahinda Siriwardena provided a comprehensive overview of the negotiation process, expressing optimism about its culmination by June’s end.

During the discourse, MP Sumanthiran raised pertinent queries regarding the absence of published technical assistance reports from the IMF, essential for informed parliamentary deliberations.

President Wickremesinghe, acknowledging the imperative of transparency, pledged to furnish the requisite data to the TNA and Parliament, fostering informed debates and decisions.

Additionally, the Central Bank Governor highlighted the government’s commitment to adhering to recommendations delineated in the governor’s diagnostic report, stressing the importance of a structured roadmap for implementation.

President Wickremesinghe affirmed the government’s willingness to share technical assistance reports with parliamentarians, extending an invitation to Sumanthiran and other Opposition members to engage with the IMF directly.

In response, MP Sumanthiran expressed readiness to participate constructively in the dialogue, advocating for constructive measures while pinpointing areas necessitating attention and rectification.

President Wickremesinghe’s proactive initiative underscores the government’s commitment to transparency, accountability, and bipartisan collaboration in navigating crucial economic decisions for the collective welfare of citizens.

Among those present at the meeting were Prime Minister Dinesh Gunawardane, Leader of the House Susil Premajayantha, State Ministers of Finance Shehan Semasinghe and Ranjith Siyambalapitiya, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayaka, Secretary to the President Saman Ekanayake, Governor of the Central Bank Dr. Nandalal Weerasinghe, and Secretary to the Treasury Mahinda Siriwariwardena, representing the government. TNA MP M.A. Sumanthiran represented the Opposition.

March 12, Colombo (LNW): Sri Lanka’s health authorities have refuted recent findings published in The Lancet, a British medical journal, regarding child malnutrition and underweight girls, asserting that the portrayal of Sri Lanka in the study is inaccurate.

The study, published on February 29 and covering data from 1990 to 2022, asserts that approximately 410,000 girls in Sri Lanka are classified as underweight, constituting a prevalence of 16.4 per cent.

Despite ongoing efforts to enhance nutrition and healthcare accessibility, the report alleges no discernible improvement in this concerning statistic since 1990.

Furthermore, The Lancet ranks Sri Lanka second globally, after India, for the highest prevalence of severely underweight girls aged 5 to 19 years.

Conducted by the NCD Risk Factor Collaboration in collaboration with the World Health Organisation (WHO), the study underscores a stagnation in the situation over the past three decades, contrasting with a decrease in underweight individuals observed in India during the same period.

However, Sri Lankan health officials have strongly contested the study’s conclusions regarding the Sri Lankan context.

Dr. Palitha Mahipala, Secretary of the Ministry of Health, dismissed the findings, asserting that they do not align with the actual situation in Sri Lanka.

Similarly, Dr. Chithramalee De Silva, Director of the Family Health Bureau, expressed dissatisfaction with the data utilised by The Lancet.

According to the latest health ministry report, Sri Lanka recorded severe acute malnutrition (SAM) in 15,763 children (1.2 per cent) in 2023, compared to 18,420 children (1.4 per cent) in 2022.

This dispute follows the health ministry’s earlier rejection of a report by the United Nations Children’s Fund (UNICEF) on child malnutrition in Sri Lanka.

March 12, Colombo (LNW): In anticipation of the upcoming national elections, the government has initiated fresh endeavours to amend the Parliamentary Elections Act, a Minister disclosed.

Justice Minister Wijeyadasa Rajapakshe recently tabled a Cabinet paper proposing the adoption of a mixed electoral system. Under this proposed system, 160 MPs would be elected through the First Past the Post (FPTP) System, while another 65 MPs would be elected via proportional representation (PR).

The FPTP system entails that the candidate securing the highest number of votes in a local constituency clinches a seat in the House. Conversely, PR aims to allocate parliamentary seats to parties in proportion to the total votes they receive.

Following its submission, the paper has been slated for discussion among representatives of various political parties in the legislature.

While some parties have expressed support for the proposals, others have voiced opposition, Rajapakshe told Daily Mirror.

Previous administrations have also endeavoured to reform the existing electoral system of proportional representation, yet legislative enactment has been elusive due to disparities among political factions.

Proportional representation has faced criticism for electoral irregularities. Consequently, there is speculation within political spheres regarding the timing of the government’s initiative to amend the electoral system, particularly with elections looming on the horizon.

March 12, Colombo (LNW): Healthcare workers have scheduled a series of protests outside specific hospitals today (12).

Ravi Kumudesh, the Convenor of Health Service Trade Unions, announced that the demonstrations are in response to prolonged delays in salary increments and the lack of action against healthcare administrators impeding their duties.

These protests are set to commence in front of designated state hospitals from noon onwards, Kumudesh said.

March 12, Colombo (LNW): Bangladesh’s Foreign Minister Dr. Hasan Mahmud voiced a strong commitment to bolstering trade and commerce ties with Sri Lanka during discussions with Sri Lankan High Commissioner Dharmapala Weerakkody at the Foreign Ministry in Dhaka yesterday (11).

The meeting, which delved into matters of mutual interest, saw Mahmud expressing contentment with the current bilateral relations between Bangladesh and Sri Lanka.

He extended gratitude to the High Commissioner for conveying congratulatory messages to Bangladeshi Prime Minister Sheikh Hasina from the Sri Lankan Head of State and Head of Government following the victory in the 12th National Parliamentary elections.

Mahmud also commended Sri Lanka’s economic recovery efforts and reaffirmed Bangladesh’s solidarity during times of crisis.

Emphasising the need to tap into the full potential of bilateral relations, Mahmud proposed intensifying cooperation in trade, agriculture, fisheries, ICT, hospitality, shipping, maritime connectivity, and people-to-people exchanges.

He suggested expanding bilateral trade by exporting high-quality pharmaceuticals and garments to Sri Lanka and sought increased Sri Lankan investment in Economic Zones.

Mahmud underscored the importance of promptly concluding bilateral instruments, including the Preferential Trade Agreement (PTA).

High Commissioner Weerakkody briefed the Foreign Minister on Sri Lanka’s current economic landscape, highlighting its phase of economic recovery with support from friendly nations like Bangladesh.

He underscored the potential for further expanding sectoral cooperation for mutual benefit.

Furthermore, Mahmud sought Sri Lanka’s support for the early repatriation of Rohingyas and proposed extensive cooperation within regional bodies like SAARC, BIMSTEC, and IORA.

The Foreign Minister conveyed his best wishes to the High Commissioner for a successful tenure in Bangladesh and assured him of full support.

By: Isuru Parakrama

March 12, Colombo (LNW): Showers or thundershowers may occur at a few places in Colombo, Kalutara, Ratnapura, Galle and Matara districts in the evening or night, and a few showers are likely in Ampara, Batticaloa and Hambantota districts during the morning, the Department of Meteorology said in its daily weather forecast today (12).

Mainly dry weather will prevail in the other areas of the island, the statement added.

Misty conditions can be expected at some places in Western, Sabaragamuwa and Uva provinces and in Galle and Matara districts during the morning.

Meanwhile, the heat index, the temperature felt on human body is expected to increase up to ‘Caution level’ at some places in Western, North-western, Southern and Sabaragamuwa provinces and in Anuradhapura, Mannar, Trincomalee and Batticaloa districts.

The public is advised to stay hydrated and takes breaks in the shade as often as possible, check up on the elderly and the sick, never leave children unattended, limit strenuous outdoor activities, find shade and stay hydrated, and wear lightweight and white or light-colored clothing.

Marine weather: