1. President Ranil Wickremesinghe reveals that over the past 14 months, the Parliament has enacted 42 new laws to facilitate the country’s economic transformation: highlights the necessity of passing an additional 62 laws through Parliament: underscores that if this cannot be achieved in the current parliamentary session, the bills will be reintroduced in the subsequent session for approval.
   
2. Opposition Leader Sajith Premadasa has voiced concern over economic malpractices, alleging certain entities of monopolising state resources and infringing on citizens’ rights: promises decisive action under an SJB administration, vowing legal scrutiny for the ‘economic terrorists’ responsible and efforts to restore appropriated assets to the Sri Lankan populace.
   
3. Basil Rajapaksa, founder of SLPP, returns to Sri Lanka after a trip to the USA: mentions no official decisions have been made on election candidates: affirms his commitment to leading SLPP’s election preparations, irrespective of their type.
   
4. S.C. Muthukumarana, representing the Sri Lanka Podujana Peramuna (SLPP), sworn in as a member of Parliament: Muthukumarana fills in the parliamentary seat vacant upon the resignation of Uddika Premaratna.
   
5. CEYPETCO has announced a fuel price reduction effective from midnight on March 04. Petrol 95 Octane will be Rs. 447 per litre (down by Rs. 9), Super Diesel will be Rs. 458 per litre (down by Rs. 10), and Kerosene will be Rs. 257 per litre (down by Rs. 5). However, prices for Petrol 92 Octane and Auto Diesel remain unchanged. Lanka IOC and Sinopec have pledged to adjust their prices in line with CEYPETCO’s revisions.
   
6. The Sri Lanka Administrative Service Association (SASA) expresses concerns over the recent salary increase for Sri Lanka Administrative Service officers by the Central Bank: stresses the importance of CB officials having a broader understanding beyond economics, including knowledge in social sciences: highlights potential social unrest and urges consideration of historical context and disparities in decision-making: emphasises the need for a holistic approach considering societal impacts and long-term consequences.
   
7. CEB concluded fiscal year 2023 with notable profitability, reporting Rs. 75.7 billion in profits, with Rs. 61.2 billion from the Board: Factors include increased rainfall and a tariff hike in Q423: Revenue totaled Rs. 679 billion, resulting in Rs. 132 billion gross profit: Distribution costs reduced by 13.7%, and other expenses by 15.3%. Finance income increased by 29%, with a 42.8% rise in finance costs: However, recent scrutiny revealed an overestimation of costs by Rs. 140 billion, emphasising the importance of accurate financial management.
   
8. The Public Utilities Commission endorses a tariff modification, effective from midnight on March 4, resulting in a 21.9% reduction overall: Following a review of proposals by the Ceylon Electricity Board (CEB), the PUCSL determined this reduction, offering significant relief across consumer categories, notably reducing tariffs for domestic consumers by 33% for those using less than 30 units of electricity: Other sectors will also see reductions ranging from 18% to 33%: Additionally, the CEB has been instructed to settle outstanding payments to renewable power plant owners and formulate plans to meet renewable energy targets by 2030.
   
9. Dr. Benjami Reyes, Secretary General of Colombo Plan (CP), met with Saudi Arabian Ambassador to Sri Lanka Khalid Hamoud Alkahtani to discuss maritime sector cooperation: explore infrastructure, capacity building, and trade facilitation: The Saudi Ambassador expresses optimism for future collaboration with CP: Meanwhile, the United States funds key projects of the CP, including a three-year capacity building programme for the Sri Lanka Ports Authority.
   
10. Tourism is thriving with a surge in visitors, attributed to visa-free travel for tourists from key countries like China, India, and Russia: Over 200,000 tourists arrived in January 2024, marking a 103.1% increase compared to last year: Russia leads arrivals with 15%, followed by India: Sri Lanka anticipates welcoming 2 million visitors in 2024, potentially generating $6 billion in revenue.

March 05, World (LNW): The second session of the 14th Chinese National People’s Congress commenced in Beijing this morning (05), marking a significant event in the country’s governance framework, reflecting socialist democracy with Chinese characteristics.

Approximately 2900 representatives from the Chinese Communist Party, government officials, and delegates of the National People’s Congress, including Chinese President Xi Jinping, convened at the opening ceremony to participate in deliberations.

During this session, the Chinese Premier presented the 2024 State Work Report, highlighting China’s achievements in overcoming the challenges posed by the Covid-19 pandemic and attaining major economic and social development objectives.

Emphasising the nation’s commitment to building a modern socialist country, the Premier underscored the pivotal role of this year, which marks the 75th anniversary of the founding of the People’s Republic of China, in advancing the implementation of the ’14th Five-Year Plan’.

March 05, Colombo (LNW): In response to the recent decision by the Central Bank of Sri Lanka (CBSL) to increase salaries for Sri Lanka Administrative Service officers, the Sri Lanka Administrative Service Association (SASA) has issued a statement highlighting several concerns.

The association emphasised the need for CBSL officials to possess a broader understanding beyond economics, advocating for knowledge in social sciences such as sociology, peace and conflict studies, and human behaviour.

This broader understanding is essential for comprehending the societal implications of policy decisions, according to SASA.

Expressing concerns about potential social unrest, SASA cited recent incidents brought to light on social media as examples of the consequences of decisions made without considering broader societal impacts.

The association urged CBSL officials to consider historical context, pointing out past policy changes that have affected salary structures and contributed to economic challenges.

SASA also called attention to disparities in access to resources and infrastructure funded by public taxes, emphasising the importance of recognising these disparities in decision-making.

The association highlighted the role of neuroscience and early childhood experiences in moral development, urging CBSL officials to adopt a more holistic approach to decision-making to ensure the well-being of both the economy and society.

In conclusion, SASA urged the Governor of the CBSL to consider not only market rates but also the broader social and moral implications of salary increase decisions, emphasising the interconnectedness of market and social conditions and the potential long-term consequences for future generations.

Full Statement:

Dear all respected Citizens of Sri Lanka,

With all due respect, we’d like to raise some points that haven’t been addressed in conversation that had between Dr. Nandalal Weerasinhe and Mr. Jayantha Kovilgodage.

Central Bank officials should have a broader understanding than just economics. Their education should encompass social sciences like sociology, peace and conflict studies, and human behavior to better grasp the societal implications of their decisions.

The current decision-making process, lacking this broader understanding, risks perpetuating social unrest. This recent incident, brought to light by social media, exemplifies this concern.

The Central Bank of Sri Lanka, meant to be a professional body supporting policymakers, has unfortunately contributed to the current economic situation, impacting other social development indicators.

Confined within their own environment, Central Bank professionals might rely solely on data,neglecting the human factor. This approach stands in stark contrast to other government services directly interacting with citizens and experiencing the real consequences of policy decisions.

It’s important to consider historical context. In 1978, salaries of similar-graded officials of SLAS, Central Bank and State Owned Enterprises (SOEs) were comparably similar level.

However, a policy change implemented by a former Central Bank official, who later became the Treasury secretary, allowed SOE salaries to be renegotiated every three years through collective bargaining.

This policy set a precedent for the Central Bank to increase its own salaries, contributing to a drain of non-taxable income from SOEs that previously flowed into the national treasury.

Another former Central Bank official who served as Treasury secretary prioritized unnecessary public service recruitment over salary increases. His belief that financial bookkeeping alone could manage societal issues proved shortsighted. He also received two pensions, further burdening the nation.

Therefore, we urge the Governor of the CBSL to consider not just market rates but also the broader social and moral implications of your decisions.

The market and social conditions are intricately linked. While CBSL officials, like all citizens, are consumers, their access to resources and infrastructure funded by public taxes differs. It’s crucial to recognize this disparity.

Neuroscience tells us that the prefrontal cortex, responsible for executive functions, also plays a role in decision-making and morality.

Additionally, early childhood experiences significantly impact moral development.

By neglecting these factors, CBSL risk fostering a nation of dissatisfied citizens, with negative consequences impacting future generations who will bear the cost of these decisions.

We hope this comprehensive perspective encourages a more holistic approach to decision-making,ensuring the well-being of both the economy and society as a whole.

March 05, Colombo (LNW): S.C. Muthukumarana, representing the Sri Lanka Podujana Peramuna (SLPP), officially assumed office as a Member of Parliament today (05).

In a ceremony held at the commencement of the parliamentary session, Muthukumarana took the oath of office before Speaker Mahinda Yapa Abeywardena.

March 05, Colombo (LNW): The Public Utilities Commission of Sri Lanka (PUCSL) has officially endorsed the modification of electricity tariffs, effective from midnight yesterday (04), resulting in an overall reduction of 21.9 per cent, announced PUCSL chairman Prof. Manjula Fernando during a press conference held in Colombo yesterday.

Prof. Fernando emphasised that the decision was reached following a comprehensive review of proposals and cost data presented by the Ceylon Electricity Board (CEB) regarding the tariff adjustment.

This process adhered to the stipulations outlined in Section 30 of the Sri Lanka Electricity Act No. 20 of 2009 and the regulations of the Public Utilities Commission of Sri Lanka.

Initially, the CEB proposed a tariff reduction of 3.4 per cent in January, subsequently revising it to 16 per cent in a proposal submitted on February 22.

After careful consideration of public feedback and thorough examination of the CEB’s cost data, the PUCSL determined a tariff reduction of 21.9 per cent to be appropriate.

Under this revised tariff structure, significant relief is extended to all consumer categories, with a notable reduction of 33 per cent for domestic consumers utilising less than 30 units of electricity.

Additionally, consumers falling within the consumption brackets of 61-90 units, 91-180 units, and over 180 units will experience reductions of 30 per cent, 24 per cent, and 18 per cent, respectively. Religious institutions will benefit from a tariff reduction of 33 per cent.

Tariffs for general-purpose consumers will be decreased by 23 per cent, while government institutions will witness a reduction of 22 per cent.

Furthermore, reductions of 18 per cent, 18 per cent, and 20 per cent will apply to the hotel, industry, and street lamp sectors, respectively.

In conjunction with the tariff adjustment, amendments have been made to monthly fixed charges and unit prices across various consumption tiers to reflect the new rates.

Additionally, the CEB has been instructed to settle outstanding payments and interest arrears owed to owners of renewable power plants, including roof-mounted solar power plants, by the end of this month.

The PUCSL has imposed further obligations on the CEB, including the formulation of plans to achieve renewable electricity generation targets by 2030, with a deadline for submission set for June 30.

In conjunction with the tariff revision, the PUCSL has stipulated 13 additional conditions for implementation by the CEB.

March 05, Colombo (LNW): Basil Rajapaksa, former Sri Lankan Minister and Founder of the Sri Lanka Podujana Peramuna (SLPP), returned to Sri Lanka this (05) morning after a trip to the United States of America following the change in government.

Upon his arrival, Rajapaksa mentioned to reporters that no official decision has been made regarding candidates for the upcoming elections.

He stated his commitment to leading the SLPP’s preparations for elections regardless of their nature.

March 05, Colombo (LNW): The Ceylon Petroleum Corporation (CEYPETCO) has announced a reduction in fuel prices effective from midnight on March 04.

Petrol 95 Octane will now be priced at Rs. 447 per litre, reflecting a decrease of Rs. 9, while Super Diesel will be priced at Rs. 458 per litre, marking a reduction of Rs. 10.

Similarly, the price of Kerosene has been reduced by Rs. 5 to Rs. 257 per litre.

However, the prices of Petrol 92 Octane and Auto Diesel will remain unchanged, as confirmed by the CPC.

Furthermore, Lanka IOC has announced its intention to adjust retail fuel prices in alignment with CEYPETCO’s revisions.

Additionally, both Lanka IOC and Sinopec have committed to aligning their retail fuel prices with those set by CEYPETCO.

By: Isuru Parakrama

March 05, Colombo (LNW): Mainly fair weather will prevail in most parts of the island, the Department of Meteorology said in its daily weather forecast today (05).

Misty conditions can be expected at some places in Western and Sabaragamuwa provinces during the morning, the statement added.

Meanwhile, the natural hazards early warning centre of the Department stated that the heat index, the temperature felt on human body, is expected to increase up to ‘Caution level’ at some places in Western, Southern provinces and in Rathnapura District.

Marine Weather: