By: Staff Writer

February 27, Colombo (LNW): Sri Lanka Government has set apart public investment for economic development and infrastructure investment, particularly focusing on the master plans for strategic tourism zones in the Eastern Province, the Colombo City and the Western Region and Greater Hambantota, President Ranil Wickremasinghe outlined.

At a top level meeting, the President emphasised the economic potential of Hambantota, envisioning it as a pivotal hub for infrastructure development and connectivity.

He highlighted plans to link Hambantota to the Myanmar port, with further extensions anticipated up to Chongqing in eastern China and down to Africa.

President Wickremesinghe stressed the importance of leveraging the extensive investments already made in infrastructure in Hambantota, despite previous challenges.

“We have spent a significant amount on infrastructure here, and despite facing crises, it is imperative to capitalise on these investments,” remarked President Wickremesinghe.

He disclosed plans for allocating thousands of acres of land for investment zones, with additional acquisitions sought in the Monaragala area.

Moreover, the President advocated for strategic expansion into new areas, including Avissawella and Eheliyagoda, to alleviate urban congestion and foster new city centres. Plans for a North Colombo port expansion and potential industrial and IT parks were also discussed, aiming to attract investments and spur economic growth.

The development of Trincomalee as a major investment zone, in collaboration with India, emerged as a priority during the discussion. President Wickremesinghe announced plans for a joint working group to implement development initiatives in Trincomalee, emphasising the importance of bilateral cooperation in driving economic growth and regional stability.

The President’s Media Division said Wickremesinghe’s remarks underscored a strategic shift towards targeted infrastructure development, emphasising the pivotal roles of Hambantota and the Eastern Province in economic growth and positioning it as a key player alongside Colombo in Sri Lanka’s development trajectory.

“The 21 billion is not the value of the projects that is the land value. You have to multiply the land value by five times,” including the real estate additions and renovations the sites and lands are undergoing, and are proposed to undergo in the future.

It has been planned to implement 27 projects in Colombo lands with the value of Rs21 billion. Some are bare lands, some are developed properties, like the Gafoor building in Pettah, the Galle Post Office, the Bogambara prison in Kandy, which are meant to be preserved for conservation purposes, but can also serve as valuable tourism properties.

By: Staff Writer

February 27, Colombo (LNW): Sri Lanka’s Urban Development Authority is to finalise 22 mixed development, waterfront, residential, IT and tourism projects from 2024 onwards, with another 5 projects still in the process of clearance, Director of Real Estate Management and Development Anura Prasanna of the UDA said.

According to Prasanna, the 21 billion rupees in revenue that is to be gained from the investments into these properties is not the final value of the projects.

In addition   these mega mixed development initiative a unified tourism and economic promotion plan had been mooted under one Colombo Fort geographical brand building project.

A collaborative effort between the State and the private sector, the project is spearheaded by developmental catalyst Dr. Dinesh Watawana and the Daily FT, highlighting the increasingly pivotal role of media as advocates of progress.

Colombo Fort is laced with history and modern infrastructure, but is a far cry from developing into a cohesive tourism and economic model that could lay claims to being a showpiece city. The need of the hour is a futuristic plan and advocacy that can make it happen.

OCF’s mandate is to bring together all the stakeholders, including the State machinery, premier blue chips, and the SMEs, inspiring change through advocacy, turning eye-sores into attractions, creating resourceful new ideas while carving out a vibrant brand under One Colombo Fort, built on a structured sustainable plan of growth.

The OCF team is creating a model of growth where the media doesn’t merely report but emerges as advocates of progress who help create shared value. In creating a strong geographical brand, the OCF team envisages to expand its domain to include Colombo Port City,

Galle Face and Colombo Fort’s immediate environs into a one-stop that offers discerning local and international tourists a destination on the ethos of sustainable and responsible tourism.

Primary research of the geographic location is already underway in order to establish the historic milestones, locations already reflecting sound values, neglected and decaying landmarks.

Creative conceptual plans are also being mooted which will attract tourists, creating a boom for Colombo Fort while at the same time, ensuring that Sri Lanka’s showpiece city grows under the ethos of sustainability and responsibility.

The OCF campaign hopes to bring on board Colombo Fort’s colonial architects in an attempt to create modern-day relevance, building cross-cultural harmony, opening the door to greater tourism between the countries.

Transforming Colombo Fort will form a case study in just how the media, professionals and State-private partnerships can combine to maximise the Sri Lankan potential at a time when a cohesive, collective front forms a prerequisite to bringing the country out of the protracted economic impasse.

By: Adolf

Finance Ministry officials have told the Committee on Public Finance (COPF) led by the publicity seeking MP Harsha de Silva  that the revenue loss incurred from the initial ‘sugar scam’ should be classified as tax foregone, instead of a tax loss. What an insult to COPF? Shows the callous disregard for the committee.

This  was mentioned when the Finance Ministry officials were summoned before the COPF on Tuesday (22). https://www.adaderana.lk/news.php?nid=97466. For many of the public servants who go to the committee the public finance committee has become a big fat joke according several public servants. The COPF is now a media circus and mudslinging exercise said a public servant  to LNW. Another-remarked this is a kin to a monkey being given a razor blade. Everything is done for the camera and the Chair even runs the committee with no quorum he remarked. How valid are those decisions? A government MP told LNW, Harsha MP needs attention and has nothing much to do .

So this is is his big opportunity to get into the media by sensationalizing issues to be relevant. He lacks the maturity to manage a committee of this importance. A more balanced person like MP Rauf Hakeem is required. The Committee on Public Finance(COPF) is one of the three parliamentary legislative committees that evaluates external audit reports and other public finance information. According to the Colombo Gazette of June 7, 2023 President Ranil Wickremesinghe today intervened to appoint Samagi Jana Balawegaya (SJB) MP Dr. Harsha De Silva as the new Chairman of the Committee on Public Finance (COPF) , because the SLPP did not want him re appointed.

The role of COPF is expected to make recommendations in regard to bills and other matters to such persons in the appropriate Ministry not to humiliate officers and the minister and secretary in charge of the institution . A constitutional lawyer told LNW that the Chairman of the COPF needs to be given a briefing on his role as chairman and faulted the other MPs in the committee for allowing the chairman to have his side show to build his image using the committee at their expense . Public funds are used to run these parliamentary committees. The public is burdened with high taxes. The COPE has already lost its credibility and Reputation. COPF has become political circus for MPs for their reelection bid. No wonder the public is loosing their faith in parliament and the people who sit in those chairs. Sri Lanka will do better minus all these parliamentary committees.

CBSL has created history again . Now with a 70% salary increase without parliamentary or management services approval. During the height of the crisis. The governor took a unilateral decision to default without cabinet approval. The massive increase of interest rates virtually destroyed the SMEs and made several businesses bankrupt . He will be held accountable for this action by a future government. There is now a growing controversy surrounding the substantial salary raise for Central Bank employees, a prominent parliamentary committee has taken action, requesting a comprehensive report from the Central Bank regarding the legal basis for such an increase without parliamentary oversight.

Chairing the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis, MP Gamini Waleboda disclosed that concerns about the salary hike were raised during a recent committee session attended by Central Bank officials.

The Central Bank has been given a deadline to furnish the report on the salary adjustment, after which both the bank and its Monetary Board will be summoned before the oversight committee to provide further explanations.

MP Waleboda emphasized the committee’s dissatisfaction with the 70% salary surge amid the prevailing economic challenges, condemning it as unethical. He outlined the committee’s directive for the Central Bank to justify the increase with legal provisions permitting such actions.

Political figures from both the government and opposition have criticized the Central Bank’s decision, asserting that it lacks parliamentary approval and violates existing legislation. Chief Opposition Whip Lakshman Kiriella specifically highlighted the absence of provisions within the Central Bank Act authorizing salary increments without parliamentary consent, branding the move as unlawful .  The monetary board led by retirees like Nihal Fonseka have approved the  massive hike at a time the country is struggling with high taxes and VAT.

February 27, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates depreciation against the US Dollar today (27) in comparison to yesterday, as per leading commercial banks in the country.

At Peoples Bank, the buying price of the US Dollar has increased to Rs. 305.23 from Rs. 304.99, and the selling price to Rs. 315.8 from Rs. 315.62.

At Commercial Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 304.77 and Rs. 314.75, respectively.

At Sampath Bank, the buying price of the US Dollar has increased to Rs. 306.50 from Rs. 305.50, and the selling price to Rs. 315.50 from Rs. 314.50.