Colombo (LNW): UK’s Indo-Pacific Minister Anne-Marie Trevelyan is on a three-day visit to Sri Lanka, marking 75 years of diplomatic ties between the two countries.
This is her inaugural trip to Sri Lanka in this capacity.
Trevelyan highlighted the UK’s commitment to the Indian Ocean Rim Association (IORA) Ministerial hosted by Sri Lanka, emphasising collaborative programmes on climate mitigation, biodiversity, and the Glasgow Pact from COP26.
She praised the UK-Sri Lanka partnership on climate action, peace-building, and human rights and expressed a desire to boost security in the Indian Ocean region.
Trevelyan will be meeting key Sri Lankan officials, including President Ranil Wickremesinghe and Foreign Minister Ali Sabry, to discuss bilateral ties, climate finance, human rights, and justice reforms.
Her itinerary also includes a trip to Jaffna in the Northern Province to interact with regional representatives and inspect a UK-supported demining project.
Following Sri Lanka, Trevelyan will proceed to India to further the UK’s Indo-Pacific relations.
Colombo (LNW): The body of the veteran Actor, Artist and Musician Jackson Anthony is currently placed at the “Jayaratne Respect Home” in Borella Jayaratne Flower Hall for the public to pay their respects.
Former President Mahinda Rajapaksa, along with several other politicians and artists, attended the event today (10) to offer their final respects to the late artistic giant.
The significant turnout is a testament to the widespread admiration and love he commanded.
The body of Mr. Anthony will remain at the “Jayaratne Respect Home” for public homage until 11 pm tonight, after which it will be taken to his residence in Ragama.
The funeral rites are scheduled to be held tomorrow (11) and the subsequent Thursday afternoon at the St. Peter and Paul Church.
Prior to the final rites, the body will be at his residence located at 90/A, 58 Vanigasuriyawatta, Ragama Road, Kadawatha.
Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight appreciation against the US Dollar today (10) in comparison to yesterday, as per the official exchange rates list issued by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has dropped to Rs. 317.91 from Rs. 318.30, and the selling price to Rs. 328.74 from Rs. 328.93.
Meanwhile, the Sri Lankan Rupee indicates fluctuation against several other foreign currencies, including Gulf currencies.
Colombo (LNW): Sri Lanka’s geographic position and its human resources play a pivotal role in driving the island nation’s economic prosperity, President Ranil Wickremesinghe said addressing the inauguration ceremony of the Sri Lanka Institute of Information Technology (SLIIT) Kandy branch yesterday (09).
He underscored the potential of harnessing these human resources for national development.
Drawing parallels, the President noted how nations like Singapore and Hong Kong have surged ahead by effectively utilising their human capital.
The newly inaugurated Kandy branch of SLIIT is a seven-story private institution, boasting advanced laboratory facilities, conference halls, research laboratories, and residential accommodations.
Following the ceremonial unveiling, Wickremesinghe embarked on a tour of the university campus, engaging with students and gaining insights into their academic endeavors.
He also took the opportunity to appreciate the diverse talents of the student community.
In his address, President Wickramasinghe envisioned a future for Sri Lanka anchored in a technology-driven, highly competitive digital economy which is environmentally conscious.
He further emphasised the importance of modernising Sri Lanka’s university system to produce tech-savvy graduates and spoke of forthcoming plans to establish new public and private universities.
Colombo (LNW): In a significant achievement amidst economic crisis, Sri Lanka’s aviation sector has posted a substantial profit of Rs. 22 billion in the period spanning from January to August 2023, Minister of Ports, Shipping and Aviation Nimal Siripala de Silva revealed.
The Minister highlighted that approximately Rs. 10 billion from this profit has already been contributed to the Treasury, providing a much-needed boost to the country’s finances.
The Minister highlighted the success of operations at Palali International Airport, emphasizing that the airport has completed 200 flights.
This achievement underscores the airport’s increasing significance and efficiency in handling air travel.
The Minister acknowledged the challenges faced by the aviation sector in the past, including the impact of the COVID-19 pandemic, reduced tourist arrivals, and a dollar crisis that affected fuel supply for airplanes.
He mentioned that, at one point, fuel for airplanes had to be procured by sending aircraft to Madras to obtain the necessary fuel.
To address these challenges, the Minister of Petroleum and Minister Nimal Siripala de Silva intervened and facilitated the import of aviation fuel by the private sector, ensuring a stable supply of fuel for airplanes.
Additionally, modern technology was employed to develop Bandaranaike International Airport, earning it recognition as a prominent airport in Southeast Asia.
Efforts were made to increase the frequency of flights by different airlines operating in Sri Lanka. This likely contributes to improved connectivity and accessibility for travellers.
These developments in the Sri Lankan aviation sector signify a positive turn in its financial performance, reflecting resilience in overcoming challenges.
The government’s interventions, such as facilitating fuel supply and enhancing airport infrastructure, have contributed to this success.
Increased profitability in the aviation sector is expected to have a positive impact on the country’s overall economic stability.
“Additionally, it is noteworthy that the operations at Palali International Airport continue to demonstrate remarkable success.
Specifically, the flight operations between Madras and Palali, which are scheduled three times a week, have already completed a total of 200 flights, underscoring the airport’s increasing prominence and efficiency.”
The Minister pointed out that Bandaranaike International Airport, Katunayake, once a scarcely frequented facility, has now evolved into a bustling aviation hub.
Notably, in the month of August, it catered to the needs of over 650,000 passengers.
This surge in passenger traffic has contributed significantly to its financial prosperity.
In parallel, a strategic initiative is currently underway to attract potential investors to the Mattala Airport.
Furthermore, measures have been put in place to actively mitigate the airport’s operational losses, thereby ensuring its long-term sustainability and financial health.”
Colombo (LNW): Government schools in Galle and Matara Districts will recommence classes tomorrow (11), said the Southern Province’s Education Secretary.
However, schools that have been affected by recent flooding will remain closed until further notice.
Earlier this week, due to unfavourable weather conditions, the Education Ministry had shut down all government schools in these districts.
Concurrently, the Governor of the Southern Province had also decided to indefinitely delay Term Tests initially slated to begin from October 12.
All schools, barring the flood-impacted ones, will restart their academic sessions from tomorrow.
Colombo (LNW): The Cabinet has approved a proposal to legally recognise medical degrees from international universities in Sri Lanka.
Earlier in May 2023, the government had greenlit the formation of a committee led by the Secretary to the Prime Minister.
Their mandate was to draft a national policy defining the standards and criteria for recognising medical degree courses from globally acknowledged universities.
This committee was also responsible for suggesting necessary modifications to the current Medical Ordinance to reflect contemporary needs.
Subsequently, a joint proposal was put forth by both the President and the Minister of Health.
It suggested that Sri Lanka should officially recognise medical degrees from foreign institutions ranked within the top 1,000 globally.
The Cabinet of Ministers has now approved this joint proposal based on the committee’s recommendations.
Colombo (LNW): Malaysia has pledged support to Sri Lanka’s application for membership in the Regional Comprehensive Economic Partnership.
This was stated by Malaysian Minister of Foreign Affairs, Dato Seri Diraja Dr Zambry Abd Kadir who held discussions with Prime Minister Dinesh Gunawardena at Temple Trees in Colombo.
During the meeting, Prime Minister Gunawardena stated that Sri Lanka’s entry into RCEP would bolster its economic connectivity within the broader South East Asian region and the Malaysian Minister assured fullest support to Sri Lanka and said, “Sri Lanka belongs to our region.”
The Prime Minister affirmed the government’s alignment with the future vision of ASEAN for the Indo-Pacific area, pledging full support for the advancement of this economic perspective.
Malaysia has agreed to support Sri Lanka’s application to become a member of the Regional Comprehensive Economic Partnership (RCEP), a major regional trade agreement.
The RCEP is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
During the meeting, the Malaysian Foreign Minister expressed a strong desire to bolster economic ties between the two nations, according to a president’s media division statement.
He emphasized Malaysia’s eagerness to facilitate increased investments from Malaysian companies in Sri Lanka.
He also expressed positivity towards Sri Lanka’s request to commence negotiations for a free trade agreement (FTA) between the two countries, which could potentially open up new avenues for trade and economic cooperation.
Sri Lanka aims to expand its economic reach first within South Asia and then extend further.Data shows that Sri Lanka has been able to boost exports with FTAs.
Over the past two decades Sri Lanka’s exports have not grown as much as competitors.
Economists involved in trade have pointed out that Sri Lanka should make joining the RCEP a priority instead of trying to negotiate multiple smaller deals for which it does not have the bandwidth in government, or the technical resources to do multiple trade agreements
The Prime Minister and the visiting Minister discussed bilateral relations with special emphasis on cooperation in regional groupings such as Indian Ocean Rim Association for enhancing trade and investment cooperation.
Premier Gunawardena invited Malaysian entrepreneurs to enter into new areas of investments in Sri Lanka in the growing hospitality industry, education and pharmaceuticals industry
Meanwhile Sri Lanka’s Foreign Minister Ali Sabry has held a bilateral meeting in Colombo with his Malaysian counterpart Datuk Seri Dr Zambry Abdul Kadir, who is currently undertaking an official visit to the island.
In a tweet, the foreign minister said they discussed on the ways to improve bilateral relations between the two nations in the areas of political, economic, trade, investment and tourism.
The Malaysian Foreign Minister is undertaking an official visit to Sri Lanka ahead of attending the 23rd Indian Ocean Rim Association (IORA) Council of Ministers Meeting (COM) on Oct 11.
The Malaysian foreign minister will also hold an engagement session with the Sri Lankan business community to explore the economic potential between the two countries.
Colombo (LNW): The Sri Lankan Rupee (LKR) has appreciated slightly against the US Dollar today (10) in comparison to yesterday, revealed leading commercial banks in Sri Lanka.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 315.93 from Rs. 316.18, and the selling price to Rs. 329.12 from Rs. 329.37.
At Commercial Bank, buying price of the US Dollar has dropped to Rs. 317.19 from Rs. 317.68, and the selling price to Rs. 327.50 from Rs. 328.
Sampath Bank follows a similar pattern dropping the buying price of the US Dollar to Rs. 317 from Rs. 318 and the selling price to Rs. 327 from Rs. 328.
Colombo (LNW): The 2023 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group will take place in Marrakech, Morocco, from October 9-15, 2023. The theme for this year’s meetings is “Global Action, Global Impact.”
The Annual Meetings are the largest gathering of global policymakers, business leaders, and civil society representatives, providing a forum to discuss and address the world’s most pressing economic and development challenges.
The meetings also provide an opportunity for member countries to engage with the IMF and World Bank on their specific needs and priorities.
For Sri Lanka, the 2023 Annual Meetings are particularly important. The country is currently facing a severe economic crisis, with high inflation, low foreign reserves, and a large debt burden.
The government is in the process of negotiating a bailout package with the IMF, and the Annual Meetings will provide an opportunity for Sri Lankan officials to discuss their progress and seek support from other member countries.
In addition to the official meetings, the Annual Meetings also feature a variety of side events and seminars on a wide range of development topics.
These events provide an opportunity for Sri Lankan policymakers and other stakeholders to learn about best practices and network with experts from around the world.
The Annual Meetings provide an opportunity for Sri Lanka to secure financial assistance from the IMF and other member countries.
The government can use this assistance to help stabilize its economy and finance its development programs.
It also provide an opportunity for Sri Lanka to attract foreign investment. The country can use the meetings to showcase its investment potential and to meet with potential investors.
The Annual Meetings feature a variety of side events and seminars on a wide range of development topics. Sri Lankan policymakers and other stakeholders can learn from the experiences of other countries and share their own best practices.
Overall, the 2023 IMF and World Bank Annual Meetings are an important opportunity for Sri Lanka to advance its economic and development goals.
Experts opine that the government should make the most of this opportunity to secure financial assistance, attract foreign investment, share best practices, and build relationships with other countries and international organizations.
One of the key events at this year’s annual meetings is the release the World Economic Outlook’s October 2023. The World Economic Outlook (WEO) which provides a comprehensive analysis of the global economic situation, including economic growth, inflation, and other key macroeconomic indicators.
The WEO serves as documentation for meetings of the International Monetary and Financial Committee (IMFC) and forms the main instruments of the IMF’s global surveillance activities.
