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Dollar rate in Sri Lanka today (Jan 04)

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Dollar rate in Sri Lanka today (Jan 04)

January 04, Colombo (LNW): Today (Jan 04), the Sri Lankan Rupee has witnessed a continued depreciation against the US Dollar at commercial banks compared to Wednesday’s rates.

Peoples Bank recorded an uptick in the buying and selling rates of the US Dollar, rising from Rs. 316.28 to Rs. 316.77 for buying and from Rs. 327.30 to Rs. 327.81 for selling.

Meanwhile, Commercial Bank reported a surge in the buying rate of the US Dollar from Rs. 315.42 to Rs. 316.41, with the selling rate climbing from Rs. 325.50 to Rs. 326.50.

At Sampath Bank, the buying rate of the US Dollar rose from Rs. 317 to Rs. 318, while the selling rate escalated from Rs. 326 to Rs. 327. This trend indicates a further weakening of the Sri Lankan Rupee against the US Dollar across multiple banking institutions.

Sri Lanka Slashes Import Tax to Tackle Keeri Samba Rice Shortage

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Sri Lanka Slashes Import Tax to Tackle Keeri Samba Rice Shortage

January 04, Colombo (LNW): To address the pressing scarcity of Keeri Samba rice, the Sri Lankan government has taken a significant step by slashing the import tax on a similar rice variety. President Ranil Wickramasinghe, acting as the Finance Minister, announced this move through an extraordinary gazette.

The reduction specifically targets the Special Commodity Levy on rice imported under HS Code 1006.30.29, dropping the tax from a substantial Rs. 65/- per kilogram to a mere Rs. 1/-.

This temporary tax relief, effective from January 2nd to January 21st, 2024, is intended to stimulate increased imports of the alternative rice type, offering a potential solution to the current shortage of Keeri Samba rice.

SLUNBA Chairperson blames CB Governor for killing SL’s economy.

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SLUNBA Chairperson blames CB Governor for killing SL’s economy.

By: Staff Writer

January 04, Colombo (LNW): Sri Lanka United National Businesses Alliance (SLUNBA) Chairperson Tania Abeysundara blamed Central Bank Governor P. Nandalal Weerasinghe and the Central Bank of Sri Lanka (CBSL) for killing Sri Lanka’s economy.

Addressing a press conference, she severely criticised Weerasinghe’s recent statements to the media, where he adamantly asserted that the Parate Law in Sri Lanka would not be amended despite pressures from a ‘specific gang.’

She remarked that the news is dire and tragic, foreseeing a future in Sri Lanka marked by tragedy. “This will devastate the economy. It represents the most severe form of harm that can occur in this situation,” she emphasised.

“We are entrepreneurs. We pay your salary. We pay the salaries of Government officials. Are we a gang? It is you who have ganged up to kill this economy,” she said addressing her remarks to the CBSL Governor.

Abeysundara said the country’s entrepreneurs requested a policy reform on the Parate Law for the betterment of the country and to uplift the economy.

A visibly distressed Abeysundara stated that the CBSL Governor had orchestrated a scenario leading to the country’s declaration of bankruptcy, hindering the functioning of businesses.

She further accused the Governor of now blaming entrepreneurs for colluding. “There are Rs. 1.2 trillion non-performing loans solely due to the dire situation created by the CBSL Governor.” she added.

The Chairperson remarked that the rise in taxes will only guarantee an escalation of non-performing loans to Rs. 2 trillion in the coming days. “Will these loans not come under the Parate Law? Who will be held responsible?” she asked.

She argued that the Parate Law does not safeguard the interests of the people but rather serves to protect the banks. “The country that initially instituted the Parate Law has since abolished it, and it is not utilized today,” she added.

Abeysundara asserted that the liabilities of businesses have surged by 300%, and the additional 18% Value Added Tax increase will only exacerbate the challenges faced by businesses in Sri Lanka.

She remarked that those formulating these laws lack an understanding of their effects and remain unaffected by these laws. Additionally, she questioned why the loans of Government associates are permitted to go unpaid and why they are not subject to the Parate Law.

Also addressing the press conference, Sri Lanka Trade Council (SLTC) Vice President Shashika de Silva emphasized that the solutions to the country’s woes lie with the entrepreneurs of the nation.

She stressed that Sri Lanka’s entrepreneurs backed President Ranil Wickremesinghe’s nation-building efforts when he undertook the challenge, continuing their work quietly despite the challenges.

Olympic Village, the World’s Best yet!

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Olympic Village, the World’s Best yet!

January 04, Colombo (LNW): The Olympic Village stands as a profound symbol within the Olympic Games, transcending the mere athletic endeavours and conveying a powerful political message that resonates globally.

It serves as a testament to the pursuit of equality in a world often marred by divisive political ambitions. This unique space becomes a haven of freedom and peace, uniting friends from diverse continents who may be politically divided.

Here, athletes come together to dine, share experiences, and forge connections that extend beyond political barriers.

The Olympic Village is a beacon of hope, imparting the profound lesson that “we are one” into the hearts of participants, dispelling illusions and fostering a sense of unity. Through the collective strength of individuals from around the world, this message has the potential to eradicate hatred and instill a culture of love and kindness.

Imagine Ukrainians and Russians, or Palestinians and Israelis, realising in the Paris Olympic Village that their conflicts are driven by political agendas rather than the well-being of their people.

The Olympic Village serves as a model for the world, emphasising that boycotting events solely for political motives is counterproductive. Sitting down to eat with someone from a country experiencing conflict offers a unique mental pleasure, unveiling the illusions that breed distrust.

The bonds of love formed in the Olympic Village extend beyond mere dining pleasures, prompting introspection on the senseless act of killing. In a world where war, conflict, mistrust, and unaccepted identities prevail, the Olympic Village stands as a tangible embodiment of equality and unity.

The sentiment fostered by the Olympic Village holds significant importance, as numerous heartfelt triumphs, unadorned by gold, silver, or bronze medals, serve as ambassadors for love and peace to the global community. Transforming these active individuals into more triumphant figures, capable of navigating the political entanglements of their homelands, could pave the way for the establishment of the Olympic Village’s essence on a global scale. The aspiration to cultivate a world that mirrors the ideals embodied by the Olympic Village may become more attainable with such empowered individuals.

The Olympic Village, strategically located seven kilometres from the City of Paris and seamlessly blending Saint-Denis, Ile Saint-Denis, and Saint-Ouen, offers a serene atmosphere with the soothing presence of water streams and greenery. Its design aims to provide a tranquil environment conducive to peace of mind. The Olympic Village embodies the inclusive spirit of the Olympic Games, transcending differences in colour, nationality, religion, and sexuality, fostering equality by embracing all individuals as part of the shared human experience. These principles make the Olympic Village a preeminent community on the global stage, epitomising the values of unity and acceptance.

*Adapted from original article, “ලොව සොඳුරුම ගම – ඔලිම්පික් ගම” by Nishman Ranasinghe published on 03.01.2024.

Retired Pakistani Defense Secretary Meets Sri Lankan President for Bilateral Talks

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Retired Pakistani Defense Secretary Meets Sri Lankan President for Bilateral Talks

January 04, Colombo (LNW): Lt. Gen. Hamood Uz Zaman Khan (Retired), Pakistan’s former Defence Ministry Secretary, visited President Ranil Wickremesinghe on January 3 during his stay in Sri Lanka for the fourth Sri Lanka-Pakistan Bilateral Defence Dialogue at Sri Jayawardenepura’s Defence Headquarters Complex.

President Wickremesinghe warmly greeted Mr. Khan and engaged in a concise conversation. The meeting saw the attendance of Minister of State for Defence Premitha Bandara Tennakoon, Senior Adviser to the President on National Security, and Chief of Presidential Staff Sagala Ratnayaka. Additionally, Secretary of the Ministry of Defence General Kamal Gunaratne (Retired) was present.

Subsequently, the Pakistani Defence Secretary held a separate discussion with President’s Senior Adviser on National Security and Chief of the Presidential Staff, Mr. Sagala Ratnayaka, focusing on bilateral matters and shared interests.

Poor institutional coordination leaves X-Press Pearl disaster compensation in dismay.

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Poor institutional coordination leaves X-Press Pearl disaster compensation in dismay.

By: Staff Writer

January 04, Colombo (LNW): Several issues have emerged due to the lack of coordination among the Marine Environment Protection Authority (MEPA), the Fisheries Ministry and the Attorney General’s Department with regard to the X-Press Pearl maritime disaster, a parliamentary committee has observed.

At a recent meeting, the Sectoral Oversight Committee (SOC) on Environment, Natural Resources & Sustainable Development said this has affected the payment of compensation to the fishermen hit hard by the damage caused by the fire-ravaged freight ship X-Press Pearl.

Accordingly, SOC chair MP Ajith Mannapperuma instructed that the AG’s Department, the Fisheries Ministry, the MEPA and the members of the MEPA-appointed experts’ committee jointly prepare a program and submit a related report to the Committee.

During the meeting, MEPA officials told the SOC members that despite asking the AG’s Department in writing about the activities of the experts’ committee and its future needs, they have yet to receive a proper response.

The MEPA officials also said that they had received information from the Justice Ministry that an international, independent experts’ committee would be appointed to continue the assessment of the damage.

As a result, they explained that the MEPA expert committee has not made a firm decision on how to proceed.

The officials also pointed out that it is problematic that the MEPA is unaware of the work being carried out in this regard by the AG’s Department.

It was revealed that since the payments related to the research activities conducted by the experts’ committee appointed by MEPA have not been made, the Ministry was requested to submit a Cabinet paper to look into the ability to make relevant payments.

It was also disclosed that no appointments have been made to the experts’ committee for the year 2023.

Sri Lanka has confirmed receiving further compensation for pollution from the lost container ship X-Press Pearl, which burned and sunk off Colombo in 2021.

“Sri Lanka Treasury has received US$890,000 and Rs 16 million (around $49,200 dollars) as interim payment for costs incurred by the Maritime Environment Protection Authority (MEPA) and for the affected fisherfolks,” the justice ministry said.

Since the disaster happened, Sri Lanka has received payments totaling $7.85 million.

Its government received the first payment of $3.6 million in July 2021. Another $1.75 million followed in January 2022, and a third payment of $2.5 million arrived in September.

Sri Lanka initially filed for a compensation claim of $40 million shortly after the vessel sank off Colombo in June 2021. However, a 40-member expert committee convened by MEPA put the price of the environmental disaster at $6.4 billion in an interim report early last year.

Top UN official says digitizing tax system vital for Sri Lanka.

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Top UN official says digitizing tax system vital for Sri Lanka.

By: Staff Writer

January 04, Colombo (LNW): Sri Lanka’s tax base will be broadening with increasing the number of taxpayers and simplifying the registration process for taxpayers the United Nations Assistant Secretary General Kanni Wignaraja said

During a brief discussion held with Finance State Minister Shehan Semasinghe this morning (Jan.03), Ms. Kanni Wignaraja, the UN Assistant Secretary General and UNDP Regional Director, highlighted that it is imperative to digitalize the taxpayer registration process to improve voluntary tax compliance.

Ensuring that every person who obtains a Tax Identification Number (TIN) is not liable for income tax will encourage members of the public to expeditiously register to secure a TIN, Ms. Wignaraja continued.

The UN Assistant Secretary General said Sri Lanka should take note of the tax policy reforms followed by Bangladesh, which was once labelled as a country plagued with corruption, to boost its tax revenue.

Digital transformation and expansion of the tax system to regional levels helped Bangladesh’s National Revenue Board to become more a productive and efficient institution, she explained.

In a similar vein, the Sri Lankan government is also making efforts to digitalize the tax system by incorporating District Secretariats, State Minister Semasinghe noted.

Further, the lawmaker pointed out that no specific group can be given relief at the moment as the country is in the middle of a rigorous reform process.

The two sides also discussed the ongoing social dialogue on the Value-Added Tax VAT). Attention was also paid to further educating the general public on the new VAT hike, taxpayer registration, and TIN registration, as well as the services and goods exempted from VAT.

The Inland Revenue Department was also asked about the current functioning of the RAMIS system linking this data system with other government institutions.

The tax officials mentioned that this data system will be made functional by January 2024 by avoiding the existing deficiencies.

Sri Lanka’s pay as you earn (PAYE) tax files had increased to 242,679 in 2023, from 41,636, Commissioner at the Department of Inland Revenue A M Nafir has said.

At total 500,196 persons were registered as individual tax-payers by end November 2023, up from 204,467, a statement quoted Nafir as telling reporters at the Presidential Media Office.

Partnerships registered for tax had gone up to Rs15,579 from Rs 13,776.The number of companies registered had increased to 81,909 from 73,444.

“In 2019, IRD revenue was Rs 1,025 billion, in 2020 it decreased to Rs 500 billion. Last year it was possible to raise it to Rs 1,500 billion by widening the tax base and by changing tax rates,” Nafir was quoted as saying.

As Rugby Officiating Decisions Decline, The Referees Association Prioritizes The Idea of Preserving Power….

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As Rugby Officiating Decisions Decline, The Referees Association Prioritizes The Idea of Preserving Power….

January 04, Colombo (LNW): The tournament’s review committee has reportedly examined videos pertaining to allegations of contentious situations surrounding referee decisions in the inter-club rugby match between Kandy Sports Club and Police Sports Club. As a result, the committee has proposed a 50 percent reduction in referee fees.

It was seen Instead of focusing on enhancing the knowledge of the referees, the umpiring affairs and ethical conditions, the people involved in the officiating judgments affairs paid more attention to being part of opposing the previous administration. Several individuals in the field hold the view that this could be attributed to the diversion of attention towards other matters, rather than making substantial improvements in the domain of officiating judgments.

Despite the significant debt burden and the loss of previous sponsorships, the initiatives undertaken by the former president’s administration, such as introducing new events, securing fresh sponsors, and reducing the debt load on Rugby administration, had acknowledged. However, critics contend that greater emphasis should have been placed on preserving their professional standing by ensuring accurate judgments as officials.

“Although the referees association did so, the Rugby administration also commended the Judges who worked with the judgmental virtues and shrewdness and understanding in various matters to be especially appreciated.” An opinion
holder further commented on the leadership of the Rugby administration, which had to face various problems due to political leg-pulling.

However, to prevent the creation of a new bench when the referees fail in this way or to prevent new people from joining the official bench, it is also known that a prominent figure within the referees’ association is reportedly engaging with
voters of referees’ association through online platforms these days. We also received the same message, and the person who forwarded it said that instead of holding power as a group, what is needed at the moment is for the people coming to the referees’ Association to focus on the weak referees’ decisions and should propose what needs to be done to improve the quality of the profession and about what are the suggestions.

*Adapted from original article, “රග්බි විනිසුරුවන්ගේ සංගමයේ නිලවරණය අවුලක” by Nishman Ranasinghe published on 29.12.2023

Navigating the Pharma Landscape in Sri Lanka: A Personal Reflection

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Navigating the Pharma Landscape in Sri Lanka: A Personal Reflection

Navigating the Pharma Landscape in Sri Lanka: A Personal Reflection – Dr Sayuru Samarasundera

Taking paracetamol when you are having a headache or bandaging your child’s scrap when the child got hurt while playing does not feel like a big deal. However, imagine you have to pay a premium price for a paracetamol pill or a cotton bandage roll and are financially unable to afford them. What would you do? I believe that we take many things for granted when those things are available freely or for an affordable price. And that would apply to manufacturing essential medicinal drugs in Sri Lanka as well.

The State Pharmaceuticals Manufacturing Corporation, or SPMC, was established to cater to the needs of a state-sector corporation that engaged in manufacturing pharmaceuticals in Sri Lanka. Established in June 1987, under the Act no 49 of 1957, through a grant aid from the Japanese Government through JICA, SPMC hasn’t wavered from its commitment to manufacturing high-quality and effective drugs at an economical and affordable cost.

The State Pharmaceutical Manufacturing Corporation (SPMC) stands tall with a distinguished history of visionary initiatives and a meticulously navigated trajectory. The origins of SPMC can be traced back to the Bibile-Wickramasinghe Report, prepared by the late Professor Senaka Bibile and Dr S A Wickramasinghe. This report was commissioned by then Prime Minister Sirimavo Bandaranayake, tasking the duo with the establishment of a government-owned and operated essential drug manufacturing entity in Sri Lanka.

In 1971, the report was presented to Prime Minister Sirimavo Bandaranayake, marking the commencement of the government’s initial phase: the importation of vital medicinal drugs. Subsequently, the second phase unfolded, focusing on the localised manufacturing of selected essential drugs.

The pivotal turning point came in 1985 when the Ministry of Health proposed the creation of a Formulation Centre for Essential Drugs. This proposal gained approval and support from the Japan International Corporation Agency (JICA), marking the realisation of the founders’ aspirations and the culmination of dedicated efforts.

The pharmaceutical industry in Sri Lanka, in general, plays a crucial role in ensuring the health and well-being of the citizens. With a growing population and increasing healthcare needs, the industry has had to witness significant developments in recent years. Among the key players shaping this landscape is the State Pharmaceutical Manufacturing Corporation. And I can be satisfied and humbly proud of where the SPMC is today as the former chairman.

The pharmaceutical sector in Sri Lanka has experienced remarkable growth in recent years, driven by factors such as rising healthcare awareness, government initiatives to improve healthcare infrastructure, and, of course, strategic planning and implementation within the state pharma sector. As a result of constant quality control and implementation of the highest international level standards as the benchmark in the industry, mainly by SPMC, Sri Lanka’s pharmaceutical market is known for its adherence to international quality standards, ensuring the safety and efficacy of medicines.

During my tenure in 2015 at SPMC, I was privileged to lead a team of dedicated professionals who shared a common vision of advancing healthcare in Sri Lanka. Together, we initiated several strategic measures to bolster SPMC’s position in the industry. Research and development became a focal point, driving us to explore new horizons in pharmaceutical sciences and technology. Our commitment to excellence demands that we continually enhance our manufacturing processes and ensure that our products meet the highest international standards. The most important decision I took was to increase the production and variety of essential medicinal drugs manufactured by the SPMC, which has proved to be a crucial decision for the Sri Lankan pharma sector as well as for the overall Sri Lankan healthcare sector.

Our main aim back then in 2015 was to provide an uninterrupted supply of pharmaceuticals required by the Medical Supplies Division (MSD) of the Ministry of Health, State Pharmaceutical Corporations (SPC), Pharmacies, and Medical Professionals. To facilitate this process, we expanded the building capacity of SPMC for production, storing area, and administration unit. The modernisation of the laboratory area also ensured the supply of high-quality drugs to those in need at affordable prices. This expansion is supposed to support us in improving production, increasing sales revenue, widening the product range, creating new employment opportunities, enhancing technical know-how, and creating a corporate image of SPMC, which is very well served to that goal. Numbers will support to prove that claim.

In conclusion, the pharmaceutical industry in Sri Lanka is a dynamic and evolving sector that plays a pivotal role in the well-being of our nation. International pharma is a colossal industry and one that is rapidly growing day by day. Accordingly, we need to keep up with that development and the competition and think of how to serve the well-being of our own people in Sri Lanka. And we are taking up that challenge successfully, I believe, with the seeds of ideas and visions our pioneers planted in this rich soil.

Having said that, I am humbly proud that SPMC, under my leadership, has been at the forefront of this journey, contributing to the accessibility and affordability of high-quality medicines. The challenges we faced have only fueled our determination to excel. As the torch passes to new leaders, I am confident that the pharmaceutical industry in Sri Lanka will continue to flourish, ensuring a brighter and healthier tomorrow for all.

Dr Sayuru Samarasundera

MD, Emeritus Professor (University of Moscow)

Sri Lanka Original Narrative Summary: 04/01

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Sri Lanka Original Narrative Summary: 04/01
  1. Trade Minister Nalin Fernando pledges a staggering 75% reduction in the cost of living by the end of the 1st Quarter of 2024: says this outcome will be achieved via the Govt’s reforms, particularly in the area of tax: admonishes those who argue against levying taxes: asserts such statements are counterproductive to economic growth.
  2. President makes all services related to the provision of electricity, petroleum products, provision of fuel or supply, and services at ports and airports as “Essential Services”: Energy Minister Kanchana Wijesekara says instructions given to the CEB management to take disciplinary action against any employee who acts in violation of CEB management guidelines.
  3. Inland Revenue Dept says everyone above 18 years who fails to obtain a Taxpayer Identification Number would be liable to a fine of Rs.50,000: also says anyone earning an income of more than Rs.1,200,000 a year, must register for Income Tax.
  4. SJB MP and it’s leading “Economic Guru” Dr Harsha de Silva says his Party’s economic agenda will offer some respite to people, whilst staying close to the deep reforms needed to revive the SL economy: acknowledges however that the increase in VAT will impose further burdens on the suffering public: analysts point out that Silva has been an ardent advocate of higher taxes, higher interest rates, tight IMF programme, flexible Rupee and Debt Re-structuring.
  5. Sepalika Chandrasekara appointed as Commissioner General of the Inland Revenue Dept: she has previously served as the Deputy Commissioner General – Tax Administration (Medium Corporate, Corporate Small Entities and Non-Corporate Sector, Regional Offices and Risk Management).
  6. President Ranil Wickremasinghe asserts that despite challenges, the country’s economy can experience “swift strengthening by persisting on the current trajectory”.
  7. Fort Magistrate’s Court grants bail to Pastor Jerome Fernando: however, he has been barred from travelling abroad.
  8. Foreign Minister Ali Sabry seeks intervention of the Deputy PM and Minister of Foreign Affairs of Myanmar U Than Swe for the release of 56 SL nationals who are being illegally held in Myawaddy area as victims of human trafficking for cybercrimes.
  9. Chairman of Selectors of SL Cricket announces that Dhananjaya de Silva has been appointed Captain and Kusal Mendis as Vice-Captain of the Test format: SL Cricket also announces the 17-member squad for the ODI series with Zimbabwe, with Kusal Mendis as Captain and Charith Asalanka as Vice-Captain.
  10. SL Women’s Cricket Captain Chamari Athapaththu among those shortlisted for the ICC Women’s T20I Cricketer of the Year 2023 Award.

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