January 04, Colombo (LNW): Minister Nalin Fernando’s recent announcements hold a promising outlook for Sri Lanka’s economic landscape. He asserts a substantial 75% reduction in the cost of living by the first quarter, buoyed by the country’s positive economic growth at the onset of 2024.

In a press conference themed “Collective Path to a Stable Country,” the Minister highlighted plans to fortify consumer rights through a new Consumer Authority initiative. Addressing concerns about the impact of India’s halt on big onion exports, he assured a resolution within two weeks when India is expected to ease its restrictions.

Emphasizing the significance of taxes as a source of government income for national investments, Minister Fernando underscored the importance of citizen support. Despite modest taxation levels in Sri Lanka, he acknowledged unwarranted price hikes driven by improper publicity surrounding tax amendments.

The Minister unveiled ambitious plans for Lanka Sathosa, aiming to expand its outlet network significantly and increase the company’s income to nearly Rs. 70 billion by year-end. Amid economic challenges, the goal is to achieve an operating profit of Rs. 1.5 billion and secure a net profit of Rs. 500 million.

Anticipating a new program for the Consumer Authority in 2024, Minister Fernando outlined plans to fully computerize the Department of Measurement Units, Standards, and Services within the first four months to better meet consumer needs.

January 04, Colombo (LNW): The Ministry of Ports, Shipping, and Aviation announced the impending opening of bids next month concerning the restructuring of SriLankan Airlines. The Ministry noted that entities submitting bids had requested an extension, prompting the delayed bid submission.

The restructuring of SriLankan Airlines had received approval from the Cabinet of Ministers, marking a significant step in the airline’s evolution.

Further discussions regarding this restructuring were held between the Ministry of Ports, Shipping, and Aviation and the World Bank. Following the proposal’s direction to the Treasury, engagements with the World Bank aimed to explore and solidify strategies in this regard.

January 04, Colombo (LNW): A few showers will occur in Eastern, Central and Uva provinces.

Showers or thundershowers will occur at several places in the Western, Sabaragamuwa and Southern provinces and in Kurunegala district after 2.00 p.m.

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

The public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

January 03, Colombo (LNW): In a session with the Sectoral Overseeing Committee on National Security, Justice, Prisons, and Constitutional Reforms Minister Dr. Wijeyedasa Rajapakshe emphasized the pivotal role of the National Hydrology Act in enabling Sri Lanka to harness revenue from ships traversing its waters in dollars.

Dr. Rajapakshe highlighted that although in existence since 1983, the National Hydrology Act has remained dormant. This legislation grants essential legal authority to develop and maintain Electronic Navigation Charts crucial for maritime navigation.

During the recent meeting chaired by MP Dr. Sarath Weerasekera, officials elucidated that the Act’s primary objective is to register hydrological surveyors and nautical cartographers while establishing the National Hydrographic Office.

A significant revelation came from officials who disclosed that the Royal Navy of England has generated three maps for shipping, encompassing the South Seas, using data partly provided by Sri Lanka. However, officials clarified that Sri Lanka, through this Act, holds the rights to conduct exploration, gather data, and craft maps for the pertinent sea regions. This updated information can also be used to revise existing maps, subsequently enabling the nation to capitalize on maritime routes for generating income.

January 03, Colombo (LNW): Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardena announced the official endorsement to proceed with the proposed Sri Lanka-Thailand Free Trade Agreement during the weekly cabinet media briefing held at the Government Information Department.

The ninth round of negotiations for this agreement took place in Colombo from December 18 to December 20, 2023. Following these discussions, key aspects have been finalized, with legal and institutional matters forwarded to working groups for comprehensive legal scrutiny.

Notably, both parties reached an agreement during the 9th negotiation round to incorporate provisions for the simultaneous elimination of 50% of cumulative duties applicable to the Harmonized System classification codes listed in the Sensitive List of the Tariff Liberalization Programme. This elimination process is set to commence at the start of the 16th year from the Agreement’s entry into force.

Furthermore, an accord has been reached to truncate the duration of the Tariff Liberalization Programme from 18 years to 16 years based on the discussions held during this negotiation round. This move signifies a mutual commitment to expediting the trade liberalization process between Sri Lanka and Thailand, demonstrating a shared dedication to fostering increased economic collaboration and market access.

January 03, Colombo (LNW): In a significant move to align with the United Nations Framework Convention on Climate Change, Sri Lanka has committed to enhancing its forest cover to 32% of the total land area by 2030. Additionally, the nation aims to bolster the quantity of carbon absorbed by forests by 7% from existing levels within the same timeframe.

To achieve these targets, proactive measures have been initiated, encompassing extensive forest plantation, rehabilitation of degraded forests, and expanding forest cover on government and private lands situated away from forested areas. Although the benefits of this reforestation endeavor are national in scope, active involvement from diverse stakeholders is being encouraged. As an incentive, it has been acknowledged as appropriate to distribute the benefits derived from reforestation among the participating entities.

Presently, there is a lack of legal provisions enabling the allocation of produce like fruits, leaves, flowers, timber, and resin to individuals engaged in reforestation efforts in public areas. Moreover, recognizing the potential in establishing a National Reforestation Fund, aimed at securing contributions from private sector entities, non-governmental organizations, and international bodies, to ensure ample funding for highly productive reforestation initiatives.

Responding to these critical needs, the Minister of Wildlife and Forest Resources Conservation proposed the introduction of a comprehensive legislative framework titled the “Reforestation and Forest Cover Act.” This act encompasses provisions that cater to the aforementioned actions and strategies required for successful reforestation efforts. The Cabinet has granted its approval for the proposal, marking a crucial step toward effective reforestation management in Sri Lanka.

January 03, Colombo (LNW): Dr. Bandula Gunawardhana, the Cabinet Spokesman Minister, emphasized the critical turning point reached by Sri Lanka’s economy in 2023 under the leadership of President Ranil Wickremesinghe’s government. However, looking ahead to 2024, he cautioned that the economic challenges persist and are expected to endure until 2027.

During a recent Cabinet press briefing, Dr. Gunawardhana stressed the importance of adhering to the International Monetary Fund (IMF) program until 2024 to mitigate the ongoing crisis. He highlighted that diverging from this plan could drastically limit any government’s lifespan to a mere two weeks, irrespective of the ruling party or the President.

The Minister underscored the nation’s reliance on international financial institutions like the IMF, World Bank, Asian Development Bank, and creditors for sustaining the economy. He elucidated that without agreements in place with these entities, Sri Lanka would struggle to function financially, unable to even secure necessary imports such as petroleum, fertilizers, pharmaceuticals, and essential consumer goods.

Dr. Gunawardhana emphasized that the country’s access to international loans in 2027 would be limited to a maximum of USD 1,500 million, emphasizing the necessity of adhering to international financial regulations.

In light of these challenges, the Minister urged for significant sacrifices in the coming year, calling for collective efforts to navigate through the existing economic crises and ensure the country’s stability.

January 03, Colombo (LNW): The Commissioner General of Examinations, Amith Jayasundara, has urged students preparing for the 2023 G.C.E. Advanced Level examination to take note of a minor alteration in the timetable. Mr. Jayasundara clarified that the Department of Examinations had made revisions due to the inclusion of Korean Language as a new subject.

Students were cautioned against using previous exam timetables, as certain websites might display outdated information. Emphasizing the importance of relying on the amended timetable provided in the examination admission card, he stressed that this document contains accurate and updated scheduling information for each subject, including date, time slots, subject number, and medium of instruction.

Highlighting the convenience of this information on the admission paper, Mr. Jayasundara reassured students that it suffices for their reference, eliminating the need to seek additional timetable details elsewhere.

Addressing concerns about students in disaster-prone areas, the Commissioner General assured the implementation of a special program to arrange alternative examination centers, with priority given to regions like Anuradhapura, Kekirawa, Polonnaruwa, Passara, Ampara, Batticaloa, and Hasalaka.

In light of inclement weather affecting travel to examination centers, students were advised to seek assistance from the nearest Zonal Education Office or Disaster Management Units to ensure timely arrival at the exam venues.