In a significant development, employees of privately-owned buses operating on routes 170 (Athurugiriya-Pettah) and 190 (Meegoda-Pettah) have commenced a token strike today. The strike comes as a result of a recent incident that escalated tensions between bus drivers and the police, according to reliable sources.

Commuters relying on private buses along these two routes were left stranded as the buses remained non-operational for the day. The sudden strike took many passengers by surprise, leading to inconvenience and delays in their daily commute.

The catalyst for the token strike was an altercation between bus drivers and the police, although specific details surrounding the incident remain unclear. Witnesses reported a heated exchange between the two parties, which quickly escalated, prompting the bus employees to take this industrial action in protest.

The strike action has been organized as a token strike, which means that bus services on these routes are temporarily disrupted but are expected to resume normal operations soon. Token strikes are often used as a means of demonstrating dissatisfaction and drawing attention to specific grievances without causing long-term disruption to public transportation.

1. President Ranil Wickremesinghe leaves on an official visit to Singapore and Japan: UAE President Mohamed bin Zayed Al Nahyan invites President to participate in the World Climate Action Summit on 1st & 2nd Dec 2023.
2. IMF team in Colombo says timely restructuring agreements with creditors in line with program targets by the first review is essential to restore debt sustainability: also says keeping up the reform momentum and ensuring timely implementation of program commitments are key for Sri Lanka to emerge from the economic crisis.
3. Minister of Public Security Tiran Alles orders the Department of Immigration and Emigration to deport the Chinese national who allegedly attempted to enter Sri Lanka with two passports.
4. UN says detonation of an improvised explosive device (IED) in Mali injured 4 UN peacekeepers from Sri Lanka: also says the injuries are not serious and the peacekeepers are receiving medical treatment.
5. Former CB Governor Ajith Nivard Cabraal says the acute collapse in demand since people have no money to spend now, has caused a severe economic contraction: explains that there are no queues today because consumption has reduced drastically: petrol down by 33%, diesel down 53%, & kerosene down 75%: also says there are no power cuts now because electricity consumption has been brought down by 20% due to the astronomically high electricity prices.
6. SLPP MP Ali Sabri Raheem taken into custody by Sri Lanka Customs at the BIA while in possession of 3.5 kgs of undeclared gold worth over Rs.74 mn and 91 smart phones valued at over Rs.4.2 mn: all items seized and the MP fined Rs.7.5 mn and then released.
7. President’s Chief of Staff, President’s National Security Advisor and National Organiser of the United National Party – Sagala Ratnayake appointed as the UNP Organiser of Colombo-West.
8. Police says Cinnamon Gardens Police has launched an investigation into a complaint lodged by a photographer of the SLFP media unit, alleging an attack by MP Dayasiri Jayasekara.
9. Government leaders in a critical mission to secure 113 votes in Parliament to ensure the passage of a motion to remove Janaka Ratnayake from the Public Utilities Commission: vote scheduled for today after a full-day debate from 10.30am to 5.00pm.
10. Groups for the ICC Men’s Cricket World Cup qualifiers finalised: Sri Lanka included in ‘Group B’ with Ireland, Scotland, Oman and UAE: ‘Group A’ includes the West Indies, Zimbabwe, the Netherlands, Nepal and USA.

Individuals with high incomes who have received welfare benefits, including Samrudhi through different affiliations, will be automatically excluded from the system

Rs. 15,000 per month for extremely poor families

According to the Welfare Benefits Board, significant measures have been taken to address the challenges faced by welfare beneficiaries in receiving their allowances. Effective from July, the board has implemented a direct crediting system, ensuring that beneficiaries’ bank accounts are directly credited with the necessary welfare benefits.

 This encompasses the correction of any previous errors in social welfare benefits and the continuation of existing Government assistance programs such as Samurdhi and Elderly Assistance. These actions were carried out under the guidance of President Ranil Wickremesinghe.

To further assist those without bank accounts, the Welfare Benefit Board, led by Chairman Mr. B. Wijayaratne, has taken the necessary steps to facilitate the opening of bank accounts for beneficiaries who currently lack one. Mr. Wijayaratne expressed these details during his participation in the ‘101 Katha’ program produced by the Presidential Media Division.

The ‘Aswesuma’ welfare benefit program, initiated by the President as part of the social safety net to alleviate the ongoing economic crisis, is being overseen by Minister of State for Finance Mr. Shehan Semasinghe, with involvement from various Government agencies, including the Ministry of Finance. Through this program, financial assistance will be provided to the lower-income group, comprising 40% of society, across four categories. The Government aims to offer 15,000 rupees per month to families falling under the extremely poor category.

Addressing a question raised during the ‘101 Katha’ program, the Chairman of the Welfare Benefit Board emphasized that the selection of ‘Aswesuma’ beneficiaries is carried out through a centralized data base, ensuring that political affiliations do not influence the assistance provided. He further noted that with the implementation of the ‘Aswesuma’ welfare benefit program starting in July, there is a possibility that individuals who have been receiving benefits such as Samurdhi may lose them. This could be due to factors such as having a stable income or not applying for the ‘Aswesuma’ welfare benefits.

The Chairman of the Welfare Benefits Board emphasized that individuals who believe they should be eligible for benefits but are not included in the initial list can submit their appeals. As soon as the list of eligible recipients is published, they can either file an appeal or submit applications during the second phase, commencing after July. The Chairman acknowledged allegations that some financially vulnerable individuals were overlooked in the existing welfare benefit programs and that certain beneficiaries, including Samurdhi recipients, were included based on political influence.

In response to these concerns and with the intention of addressing the allegations and providing support to those in need, President Ranil Wickremesinghe intervened and initiated the ‘Aswesuma’ welfare benefit scheme. Starting from August, the Welfare Benefit Board invited applications, receiving submissions from over 3.7 million people. Data regarding income and expenses were collected through the ‘Aswesuma’ mobile app, with additional verification conducted by a dedicated committee at the Divisional Secretariat level.

The finalized list of eligible individuals for the ‘Aswesuma’ welfare benefits will be made available at each Grama Niladhari office and on the Welfare Benefits Board’s official website (https://www.wbb.gov.lk/). 

If an applicant’s name is not included in the list or if there is someone included who is deemed ineligible for assistance, individuals have the option to file an appeal. The scheme aims to ensure that no deserving individual is left behind, emphasizing inclusivity and fairness. Additionally, for those unable to submit applications during the initial phase, there will be an opportunity to do so during the second phase, after July. Further details regarding this will be communicated through newspapers and media channels.

 You can access the videos featuring Chairman of the Welfare Benefit Board Mr.B. Wijayaratne in the ‘101 Katha’ discussion  program,  by clicking on this link: (https://youtu.be/yIt7ILtabJg). 

To receive the latest updates shared via the ‘101 Katha’ program, a platform aimed at promoting Government policies and decisions, you can join the ‘101 Katha’ WhatsApp group by following this link: https://tinyurl.com/101Katha.

The Chair of the Sectoral Oversight Committee on An Open  ”Accountable Government Hon. Jagath Kumara Sumithraarachchi instructed the Department of Pensions to take steps to promptly pay the pensions due to the employees retiring from the government service in Sri Lanka and to have the public informed about the same for that purpose.

The Chair stated that the public are inconvenienced due to the long time taken to receive the pension and said that this is a concern that has been going on for a long time and that complaints pertaining to the said concern are received frequently.

The said concerns were discussed when the Department of Pensions were called before the Sectoral Oversight Committee on An Open & Accountable Government. The said Committee met in Parliament recently under the chairmanship of, Member of Parliament Hon. Jagath Kumara Sumithraarachchi.

The officials pointed out that it is possible to pay the pension within one month of receiving a properly completed pension application. They also pointed out that many problems arise due to the application form not being completed properly.

The Members mentioned that there is a great frustration among the public regarding the Department of Pensions due to the lack of a proper system to acquire the information about their pension. Therefore, the Members of Parliament pointed out that this system should be set up in such a way that services can be easily provided to the people by using modern technology. The councilors also suggested to appoint a graduate officer to each divisional secretariat to deal with pension.

The Committee Members suggested that it is appropriate to call the pensioners’ associations related to the respective districts before the Committee and discuss their problems.

Hon. Mahindananda Aluthgamage, Hon. Mohomad Muzammil, Hon. Gunathilaka Rajapaksha, Hon. M. Rameshwaran, Hon. Kumarasiri Rathnayaka, Hon. Kapila Athukorala were present at this Committee meeting held.

Colombo (LNW): The Sri Lankan Rupee indicates further appreciation against the US Dollar as revealed by the Exchange Rates of the Central Bank of Sri Lanka (CBSL) today (23), in comparison to yesterday (22).

Accordingly, the buying price of the US Dollar has dropped to Rs. 299.19 from Rs. 299.71, and the selling price, to Rs. 312.33 from Rs. 313.82.

The Sri Lankan Rupee also indicates appreciation against several other foreign currencies as well.

Colombo (LNW): Public Security Minister Tiran Alles ordered the officials of the Department of Immigration and Emigration to immediately deport the Chinese national who had arrived in Sri Lanka with two forged passports.

The Chinese national in question was taken in at the Katunayake Bandaranaike International Airport (BIA) over the possession of two forged passports, and was taken to the Department to record a statement in connection with the incident.

By: Staff Writer

Colombo (LNW): In a dramatic underwater rescue efforts, Sri Lankan divers have recovered the remains of seven crew members from a Chinese fishing vessel that capsized in the central Indian Ocean recently.

Several countries, including Australia, India, Sri Lanka, Indonesia, the Maldives, and the Philippines, joined in rescue efforts for 39 missing crew members after the Chinese distant-water fishing vessel “Lupeng Yuanyu 028” capsized early last Tuesday, state-run CCTV reported.

The vessel is owned by Penglai Jinglu Fishery based in Shandong province. The company has yet to release a statement on the incident.

Of the 39 people that were originally on board – 17 Chinese crew members, 17 Indonesians and five from the Philippines – it was not immediately clear which crew members were found.

Sri Lankan divers found and recovered the remains in the cabin of the ship, CCTV reported according to the Chinese Ministry of Transport. The wrecked vessel continues to slowly drift eastward, CCTV said. 

According to state media, 13 ships are still in the vicinity of where the boat sank. CCTV footage last week showed high-powered marine radar on ships that were trying to locate the capsized vessel, while crew members were seen using visual equipment to pan sea waters to locate survivors.

Last Thursday, the Chinese foreign ministry said President Xi instructed that additional rescue forces be sent and that international maritime search assistance be coordinated.

China’s ambassador to Australia urged Canberra on Thursday to step up its rescue efforts to help locate the missing.

By: Staff Writer

Colombo (LNW): Sri Lanka’s private sector borrowing in April has been lacklustre due to prevalent high interest rate regime as well as downturn in the economy.

There is growing criticism over the high interest rate environment from private sector as well as micro and SMEs even though the Central Bank has maintained the stance that finance costs work out to less than 10% of the overall cost.

The CBSL has also insisted that the bigger factor high inflation needs to be reined in first before dealing with interest rate.

The months-long descent in credit to the private sector turned more pronounced in March as such credit reported a net de-growth of Rs.107.6 billion, nearly doubling from the Rs.57.6 billion contraction in February.

The larger decline in net credit to the private sector demonstrates that the economy was still in decline although it might have turned a corner and found some footing with the improvement in the foreign currency conditions at home and the deceleration in the consumer prices, CBSL claimed.

The first quarter financial reports of banks also mirrored the private credit conditions in the economy as almost all commercial banks reported de-growths in their loan books in the quarter ended March 31, 2023.

However, closer parsing of their earnings commentary hinted that bank CEOs were largely remaining cautiously optimistic of the back half of the year to bring them some growth.

Notwithstanding the contractions in their loan books, banks overall reported reasonably good financial performance, benefited out of the higher margins and relatively low impairments. The higher taxes took the shine away from the earnings from all lenders.

Private credit in the industry has been on a descent from around March last year after the economy came to an abrupt halt as it ran out of foreign currency. Consequently, banks tightened their credit standards to stonewall demand for loans from most individuals and businesses.

The rates went through the roof after Central Bank tightened monetary policy with a mega policy rate hike aimed at crushing demand for credit and thereby the consumption and production, all in the guise of bringing price stability.

As a result, banks saw their balance sheets contracting, liquidity getting tightened and capital levels challenged due to record loss provisions they had to provide for likely loan defaults and dollar bonds they held. While private loans slumped, the loans to the government from the banking system increased by Rs.97.2 billion in March and the credit to the public corporations declined by Rs.118.9 billion.

By: Staff Writer

Colombo (LNW): Sri Lanka is mulling measures to lure back Chinese tourists in a bid to alleviate an unprecedented debt crisis, its tourism minister said, as the South Asian nation tries to stabilise the economy.

The country is targeting half a million Chinese tourists in 2024, nearly double its pre-Covid visitor levels, tourism minister Harin Fernando said at a press briefing in Beijing on Monday.

Sri Lanka is mulling measures to lure back Chinese tourists in a bid to alleviate an unprecedented debt crisis, its tourism minister said, as the South Asian nation tries to stabilize the economy.

The country is targeting half a million Chinese tourists in 2024, nearly double its pre-Covid visitor levels, Tourism Minister Harin Fernando said at a press briefing in Beijing on Monday.

If each Chinese tourist spent $5,000 that could raise a figure comparable to the recent International Monetary Fund bailout, he said. “If you really look at it, tourism can get Sri Lanka out of this mess,” the minister added.

Sri Lanka clinched a $3 billion bailout loan from the IMF in March after six months of negotiations. It is still trying to reach a debt restructuring agreement that would help the release of the next round of funds. China has been an observer to those talks.

Paris Club members account for $4.8 billion, or more than 10% of Sri Lanka’s external debt, according to IMF data. That’s slightly higher than China, which stands at $4.5 billion, while India is owed $1.8 billion. Palitha Kohona, Sri Lanka’s ambassador to China, who was also at the event in Beijing, said bilateral debt talks were ongoing.

Fernando said he’d presented a plan to Sri Lanka’s government that included free tourist visas for Chinese travelers until November. “They can just walk into Sri Lanka with a Chinese passport,” he said.

The minister also said he was holding talks with Chinese carriers, including China Southern Airlines and Air China, asking them to increase the number of flights to Sri Lanka.

This month, carriers are operating 92 flights between the two countries, down from 174 in the same month in 2019, according to flight data provider Cirium.

Sri Lanka has battled its worst economic problems since independence in recent years, after protests over soaring inflation, food shortages and lengthy power cuts toppled the government. A series of deadly terror blasts in 2019 also hit tourism arrivals, along with the subsequent Covid pandemic.

Before all that, Sri Lanka saw some 266,000 Chinese arrivals in 2018, according to the Sri Lanka Tourism Development Authority. That fell sharply to 167,863 the following year, according to the authority. 

The return of Chinese tourists is considered essential to the rebound of global tourism, but outbound travel is still lagging pre-pandemic levels. More than half of Chinese travelers said they hadn’t set plans to go abroad this year in a survey published last month.

Colombo (LNW): Crisis-hit Sri Lanka has reportedly received an investment of about US$ 350 million (US$ 348 million) through renowned global petroleum producer Sinopec for its local operations, indicating the having of a potential impact on the island nation’s forex problem.

LNW came to learn of this information only a day after the announcement of Sri Lanka entering a contract agreement with the global petroleum producer for the importation, storage and sale of petroleum products in the country.

The contract agreement was inked between Secretary of the Ministry of Power and Energy M.P.D.U.K. Mapa Pathirana, and Managing Director of of the Fuel Production and Marketing Department of Sinopec Chen Chengmim, before President Ranil Wickremesinghe.

The reception of US$ 350 million for Sinopec operations may appear in the form of a grant for the crisis-hit island, making a considerable impact, analysts opined.