PMD: President’s Secretary Mr. Saman Ekanayake, in a letter addressed to all Secretaries to the Ministries, Provincial Chief Secretaries, District Secretaries and Divisional Secretaries, has emphasized the critical importance of enhancing communication and collaboration between government officials and political authorities at both district and divisional levels.

The letter highlights concerns regarding the existing gap in effective coordination between government and semi-government institutions, District Development Committees and Divisional Development Committees. This disconnect has posed significant challenges, obstructing the successful execution of vital development projects.

Furthermore, Mr. Ekanayake’s letter draws attention to the persistent complaints filed by Chairpersons of District Development Committees and Divisional Development Committees with the President, Mr. Ranil Wickremesinghe. These complaints have raised issues related to the obstacles faced in development work, arising from insufficient coordination between political authorities and government officials.

As a resolution to these ongoing challenges, the letter urges that future development plans, devised by government and semi-government institutions, incorporate the active involvement and cooperation of District Development Committees and Divisional Development Committees. This approach aims to ensure that these committees are well-informed and actively engaged in the decision-making processes concerning development activities.

Mr. Ekanayake’s communication reflects the government’s commitment to streamlining development initiatives, boosting efficiency and ensuring the successful execution of essential projects across Sri Lanka.

The two leaders reportedly had a meeting at the airport lounge where Banerjee gifted the President one of her self-made paintings

A chance encounter with Sri Lankan President Ranil Wickremesinghe at the Dubai International Airport allowed Bengal chief minister Mamata Banerjee to hold a short informal interaction with the chief of the island nation and extend him an invite to the forthcoming edition of the Bengal Global Business Summit to be held in Calcutta next year.

Banerjee, who is on her way to Madrid for an official visit to attract business investments and forge tie-ups in the publishing sector as well as in soccer, was in Dubai for a stopover. The Sri Lankan President, also en route to Madrid and then on to Havana, was also at the venue midway in his transit. The two leaders reportedly had a meeting at the airport lounge where Banerjee gifted the President one of her self-made paintings.

“HE the President of Sri Lanka extended a cordial invitation to me to visit Sri Lanka. It was a pleasant interaction with deep implications,” Banerjee posted on her X timeline. She reportedly stressed on the long-standing relationship between the two people and shared her experiences of visiting Sri Lanka when she held the chair of union youth and sports affairs ministry back in the early 1090s.

Source: Telegraph India

By: Staff Writer

Colombo (LNW): LAUGFS Gas PLC, a leading energy solutions provider, and Lanka IOC, a prominent petroleum company forged a strategic partnership. This collaboration marks a pivotal moment in the industry as these two giants unite to drive innovation, enhance operational efficiency, and elevate customer service standards for the local LPG customer base.

The LAUGFS Gas and Lanka IOC partnership envisions a future where extended service hours, available 365 days a year, become the norm, with LAUGFS Gas products readily accessible at all Lanka IOC stations.

This partnership will also introduce a range of extended service offerings, further enriching the customer experience. By leveraging their expertise in their respective domains, both companies are committed to setting the standard in the LPG and petroleum product retailing industries.

Director/Cluster CEO, LAUGFS Gas PLC – Dr Niroshan J Pieries noted: “the partnership of the two entities continue to uphold and push the boundaries of innovation and collaboration in energy.

With the coming together of these two leading firms of the industry, it aims to spark a change for a more efficient, customer-focused future to further satisfaction and ease of purchase.”

Since its entry into the local LPG industry in 2001, LAUGFS Gas has experienced remarkable growth and has become a trusted brand synonymous with quality and consistency.

With an extensive network of over 7000 dealers and 31 distributors, LAUGFS Gas is well-positioned to meet the nation’s energy requirements.

This nationwide sales and distribution network is further supported by a modern fleet of LPG tankers and state-of-the-art 33000 MT storage and filling facilities in Hambantota and Mabima, both operated with the highest international safety standards.

Commenting on the partnership, Managing Director, Lanka IOC –r. Dipak Das, stated: “they are pleased to partner with LAUGFS Gas on this exciting venture.

Together, we share a vision of a future where convenience knows no bounds. This partnership is not just about offering convenience; it’s about enhancing the overall customer experience, he added.

He said “ We are committed to introducing a range of extended service offerings that will redefine the way our customers interact with us. By combining our expertise in the LPG and petroleum product retailing industries, we aim to set a new standard, one that puts the customer at the forefront of everything we do”

The LAUGFS Gas and Lanka IOC partnership represents a strategic alignment of industry leaders dedicated to shaping a brighter, more efficient future for Sri Lanka’s energy landscape. Together, they will propel the nation towards a more sustainable and customer-centric energy future.

By: Staff Writer

Colombo (LNW): The government has accepted offers to exchange about US $10 billion worth of defaulted local debt for new bonds, the Finance Ministry said on Tuesday, taking it a step towards meeting debt restructuring requirements ahead of an International Monetary Fund (IMF) review.

Sri Lanka has been battling its worst financial crisis in more than seven decades after its foreign exchange reserves depleted to record lows and forced the island to default on its debts in May 2022.

The bonds, largely from superannuated funds, were eligible for exchange under a domestic debt restructuring program announced by Sri Lanka in June.

A total of 3.2 trillion rupees of the 8.7 trillion rupees in bonds eligible for exchange were accepted, the Finance Ministry said in a statement. The settlement date of the exchange has been set at Sept. 14.

Central Bank data indicates that Sri Lanka’s total domestic debt is Rs.15.03 trillion, equivalent to 62.27% of GDP in 2022.

Of this total debt, Rs. 8.71 trillion is in treasury bonds, representing 57.93% of total domestic debt..

CBSL data also indicates that Rs. 3.12 trillion in treasury bonds is owned by licensed commercial banks, and LKR 0.75 trillion is owned by licensed specialized banks.

Together, these institutions own 44.43% of total treasury bonds. Retirement (superannuation) funds, including EPF and ETF, own Rs. 3.72 trillion in treasury bonds. This figure constitutes 42.72% of the total treasury bonds.

“The success of the Invitation to Exchange will enable the Republic to reduce Gross Financing Needs (GFN) over the next 10 years, thereby contributing to achieving the Republic’s GFN target agreed in the context of the current IMF-supported programme,” the finance ministry statement added.

A delegation from the IMF will arrive in Colombo on Thursday to start the evaluation process for the first review of the $2.6 billion four-year program which Sri Lanka secured in March.

Under the IMF program, Sri Lanka has set a target of restructuring its debt for the next 10 years and reducing its debt-to-GDP ratio from the current 120% to about 95% by 2032.

However, Sri Lanka still needs to complete talks with key bilateral creditors, including Japan, China and India, before it can take the next step to restructure its debt.

By: Staff Writer

Colombo (LNW): Singaporean energy company Vitol Asia’ has been awarded a procurement contract for the supply of four shipments of Petrol 92 Octane to Sri Lanka although there were adequate stocks available in the country at present.

Bids were invited from suppliers registered under the Ceylon Petroleum Corporation (CPC) for a long-term contract for the purchase of four shipments of Petrol 92 Octane over a period of 4 months, from 21 September 2023 to 21 January 2024.

While four bids were received, the proposal presented by the Minister of Power and Energy Kanchana Wijesekera to award the relevant procurement to the Singaporean company, as per a recommendation of Cabinet Appointed Procurement Committee, was approved by the Cabinet of Ministers on Monday (11 Sep.).

He said that the Ceylon Petroleum Corporation and Lanka IOC have adequate fuel stocks. The Minister noted that the existing shortage is due to the non placement of orders by Fuel Station owners anticipating a fuel price reduction.

The stock position of Diesel – 122,769 mt, Sup. Diesel – 5,739 mt, 92 Pet – 56,797mt ,95 Pet – 2,318 mt JET A1 – 42,625 mt was sufficient till the end of Next month , CPC source said.

In a move aimed at dispelling misconceptions and clarifying the financial landscape of fuel suppliers, Power and Energy Minister Kanchana Wijesekera presented a comprehensive breakdown of fuel costs for the Ceylon Petroleum Corporation (CPC), Lanka IOC (LIOC), and Sinopec in Parliament

The disclosure comes in the wake of a recent price revision in fuel rates, effective from 1 September.

Minister Wijesekera emphasized that the maximum profit margin allowable for any fuel supplier stands at 4% per litre, as stipulated in the fuel price formula adopted by the Government

One of the main aspects addressed in tabling the breakdown was setting the maximum retail price for fuel; a responsibility overseen by the Power and Energy Ministry monthly..

“Hope this clears out the misleading and false statements made by various individuals on unreasonable profits gained by other suppliers and CPC.

One of the main aspects addressed in tabling the breakdown was setting the maximum retail price for fuel; a responsibility overseen by the Power and Energy Ministry monthly.

He also noted that any fuel supplier is at liberty to sell their products below the established maximum price, thereby creating a competitive environment for the benefit of consumers.

By: Staff Writer

Colombo (LNW): Sri Lanka’s revenue administration and management information is being handled manually at present due to the mal functioning of the automation system, finance ministry sources revealed.

It has been observed that when renewing the agreement with Singaporean company which developed and maintains Revenue Administration and Management Information system RAMIS 2.0 is to be expired by January 2024.

Therefore the Inland Revenue Department has been compelled to upgrade RAMIS 2.0 in compliance with the proposed new taxes (Inheritance tax and Wealth tax etc.)

It has to be integrated with other state institutions connected with IRD and use National Identity Card Number as the unique identification number.

The automated system system will be upgraded with the technical capacity to prevent the delays in registration of tax files and the development of all modules of RAMIS will be finalized by September 2023, finance ministry sources disclosed.

It has been initially proposed to interlink 6 public institutions with RAMIS and now it is expected to interlink 29 public institutions.

The agreement with the Singaporean Company to develop and maintain the RAMIS 2.0 will be expired by 31st January 2024, and the internal capacity including the human resources of the Department has not been developed to take over the full responsibility of the RAMIS 2.0 by the end of this year.

It is recommended to introduce a Public-Private Partnership (PPP) changing the business model of RAMIS by involving a private entity to run the back office and maintain the system by creating a mutually beneficial arrangement(

The Inland Revenue Department has been directed to expedite the process of uploading data for opening tax files within a period of one year.

Currently, data of the year 2018 is being entered into the RAMIS, and it has been directed to ensure that the RAMIS is updated with the latest data in the opening tax files.

The IRD is not equipped with a Back Office where developer, programmer and user are present together.

It is recommended to put in place an efficient mechanism to accelerate the collection of Collectable and the Held over taxes within 3 years.

The IRD is to collaborate with the countrywide census to be conducted in 2024 by the Census and Statistics Department in order to gather information required to open tax files for every citizen who attained the age of 18 years.

Further, IRD will provide the required parameters to the Census and Statistics Department and necessary legal amendments to be brought in to enhance revenue collection.

Sri Lanka’s Marine Environmental Protection Authority has inked a significant agreement with France’s Collected Localization Satellites (CLS) to bolster the monitoring of oil spills resulting from vessels traversing Sri Lankan waters, utilizing advanced satellite technology.

This historic accord, with a one-year term, carries a project valuation of 601,810 Euros. The financial support for this endeavor is graciously extended by the French government, while the Sri Lankan government will shoulder the operational expenses. The agreement encompasses the provision of swift responses to oil spills caused by ships, encompassing stringent law enforcement measures. Minister of Urban Development and Housing, Prasanna Ranatunge, underscored the pressing need for such a system, given that approximately 300-350 vessels navigate the southern coast of Sri Lanka on a daily basis.

Minister Ranatunge stated, “Given the substantial maritime traffic along Sri Lanka’s coastal waters, a robust monitoring system is imperative to safeguard our nation’s precious marine environment. This surveillance system stands as an ideal solution to address potential hazards.”

Additionally, experts from Collected Localization Satellites (CLS) will impart invaluable insights to the Marine Environmental Protection Authority personnel on how to effectively monitor and pursue legal recourse in the event of future oil spills. Training will also encompass early detection techniques, which can significantly mitigate environmental risks by facilitating proactive measures.

CLS, the implementing agency for this project, presently operates in 34 global locations and specializes in the monitoring and observation of oil spills through cutting-edge satellite technology.