The Annual Report of the Central Bank of Sri Lanka (CBSL) 2022 was presented by Central Bank Governor Dr. Nandalal Weerasinghe to the Minister of Finance Economic Stabilization and National Policies, President Ranil Wickremesinghe at the Ministry of Finance today (27).Presented as the 73rd Annual Report of the CBSL, this report consists of four main parts.

Accordingly, the first part consists of 08 chapters and 30 sub-chapters explaining the state of the economic affairs of the year, while the second part consists of a collection of gazettes and circulars related to various policy measures taken by the Government and the CBSL. The third part of this report explains the departments of the CBSL and their related roles and the fourth part includes a list of laws and ordinances related to the banking system connected to the Government and the CBSL.

In accordance with Section 35 of the Monetary Law Act, the Monetary Board of the CBSL is required to produce an annual report on the economic conditions and the policies taken for that year and submit it to the Minister of Finance within four months after the end of the relevant year.

Secretary of the Ministry of Finance Mr Mahinda Siriwardana, Director of the Economic Research Department of the Central Bank of Sri Lanka Dr. P.K.G.Harishchandra, Additional Directors of Economic Research Dr. Mrs. S. Jegajeevan and Dr. L. R. C. Pathberiya participated in this event.

The official announcement issued by the CBSL in this regard is shown in Annexure 01 below.

The 2022 annual report of the Central Bank of Sri Lanka can be accessed through the link below. https://www.cbsl.gov.lk/en/publications/economic-and-financial-reports/annual-reports

The National Water Supply and Drainage Board has announced that it is necessary to increase water tariffs to cover additional costs incurred by the recent hike in electricity charges.

According to Deputy General Manager N.K. Ranatunga, while water tariffs were increased after a decade, they were not revised in line with the January 2023 electricity tariff increase.

Ranatunga highlighted that the Water Board had to bear an extra cost of Rs 4 billion due to the electricity tariff hike and warned that the board cannot continue to bear additional expenses for long.

The announcement comes amid growing concerns over the impact of rising utility prices on households in the country.

The Sri Lanka Navy Marine Corps presented three special Combat All-Terrain Vehicles (CATVs) to President Ranil Wickremesinghe at the Presidential Secretariat on Wednesday, April 27th. The CATVs, produced locally by Ideal Motor Company, are part of the Sri Lanka Navy’s efforts to combat illegal activities, terrorist activities, and smuggling along the country’s coast.

During the presentation, the President was given a demonstration of the CATVs’ capabilities, which are expected to be used to combat various illegal activities and drug trafficking in the Colombo and Mannar areas in the future. The CATVs are currently under the custody of the Sri Lanka Navy.

The event was attended by Senior Advisor to the President on National Security and Chief of Presidential Staff Mr Sagala Ratnayake, Navy Commander Vice Admiral Priyantha Perera, Navy Deputy Chief of Staff and Director General Operations Rear Admiral Pradeep Ratnayake, Director of the Marine Corps Commodore Sanath Pitigala, and other senior officers. The Chairman of Ideal Motors Ceylon Private Ltd Mr. Naleen J. Welgama and several others were also present.

The CATVs were specially designed to operate in various terrains and conditions, making them ideal for combat operations in coastal areas. Their production is part of the Sri Lanka Navy’s efforts to modernize its equipment and improve its capabilities to protect the country’s coastline.

The President expressed his appreciation for the efforts of the Sri Lanka Navy and the Ideal Motor Company in producing the CATVs. He noted that the vehicles would play an important role in ensuring the safety and security of Sri Lanka’s coastal areas.

The presentation of the CATVs marks an important milestone in the Sri Lanka Navy’s efforts to combat illegal activities, terrorism, and smuggling along the country’s coast. The vehicles are expected to enhance the Sri Lanka Navy’s capabilities and contribute to the country’s overall security.

1. Governor of the North-Western Province and ex Navy Commander Wasantha Karannagoda banned from entering the US Soil over alleged human rights abuses during the war season: SL Foreign Ministry raises grave concerns over the decision with the US Ambassador to Sri Lanka.
2. Labour and Foreign Employment Minister Manusha Nanayakkara says duty free allowance given to Sri Lankan expatriate workers at the Airport will be increased from May 01; asserts a circular was issued in this regard.
3. Transport and Highways Minister Bandula Gunawardena issues an extraordinary gazette increasing expressway tolls with effect from April 27: Toll for Katunayake-Hambantota – four-wheel to Rs. 1,300 from Rs. 1,000; six-wheel to Rs. 2,350 from Rs. 1,900; heavy vehicles with over six wheels to Rs. 3,950 from Rs. 3,150: Toll for Central Expressway Mirigama-Kurunegala – four-wheel to Rs. 300 from Rs. 250; six-wheel to Rs. 450 from Rs. 350; heavy vehicles with over six wheels to Rs. 700 from Rs. 550: Toll for Peliyagoda-Katunayake – four-wheel to Rs. 400 from Rs. 300; six-wheel to Rs. 550 from Rs. 450; heavy vehicles with over six wheels to Rs. 750 from Rs. 600.
4. CB Governor Nandalal Weerasinghe presents the Bank’s 73rd Annual Report (2022) to President Ranil Wickremesinghe at the Finance Ministry; projects the country’s economy is expected to shrink by 2% in 2023; adds the economy would grow by 3.3% in 2024: CB’s growth estimate for 2023 said to be more optimistic than the 3.1% contraction projected by the IMF.
5. President Ranil Wickremesinghe directs the Plantation Reform Committee officials to take immediate action to resolve the prevailing issues in the Plantation Sector; asserts the government is committed to carrying out its agricultural modernisation plan.
6. The HRCSL urges President not to table the proposed ‘Anti-Terrorism Bill,’ a replacement to the Prevention of Terrorism Act (PTA) in Parliament in its current format until a national dialogue on it is concluded, and its recommendations are published along with a clear action plan.
7. GOSL plans to bring in fresh amendments to Inland Revenue Act, No. 24 of 2017 in Parliament for approval today; set to raise revenues from the current level of 14-15% of GDP to higher levels of above 20% of GDP matching those of more developed countries, following the context of widening the tax base rather than increasing the rates without adverse impacts on the processes of investment and on living conditions of the low and middle income families:
8. Ex BASL Chief Saliya Peiris PC says the proposed ATA replacing the existing PTA has no provisions that contribute to the elimination of actual terrorism in the country; slams the Justice Minister for defending the bill under the pretext of it being formulated through a Committee presided by PCs Nerin Pulle and Nalinda Indatissa, claiming that the formulation of the bill involved no stakeholders at all and even the Committee minutes reveal that some of the members expressed objections to certain provisions of the bill that do not comply with international human rights standards.
9. The Presidential Environment Awards 2021-2022 organised by the Central Environment Authority to be held today under the patronage of President Wickremesinghe: Prime objective is the awarding of state honours to industries, business organisations and individuals who have made an excellent contribution towards environmental conservation.
10. SL declares their first innings in the second Test against Ireland on 704 for 3, the highest ever at the Galle International Cricket Stadium: The hosts took a lead of 212 as all of their top four batsmen scored centuries, with Nishan Madushka and Kusal Mendis scoring double tons.

The Sri Lankan Parliament is set to hold a crucial vote this evening, April 28th, regarding the agreement reached between Sri Lanka and the International Monetary Fund (IMF). The announcement was made by President Ranil Wickremesinghe on Wednesday morning, as he addressed the Parliament on the subject.

The debate on the IMF agreement started on Wednesday, with lawmakers deliberating on the terms and conditions of the deal. The President made a special statement in the Parliament, outlining the details of the agreement and seeking approval from the lawmakers.

The IMF agreement is aimed at boosting Sri Lanka’s struggling economy, which has been hit hard by the COVID-19 pandemic. The agreement includes measures to reduce the fiscal deficit, increase revenue, and promote economic growth.

Following the conclusion of the debate on the agreement, the lawmakers are expected to vote on the matter this afternoon. The outcome of the vote will determine whether or not Sri Lanka will proceed with the IMF agreement.

The IMF agreement has been a subject of intense debate in Sri Lanka, with some lawmakers expressing concerns over its potential impact on the country’s economy. However, the government has maintained that the agreement is necessary to address the current economic challenges facing the country.

As the Parliament prepares for the crucial vote, all eyes will be on the outcome, which is expected to have far-reaching implications for Sri Lanka’s economy.

The Department of Meteorology in Sri Lanka has warned that several parts of the island can expect showers or thundershowers after 2.00 p.m. The warning indicates that the Western, Sabaragamuwa, and North-western provinces, as well as the Galle and Matara districts, are likely to experience fairly heavy showers of over 75 mm. Showers may also occur in the Eastern province and southern coastal areas during the morning hours.

The Department has advised the public to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

The sea areas around the island will also experience showers or thundershowers in several places. Wind speeds will be south-easterly to easterly around the island, with a speed of 20-30 kmph. The sea areas around the island will be slight to moderate. However, the Department has warned that temporarily strong gusty winds and very rough seas can be expected during thundershowers.

The weather warning is expected to remain in place for several hours and residents are advised to monitor the weather updates from the Department of Meteorology.

Sri Lanka regrets the decision by the U.S. to designate Admiral of the Fleet Wasantha Karannagoda, the present Governor of the North Western Province, on 26 April 2023.

Foreign Minister Ali Sabry expressed Sri Lanka’s grave concerns associated with this decision to the U.S. Ambassador Julie Chung on 27April 2023.

As a longstanding bilateral partner of Sri Lanka, such unilateral action by the U.S. without following due process is counter-productive to the holistic approach that Sri Lanka has taken on addressing national unity and reconciliation. It is also unfortunate that the announcement emanates against the backdrop of tangible progress made by the Government in strengthening the country’s democratic governance and reconciliation structures.

Despite these challenges, Sri Lanka will continue in its ongoing efforts to achieve reconciliation, economic recovery and socio-economic development.

Ministry of Foreign Affairs

Colombo

27 April 2023