Colombo (LNW): The government of Sri Lanka is committed to take the difficult policy decisions needed for the restitution of the economy, said State Minister of Finance Shehan Semasinghe, addressing the UN Economic and Social Council (ECOSOC) in New York.

Representing Sri Lanka, State Minister of Finance Shehan Semasinghe is participating in the UN Economic and Social Council (ECOSOC) in New York from 17th April – 20th April.

Accordingly, participating in the “Financing for Development Forum” State Minister stated that the Government of Sri Lanka is committed to take the policy decisions which can be hard but are needed for economic recovery.

The state minister pointed out that as a result of events arising from the Covid epidemic to the Ukraine conflict and climate change, many countries are at risk of not being able to achieve the sustainable development goals targeted for the year 2030. The state minister also mentioned that lack of sufficient sustainable financing is the basic and main challenge faced by many states.

The state minister also pointed out the need for political attention at the global level to support countries in debt restructuring and debt sustainability, as well as fulfilling the pledges already made regarding official development assistance on international financial reform.

“I arrived in New York after attending the IMF and World Bank session on Sri Lanka’s reforms to revive the economy and the Extended Fund Facility which is approved last month. The Sri Lankan economy has faced the devastating effects of the multiple crises we are facing today. In addition, Sri Lanka has had many severe challenges in recent times. With the successful conclusion of the negotiations with the International Monetary Fund on the Extended Fund Facility, we have come to the Debt Restructuring Program in the framework of a Special Creditors Coordinating Committee consisting of India, France, and Japan. China has also affirmed that they will always support Sri Lanka to recover from the economic crisis. And we have identified the obstacles in building our economy in this credit system. Solving acute financial problems and ensuring sustainable development requires political will to take quick decisions. However, we look forward to developing the necessary bilateral and multilateral partnerships to accelerate this program”, he added.

By: Isuru Parakrama

Colombo (LNW): The semi-luxury bus service will be removed from operation after May, 2023, in consideration of a large number of complaints with regard to semi-luxury buses, announced the National Transport Commission.

Accordingly, all semi-luxury buses currently in operation will be converted to either normal service or a luxury bus service, said Commission Chief Nilan Miranda said.

He added that the transformation process will not require any payment, and thus will be done free of charge.

As of now, about 430 semi-luxury buses are in operation, and owners of 20 buses have made a request for the transformation, Miranda further revealed.

All bus owners willing to follow the process have been instructed to do so before May 31, 2023, the Commission Chief noted.

By: Isuru Parakrama

Colombo (LNW): The fuel quota increased by the government for the April festive season will remain unchanged, announced Power and Energy State Minister D.V. Chanaka today (18).

Accordingly, the fuel quota will remain unchanged for the following week with effect from midnight today.

WASHINGTON, April 14 (Reuters) – A committee of Sri Lanka’s international private creditors sent its first debt rework proposal to the country’s authorities regarding more than $12 billion in bonds outstanding, according to three sources with direct knowledge of the matter.

It is the first bondholder proposal after the island nation of 22 million people defaulted on its debt a year ago. It marks a first formal step to engage with the country’s authorities, said one of the people, who asked not to be named because discussions are private.

Details of the proposal were not immediately available.

Representatives for the government did not respond to a request for comment. A spokesperson representing the creditor committee declined to comment.

The group of about 30 creditors includes global investment companies Amundi Asset Management, BlackRock, HBK Capital Management and T. Rowe Price Associates.

Bondholders and government officials met in Washington this week, with legal and financial advisers for both sides present, two sources said.

Separately, the Paris Club of creditor governments said on Friday it aims to start negotiations to restructure Sri Lanka’s bilateral debt after a committee was set up by French, Japanese and Indian finance ministers, and representatives of Sri Lanka.

China, Sri Lanka’s biggest bilateral creditor, did not join the announcement even though it holds the key to solving debt woes for some low- and middle-income countries.

“If we can cooperate, if we can equally and fairly share the burden, I think we can solve the problem,” People’s Bank of China Governor Yi Gang said in a seminar during the International Monetary Fund and World Bank spring meetings in Washington, when asked whether China could join a Japan-initiated common platform to coordinate restructuring of Sri Lanka’s debt.

After the COVID-19 pandemic that ruined the tourist sector, a spike in prices of imports following the start of the war in Ukraine, and economic mismanagement, Sri Lanka fell into its worst financial crisis in more than seven decades.

The country secured last month a $2.9 billion program from the IMF to tackle its huge debt burden

1. Consumer Affairs Authority Chairman Shanta Niriella says eggs should be sold at the controlled price of Rs 44 per white egg and Rs.46 per brown egg: All Ceylon Egg Producers’ Assn President Sarath Ratnayake announces that from May 1, an egg will be provided at less than Rs.46.
   
2. Analysts say the indications from the IMF Staff Report is that the local debt impairment could lead to irrevocable damage being inflicted on EPF, ETF, NSB and banking and insurance sectors: they point out that would surely lead to massive social tensions and perhaps even a serious political upheaval.
   
3. CB data shows that during the week ended 11Apr’23, foreigners bought around USD 89 mn of Treasury Bills and Bonds which are now yielding around a staggering 25% interest: total foreign holdings of the T-bills and bonds now stands at around USD 0.3 bn: as at end-2014, foreigners held USD 3.5 bn of T-bills and bonds, but exited from those investments from 2015 to 2019.
   
4. UNP General Secretary Palitha Range Bandara says not only monkeys, but even peacocks should be exported: also says those who oppose the export of toque monkeys should go to Wanathawilluwa, Anamaduwa & Anuradhapura to see the damage caused by monkeys and peacocks to cultivations and witness the losses suffered by the farming community.
   
5. State Minister for Tourism, Diana Gamage says Sri Lanka will soon offer a Golden Visa for investors who make a minimum investment commitment of USD 250,000 in a local bank or by investing in a Govt approved project.
   
6. Asiri Hospitals Group announces that they will build and operate a hospital in the Port City Colombo in accordance with the Master Plan of the Colombo Port City
   Economic Commission: the hospital to form a part of the 4 main strategic and large scale social infrastructure development projects identified.
   
7. US based international travel influencer Juliana Broste, an award winning travel filmmaker and host who showcases adventures and fun things to do around the world, recommends Sri Lanka to be listed as one of the best places to visit in 2023.
   
8. School teacher Kushani Lansakara, 31, from Kurunegala gives birth to quadruplets (3 Males + 1 Female) at the Peradeniya Teaching Hospital: mother
   and infants in good health.
   
9. Former Foreign Minister and MP Professor G L Peiris says the Govt will have to hold the LG polls prior to conducting a Presidential election: also says under the existing legal provisions, the opportunity for a Presidential election will only occur between 18Sep’24 – 18Oct’24.
   
10. Biopic on SL cricketing legend Muttiah Muralitharan titled “800,” is set to hit theaters soon: Madhurr Mittal, renowned for his role as Salim Malik in “Slumdog Millionaire” to play the role of Murali: movie slated for release in Tamil, Telugu and Hindi.

Colombo (LNW): Separate operations conducted by the Navy in the sea areas of Mamunai and Chundikulam, Jaffna on 16th and 17th April 2023 led to the apprehension of 12 persons engaged in illegal night diving and light-coarse fishing.

During the operations, the Navy also seized 03 dinghies and unauthorized fishing gear used for these illegal acts.

The Navy conducts regular operations in the coastal and sea areas of the island in order to suppress illegal fishing activities performed by people with scant regard towards responsible fishing practices. As an extension of these efforts, the Naval Detachment Mamunai belonging to the Veththalakerni Naval Deployment in the Northern Naval Command deployed naval craft and conducted a special operation off Mamunai on 16th April. The operation led to the apprehension of 04 persons engaged in illegal diving activities to catch fish and seizure of 01 dinghy and unauthorised fishing gear.

Meanwhile, a group of Navy Marines attached to Naval Detachment Chundikulam of the Naval Deployment Veththalakerni also carried out a special operation off Chundikulam on 17th April. During the operation, naval personnel nabbed 08 persons along with 02 dinghies and fishing gear for practising light-coarse fishing in the sea area.

The persons apprehended in these operations are residents of Mannar, Thalayadi, Puulayarkoilady, Pudukuduirippu and Anandapuram, who are from 28 to 59 years of age. The suspects along with their fishing equipment and dinghies were handed over to the Department of Fisheries and Aquatic Resources in Jaffna for onward legal action.

Source: SL Navy

Colombo (LNW): A discussion pertaining to the future affairs of the Sectoral Oversight Committee on Religious Affairs and Co-Existence was held at the Committee meeting held under the Chairmanship of Upul Mahendra Rajapaksha recently.

Identifying the role, scope, future programme and problems of the institutions under the Ministry of Buddhasasana, Religious and Cultural Affairs was taken into discussion at the Committee meeting held.

The Secretary to the Ministry Buddhasasana, Religious and Cultural Affairs, Somaratne Vidanapathirana and other officials expressed views at the meeting held. It was also disclosed that arrangements have been made to hold this year’s National Vesak festival in Puttalam district as a joint programme with the support of all religions.

Attention was paid to the upcoming programmes and matters concerning pertaining to the Department of Buddhist Affairs, Department of Muslim Religious and Cultural Affairs, Department of Hindu Religious and Cultural Affairs, and Department of Christian Religious Affairs. There was also a discussion about the strengthening of the law necessary for the purpose of solving the problems related to all religions, preventing the existing cultural decline.

Committee Chief Rajapaksha said that the Sectoral Oversight Committee supports the activities necessary to solve the problems and strengthen the ministerial programme and if necessary, the minister is also expected to be involved in the committee. Accordingly, it was decided to prepare a basic program on the issues that the committee is expected to focus on and to work in the future.