Colombo (LNW): The Local Government Election cannot be held on April 25, 2023 as predicted earlier, announced the Election Commission, following a meeting this morning (11).
The Commission added that a date for the holding of the LG Polls will be decided based on a court order, or the provisions of funds.
The announcement comes in a day after Provincial Councils and Local Government State Minister Janaka Wakkumbura predicted the same.
Nonetheless, the Minister added that the Commission will announce the date of the Polls before April 25.
Colombo (LNW):Sri Lanka’s tourism is raganing its momentum under present tourism administration headed by Minister Harin Fernando under recovery measures with the untiring efforts of Tourism Development Authority led by experienced and qualified tourism administrator Priyantha Fernando along with private stakeholders, several travel trade analysts said.
The tourism authority had planned for 1.6 million foreign visitors in 2023. Priyantha Fernando said adding that the authority is up to the challenge, but aggressive promotions must be carried out immediately.
The tourist arrivals to Sri Lanka were recorded at 26,912 in the first week of April, the provisional data from the Sri Lanka Tourism Development Authority showed.
For the first seven days of April, the daily arrival average is 3,844, which is a dip when compared with the average of 4,000 that was witnessed in March.
Accordingly, the cumulative tourist arrivals for the January 1 to April 7 period stand at 362,519.
After several months, India emerged as the largest tourist traffic generator for Sri Lanka, surpassing the Russian Federation, which held the position since the island nation opened for tourism after the Covid-19 pandemic.
The neighbouring giant contributed to 18 percent of the total arrivals, bringing in 4,895 tourists during the first week of April.
The industry stakeholders have been working aggressively towards luring Indian tourists and have carried out several initiatives to promote the island nation in that country.
According to the latest data from the Reserve Bank of India, Indians spend nearly US $ 1 billion every month on foreign travel, which is significantly higher than the pre-Covid-19 levels.
Regional peers are actively working towards capturing a share of this market to revive tourism. Moving to the second place from the first is the Russian Federation, which contributed to 14 percent of the total arrivals, bringing in 3,871 international visitors.
Ranking third is the United Kingdom, which accounted for 11 percent of the total arrivals to destination Sri Lanka other notable markets include Germany, Australia and the United States.
Meanwhile, moving up the list of key source markets for Sri Lanka tourism is China. The country, which was in the 11th position previously, has now moved up to the eighth position.
Colombo (LNW):The European Union (EU) has allocated 4 million Euro (approximately 1,5 billion rupees) in grants for fertilizers, seeds, and training to the most vulnerable farmers, as a response to the agriculture and food security crisis in Sri Lanka.
These agriculture and food security programs will be implemented by the Food and Agriculture Organization (FAO) in Sri Lanka with EU funding.
Through funding from the European Union (EU), a shipment of 3,820 tonnes of urea fertilizer procured by the Food and Agriculture Organization of the United Nations (FAO) was handed over to the Ministry of Agriculture yesterday for distribution among smallholder paddy farmers and paddy seed farmers in Sri Lanka.
This new shipment of urea fertilizer will be dispatched to over 72,200 smallholder paddy farmers who were severely impacted by the recent economic crisis in Polonnaruwa, Badulla, Ampara, Matale, Puttalam, Kurunegala and Hambantota districts.
This will be a part of a 4 million Euro (approximately 1.5 billion rupees) programme launched by FAO and the EU to address the agriculture and food security crisis in Sri Lanka while supporting the introduction of integrated plant nutrient management strategy amongst identified paddy growers.
Speaking on the support the EU has extended to revitalize Sri Lanka’s paddy cultivation sector, European Union Ambassador, Denis Chaibi said: “The distribution of urea fertilizers for vulnerable farmers is one of many actions we undertook to respond to the socio-economic crisis affecting millions of people in Sri Lanka.
We hope that with this new support we can prevent immediate food shortages but also contribute towards a transition to a more sustainable and resilient agriculture sector in the future”, he added.
Through this programme, every eligible farmer cultivating up to 0.5 Ha of land in the targeted districts will receive 50kg of urea fertilizer for the upcoming cultivating season.
Additionally, the programme will also provide high-quality paddy seeds and the necessary technology/capacity building to boost the efficient use of fertilizer.
Minister of Agriculture, Mahinda Amaraweera said, “This initiative by EU and FAO goes beyond providing material inputs and addresses the country’s long-term need to ensure sustainability of the local agriculture sector
“This consignment of essential urea fertilizer will be the first component of the multi-faceted support FAO will provide through valuable funding from the EU, to boost Sri Lanka’s paddy production and revitalize the local agriculture sector.
building and training of extension officials and farmers” FAO Representative in Sri Lanka, Vimlendra Sharan said.
Crop failures during recent harvesting seasons due to shortages of fertilizer and vital inputs, have posed many challenges for smallholder paddy farmers to sustain their livelihoods.
This programme seeks to encourage smallholder farmers through material and technical inputs to adopt scientific farming practices to enhance fertilizer use efficiency and strengthen the seed paddy production system in Sri Lanka to meet the current demand.
Colombo (LNW): Underscoring what the Central Bank Governor Dr. Nandalal Weerasinghe said on an early finish to the debt restructuring, the former Central Bank Governor and economist Dr. Indrajith Coomaraswamy said Sri Lanka could wrap-up its debt restructuring talks by end June, three months before the first International Monetary Fund (IMF) programme review comes up in September.
Speaking at a podcast conducted by NDB Securities last week, the former Governor expressed confidence that the parties would be able to come to a broader agreement on how both domestic and foreign debt is restructured.
“Hopefully by the end of June, both the domestic and external debt will be restructured and there will be an agreement across the board on how that is done,” Dr. Coomaraswamy said.
On domestic debt restructuring, the Central Bank reiterated that they wouldn’t agree on anything which would destabilize the local banking system.
In an investor presentation made a week ago the Central Bank said the Treasury bills held by it would be subjected to restructuring and the bonds would be restructured on a voluntary basis.
The Central Bank holds little over 60 percent of the total outstanding Treasury bill stock.
Sri Lanka government is now facing the audacious task of fulfilling several structural bench marks including domestic debt optimization (DDO) operation aimed at liquidity relief while preserving financial stability to avoid further eroding of Sri Lanka’s repayment capacity, finance ministry sources divulged.
The part of the domestic debt or US $11.4 billion Treasury bill restructuring process is set to begin this month with the aim of finalizing it in May this year Central Bank stated.
A voluntary domestic debt operation was expected for the holders of $24 billion of T-bonds. Sri Lanka’s total local currency debt is equivalent to $36.6 billion,
Dr. Coomaraswamy said such a process wouldn’t have any negative implications on either the Central Bank balance sheet or the broader economy.
“I don’t think there would be any systemic consequences of that development. I see no problem of taking this course of action”, he added.
However, he said that could entail the Treasury bills held by the Central Bank being converted into long term bonds.
He further said that for the bond restructuring to be effective there has to be a wider participation in the restructuring process by the domestic bond holders as it is voluntary. Therefore, the government may have to provide some incentives for the bond holders to take part.
Sri Lanka’s economy is now on a path to recovery, earlier than most pundits predicted and Bloomberg Economics last week forecasted the Sri Lankan economy to register a growth of about 2.0 percent for 2023 as tourism is on course for faster recovery and the country is growing from an extremely lower base last year.
Colombo (LNW):Sri Lanka government will be devising a novel sustainable plan for envisaged integrated development of the Nuwara Eliya District giving priority to transform the Municipal Council area and part the Pradeshiya Sabha areas.
The previous development plans introduced in 2019 by the former Megapolis & Western Development Patali Champika Ranawaka and 2021 development project plan introduced under ousted President Gotabaya Rajapaksa will be reviewed when formulating the new plan.
The development plan for the Greater Nuwara Eliya Area prepared for the period 2022 – 2032, using modern planning tools and methodologies devised under Minister Prsanna Ranatunge will be revised under this new initiative.
However only the sustainable proposals in these plans will be taken up for consideration when preparing the present novel plan, informed official sources said.
The ongoing Health System Enhancement Project in Nuwara Eliya will be continued with Asian Development Bank assistance.
President Ranil Wickremesinghe directed officials to devise the novel formal plan aimed at maximizing the contribution of the Nuwara Eliya District, a major tourist city, to the Sri Lankan Government’s program to establish a stable economy within a four-year timeframe.
This directive was issued by the President during a discussion held at the Nuwara Eliya District Secretariat yesterday morning, the President’s Media Division reported.
The discussion also included the unveiling of the Nuwara Eliya New Town Development Plan and the Nuwara Eliya Tourism Plan, which were attended by political authority and government officials from the Nuwara Eliya District.
The President emphasized the importance of developing the Nuwara Eliya District as a striking city that can attract tourists throughout the year, targeting both local and foreign tourists.
He explained that the plans should prioritize creating a pleasant environment for tourists to relax, rather than focusing on constructing large buildings.
He also pointed out that the absence of a formal system for rainwater drainage in Nuwara Eliya City is a longstanding issue, and he urged officials to implement an urgent program to address this problem. Additionally, he directed special attention to solving the problem of drinking water in the area.
Mr. Wickremesinghe further explained that new buildings in the Nuwara Eliya City should be built according to a proper plan limiting the number of floors only to four, rather than constructing buildings haphazardly.
He emphasized that the city has suffered due to the construction of large buildings and that officials should consider whether to turn it into a bustling metropolis like New York or maintain its identity as Nuwara Eliya.
The President highlighted the likelihood of an increase in tourist arrivals to Nuwara Eliya with the completion of the Central Expressway and stressed the importance of developing facilities in accordance with a proper plan.
He also emphasized that no party or investor should be allowed to damage the resources of the Nuwara Eliya District, and that all development should be environmentally friendly and well-planned.
Colombo (LNW): The National Delimitation Committee chaired by ex Election Commission Chairman Mahinda Deshapriya has submitted a report to Prime Minister Dinesh Gunawardena today (11), Prime Minister’s Office announced.
The report was handed over to the Prime Minister at his Office this morning.
The National Delimitation Committee was formed by the Prime Minister last year to ensure that the number of Local Government members are slashed from 8,000 to 4,000.
Colombo (LNW): Finance State Minister Shehan Semasinghe has met with the delegations from the International Monetary Fund (IMF) and the World Bank in Washington DC, at the 2023 IMF – World Bank Spring meetings.
The delegations are prepared to discuss with their partners to enhance Sri Lanka’s economic recovery towards long term stability.
The Minister said he held a positive discussion with Anne Bjerde, the Managing Director for Operations at the WB on Sri Lanka’s reform agenda, and how the global body will support the island nation for its economic recovery.
Semasinghe also met with Dr. Krishnamurthy Subramanian, the Executive Director of the IMF, to discuss Sri Lanka’s ambitious reform agenda and commitment to the successful implementation of the IMF’s Extended Fund Facility programme.
Meanwhile, Sri Lanka’s Finance State Minister also met with the WB team specialised in social safety net interventions, cash transfer initiatives and developing effective delivery systems.
Colombo (LNW): The Department of Animal Production and Health has granted approval for the consignment of eggs recently imported from India.
Accordingly, a consignment of 01 million eggs has been approved by the Dept, which is in due course to be distributed to the market.
This is the second consignment of eggs imported from India.
Subject to quality testing, these egg consignments will be released by the Sri Lanka Customs to the Sri Lanka State Trading (General) Corporation for further processing.
Meanwhile, samples from a third consignment of imported eggs from India are reportedly being tested for quality.
Earlier, a consignment of 02 million eggs was imported from India and was distributed to restaurants and bakeries upon approval.
Colombo (LNW): The Sri Lankan Rupee indicates a steady position against the US Dollar as revealed by a number of leading commercial banks in the island today (11).
Accordingly, Peoples Bank reveals the buy rate and the sell rate of the US Dollar remain unchanged at Rs. 309.66 and Rs. 331.96 respectively, in comparison with yesterday’s exchange rates.
Meanwhile, the Commercial Bank PLC reveals the buy rate and the sell rate of the US Dollar remain unchanged at Rs. 310.05 and Rs. 327.50.
At Sampath Bank, the buy rate and the sell rate of the US Dollar, unchanged, at Rs. 310 and Rs. 325.
Colombo (LNW): The Election Commission is set to meet today (11) to make a final decision on the holding of the Local Government Election.
Earlier, the Commission met with Prime Minister Dinesh Gunawardena at his Office in Colombo in this regard, following weeks of speculation on the LG Polls not being held anytime soon.
According to local reports, a decision on whether the Polls will be held will be reached at today’s meeting.
Meanwhile, State Minister of Provincial Councils and Local Government Janaka Wakkumbura said that the LG Polls will most likely not be held on April 25, 2023.
Nonetheless, the Commission may announce the date of the Election before April 25, he added.
