Colombo (LNW): The second phase of the second school term commences today (28), announced the Education Ministry.
The second phase of the second school term will run up to October 27, 2023, the Ministry added.
Showery conditions expected to enhance in some parts of SL
By: Isuru Parakrama
Colombo (LNW): Showery condition is expected to enhance to some extent in the south-western part of the Island in the next few days starting from today (28), the Department of Meteorology said in its daily weather forecast today.
Several spells of showers will occur in Western and Sabaragamuwa provinces and in Nuwaraeliya, Kandy, Galle and Matara districts, and showers or thundershowers will occur at a several places in Uva province and in Ampara and Batticaloa districts during the evening or night, the statement added.
General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
On the apparent southward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka during 28th of August to 07th of September in this year. The nearest towns of Sri Lanka over which the sun is overhead today (28) are Kovilan point and Mallakam (Jaffna District) about 12.11 noon.
Marine Weather:
| Condition of Rain: |
| Showers may occur at several places in the sea areas off the coast extending from Colombo to Matara via Galle. |
| Winds: |
| Winds will be south-westerly and speed will be (25-35) kmph. Wind speed may increase up to (45-55) kmph at times in the sea areas off the coast extending from Hambantota to Pottuvil, and from Puttalam to Trincomalee via Mannar and Kankasanthurai. |
| State of Sea: |
| The sea areas off the coast extending from Hambantota to Pottuvil and from Puttalam to Kankasanthurai via Mannar may be rough at times. |
HC Moragoda pays farewell call on Indian Minister of Road Transport and Highways Gadkari
High Commissioner of Sri Lanka to India Milinda Moragoda paid a farewell call on Minister of Road Transport and Highways of India Shri Nitin Gadkari on 24 August in New Delhi.
At the outset, High Commissioner Moragoda thanked the Indian Road Transport and Highways Minister for the cooperation that the latter extended to him during his tenure in New Delhi.
He also apprised the Minister of the references to connectivity, particularly those that are on road connectivity, in the Indo-Lanka joint document “Promoting Connectivity, Catalysing Prosperity: India-Sri Lanka Economic Partnership Vision”, which was issued following bilateral talks between the President of Sri Lanka and the Prime Minister of India in July. The High Commissioner and the Minister discussed ways and means through which the connectivity goals stipulated in the joint Vision document could be materialized.
The discussion also focussed on the cooperation in promoting alternatives to fossil fuels such as electricity and bio-fuels in the transport sector. These alternatives were seen as highly cost-effective and environment friendly, suitable to a country like Sri Lanka. The Minister spoke on the Indian experience in alternative fuels and expressed his willingness to share the relevant expertise with Sri Lanka.
High Commissioner Moragoda invited Minister Gadkari to visit Sri Lanka at a mutually convenient time, which the Minister accepted.
High Commissioner Moragoda also presented to Minister Gadkari a stone obtained from the stream flowing besides the Seetha Amman Temple in Seetha Eliya (Ashoka Vatika) in Sri Lanka, which is believed to be the site where Seetha was held captive according to the Ramayana.
Hailing from the State of Maharashtra, Shri Nitin Gadkari is the longest serving Minister for Road Transport and Highways of India currently running his tenure for over eight years since 2014. He also served as the President of the Bhartiya Janata Party (BJP) from 2009 to 2013. Previously, he has held the ministerial portfolios of Micro, Small & Medium Enterprises; Shipping; Water Resources, River Development & Ganga Rejuvenation; and Rural Development & Panchayati Raj. He has authored several books as well.
SL Defence Ministry nods on Chinese research vessel ‘Shi Yan 6’
Colombo (LNW): The Defence Ministry of Sri Lanka has approved the Chinese research vessel ‘Shi Yan 6’ to carry out geophysical and seismic survey on Sri Lankan waters in collaboration with the National Aquatic Resources Research and Development Agency (NARA).
The approval was granted upon a request by the NARA and the Foreign Ministry, according to a Ministry Spokesperson.
The survey vessel’s arrival in the Sri Lankan waters sparked grave security concerns by India, and subsequently led to many speculations on and off the media.
The vessel had previously visited Sri Lanka on April 20, 2022, and remained in the Sri Lankan waters for a period of ten days, attracting the attention of many parties.
Over the past years, a large number of Chinese vessels had reached Sri Lankan ports, and these include the Shi Yan 6, Shi Yan 1, Shi Yan 3, Xiang Yang Hong 3, Xiang Yang Hong 18, Xiang Yang Hong 1, Xiang Yang Hong 6, and Xiang Yang Hong 19.
Anyone involved in pyramid schemes punishable by criminal law: State Minister
Colombo (LNW): Anyone involved in illegal pyramid schemes will be punishable by criminal law, said Finance State Minister Ranjith Siyambalapitiya, introducing new measured aimed at addressing the issue of pyramid schemes.
In a statement, the Ministed pointed out that both individuals are organisations involved in such schemes will be held accountable under criminal law.
The move comes in in the government’s initiative of strengthening regulations and penalties associated with such fraudulent financial schemes.
He added that the government of Sri Lanka intends to collaborate with law enforcement agencies and financial institutions to swiftly detect and take action against illegal schemes such as pyramid schemes.
Heat index advisory on 09 districts
By: Isuru Parakrama
Colombo (LNW): The Heat Index is expected to increase up to ‘caution’ level at some places in North-Central, Uva and Eastern Provinces and in Vavuniya and Mullativu Districts, warned the Natural Hazards Early Warning Centre of the Department of Meteorology today (27).
The ‘caution’ level heat index advisory, accordingly, has been issued to 09 districts, and will be in effect till tomorrow (28).
The public, therefore, is urged to stay hydrated and take breaks in the shade as often as possible, check up on the elderly, the sick and the children, limit strenuous outdoor activities, and wear lightweight and white or light-coloured clothing.
Use of Co-Amoxiclav temporarily suspended amidst reports on fatalities
Colombo (LNW): The use of Co-Amoxiclav, a class of antibiotics, has been temporarily suspended amidst reports on the death of a patient at the Colombo National Hospital, who was treated with the said antibiotic, announced Health Minister Keheliya Rambukwella.
Early reports claimed that a 50-year old person who had arrived from Warakapola to receive treatment at the Colombo National Hospital for a cut wound died upon being administered the antibiotic.
There were 21,000 vaccines in the relevant drug category, and 18,000 of them have been used so far, but the situation is reported only in relation to one vaccine amongst them, the Minister said.
An investigation is also underway through the expert committee appointed to probe into issues related to medicines, he added.
All govt schools in Kandy to be given special holiday
Colombo (LNW): All government schools within the city limits of Kandy will be closed on August 28, 29 and 31, announced the Central Province Governor.
This is due to the traffic congestion for the Esala Perahera.
Kamil Kuthubdeen: Embracing Sri Lanka’s Economic Revival
Colombo (LNW): Amidst the challenges of rising interest rates and diminishing export demand that have dampened the post-COVID economic recovery across several Asian nations, Sri Lanka stands uniquely poised. As the sole country in the region to have grappled with a default on its official debt amidst the dual strains of the pandemic and the Ukraine conflict, Sri Lanka now finds itself basking in a brighter economic landscape. These days signal a newfound period of growth for Sri Lanka’s economy, setting it apart from its regional counterparts.
Sri Lanka’s economic landscape is experiencing a remarkable revival as its tourism revenue and remittances from overseas workers make a triumphant return. Overcoming a daunting inflation rate that soared to 70% September 2022, the nation has seen a remarkable drop in inflation to 6.3% by July this year. This impressive feat prompted the Central Bank of Sri Lanka to implement a 4.5 percentage point reduction in its benchmark interest rate since June.
The challenges of yesteryears, including the aftermath of the 2019 Easter Sunday incident that caused a dip in tourism earnings, compounded by the COVID-19 pandemic, have been overcome. Notable factors such as heavy external borrowing, unwarranted tax cuts, and internal political discord have collectively impacted investor sentiment and the nation’s macroeconomic stability.
The seismic tremors of the Ukraine war in the preceding year reverberated globally, dealing a crushing blow to Sri Lanka’s economy. Depleted foreign reserves coupled with surging costs of vital imports pushed the nation to a critical juncture. International capital markets remained elusive due to waning faith in repayment capacity amid escalating global interest rates.
In an economic cascade, the Central Bank of Sri Lanka resorted to printing money to bridge governmental deficits, triggering a harrowing freefall of the Sri Lankan rupee and an inflationary upsurge. As daily essentials became scarce and prices soared, a crescendo of public discontent destabilized the administration, culminating in the departure of President Gotabaya Rajapaksa in July 2022. Amidst this tempest, the fabric of Sri Lanka’s GDP and economic stability frayed.
“In assuming leadership after Gotabaya Rajapaksa, Ranil Wickremesinghe swiftly embarked on a strategic path to restore equilibrium to Sri Lanka’s economy. By initiating constructive dialogues with the International Monetary Fund for financial assistance and garnering interim backing from neighboring nations like India, he displayed adept crisis management. In a bid to secure the IMF’s endorsement, the administration undertook bold yet indispensable measures, encompassing hikes in fuel and electricity prices, tax rate adjustments, and tax base expansion,” Kamil Kuthubdeen Chairman of Global Business Trust LLC Dubai said.
“Notably, under the stewardship of a new central bank governor, a resolute tightening of benchmark interest rates by an impressive 8 percentage points throughout 2022 was undertaken, aimed at tempering inflationary pressures and ushering in a measure of macroeconomic stability, ultimately contributing to the revitalization of Sri Lanka’s GDP trajectory,” Kamil Kuthubdeen added.
The year’s outset witnessed an impressive upswing with tourism revenue nearing $1 billion and remittances soaring to $3 billion, benchmarks projected to hold strong in the latter half. While these figures still fall shy of pre-COVID levels, the nation’s trajectory back to its $4.4 billion tourism revenue and $7 billion remittance glory days appears attainable, vital for managing the current-account deficit and fostering macroeconomic stability and expansion.
In the wake of Sri Lanka’s economic resurgence, endorsed by the IMF’s pivotal support granted in March, projections indicate that the nation’s current-account deficit will stabilize at an approximately 1.5% of GDP from this juncture onward. This judicious ratio, particularly pertinent for emerging economies reliant on fuel and food imports, underscores the sustainable trajectory.
The successful domestic debt restructuring initiative executed by the government has effectively mitigated uncertainties, notably within the domestic banking landscape. Concurrently, discussions with external creditors to restructure external debt exemplify Colombo’s proactive stance. The reform momentum persists as the government kickstarts the privatization of key state-owned assets, including SriLankan Airlines and Sri Lanka Telecom.
Evidencing this positive turn, the rupee and the national stock market have emerged as global leaders in response to recent macroeconomic shifts, encapsulating a remarkable transformation on multiple fronts.With resilience in the face of escalating odds, Sri Lanka has steered its economy towards revival. As inflation recedes and interest rates follow suit, the resurgence of tourism breathes fresh life into the nation’s economic pulse.
The government’s unwavering commitment to reform sets a promising trajectory. Beyond the horizon, a potential reduction in benchmark interest rates could fuel the ongoing recovery, while strategic investment in tourism and logistics promises to fortify foreign exchange reserves. Amid historic hurdles, the stage is set for Sri Lanka to orchestrate a symphony of enduring prosperity with the support of global allies and astute policymaking.
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Approval for egg import extended
Colombo (LNW): The approval granted for the importation of eggs has been extended by a further period of three months, and the importation of eggs, therefore, will continue uninterrupted, Chairman of the Sri Lanka State Trading (General) Corporation Asiri Walisundara said.
The importation of one million eggs per day contributed to the controlling of the egg shortage in the market, he added.