The issue regarding the pension for Piriven teachers is on the verge of resolution, according to State Minister of Piriven Education, Mr. Vijitha Beirugoda.

He emphasized the necessity of amending the Pension Act and the Piriven Education Act. The recommendations provided by the Department of Pension, Department of Attorney General, and the Department of Legal Draftsman are currently undergoing the approval process by the Cabinet Ministers.

During his participation in a press conference at the Presidential Media Centre (PMC) yesterday (24) under the theme ‘Collective Path to a stable country’ Minister Vijitha Berugoda underscored the deep-rooted connection between villages and temples. He praised Piriven education, rooted in the Maha Vihara education system, for its historical significance in nurturing learned and mature Maha Sangha, who are considered as the guardians of the nation.

There are 822 piriven spanning five main sections across 22 out of the 25 districts of the country. With more than 8,000 staff members, including 7,591 teachers, these institutions serve 40,941 novice priests and 36,990 lay students.

Despite the current economic challenges, President Ranil Wickremesinghe has played a significant role in advancing education within the nation. This has enabled the Ministry of Education to actively address issues faced by the Piriven education system.

The Piriven system collects 12% of teachers’ monthly salaries for pension, a practice not applied to other school teachers or government employees. Efforts are underway to rectify this disparity.

However, the Ministry of Public Administration has stressed the need to amend the Pension Act and the Piriven Education Act due to significant inconsistencies. Collaboratively, the Ministry of Public Administration and the Ministry of Education are in the process of submitting a joint Cabinet Paper, adhering to the recommendations from relevant departments.

Efforts for infrastructural development are also on-going across all districts, supported by Annual budget as well as from the Embassies of the Buddhist Countries and philanthropists from Sri Lanka and other Buddhist countries. Along with that a Piriven Fund has been initiated to strengthen Piriven education. The Ministry has ensured that Piriven institutions receive essential facilities similar to regular government schools and are introduced to a novel “Smart Education System”.

Moreover, the concept of the village and the temple, which may have grown distant, is being addressed through a program called “Sil Suwadai – Hela Diviyai” with the aim of reuniting these vital components. This initiative is expected to bolster the education system by preserving the tradition of novice monks.

The President and Chief Executive Officer of the National Gem and Jewellery Authority Mr. Viraj de Silva stated that they anticipate generating annual revenue of US$ 2 billion by the year 2025 through the export of gems.

The chairman highlighted that during the initial 7 months of this year, they have already amassed a revenue of US$ 312 million through gem exports. They further project that by the end of this year, the earnings will reach US$ 500 million.

He also focussed attention to the implementation of a programme in accordance with President Ranil Wickremesinghe’s directives, aimed at curbing the illegal export of gems. This illegal export has posed a significant challenge to achieving the US$ 2 billion target.

Consequently, Mr. Viraj de Silva indicated that necessary measures will be promptly taken to facilitate direct gem purchases by foreign buyers through auctions within the country.

These insights were shared by Mr. Viraj De Silva, the Chairman of the National Gem and Jewellery Authority, during his participation in the 101 Katha’ programme produced by the Presidential Media Division.

Expressing his views further Mr de Silva said;

The Gem and Jewellery Authority Act governs a range of regulatory tasks, spanning from authorizing mining permits to overseeing the export of gemstones. Our regulatory responsibilities encompass processes such as auctions, sales and international shipments. All of these endeavours are geared towards benefiting the nation. Furthermore, we undertake both local and international promotional initiatives, with a strong emphasis on maximizing foreign exchange inflow into the country.

With six regional offices scattered across the nation, the Gem and Jewellery  Authority actively monitors activities through these branches. Notably, gems discovered within mines cannot be sold arbitrarily; rather, they must be presented at public auctions in accordance with the nation’s legal stipulations. This practice ensures transparency and adherence to the law.

From the proceeds of gemstone sales, the government receives a share amounting to 2.5%. Recent events have showcased a substantial growth in mining activities, resulting in the sale of a gem worth a remarkable Rs. 400 million. This upsurge in mining efforts has contributed to a notable increase in the revenue generated from gem sales.

Stringent conditions are placed on the operation of gem mines. Any engagement in illegal mining activities can lead to the revocation of licenses. Furthermore, the exportation of gemstones is subject to specific protocols. Following the discovery of a gemstone, it must undergo a process of polishing and subsequent auctioning under the auspices of the Gem and Jewellery Authority.

Currently, an investigation is underway to identify instances where activities are being conducted without the approval of the Gem and Jewellery  Authority. President Ranil Wickremesinghe has also issued directives to delve into this matter, reflecting the seriousness with which these issues are being addressed.

Between January and July of this year, the export of gems has generated a substantial income of US$ 312 million. However, there exists untapped potential for even greater financial gains.

In contrast to other sectors, the Gem and Jewellery  Authority has achieved an impressive export growth rate of 34%. Notably, this growth rate surpasses that of the tea and garment industries, as evidenced by reports from the Central Bank.

Gems discovered in this manner are the collective property of the entire nation. It is imperative that the country receives their rightful value. This could prove invaluable in alleviating the current economic challenges.

The export of gems has the potential to yield an average annual income of US$ 2 billion. Sri Lanka should aspire to become a prominent hub for gem trade on the global stage. Our on-going efforts reflect this ambition, with the projected income from the gem industry expected to reach US$ 500 million by year’s end.

Expanding the number of exporters engaged in these activities is a crucial endeavour. Presently, everyday citizens participate in this industry. We have initiated a program aimed at expanding the gem export process, inviting those interested in the field to join us in this endeavour. Our primary objective is to identify buyers and cultivate new markets.

Furthermore, proactive measures have been implemented to prevent irregularities within the Gem and Jewellery Authority. To address the potential for financial improprieties arising from long-term officer tenure, a formal transfer policy has been introduced. Additionally, the integration of accounting software has effectively eliminated any room for financial misconduct.

It is also within our institution’s responsibility to validate the quality of gold items owned by Sri Lankan citizens. Thus, individuals have the option to visit our office and assess the quality of their gold possessions. The certification bestowed by the Gem and Jewellery Authority significantly enhances the value of one’s gold items.

By: Staff Writer

Colombo (LNW): A Dutch cultural delegation is scheduled to visit Sri Lanka from August 27 – 31 to sign the legal document transferring the ownership of the cultural artifacts that will be returned to the island nation later this year.

The delegation will be led by Gunay Uslu, the State Secretary for Cultural and Media in the Netherlands.

The official delegation will consist of Barbera Wolfensberger, Director General Culture and Media in the Netherlands; Lilian Gonçalves-Ho Kang You, Chairperson of Dutch Colonial Collections Committee; and Dr. Alicia Schrikker, a Member of the Committee.

The objects planned to be returned include the famous Lewke’s canon, two Gold kastanes (ceremonial swords), a Sinhalese knife, a Silver kastane and two guns.

(A 1765 cannon looted from Sri Lanka displayed at the Rijksmuseum in Amsterdam, Netherlands)

The Embassy of the Kingdom of the Netherlands in Colombo said the visiting State Secretary is expected to meet with the senior officials of the Sri Lankan government to mark this historic moment.

The legal transfer of ownership will be signed at the Ministry of Buddhasasana, Religious & Cultural Affairs of Sri Lanka on August 28 (Monday). The delegation will visit a few places with religious and Dutch historic value in Sri Lanka.

With regard to the return of cultural artifacts, the embassy said the Netherlands, while acknowledging both the tangible and intangible heritage of Dutch colonial times in Sri Lanka, is critically looking at its own role in history.

In 2021 the Dutch government approved the policy for the return of cultural heritage objects that are in the possession of the Dutch State. The indigenous populations of colonial territories were served an injustice through the involuntary loss of objects that formed part of their cultural heritage, says the Dutch government.

Therefore Dutch government is keen to help rectify this historic injustice by returning cultural heritage objects to their country of origin and by strengthening international cooperation in this area, the embassy said further.

In December 2022, the Dutch government appointed an independent commission, the Advisory Committee on the Return of Cultural Objects from Colonial Context, chaired by Lilian Gonçalves-Ho Kang You, to assess and facilitate the return of colonial objects to their respective countries of origin.

At the request of Sri Lanka, this committee decided in July this year to advise to return 6 objects of cultural significance that were wrongfully brought to the Netherlands during the colonial period.

In 2021, researchers from both countries studied the provenance (background) of these objects extensively. In 1765, these items were taken as loot by the Dutch from the Kandyan Kingdom during the siege of the Palace.

The embassy said the people of the Netherlands feel a moral obligation to return looted or otherwise wrongfully acquired objects to their rightful owners.

“Righting the wrongs of the past is needed to heal the historic wounds. The return process is expected to form the basis for further cooperation between the two countries and the cultural institutions concerned.

The cooperation will mainly be focused on the exchange of technical expertise, knowledge sharing and education.”

In a letter addressed to His Excellency Narendra Modi, Prime Minister of the Republic of India, President Ranil Wickremesinghe extended his heartiest congratulations to the Prime Minister, the Indian Space Research Organisation (ISRO) and the people of India, on the remarkable achievement of Chandrayaan-3’s successful soft landing on the lunar south pole, and that being the first time in history.

The President upheld that Sri Lanka having India as the closest neighbour sharing a robust timeless relationship and with both countries being members of the South Asian family, and observed that, it is with immense pride that the nation is celebrating this historic and momentous achievement.

President Wickremesinghe underscored the global significance of Prime Minister Modi’s magnanimous gesture of dedicating this success to all of humanity, which he noted would inspire generations to pursue the advancement of scientific and technological progress. He bestowed best wishes for success in India’s endeavours to attain its future vision of exploring other planets in the solar system.

The situation in the country, particularly with regard to the economy and politics, can be described as stable but stagnant. The economy is stable in that it has not experienced further economic collapse in comparison to the kind witnessed last year when international bankruptcy was admitted.

But the economy still continues to contract, with a contraction of over 11 percent taking place in the beginning part of the year. The shortages of goods and power sources that brought the people on to the streets in angry protest have not recurred. The government’s ability to bring down the rate of inflation and eliminate shortages is recognized, though the shrinking demand due to price increases is continuing to debilitate living standards. The much hyped Domestic Debt Restructuring was a damp squib bordering on fraud.

The Debt restructuring should have been extended for all to improve debt sustainability and equity. No educated business analyst can fathom why they left out even those outside the banking sector for they are going to make a killing. Overnight several bond kings have now been created . What was the crazy reason to raise 10 year bonds and issue them at 30 percent? People were jailed for doing it at doing 5 y bonds at 11% .

The yields the buyers expected to be reprofiled but they have been left out ( unbelievable )- on what grounds is this justified? Someone must go to court . The sorry saga started with the CBSL default. That made Sri Lanka a bankrupt nation . To date no action has been taken against Nandalal Weerasinghe for this arbitrary decision . Further, the differential tax justification does not make any sense – epf being taxed at 14 percent hence they needed to be reprofiled makes no sense. Banks paying 50 percent is incorrect – corporate tax rate is 30 percent and financial vat is 18 percent. So banks are not excessively taxed as implied.

As for moratoriums they did accommodate many borrowers but what other choice did they have – if they foreclosed the recovery value would be very low for liquidation yields lower recovery and if such a large number of businesses were to be foreclosed on the asset sales would have crashed the collateral market – land, cars and businesses.

Interest Rate
The CBSL in a crazy way doubled borrowing rates overnight one year ago . SMEs we’re forced borrow at over 30% . In addition penalties we’re charged . People were willing to stomach it because they expected a haircut on the coupon or deposit rates because of the crazy interest rate policy of CBSL. It was done Nandalal publicly said to control inflation . When we were effectively importing inflation . The inflation creation was not within the country. The DDO therefore very surprisingly did not touch the TBs or the Bonds. Now imagine the money a few people will make at the expense of the tax payers, SMEs and the public. CBSL interest policy has effectively destroyed the livelihoods of over 500000 people according to estimates and destroyed over 25% of the SMEs, all for nothing.

The opposition was hanged publicly for unfair bond trading . What do you call this stupidity ? Who is behind this? They must be named and shamed. The crazy interest policy of the CBSL starting from the sovereign default last year to the crazy interest rates to DDR . These actions must be investigated by a commission. The 2022 interest rate policy of the CBSL was the craziest policy intervention in the history of the CBSL. populist . The domestic debt restructuring should have been part of a broader policy package that effectively addressed the underlying economic problems and debt vulnerabilities. At least now whilst the banks, primary dealers and individuals savor their windfalls ( First Capital Holdings PLC (the Group) announces its outstanding financial performance for the first quarter ended June 30, 2023. The Group reported an impressive Profit after Tax of Rs. 2.81 billion, marking a remarkable leap from Rs. 96 million recorded in the same period last year.7 days ago ) In the absence of any common sense at least the government should bring the borrowing rates to manageable levels given that the 1 year deposit rates are now 9-10% .

Adolf

On August 25, the Sri Lankan Rupee maintained its stability against the US Dollar at commercial banks within Sri Lanka, consistent with the rates observed on the previous day.

At Peoples Bank, the buying and selling rates for the US Dollar remained consistent at Rs. 315.56 and Rs. 330.38, respectively.

According to Commercial Bank, the buying rate for the US Dollar experienced a slight decrease, moving from Rs. 315.70 to Rs. 314.73, while the selling rate remained unchanged at Rs. 328.

At Sampath Bank, the buying and selling rates for the US Dollar remained steady at Rs. 317 and Rs. 328, respectively.

By: Staff Writer

Colombo (LNW): This week’s Treasury bill auction saw weighted average rates increasing across the board, breaking the trend of a four-week streak of continuous declines. The increases were registered at 42, 16 and 12 basis points on the 91-day, 182-day and 364-day maturities respectively to record weighted averages of 17.97%, 15.03% and 13.31%.

A total of Rs. 124.79 billion was accepted as against a total offered volume of Rs. 130 billion at the 1st phase of the auction, while an additional amount of Rs. 15.85 billion was raised at the 2nd phase of the auction. Given below are the details of the 1st phase of the auction.

The secondary bond market saw an increase in activity levels ahead of the Monetary Policy Announcement due today at 7.30 a.m.

The Central Bank of Sri Lanka was seen reducing its Standard Deposit Facility Rate (SDFR) and Standard Lending Facility Rate (SLFR) by 200 basis points at its previous announcement on 5 July.

Trades were seen on the liquid maturities of 01.07.25, 15.09.27, 01.05.28 and 15.05.30 as it changed hands at levels of 13.65% to 13.75%, 13.02% to 13.20%, 12.75% to 12.90% and 12.50% respectively.

The total secondary market Treasury bond/bill transacted volume for 22 August was Rs. 15.88 billion.

In money markets, the DOD (Domestic Operations Department) of Central Bank inject liquidity by way of an overnight reverse repo auction for a volume of Rs. 102.85 billion at a weighted average rate of 11.51%.

A sum of Rs. 60.09 billion was withdrawn from Central Banks SLFR (Standard Lending Facility Rate) of 12.00%. The net liquidity deficit stood at Rs. 162.94 billion yesterday.

The weighted average rates on overnight call money and repo were registered at 11.54% and 12.00% respectively.

In the Forex market, the USD/LKR rate on spot contracts traded within the range of Rs. 324.00 to Rs. 324.75 yesterday before closing the day at Rs. 324.00/324.25. The total USD/LKR traded volume for 22 August was $ 38.20 million.

Former US President Donald Trump was released on bond after undergoing the booking process at the Fulton County jail in Atlanta, as reported by CNN. He was arrested and booked at the jail on charges related to the Georgia election subversion case.

Trump’s time at the jail lasted approximately 20 minutes. Following his release, he addressed reporters, stating, “I did nothing wrong.” He characterized the criminal case against him as a “travesty of justice” and asserted his right to challenge what he believes to be a dishonest election.

To secure his release, Trump agreed to a USD 200,000 bond along with certain conditions negotiated by his attorneys. These conditions include refraining from using social media to intimidate co-defendants or witnesses in the case. Trump covered the cost of the bond by contributing 10 percent and working with a local bonding company, Foster Bail Bonds LLC.

Notably, Fulton County marks the first case where Trump has had to pay a cash bail. His chances of being released without cash bail were slim in Georgia, given that he was already facing multiple felony indictments in the state.

Protestors gathered outside the jail, chanting slogans against District Attorney Fani Willis, who had charged Trump and 18 others in the election subversion case. Security was heightened around the jail, with more than ten agencies from the Metro Atlanta area present. Canine units and drones were deployed to ensure security.

Fulton County District Attorney Fani Willis had given Trump and his co-defendants a deadline to voluntarily surrender. The charges against Trump and others were part of a 41-count indictment focused on racketeering charges. This marks the fourth set of criminal charges that Trump faces.

By: Staff Writer

Colombo (LNW): Sri Lanka is to promote domestic grape cultivation as it receives support by the expertise of farmers, Agriculture Minister Mahinda Amaraweera has said.

A vineyard started by J G M Bandara in the Uva – Paranagama region has been successful, prompting a visit by the Agriculture Minister.

As Sri Lanka annually spends a lot of foreign exchange to import grapes, Minister Amaraweera was quoted as saying in a statement posted on the state information office facebook.com page.

A program to promote the cultivation of grapes will be developed backed by the expertise of local farmers he added.

The Duch introduced grape cultivation to Sri Lanka two centuries ago. While grapes are grown in other areas, Jaffna is the only one that cultivates them commercially.

There are around 800 grape growers in Jaffna cultivating it in more than 100 hectares and more farmers are joining in due to its commercial value.

Many economic programs are developed in Sri Lanka due to foreign exchange shortages created by the central bank.

The country has high import duties on foods, malnutrition and stunting of young children. Many basic foods including rice, maize are taxed to give protected producers high profits and trade restrictions worsen from time to time as money is printed to boost growth.

Sri Lanka’s inflationist macro-economic elite have resided moving to a consistent monetary regime like a clean float or hard peg, according to critics.

The Dambulla Economic Centre Traders Association said , while the quantity of vegetables from the Jaffna Peninsula was increasing and that a large quantity of grapes grown in Jaffna was being brought into the Centre.

They said in the last few days, they received grapes from Jaffna priced between Rs 1,300 and 1,350 per kilogramme and that with the increase in quantity, the price of grapes had dropped to Rs 900 per kilogramme.

Traders note that because of the low production in other areas there was a high demand for Jaffna grapes.

The Dambulla Economic Centre traders point out that the grape harvest comes in small packages from Jaffna at around 4 a.m., and traders from almost every area in the island come to Dambulla to buy the stock of Jaffna grapes.

Grape cultivators in Jaffna are in for good times as their produce will be made sweeter with new pruning and cultivation methods that will be introduced by agricultural research officers. The sourness of grapes has been a major drawback to grapevine farmers making a living off the crop.