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Sri Lanka expects cash infusion from 1.5 million tourists in 2023 for crisis-hit economy

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Sri Lanka expects to host 1.55 million visitors and earn 2.7 billion Sri Lankan rupees ($8.4 million) in much-needed tourism revenue this year, as it maps a road to the recovery of its tourism sector amid its worst economic crisis in decades.

This is up from the 720,000 tourists it welcomed in 2022, but still below the record 2.3 million visitors that flocked to the country in 2018, Padma Siriwardana, managing director of the Sri Lanka Tourism Promotion Bureau, told The National on Thursday on the sidelines of the Arabian Travel Market in Dubai.

The sector is on target to achieve its annual goal after receiving 450,000 visitors this year to the end of April, she said.

“We are back on track for recovery. We are coming out stronger because our industry is very resilient,” Ms Siriwardana said.

The recovery comes after the country’s tourism sector suffered several setbacks: the Easter attacks in 2019, the two-year Covid-19 pandemic and widespread street protests in 2022 in response to an unprecedented economic crisis that led to severe shortages of food, medicine, fuel, cooking gas and electricity.

Sri Lanka’s economy contracted by 8.7 per cent in 2022 and is forecast to shrink by another 3 per cent this year.

Inflation hit an average of 46.4 per cent in 2022, affecting mostly the poor and vulnerable, but is expected to come down to 28.5 per cent this year, the International Monetary Fund said.

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Underpinning recovery in the tourism sector are Sri Lanka’s efforts to promote “niche” offerings to attract high-spending visitors from countries such as Japan, Ms Siriwardana said.

Beckoning tourists to the island are marine explorations to discover more than 100 shipwrecks along its coast, a 22-day hike through the mountains on its Pekoe Trail and wellness programmes.

“The post-Covid traveller is into new experiences,” she said. “We started a campaign targeting our main wellness markets, France and Germany, to promote authentic Sri Lankan wellness.”

In March, the IMF approved a $3 billion bailout loan to help the island nation of 22 million people to restructure its debt and address its crisis-hit economy.

Asked if the tourism industry will be one of the beneficiaries of the incoming funds, Ms Siriwardana said: “Part of it will be for the tourism industry. Some of the donors have committed to giving more funds for tourism investment.”

While the tourism board has sufficient funds to launch international promotional campaigns, it had difficulty last year with marketing spend abroad due to the country’s foreign currency shortage, but “now it’s definitely getting better”, she said.

The tourism board is increasingly localising the creative, marketing and public relations work it commissions so that it spends money within the country, she said.

A man appears in traditional Sri Lankan dress at the Arabian Travel Market in Dubai. Chris Whiteoak / The National
A man appears in traditional Sri Lankan dress at the Arabian Travel Market in Dubai. Chris Whiteoak / The National 

While the devaluation of its currency has made Sri Lanka a cheaper place to visit for tourists, the country has also worked on campaigns after last year’s protests to address concerns about its safety and stability as a tourist destination, she said.

“This is basically the recovery phase and we’re looking at negating negative perceptions,” she added.

“We are launching a mega influencer campaign called ‘Seeing is Believing’ because you have to come and see now — it’s all under control and everything is back to normal.”

Sri Lanka’s severe foreign currency crisis has made it more expensive to import basic goods. However, import restrictions for the tourism industry have been relaxed, inflation has dipped and the sector has adopted a strategy to source local produce, she said.

“Sri Lanka is very safe. We have a lot of unique authentic experiences for tourists. It’s a beautiful country — we have good weather all year round and amazing landscapes, so do visit us,” she said.

Richard Nuttall, chief executive of SriLankan Airlines. Photo: SriLankan Airlines
Richard Nuttall, chief executive of SriLankan Airlines. Photo: SriLankan Airlines 

Meanwhile, national airline SriLankan, which operated under tough conditions last year amid scarce jet fuel supplies, travel advisories that curtailed tourist inflows and lack of access to funding, is now starting to soar, the airline’s chief said.

It reached break-even point in the fiscal year ended March 2023 for the first time in 15 years, Richard Nuttall, the airline’s chief executive, said at the Arabian Travel Market.

This came amid constrained capacity, travel demand from the Sri Lankan diaspora and transit traffic from the Indian market.

The airline group is expected to turn a profit in its next fiscal year as travel bans lift and jet fuel supplies normalise, he said.

The debt-laden airline as well as several other state-owned entities have been proposed for sale to raise foreign exchange and boost the country’s external reserves.

The government is keen to accelerate the airline privatisation process and aims to secure an investor by year’s end, the airline’s boss said. He declined to name interested parties, the size of the stake sale or the ownership structure.

However, there are “clear strategic benefits”, given Sri Lankan airline’s proximity to India, where it flies to 10 cities.

SriLankan Airlines has reached a break-even point in its fiscal year ended March 2023, Richard Nuttall said. Photo: SriLankan
SriLankan Airlines has reached a break-even point in its fiscal year ended March 2023, Richard Nuttall said. Photo: SriLankan 

SriLankan issued a request for proposals earlier this year to lease used aircraft as it seeks to boost capacity in response to higher travel demand.

It is looking to lease five Airbus A320-family jets and five A330 aircraft, Mr Nuttall said. It is currently evaluating the bids received and aims to grow its fleet to 27 jets by mid-2024.

NATIONAL NEWS

Shanghai Cooperation opens Economic Multi-Functional window in Sri Lanka

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By: Staff Writer

Colombo (LNW): The Shanghai Cooperation Organization (SCO) of China’s, Eurasian political, economic, international security and defence Association has agreed to open Trade and Economic Multifunctional Platform in Sri Lanka.

This was announced by the head of a senior delegation of the Shanghai Cooperation Organisation’s Trade and Economic Multifunctional Platform when they called on Prime Minister Dinesh Gunawardena at the Temple Trees on Wednesday (3) to discuss ways and means of establishing cooperation.

The Prime Minister urged the delegation to support Sri Lanka to upgrade suburban transport services in the country using modern technical know how.

He also requested to facilitate e-commerce modules for Sri Lanka to enter into online trade with the member countries of the Shanghai Cooperation Organisation (SCO).

He also asked to establish cooperation between Shanghai City and Colombo City under the MoU signed in 2002.

Think Tank of the Trade and Economic Multi-Functional Platform for SCO Member Countries Executive Director Chen Tao said Sri Lanka would immensely benefit from this SCO window.

“The SOC-TEM Platform has the potential to help third world countries by providing access to trade and economic opportunities within the SCO member countries,” he said.

“They include increased market access for which the platform’s trade information module can help businesses in Sri Lanka to identify new export markets and make informed decisions about their trade activities. This can lead to increased market access and greater economic opportunities.”

He added that the logistics module can help businesses in Sri Lanka to streamline its supply chain management, reducing costs and improving delivery times. This can help these businesses to compete more effectively in international markets.

The financial module can provide access to financing options such as loans and credit facilities, which can help businesses in Sri Lanka to grow and expand. This can lead to increased investment and job creation in these countries, Chen Tao said.

He added that another opportunity is to get E-commerce opportunities. “The e-commerce module can provide a platform for businesses in third world countries to sell their products online, either within the SCO countries or internationally.

This can help these businesses to reach new customers and expand their markets, even if they have limited resources for marketing and distribution.

The Shanghai Cooperation Organisation (SCO) is a Eurasian political, economic, international security and defence organization.

It is the world’s largest regional organization in terms of geographic scope and population, covering approximately 60% of the area of Eurasia, 40% of the world population. Its combined GDP is around 20% of global GDP.

IMF compels SL to diagnose governance and corruption as Asia’s first country

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By: Staff Writer

Colombo (LNW): The International Monetary Fund sponsored economic reform program instrumental in the unlocking of US$3 billion for Sri Lanka has compelled the island nation to undergo a deep diagnostic on the issue of governance and corruption as the first country in Asia to do so.

This was emphasized by IMF Asia and Pacific Department Director Krishna Srinivasan when he addressed at an event on Wednesday on May 03 adding that the Sri Lankan government is working on resolving some of these socio economic issues and will “flesh out a strategy.”

The outcome of this diagnosis on governance and corruption issues will feed into the program going forward.

It’s also a program where we have a floor on how the country should support the poor and the vulnerable, he pointed out.

And to make sure that the fiscal support they provide is temporary and targeted to the people who need it most. So it’s a very comprehensive program and the fiscal consolidation by itself will not be enough, he claimed.

The next step for Sri Lanka is to make good faith efforts to reach a debt agreement with their creditors — private creditors, official creditors and so on.

In terms of growth outlook itself, we had a contraction of 8.7 percent 2022. We have growth contracting at 3 percent in 2023 and then making a mild recovery.

But the issue will be for Sri Lanka to implement the program well so that debt can be made sustainable, which is a big difference from previous programs, and the country can be put on the path to prosperity, he disclosed.

Sri Lanka is a country with a quintessential problem where it had a twin deficit, a large increase in the fiscal deficits, putting pressure on the external accounts, reserves falling, and exchange rate falling.

And so the government has approached the IMF for an Extended Fund Facility supported program, which was approved by the Board not too long ago, he revealed.

And that places the emphasis on one macroeconomic stabilization, bringing inflation down. Again, the fiscal consolidation is based on revenue-based consolidation.

That’s partly because Sri Lanka has among the lowest in terms of revenue mobilization, tax collection, and that goes back to the policy mistake they made pre-pandemic, wherein they cut taxes across the board, whether it’s VAT, corporate tax, and personal income tax.

So the Fund supported program is a revenue-based consolidation which provides stability to the economy.

It also wants to rein in inflation, which went through the roof. It addresses governance and corruption issues in Sri Lanka.

Sri Lanka’s inflation has come down, albeit from high levels. So this is again work in progress. Inflation has to come down durably because, inflation is the worst kind of tax on the poor, and the poor and the vulnerable are hurting the most.

In order to bring inflation under control in terms of monetary policy with support of fiscal policy, the Central Bank has to bring inflation down to levels which are reasonable.

In terms of debt restructuring, it has to restructure debt of all creditors — private creditors, official creditors, and to some extent, domestic debt, for the simple reason that debt sustainability is quite a big challenge in Sri Lanka.

James Finlay sells its Kenya tea business to Sri Lanka investors

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By: Staff Writer

Colombo (LNW): James Finlay Limited a leading global supplier of tea, coffee and botanical ingredients and solutions, has reached an agreement to sell its James Finlay Kenya tea estates business to Browns Investments PLC.

.James Finlays has stepped out of the Kenyan market in a deal that will see a Sri Lankan Company carry on its operations.

Browns Investments PLC, a tea-producing company in Sri Lanka has entered into an agreement to purchase James Finlay Limited, making this the company’s first investment in Kenya.

Browns Investments, in a press release, said the company will continue to operate James Finlay Kenya as a leading global supplier of Kenyan tea.

The purchase will be completed in the next few months and will include all parts of James Finlay Kenya Ltd except the Saosa tea extraction facility, which will remain under Finlays’ ownership and will continue to source leaf tea, timber, and other services directly from James Finlay Kenya.

“We’re proud to be moving a business with such a proud heritage into a new phase of sustainable growth,” said Kamantha Amarasekera, Director of Browns Investments PLC.

Browns Investments PLC was selected as the approved buyer because of its strong legacy of guiding its tea estates to continued growth, but also its focus on doing so sustainably while supporting its workforce and local communities.

Browns is a highly successful diversified conglomerate and part of the LOLC Holdings PLC group companies which is one of the largest and most profitable listed corporation in Sri Lanka. Headquartered in Colombo, the company has a proud heritage in operating plantation businesses, owning Maturata Plantations, Hapugastenne Plantations PLC, and Udapussellawa Plantations PLC.

It is one of the largest tea producing companies in Sri Lanka consisting of 49 individual estates that stretch across an area of over 30,000 hectares and employs over 10,000 individuals.

James Finlay Kenya is Brown’s first investment in the Kenyan tea industry which it sees as an exciting opportunity for growth.

In December 2021, Browns acquired Finlays’ Sri Lankan tea estates business, which has gone from strength to strength, demonstrating Browns’ successful commitment to sustainable growth.

Throughout the sale process Finlays has at all times prioritized the interests of James Finlay Kenya as a business and its workers.

As part of the sale agreement, Browns and Finlays have mutually agreed to acknowledge the long-standing support of the local community by selling 15% of shares in James Finlay Kenya to a locally-owned co-operative. Finlays has identified a preferred third party which it is currently in discussions with.

While the sale process is concluded, operations for James Finlay Kenya will be business as usual, and a full plan is under development to ensure a smooth transition with no customer disruption.

On completion of the sale, Browns intends to continue to run the business as it has been operated until now, as a leading global supplier of Kenyan tea, under a new name. There will be no change in the employment arrangements for current employees of James Finlay Kenya.

Finlays has a long heritage in owning tea estates, however after a strategic review in 2022, it decided that a new strategic investor in James Finlay Kenya would continue to guide this unique business towards long-term sustainable growth for the benefit of the whole community and the Kenyan economy at large.

Leaf tea will continue to be a critical part of Finlays’ portfolio, in which it has a strong global presence across the UK, Sri Lanka, Dubai, Kenya, Argentina, the US and China.

Why China got population control wrong; India got it right

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In the poem The Road Not Taken, Robert Frost described the dilemma of standing at the intersection of two divergent paths. Both looked inviting, but he had to choose one. “I took the one less travelled by/And that has made all the difference,” he wrote.

Half a century ago, India and China stood at a similar point. Their fertility rates – at 5.6 and 5.5 children per woman – were neck and neck and way more than what is regarded as replacement level fertility of 2.1, at which the population stabilises. They also faced similar social and developmental challenges as they sought to build their nations after suffering the devastation of long colonial and imperial humiliations and war.

However, their journeys towards population control took vastly different routes, shaped by vastly different policies and approaches. Today, as India’s population passes China’s amid a mix of hope and apprehensions about its implications, it’s important to recall those journeys so societies and policymakers draw the right lessons from them.

Slow and steady India

India has been running its family planning programme since 1952 and chose to travel on a path that was slow, steady and winding. It provided reproductive health services, choices for couples on contraception and the freedom to decide how many children they wanted.

The strategy wasn’t an obvious success right away. The population growth rate increased initially, from 21.6 percent in 1961 to 24.8 percent in 1971, and the population rose from 439 million to 548 million, largely as the result of increased life expectancy — up from 45 to 49 years in that decade.

Frustration about these rising numbers was palpable. So much so that after then-Prime Minister Indira Gandhi imposed a state of national emergency in 1975 and suspended many civil liberties, the government used coercion to sterilise people, especially men.

With the lifting of the emergency in 1977, India returned to its old path focused on the provision of reproductive health and family planning services as the means to a stable population.

Under India’s federal structure, state governments set their own priorities with southern states like Kerala and Tamil Nadu emphasising socioeconomic development and women’s empowerment.

India’s population growth rate began to decline from 1981, a trend that continues. By 1991, India’s total fertility rate had declined to 4, falling to 3.3 by 2001 and 2.5 in 2011. Finally, in 2020, India achieved replacement-level fertility, a significant milestone in its demographic transition.

Fast but tumultuous China

As India was marking that momentous occasion in 2020, China was facing a population crisis very different from the one it was staring at in the 1970s. Its fertility rate had dropped so much that it was far below replacement levels at 1.3 and was forcing the country into a series of policy about-turns in the hope of actually increasing the birth rate as it faces the reality of an ageing society, a shrinking workforce and a slowing economy.

But how did China go from one extreme to the other?

Even though post-1948 Communist China has invested in infrastructure and health services in a major way, it was keen to achieve lower fertility fast. Very fast. In the 1970s, the country set new age limits for marriage: Women needed to be at least 23 years old and men 25. Couples in the cities were encouraged to delay marriages even more. The fertility rate plunged from 5.5 births per woman in 1971 to 2.7 births in 1979.

But that wasn’t enough for China. So in 1979, it brought in a one-child norm, fining couples who gave birth to two or more children. Additionally, forced sterilisations and abortions were also carried out in the zeal to achieve lower fertility.

The 1980s witnessed fluctuating fertility rates, mostly hovering slightly above the replacement level of 2.1 births per woman. However, the early 1990s marked a turning point when fertility dropped below replacement level, and it has continued to decline since then.

China has now realised how that policy has backfired, leading to a skewed sex ratio of more men than women and a rapidly ageing population. It changed its policy in 2016 to let families have two children and raised the bar to three in 2021.

However, the decades-long punitive restrictions have interfered so fundamentally with the country’s demographics that the effects will not be easy to mitigate — leave alone reverse.  In 2022, for the first time in 60 years, China’s population shrunk — and by nearly a million people.

The road ahead

Today, India and China are poised to encounter very different demographic landscapes in the years ahead.

China is ageing rapidly. The proportion of its population that is older than 65 has almost doubled since the turn of the century from 7 percent to 13 percent. The country’s earlier restrictive policies have also created another legacy, a severe gender imbalance with 1,123 male births per 1,000 female births in 2020. Faced with these challenges, China will need innovative solutions to sustain economic growth and provide for the needs of the elderly.

Conversely, India’s youthful population – half of which is younger than 30 — offers tremendous opportunities for the country. Successive governments have invested in girls education and women’s social and economic empowerment instead of more draconian steps like the ones China previously adopted.

India’s development-centric approach is in keeping with the United Nations-organised International Conference on Population and Development in Cairo in 1994, which called for making investments in people’s lives and discouraged coercion as a strategy to reduce fertility. Several Indian states such as Kerala, Tamil Nadu and Andhra Pradesh achieved low fertility levels early, setting an example for others. India has additionally targeted 146 high-fertility districts in seven states with a series of initiatives from enhanced supplies of contraceptives to campaigns on family planning.

Still, India has an unfinished agenda. As its population continues to grow, its large young population is available to work and accelerate the country’s economic progress, but it needs to be educated and trained to do so.

India needs to make sure that it adapts its education and professional skills programmes to meet the needs of the job market. In the success of its youth lies India’s success.

India must also work towards leveraging its gender dividend, defined as the increase in economic growth that can be realised by greater investments in women and girls. According to recent data, China has among the world’s most skewed sex ratios at birth.

India’s sex ratio at birth was observed at 1,079 male births per 1,000 female births in 2020. Going forward, the country must invest in gender equality initiatives that focus on changing patriarchal norms with an invigorated focus on promoting secondary school education and female workforce participation.

The country must also plan ahead for an ageing population, putting in place social security systems and geriatric care facilities. Lessons from China underscore the need for an empowerment-based approach to population stabilisation with the interests of the people at the centre.

Sri Lanka’s farmers learn lessons from organic debacle

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When former president Gotabaya Rajapaksa abruptly banned chemical fertiliser imports in mid-2021, he turned Sri Lanka into a case study for how not to do organic farming. The restrictions — which caught agricultural officials and farmers by surprise — sparked chaos in the agricultural sector. The lack of alternatives led to sharp drops in output, with harvests of rice and other crops falling. This, in turn, stoked a severe economic crisis, which culminated in the country’s default on $40bn in foreign debt last year. The once-fertile island is now dependent on food grants and imports to manage a hunger crisis. Even though Rajapaksa reversed the ban about six months later, fertiliser supplies in Sri Lanka never normalised. Russia’s invasion of Ukraine in 2022 pushed up prices globally, while a lack of foreign currency in Sri Lanka led to severe shortages and rationing of imported fertiliser.

A bag of urea that cost Rs1,500 ($4.65) shot up to as much as Rs40,000 before falling to a subsidised price of Rs10,000 ($124), says Ahilan Kadirgamar, a sociologist at the University of Jaffna. Farm organisers and agricultural experts in Sri Lanka say that — even if many farmers have no intention of ever going “organic” again — the disruption to chemical fertiliser supplies has highlighted the importance of finding alternatives to help insulate them from future shocks. And a number of small-scale initiatives and pilots to explore those alternatives are now under way across the country. “What farmers are doing on the fertiliser front is they’re experimenting,” says Kadirgamar, who is also chair of a rural co-operative federation. “They’re trying to use less fertiliser, or a mix of organic compost and fertiliser, but there’s no sort of conclusive direction in terms of how they’re going to go forward.”

A Sri Lankan farmer works in a paddy field. Volatile prices for chemical fertilisers have spurred cautious interest in organic alternatives © Ishara S Kodikara/AFP via Getty Images Some of these schemes predate Rajapaksa’s fertiliser ban. Kadirgamar says that four co-operatives in Sri Lanka’s north started running small organic compost factories from 2018 onwards, using ingredients such as dried leaves and cow dung to create natural fertilisers. The idea was never to replace chemical fertilisers, Kadirgamar says, but to reduce dependence on them. He adds, however, that demand form alternatives is trending higher as farmers try to offset the high cost of fertiliser, and some co-operatives are considering producing more organic compost. “From the farmers’ point of view, it’s just about survival,” he says. While on the campaign trail to become president in 2019, Rajapaksa had railed against the dangers of chemical fertilisers to human health and the environment.

But few expected the import ban, which some critics say was motivated not by environmental concerns but by an ill-advised attempt to stem falling foreign currency reserves. If that was the aim, it failed, and the country’s bankruptcy fuelled mass protests that forced Rajapaksa out of office in July last year. The turmoil attracted worldwide attention, and was seen in some quarters as a cautionary tale about the risks of rethinking farming — with Tucker Carlson, then a host on Fox News in the US, calling Sri Lanka a “victim of ESG”. Farmers didn’t know how to do organic agriculture and they were seeing a drop in yield. Due to this experience, they don’t believe in organic agriculture Shamila Rathnasooriya, Monlar JM Soorasena, who grew up in a farming family and is now president of the country’s Agriculture and Environment Professional’s Cooperative Society, acknowledges Rajapaksa’s move was damaging for advocates of sustainable farming methods, like himself.

“They didn’t have any good plan, they didn’t have any infrastructure,” he says of the government, adding that officials still “don’t know how to practice” organic farming. Shamila Rathnasooriya, a co-ordinator with rural non-profit organisation Movement for National Land and Agricultural Reform (Monlar) says that, after the ban: “Farmers didn’t know how to do organic agriculture and they were seeing a drop in yield. Due to this experience, farmers don’t believe in organic agriculture.” Monlar is now trying to change that, and works with about 2,000 farmers across the country to teach them alternative farming methods. It distributes seeds for crops such as suwandel, an indigenous variety of rice, and green gram or vegetables that Rathnasooriya says are well suited to the country’s climate. It then trains farmers in organic farming methods such as preparing jeevamrutham, a fertiliser made from cow dung, cow urine, sugar and flour that is used in neighbouring India. Rathnasooriya says Monlar encourages participants to start by testing the techniques on half an acre of their land, and to expand it if they see good results.

If successful, he says, farmers enjoy a “similar amount of harvest, and they see the multiplication and improvement of micro-biodiversity”. Ultimately, though, these efforts remain small scale. Kadirgamar says there is little sign that industrialised agricultural businesses in Sri Lanka are following suit, even if the ban also showed “they need to be much more careful in [fertiliser] use”. Either way, Soorasena says the future of fertilisers in Sri Lanka will be tied not to sustainability, but to politics. With nearly a third of the country’s workforce engaged in agriculture, subsidising chemical fertilisers is a useful vote winner, he argues. “It’s not economical, but political.”

FINANCIAL TIMES

Sri Lanka Original Narrative Summary: 05/05

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  1. State Minister of Finance Ranjith Siyambalapitya says the Govt will announce its debt restructuring strategy in May: laments the debt to GDP has risen to 128%, but will be brought down to 95% in 5 years, after imposing massive haircuts: according to the CBSL Annual Report 2022, “Debt to GDP” was 91% in 2005 and brought down to 69% by 2014, but jumped again to 81% by 2019.
  2. IMF Asia & Pacific Dept Director Krishna Srinivasan says debt in Sri Lanka was assessed to be “unsustainable” by the IMF and that’s why there had to be a path towards restoring debt sustainability before the IMF programme could be approved: confirms that includes restructuring debt to all creditors – private, official, and to some extent, domestic: however, CB Governor Nandalal Weerasinghe had been consistently insisting that local debt will not be re-structured.
  3. Agriculture Minister Mahinda Amaraweera expresses regret that only 2 MPs have submitted ideas and proposals in relation to the proposed Agriculture Policy: laments over the MPs’ lack of interest in the Policy.
  4. Director of Primary Health Services of the Ministry of Health Dr Priyantha Atapattu says 350 doctors have left the country over the past 9 months, without Ministry approval: also says 2,837 specialist doctors and 23,000 doctors are required for the country.
  5. Vietnamese Buddhist monks residing in Sri Lanka bring down decorations from Vietnam to showcase at the Vesak zone 2023 organized by the Gangarama Temple, Hunupitiya.
  6. Public Health Inspectors’ Union Chairman Upul Rohana says at least 7,160 “dansal” have been registered in view of the Vesak festival: also says all dansal, registered and unregistered, will be monitored by PHIs on Vesak Day and the following day to ensure hygiene and public safety for which 3,000 Inspectors will be deployed.
  7. CB says its Official Reserve Assets increased by USD 61 mn (2.2%) to USD 2,755 mn in April’23 from USD 2,694 million in March’23: also says the reserve includes SWAP from People’s Bank of China of USD 1.4 bn, which had been previously ignored by former Finance Minister Sabry when announcing the Reserves level in Parliament.
  8. Ceylon Teachers’ Union General Secretary Joseph Stalin says even though the Federation of University Teachers’ Associations had requested the President for a discussion regarding the issues relating to the scrutiny of GCE A/L answer scripts, the President has left the country without giving them an appointment: also says the issues relating to the scrutiny of A/L answer scripts have gone from bad to worse.
  9. Colombo Stock Market makes a modest gain from its 3-month low, but turnover slumps to an abysmal low of Rs.252 mn.
  10. Former NZ star Scott Styris says Sri Lanka’s pacer with the slinging action Matheesha Pathirana has the ability to bowl at quicker speeds than the legendary Lasith Malinga: because of Pathirana’s pin-point yorkers and accuracy in the death overs, the 20-year-old pacer has emerged as a rising star for Chennai Super Kings in the IPL and has drawn attention from all over the world.

Sri Lanka Police Introduce Traffic Plan for Grand Vesak Festival Celebrations in Colombo

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As Sri Lanka celebrates the Vesak festival on a grand scale this year, the Sri Lanka Police have announced a special traffic plan in the city of Colombo. The festival, which marks the birth, enlightenment, and Parinirvana of Gautama Buddha, is being celebrated with renewed enthusiasm after subdued celebrations for the past four years due to the 2019 Easter Sunday attacks, the Covid-19 pandemic, and the economic crisis.

To facilitate the people visiting the Vesak zones established in many parts of Colombo, including Bauddhaloka Mawatha and Gangaramaya Temple, the police have designated specific areas for parking vehicles. However, the members of the public are advised not to park their vehicles on the main roads, byroads, or pavements that block the movement of traffic. Those who do so will face fines and their vehicles may be removed.

With this traffic plan in place, the Sri Lanka Police aim to ensure the safety and convenience of the public during the Vesak festival celebrations in Colombo.

Parking space for Gangarama Budddha Rashmi Vesak Zone:
• Union Place – from Kompannaveediya Junction to Ibbanwala Junction
• Dharmapala Mawatha – from Hunupitiya Crossroad to F.R. Senanayake Mawatha
• F.R. Senanayake Mawatha – from Dharmapala Mawatha to Kannangara Mawatha
• Vauxaull Street

Parking space near Bauddhaloka Mawatha Vesak Zone:
• Maitland Place car park
• Independence Mawatha
• Vidya Mawatha
• Sarana Road
• R.G. Senanayake Mawatha

Parking space near Galle Face Green:
• Car park where the old Defence Ministry building

Department of Meteorology Issues Warning of Severe Weather Conditions

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The Department of Meteorology has issued a warning to the public about severe weather conditions in several areas of Sri Lanka. According to the department, parts of Eastern, Central, and Uva provinces and Mullaitivu and Polonnaruwa districts may experience showers or thundershowers, particularly in the afternoon or at night.

In addition, Western, Sabaragamuwa, and Southern provinces, as well as Jaffna and Puttalam districts, are expected to see several spells of showers. Strong winds of about 40-50 kmph can also be expected at times over western and southern coastal areas.

The public is urged to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers. The department has also issued a warning to fishing and naval communities to be attentive to future forecasts, as a low-level atmospheric disturbance is likely to develop over the southeast Bay of Bengal area from May 06 onwards.

In sea areas around the island, showers or thundershowers are expected to occur at several places, with south-westerly winds of (25-35) kmph. The wind speed may increase up to 40-50 kmph at times in the sea areas off the coast extending from Beruwala to Hambantota via Galle and Matara. The sea areas off the coast extending from Beruwala to Hambantota via Galle and Matara will be fairly rough at times, while the other sea areas around the island will be slight to moderate.

The department has warned that temporarily strong gusty winds and very rough seas can be expected during thundershowers. The public is advised to stay updated on the weather conditions and take necessary precautions to ensure their safety and minimize damage to property.

Veteran Sri Lankan Actor Gnananga Gunawardena Passes Away at 78

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The Sri Lankan film industry is mourning the loss of veteran actor Gnananga Gunawardena, who passed away on May 04 at the age of 78. According to sources, the actor was undergoing treatment at the Colombo National Hospital when he breathed his last.

With a career spanning several decades, Gunawardena had made a significant contribution to the Sri Lankan film industry. He kickstarted his acting journey with the movie ‘Hewanali Ada Minissu’ in 1980, directed by Parakrama de Silva. He went on to act in many popular movies, including ‘Saptha Kanya’ (1993), ‘Seilama’ (1995), ‘Tharanaya’ (1997), and ‘Maharaja Ajasath’ (2015), among others.

The funeral arrangements for Gunawardena have been announced. His body will be kept at a private funeral parlour in Borella from 8.30 a.m. tomorrow, after which the final rites will be performed at 3.00 p.m. on Saturday (May 06).

As news of his passing spread, fans and fellow actors took to social media to express their condolences and pay their respects to the veteran actor. His demise is a great loss to the Sri Lankan film industry, and his contributions to the art form will be remembered for years to come.