In a bid to revive the country’s struggling economy, Sri Lanka has implemented a comprehensive economic reforms agenda. The government has initiated several key recovery strategies, with the establishment of a National Productivity Commission being a flagship project.

Despite on-going economic constraints, the government allocated funds for the commission’s establishment in the Budget 2023. An inter-ministerial Working Group has been appointed to lead the task, comprising members from various ministries, departments, and organizations.

The Working Group aims to explore international insights on productivity materialization, and to this end, the Government reached out to the Australian Productivity Commission, which is recognized as an international standard. In response, the Australian High Commission in Sri Lanka expressed their willingness to support Sri Lanka in this regard.

To facilitate knowledge-sharing, the Australian Productivity Commission conducted a virtual session on April 27th, 2023, for the Sri Lankan Working Group assigned to establish the commission. The event was hosted by the Presidential Secretariat.

This initiative marks another engagement between the Government of Australia and the Government of Sri Lanka, reflecting their support for Sri Lanka’s economic reforms and revival.

Foreign Affairs Minister of Sri Lanka, Ali Sabry, met with India’s Finance Minister, Nirmala Sitharaman, on May 3 to discuss the further strengthening of bilateral relations and economic partnership between the two nations. The meeting, held on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Seoul, was attended by around 3,000-4,000 participants, including Ministers of Finance, Governors of Central Banks, Senior Officials of the major global banks, companies, and media.

During the meeting, Sabry expressed his gratitude to Sitharaman and the Indian government for their assistance and support towards Sri Lanka during its difficult and challenging times, contributing positively towards its recovery process. The foreign minister will also deliver a statement at the Governor’s Business Session on May 4, among other interventions during the period.

The Director General of the Department of External Resources, Ajith Abeysekera, is accompanying Sabry on the visit.

In a recent announcement, the Cabinet has granted approval for public sector employees who have submitted their nominations as candidates for the upcoming Local Government election to work in the nearest local government constituency, other than the one in which they are competing. This decision was taken after reviewing the recommendations made by the Election Commission on measures to be taken about government employees until the election is held.

The proposal was made to the Cabinet of Ministers by State Minister of Provincial Councils and Local Government, Janaka Wakkumbura. According to Wakkumbura, the Election Commission had suggested paying the respective salaries and allowances to public sector employees participating in the Local Government election, which had been postponed several times due to funding issues.

Wakkumbura made the statement on Tuesday (May 02) and highlighted the importance of supporting public sector employees who wish to take part in the Local Government election. The decision allows for candidates to work in a local government constituency close to their home or workplace, enabling them to participate in the election without being hindered by their employment status.

This move is expected to encourage more public sector employees to run for office and participate in the democratic process of the country. The decision will also ensure that the election is fair and free, with no undue influence or limitations on candidates.

Photo Captions:

1. CCCU representatives together with senior officials of Saegis Campus 

2. Seen here is CCCU’s Director of Partnership Dr. Lorna Thomas and Deputy Director Dr. Katy Warden

Saegis Campus, one of the leading higher education providers in the country with its state-of-the-art learning facility situated at the heart of Colombo, recently had the honour of welcoming two esteemed representatives from its long-affiliated Canterbury Christ Church University (CCCU), UK, further strengthening the partnership between the two institutions.

CCCU’s Director of Partnership Dr. Lorna Thomas and Deputy Director of Partnerships Dr. Katy Warden, during their visit to Saegis Campus, also graced the inaugural ceremony of the 10th batch of the Master of Business Administration and BSc (Hons) Business Management degree programmes.

The senior officials at the Saegis Campus held active discussions on the potential opportunities of expanding its partnership to newer horizons, with the aim of delivering a better learning experience for all its students, through the many undergraduate and postgraduate programmes offered by the Canterbury Christ Church University, UK. 

Students at Saegis Campus are continuously assured of a stimulating learning environment, with complimentary Wi-Fi, a modern IT lab, language lab, library, a relaxing lounge, spacious air-conditioned digital lecture halls, a cafeteria, sports and recreational activities, among others. It also provides career guidance and personality development activities, free English language classes, a Leo Club and a Rotaract Club, and additional academic support.

Saegis Campus also received approval from the Ministry of Education (MOE) to launch the UGC-recognized BBM (Hons) Tourism & Hospitality Management, delivered under the Faculty of Management, Humanities & Social Sciences and Postgraduate Studies. Saegis Campus currently offers 11 degrees approved by the MOE in the streams of Management, Computing and English, including BBM (Hons) in Logistics and Supply Chain Management.

With tourism making its rebound in the country and across the world, this four-year programme aims to prepare students to take on the diverse career opportunities industry has to offer. This includes guaranteed internship placements, which have a proven 100pct employability rate.   

Students could opt in for their interest-free monthly installment payment option to study their preferred degree programme at Saegis Campus. Special scholarships of up to 75pct are also offered for the upcoming 2023 intake. For more information, please contact 0770430000 or visit www.saegis.edu.lk.

Prevailing showery condition over the island is expected to continue further during the next few days as well.

Showers or thundershowers will occur over most parts of the island after 1.00pm.

Showers may occur in coastal areas of Western and Southern provinces and in Jaffna, Kilinochchi, Mannar and Puttalam districts during the morning too.

Fairly heavy showers of about 100 mm are likely at some places in Eastern and Uva provinces and in Polonnaruwa district. Fairly heavy showers above 75 mm are likely at some places elsewhere over the island.

General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

1. Census and Statistics Dept data shows the “Real Economy” has plunged to unprecedented depths in the wake of the debt default and interest rate hikes: negative growth at 8.4%, 11.8% & 12.4% in the 2nd, 3rd and 4th quarters of 2022: CB data also shows a severe crash of USD 523 in the per capita income from USD 3,997 in 2021 to USD 3,474 in 2022.
2. Former Commonwealth Fund Advisor Dr. Garvin Karunaratne says Professor Vasanta Atukorale has stated that the recent increases in taxes amounts to a staggering 441%: also says IMF’s experts fail to understand that implementing the reforms will cause untold hardships to the public and may lead to a severe recession: claims that may perhaps be the ulterior motive of the IMF.
3. SL Banks’ Association laments Govt’s lack of transparency in dealings with SLBA: says banks’ Capital Adequacy and Liquidity Coverage Ratios are now within regulatory requirements and must not be depleted through debt re-structuring: also says credit impairments have hit an all-time high and any further impairment is not sustainable: reiterates that maintaining stability of the banking system is paramount at this time.
4. Foreign Minister M U M Ali Sabry who has taken responsibility for announcing the now-infamous debt default on 12th April 2022, says “encouraging signs” have been seen thus far on the debt re-structuring process: admits SL is not out of the woods as yet: Sabry’s response was in answer to the comment that the ADB was predicting that the situation in Sri Lanka will get worse later this year.
5. CSE indices end at an over 2-month low due to very poor company earnings in 2023Q1, domestic debt re-structuring fears, and the President’s comments on the potential closure of the stock market: ASPI plunges 3.03% or 272 points to 8,711: bourse has now fallen for 11 consecutive market days, the 1st time since 24Jul’01, after the LTTE attack on the Colombo Airport: shareholder wealth wiped out in this 11-market day period amounts to a staggering Rs. 288 bn.
6. IMF raises Asia’s economic forecast but warns of risks from persistent inflation & global market volatility: urges Central Banks in Asia including Sri Lanka to keep monetary policy tight to bring down inflation.
7. Chairman, Litro Gas announces that the price of a 12.5 kg cylinder of Litro domestic LP gas will be reduced by around Rs.100 with effect from midnight on 3 May: prices of other cylinders also to be reduced proportionately.
8. Health Minister Keheliya Rambukwella says a Govt-appointed committee was misled by a professional on the highly controversial issue of ground-water contamination from COVID-19 burials.
9. SL’s top mobile telecommunication firm Dialog Axiata merges operations with India’s Bharti Artel.
10. Chief of the Vedda community, Uruwarige Wannila Aththo files Writ Petition in the Court of Appeal against the Mahaweli Authority’s decision to de-forest their traditional homelands in the Rambakan Oya area and hand them over to private companies for various cultivation purposes.