Colombo (LNW): Retired Major Attorney-at-Law Ajith Prasanna has been sentenced to two terms of rigorous imprisonment for a period of six months each, after he pleaded guilty for contempt of court.
Prasanna, who is currently serving in prison, will serve his two prison sentences separately at the same time.
The retired major was arrested upon a lawsuit filed against him based on a comment he had delivered during a briefing in 2019, which had been interpreted as a contempt of court.
Colombo (LNW): Myanmar is to assist Sri Lanka tackle illegal migration and human trafficking. Human trafficking in the country has been increased following the economic misery in Sri Lanka.
Following representations made by the Government of Sri Lanka to Myanmar authorities, six Sri Lankans, who were victims of human trafficking and stranded in Myanmar have been rescued by the Myanmar authorities and handed over to the Sri Lanka Embassy in Yangon for repatriation to Sri Lanka recently.
The six Sri Lankans were identified as victims of an organized trafficking ring operating in Southeast Asian countries.
They were successfully repatriated to Colombo via Bangkok by the Sri Lankan Airlines flight on 25 May 2023, the Embassy of Sri Lanka in Yangon said.
Under instructions of the Ministry of Foreign Affairs, Ambassador Janaka Bandara and the officials of the Sri Lankan Embassy in Yangon coordinated the rescue process and repatriation of the victims to Sri Lanka.
The International Organization for Migration (IOM) and Eden Myanmar Foundation facilitated and extended assistance in the repatriation, the release said.
The Ambassador of Sri Lanka to Myanmar Janaka Bandara met with the Deputy Prime Minister and Home Affairs Minister of Myanmar, Lt-Gen Soe Htut at the Ministry of Home Affairs in Nay Pyi Taw, the Sri Lankan Foreign Ministry said.
During the meeting, Ambassador Janaka Bandara expressed appreciation to the Myanmar Government and the Deputy Prime Minister for his intervention and support extended in the recent repatriation of several Sri Lankans who were victims of human trafficking and stranded in Myanmar.
Further, the Ambassador requested continuous support and close cooperation between authorities of Myanmar and Sri Lanka to address issues of illegal migration and human trafficking.
The Deputy Prime Minister assured the Ambassador of support and cooperation from Myanmar side to tackle illegal migration and human trafficking.
The Ambassador further discussed with the Deputy Prime Minister on a range of issues pertaining to human trafficking, money laundering and cyber-crimes and the prospect of enhancing cooperation between two countries to combat these issues.
The meeting was attended by Deputy Chief of Police Maj-Gen Aung Aung and other high officials from the Ministry of Home Affairs of Myanmar.
Mean while The Republic of Italy has expressed its willingness to help Sri Lanka by supplying helicopters for anti-human trafficking measures taken by the Government of Sri Lanka.
The Italian Ambassador Rita Giuliana Mannella revealed this during a meeting with Hon. President Ranil Wickremesinghe today (25) at the Presidential Secretariat.
The duo discussed the strengthening of the partnership between Italy and Sri Lanka and special attention was paid to cultural exchanges, tourism enhancement, possible investments, defence aspects, and on how Italy can help Sri Lanka during these challenging times.
Myanmar is to assist Sri Lanka tackle illegal migration and human trafficking. Human trafficking in the country has been increased following the economic misery in Sri Lanka
Following representations made by the Government of Sri Lanka to Myanmar authorities, six Sri Lankans, who were victims of human trafficking and stranded in Myanmar have been rescued by the Myanmar authorities and handed over to the Sri Lanka Embassy in Yangon for repatriation to Sri Lanka recently.
The six Sri Lankans were identified as victims of an organized trafficking ring operating in Southeast Asian countries.
They were successfully repatriated to Colombo via Bangkok by the Sri Lankan Airlines flight on 25 May 2023, the Embassy of Sri Lanka in Yangon said.
Under instructions of the Ministry of Foreign Affairs, Ambassador Janaka Bandara and the officials of the Sri Lankan Embassy in Yangon coordinated the rescue process and repatriation of the victims to Sri Lanka.
The International Organization for Migration (IOM) and Eden Myanmar Foundation facilitated and extended assistance in the repatriation, the release said.
The Ambassador of Sri Lanka to Myanmar Janaka Bandara met with the Deputy Prime Minister and Home Affairs Minister of Myanmar, Lt-Gen Soe Htut at the Ministry of Home Affairs in Nay Pyi Taw, the Sri Lankan Foreign Ministry said .
During the meeting, Ambassador Janaka Bandara expressed appreciation to the Myanmar Government and the Deputy Prime Minister for his intervention and support extended in the recent repatriation of several Sri Lankans who were victims of human trafficking and stranded in Myanmar.
Further, the Ambassador requested continuous support and close cooperation between authorities of Myanmar and Sri Lanka to address issues of illegal migration and human trafficking.
The Deputy Prime Minister assured the Ambassador of support and cooperation from Myanmar side to tackle illegal migration and human trafficking.
The Ambassador further discussed with the Deputy Prime Minister on a range of issues pertaining to human trafficking, money laundering and cyber-crimes and the prospect of enhancing cooperation between two countries to combat these issues.
The meeting was attended by Deputy Chief of Police Maj-Gen Aung Aung and other high officials from the Ministry of Home Affairs of Myanmar.
Mean while The Republic of Italy has expressed its willingness to help Sri Lanka by supplying helicopters for anti-human trafficking measures taken by the Government of Sri Lanka.
The Italian Ambassador Rita Giuliana Mannella revealed this during a meeting with Hon. President Ranil Wickremesinghe today (25) at the Presidential Secretariat.
The duo discussed the strengthening of the partnership between Italy and Sri Lanka and special attention was paid to cultural exchanges, tourism enhancement, possible investments, defence aspects, and on how Italy can help Sri Lanka during these challenging times.
Colombo (LNW): Net credit to the Government from the banking sector swelled by half a trillion in April 2023 pushing the outstanding amount to cross the Rs. 8 trillion mark.
As per provisional data released by the Central Bank, the Government borrowed Rs. 523 billion in April whilst total outstanding as at end April was Rs. 8,091 billion. As at end 2022, the outstanding value was Rs. 7,471 billion.
Last week the Central Bank said net credit to the Government by the banking system that notably expanded in 2022 is expected to moderate with the receipt of substantial foreign financing to the Government.
Outstanding credit to public corporations saw a massive decline of Rs. 463.0 billion in April to Rs. 1,130 billion. As at end 2022, the figure amounted to Rs. 1,734 billion.
The CBSL said credit to the State Owned Business Enterprises (SOBEs) by the banking system is expected to reduce significantly in the period ahead, underpinned by the cost recovery pricing adopted by major SOBEs.
Outstanding short term domestic debt stock significantly increased by 35.9 percent to Rs.4,267.7 billion at the end of 2022 from Rs. 3,139.8 billion at the end of 2021 due to the significantly enhanced Treasury bills stock by 81.2 percent, to Rs. 4,113.9 billion by end 2022, compared to Rs. 2,270.5 billion recorded at the end of 2021.
The share of short-term debt in total domestic debt stock increased slightly to 28.4 percent by the end of 2022 from 28.3 percent reported at the end of 2021. Furthermore, the share of Treasury Bills in total domestic debt stock increased to 27.4 percent at the end of 2022from 20.5 percent at the end of 2021.
The medium and long term domestic debt stock increased by 24.2 percent to Rs. 9,882.1 billion by the end of 2022 from Rs. 7,957.4billion recorded at the end of 2021.
However, the share of medium and long term debt in the total domestic debt stock further declined to 65.7 percent in 2022 from 71.7 percent at the end of 2021 due to the continued dependency on short term instruments for deficit financing in 2022 than medium and long term financing.
The share of Treasury Bonds of the total outstanding domestic debt stock declined to 57.9 percent at the end of 2022 from 62.8 percent at the end of 2021.The banking sector debt increased by 62.5percent to Rs. 8,525.7 billion at the end of 2022 from Rs. 5,247.9 billion in 2021 due to the increased debt to commercial banks and the Central Bank. Meanwhile, non-bank sector debt also increased by 27.8 percent to Rs. 6,164.1.
In a compelling speech delivered in Parliament today, Harsha de Silva, Member of Parliament, shed light on the dire state of Sri Lanka’s Micro, Small, and Medium Enterprises (MSME) sector. He emphasized the urgent need for comprehensive measures to address the mounting challenges faced by these enterprises, which are crucial to the country’s economy and employment landscape. To provide immediate relief to the struggling sector, MP Harsha de Silva called for a two-year suspension of Parate execution for non-willful defaulters and the introduction of insolvency legislation to support MSMEs.
MP Harsha de Silva highlighted the significant suffering experienced by the MSME sector, with businesses closing down, jobs lost, entrepreneurs facing bankruptcy, and even tragic cases of suicide. Painting a grim picture, he emphasized that approximately 80% of Sri Lankan enterprises fall under the MSME category, contributing 52% to the country’s GDP and accounting for 45% of employment opportunities.
The MP pinpointed a series of events that have inflicted severe blows on the MSME sector since October 2018, including the constitutional coup, the Easter attacks in 2019, the COVID-19 pandemic, and the subsequent economic crisis triggered by Sri Lanka’s declaration of bankruptcy in April 2022. These calamities have resulted in a cascading effect on banks, government institutions, and the general population as a whole.
While the government has proposed some solutions, MP Harsha de Silva argued that the deteriorating economic conditions have exacerbated the situation, leading to further neglect of the struggling MSMEs. Recognizing the immense impact of these issues, he expressed his willingness to support the government in any endeavor aimed at revitalizing the MSME sector.
To tackle the challenges faced by the MSME sector, MP Harsha de Silva presented four key points during his speech:
Firstly, he highlighted the need to alleviate financial constraints faced by MSMEs. He pointed out that the lack of financing options has forced many MSMEs to seek collateral loans from banks, but the economic meltdown has made it difficult for them to repay these loans. As a result, banks have seized their assets under the Parate execution act. From 2023 Jan to April alone over 400 assets have been seized. MP Harsha proposed an “investor-equity eco-system model” as an alternative to collateral loans or venture capital, which would generate localized economic growth and provide investment opportunities for MSMEs.
Secondly, the MP emphasized the pressing need to address the escalating cost of production. He highlighted how inflation and increased interest rates have placed significant burdens on MSMEs, making it challenging for them to sustain their operations. The rising import costs have further contributed to the increase in production expenses thus, reducing their competitiveness. Additionally, bureaucratic hurdles and high-cost utilities have added to the difficulties faced by MSMEs. In light of this, MP Harsha urged for comprehensive trade policy reforms, streamlined trade facilitation, and increased regional collaboration to enhance the competitiveness of MSMEs.
Thirdly, MP Harsha de Silva identified problems with government policy as a significant hindrance to the growth of MSMEs. He pointed out that the absence of a clear and universally accepted definition for MSMEs limits their recognition and support. He also criticized the high tax rates of 30 percent imposed on even micro and small businesses, urging for amendments to tax policies.
Furthermore, he advocated for the establishment of an “SME Authority” that would centralize the functions of various institutions, simplifying the authorization processes for MSMEs. This authority would coordinate regional programs, leverage resources from government institutes, and engage private agencies and organizations to facilitate efficient service provision. By implementing these proactive measures, Sri Lanka can extend crucial support to struggling MSMEs, paving the way for their revival and fostering sustainable growth.
Lastly, MP Harsha de Silva emphasized the significance of integrating MSMEs into global value chains. He noted that Sri Lanka’s limited consumer market necessitates focusing on producing key components for global value chains. MP Harsha proposed substantial trade reforms and enhanced business models to enable MSMEs to participate effectively in global value chains. He also suggested reducing the minimum investment requirement for obtaining BOI (Board of Investment) approval to facilitate funding for MSMEs, as it currently stands at $500,000.
In his concluding remarks, MP Harsha de Silva recommended the formation of a bipartisan parliamentary committee to engage with the MSME sector, discuss proposed solutions, and find ways to address the challenges faced by these enterprises. He emphasized the importance of giving special attention to SMEs when connecting to global value chains, citing a paper by Dani Rodrik and Kaushik Basu.
With the MSME sector being the backbone of Sri Lanka’s economy, MP Harsha de Silva’s passionate speech serves as a wake-up call for immediate action to support and revive these enterprises, which are currently struggling under the weight of economic hardships.
State Minister of Finance Shehan Semasinghe says the Ministry of Finance will present a time-bound programme on relaxing import restrictions to the IMF by the end of June: also says it’s not suitable to divulge the information since no final decision can be taken by them.
Representatives of associations representing Small, Medium and Large construction companies from all Provinces, Architectural & Engineering Associations, Construction Industry Development Authority, and Chamber of Construction Industry inform the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis that 1 mn jobs have been lost due to the collapse of the construction sector.
Sri Lanka’s Official Reserve Assets increase by 26.2% to USD 3,483mn in May 2023, compared to USD 2,761mn in April 2023; analysts point out that “hot-money” inflows of over USD 500mn in the past 3 months into the T-Bills & Bonds of the Govt by Foreign Investors, is included in such Reserves: analysts also point out that such “hot-money” investments have enabled those investors to make massive gains due to the sudden LKR appreciation and very high T-Bill & Bond interest rates.
Opposition Leader Sajith Premadasa claims that more than 400 properties of SME industrialists have been seized under the Parate execution law, within the first 4 months of 2023: daily newspapers carry large numbers of advertisements of Parate auctions.
Kilinochchi Magistrate’s Court grants bail to Tamil National Peoples’ Front leader and MP Gajendrakumar Ponnambalam who was arrested over an incident in Jaffna between him and the Police: Pivithuru Hela Urumaya leader and MP Udaya Gammanpila thanks the Police for doing so.
Deputy Assistant Secretary for Asia of US Treasury Department, Robert Kaproth concludes official visit to Sri Lanka: meets President Ranil Wickremesinghe, Opposition leader Sajith Premadasa, Ministers Ali Sabry & Kanchana Wijesekara, State Minister Shehan Semasinghe and CB Governor Nandalal Weerasinghe: reaffirms the US would explore areas in which its engagement can help Sri Lanka to overcome its economic challenges and continue its structural reforms.
SJB MP Harsha de Silva finally appointed the Chairman of the Committee on Public Finance, ending a long tussle between the opposition and the ruling party: appointment made on a proposal by President Ranil Wickremasinghe.
Police use water cannons and tear gas to disperse the members of the Inter-University Students’ Federation attached to the Sri Jayewardenepura University near the Wijerama junction.
DG Health Services, Dr. Asela Gunawardena says 2 women who returned to Sri Lanka from overseas have been diagnosed with monkeypox: the monkeypox – infected mother & daughter are under medical care at the Infectious Diseases Hospital.
Sri Lanka beat Afghanistan in the 3rd Cricket ODI by 9 wickets; AFG 116 (22.2): Dushmantha Chameera 63/4, Lahiru Kumara 29/2, Wanindu Hasaranga 7/3): SL 120/1 (16 overs): Dimuth Karunaratne 56*, Pathum Nissanka 51; Sri Lanka win series 2-1.
In a momentous development, President Ranil Wickremesinghe convened a meeting (june 07) with a delegation composed of members from the esteemed Sri Lanka Red Cross Society (SLRCS) and the prestigious International Federation of Red Cross and Red Crescent Societies (IFRC).
The delegation comprised distinguished leaders, including Mr. Jagath Abeysinghe, President of SLRCS, Dr. Mahesh Gunasekara, Director General of SLRCS, Mr. Alexander Matheou, IFRC Regional Director for Asia Pacific, and Mr. Udaya Regmi, IFRC Head of Country Cluster Delegation for South Asia.
The primary objective of the meeting was to provide President Wickremesinghe with a comprehensive update regarding the ongoing South Asia National Societies Leadership meeting held in Colombo on June 6th and 7th.
Eminent leaders from eight South Asian Red Cross and Red Crescent National Societies graced this noteworthy event. To inaugurate the gathering, the South Asia Launch of the World Disasters Report 2022 (WDR 2022) took place on June 6th. In a gesture of gratitude, President Wickremesinghe received a copy of the WDR 2022.
Throughout the meeting, the delegation also apprised the President of the pressing necessity for the enactment of the Sri Lanka Red Cross Act. This legislation aims to fortify the operational capacity of the Sri Lanka Red Cross and provide efficacious support to vulnerable individuals across the nation. The President attentively absorbed the briefing and engaged in deliberations concerning potential measures to enhance the functionality of the Sri Lanka Red Cross, thereby ensuring the welfare of the Sri Lankan people.
This meeting between President Wickremesinghe and the collective team of SLRCS and IFRC leaders epitomises Sri Lanka’s steadfast commitment to collaborating with international humanitarian organisations in tackling crucial issues and fostering a more robust and resilient society.
Leaders of eight national associations of the Asian Red Cross and the International Federation of Red Cross and Red Crescent Societies were also present at this meeting.
Colombo (LNW): SJB MP Dr. Harsha De Silva has been nominated as the Chairman of the Committee on Public Finance (CoPF).
The Committee of Selection of the Parliament decided yesterday (07) to nominate the SJB MP as the CoPF Chief in the fourth session of nineth Parliament.
This nomination has been made in accordance with Standing Orders 121, and the first meeting of the Committee on Public Finance will be held this afternoon under the chairmanship of Silva.
He also held the position of Chairman of the Committee on Public Finance in the third session of the Ninth Parliament.
Colombo (LNW): The cyclonic storm “BIPARJOY” over southeast Arabian Sea was intensified into a very severe cyclonic storm and centred at 1430 hours of June 7 near latitude 13.1 °N and longitude 66.3 °E. It is likely to move nearly northwards during next 24 hours, later to move nearly north-northwest wards, warned the Natural Hazards Early Warning Centre of the Department of Meteorology.
Meanwhile, showers or thundershowers will occur at times in Western and Sabaragamuwa provinces and in Galle and Matara districts and fairly heavy showers above 75mm are likely at some places in the Sabaragamuwa Province and in Galle, Matara and Kalutara districts, said the Department of Meteorology in its daily weather forecast today (08).
Several spells of showers will occur in North-Western province and in Jaffna district.
Showers or thundershowers will occur at a few places in Uva and Central provinces and in Ampara and Batticaloa districts during the evening or night.
Strong winds about (40-45) kmph can be expected at times in Northern and North-Central provinces and in Hambantota, Puttalam and Trincomalee districts.
General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine weather:
Condition of Rain: Showers or thundershowers will occur at times in the sea areas off the coast extending from Puttalam to Matara via Colombo and Galle.
Winds: Winds will be south-westerly over sea area around the island and speed will be (25-35) kmph.
Wind speed may increase up to (50-60) kmph at times in the sea areasoff the coast extending from Puttalam to Trincomalee via Mannar and Kankasanthurai and from Hambantota to Pottuvil. Wind speed may increase up to (40-50) kmph at times in the sea areasoff the coast extending from Puttalam to Hambantota via Colombo and Galle.
State of Sea: The sea areasoff the coast extending from Puttalam to Trincomalee via Mannar and Kankasanthurai and from Hambantota to Pottuvil will be rough at times. The sea areasoff the coast extending from Puttalam to Hambantota via Colombo and Galle will be fairly rough at times.
There is a possibility to increase swell waves (about 2.0 – 2.5 m) in the sea areas off the coast extending from Puttalam to Pottuvil via Colombo, Galle and Hambantota.
Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
The Excise Department has made the decision to take strong action against a group of its officers who were allegedly involved in a dispute at a restaurant located within the One Galle Face Mall. Commissioner of Excise and Department Spokesman, Kapila Kumarasinghe, announced during a media briefing that an expedited investigation is currently underway to identify and hold accountable those responsible for the heated situation. The department will then proceed with appropriate disciplinary measures, including potential work suspensions or other suitable punishments.
Kumarasinghe confirmed that the group of 15 individuals involved in the incident belonged to the Narcotic Unit of the Excise Department and were reportedly under the influence of alcohol at the time.
The Fort Police are actively conducting further investigations into the matter, as stated by Police Spokesman SSP Nihal Thalduwa. Statements are being recorded from all relevant parties involved in the altercation.
The incident took place on June 5, when the group allegedly engaged in a dispute at a restaurant within the mall, leading to a violent assault on the Head Chef of the establishment. The Head Chef, along with an Excise official who sustained injuries during the altercation, was subsequently admitted to the Colombo National Hospital.
The Excise Department is committed to maintaining discipline and accountability among its officers and ensuring that such incidents are thoroughly investigated and appropriate actions are taken.
Colombo (LNW): In the wake of the recent upsurge cases in little-known respiratory virus called HMPV spreading in the US, Sri Lankan Health authorities said they keep a close eye on the new developments of the virus and have gone on alert.
Dr. Anwar Hamdani from the Health Ministry said the Ministry has always been on alert on any new disease spreading in a foreign country as it could pose a threat to Sri Lanka. “As far as the virus spreading in the US is concerned, we are monitoring the situation,” he said.
Meanwhile, another official from the Health Ministry said “Although it has not reached the alarming stage outside US, people should not panic. However, there is always a possibility of spreading it beyond borders as we witnessed in the COVID-19 pandemic.”
The Human metapneumovirus or HMPV is a viral infection, and primarily affects the upper respiratory tract. The virus first discovered in 2001, is in the Pneumoviridae family, along with the more commonly known respiratory syncytial virus or RSV.
According to the reports by the Centers for Disease Control and Prevention (CDC), at its peak in mid-March, nearly 11 per cent of tested specimens were positive for HMPV in the US, a number that’s about 36 per cent higher than the average pre-pandemic levels.
The virus causes symptoms similar to that of a cold, the flu, and COVID-19 like a lower lung infection, hacking cough, runny nose, sore throat and fever.
Normally, young children and the elderly are the ones who end up with the most severe illness after contracting HMPV, as they are the most vulnerable to the virus. Their symptoms are treated directly by doctors in hospitals, as there’s no vaccine or antiviral drug for HMPV.
The HMPV virus is likely to spread from an infected person to others through close personal contact, such as coughing, sneezing, touching or shaking hands, and touching objects or surfaces that have the virus on them.
The primary approach to prevention involves good hygiene, such as covering the mouth and nose when coughing or sneezing and frequent handwashing.
Commenting on the disease, GMOA Media Spokesman Dr. Chamil Wijesinghe said that although the virus has not reached the emergency level, it is vital that Sri Lanka tightened its surveillance on entry points, i.e, airports and harbours to prevent any infected person from entering the country.
“The WHO has not yet declared it as emergency. Still, there is a spike in cases in the US. Nevertheless, it is better that Sri Lanka keeps a close eye to avert a devastating catastrophe like COVID-19 pandemic.
