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SL Government to attract over USD 13 billion foreign receipts in 2023

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SL Government to attract over USD 13 billion foreign receipts in 2023

By: Staff Writer

Colombo (LNW): Sri Lanka is expected to attract over USD 13 billion foreign receipts this year, governor Central Bank Dr. Nandalal Weerasinghe said.

He noted that the main contributing factor towards this would be foreign remittances by Sri Lankan workers overseas which are expected to touch over USD 10 billion this year. “Sri Lanka is currently getting around USD 500 million a month as foreign remittances.”

The Governor said that with the tourism sector opening up Sri Lanka also expected to attract around USD 2.3 billion foreign receipts from tourism. Export and other earnings too would pass the USD one billion mark.

The Governor also said that they also expect to increase the foreign reserves from the current USD 3.8 billion to around USD 10 billion in the future.

Sri Lanka’s remittances coming through official channels went up to $517.4 million in October 2023, up 46 percent from $355.4 million a year earlier, as more expatriates send their earnings due to improved exchange rate after better monetary policy.

However official remittances are down for the fourth month in a row.Sri Lanka’s external sector started to stabilize in September 2022, when the central bank started to run balance of payments surpluses after ending money printing to sterilize interventions made with Indian Asian Clearing Union money.

Worker remittances coming through official channels fell in 2021 which could not be paid for by the banking system at the official rate as money was printed to sterilize interventions and keep a policy rate down, triggering parallel exchange rates, which were settled outside the formal banking system.

From April 2022 rates were raised by unprecedented levels, slowing credit and the need to print money to keep rates down.

In the first 10 months of this year, Sri Lanka received $4,862.5 million from official channels, up 66 percent from $ 2,929.4 million in the same period in 2022.

Overnight Commodity Levy hike and MRP trigger Sugar shortage

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Overnight Commodity Levy hike and MRP trigger Sugar shortage

By: Staff Writer

Colombo (LNW): In the wake of the finance ministry’s overnight action increase special commodity levy on sugar imports to Rs 50 from 25 cents per kilo, the wholesale sugar price in the Pettah market has gone up to Rs 315 from Rs 250 per kilogram.

Accordingly, retail traders are called upon to sell the Consumer Affairs Authority ordered price control of Rs 275 rupees on white sugar and Rs 330 on brown sugar per kilogram as maximum retail price (MRP).

Importers pointed out that they have no option other than cancelling the future import orders as they are losing Rs 40 per kilo of sugar due to this sudden tax hike.

They have warned that there could be sugar shortages in the country during the Christmas and New Year periods.

The 30,000 MT current stock of sugar is sufficient for only for two weeks as the daily demand is around 2000 MT, several commodity importers disclosed.

Minister of Trade Nalin Fernando has asserted that the necessary measures will be taken to seal all warehouses that do not release sugar stocks.

The Minister noted that such efforts against the recently introduced Maximum Retail Price (MRP) for sugar will not be tolerated.

He further stated that information has also been received that several vendors continue to sell sugar at higher prices than the stipulated MRP, and noted that measures will be taken against such vendors too.

The Consumer Affairs Authority (CAA) on 03 November set an MRP for both white and brown sugar, by way of an Extraordinary Gazette.

Accordingly, packaged and unpackaged brown sugar is sold at Rs. 350/kg and Rs. 330/kg respectively, while packaged and unpackaged white sugar is sold at Rs. 295/kg and Rs. 275/kg, in that respective order.

Sri Lanka’s midnight sugar tax controversy took a new turn Friday with the Trade Minister promising to deploy Consumer Affairs Authority (CAA) officials to monitor the stocks and enforce price controls.

Sri Lanka’s ad-hoc tax policies have created more hardships for consumers as sellers have an undue advantage of choosing either to implement the government’s tax revision immediately or delay it.

When the government raises tax overnight, importers and traders immediately raise the price of existing stocks which were bought at a lower price to raise working capital to import the next stock.

However importers and traders maintain the same price when the government announces tax hike citing that the stocks were bought at a higher price.
“We found out some sugar sellers have been supplying less to the market to get a higher profit,” Trade Minister Nalin Fernando said.

Sri Lanka Original Narrative Summary: 12/11

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Sri Lanka Original Narrative Summary: 12/11

  1. Sports Minister Roshan Ranasinghe says SL will appeal against the recent ban imposed by the International Cricket Council against Sri Lanka Cricket: also says the ban comes as a shock, given its sudden implementation.
  2. President of SL Cricket Shammi Silva warns that in the event the ICC does not lift the ongoing suspension against the country’s membership, the country stands to lose USD 50mn: also says it was after several discussions that the ICC allowed SL to host the U-19 Cricket World Cup, the ICC AGM in 2024, & the Women’s World Cup in 2027: asserts that in order for these tournaments & the AGM to take place, the ICC required an ‘assurance’ that the SL Govt would support these endeavours.
  3. Meteorological Department predicts the prevailing showery condition will intensify in the next few days: says heavy showers above 100 mm are likely at some places in the Western, Central, Sabaragamuwa, Southern & Eastern Provinces and in the Kurunegala & Polonnaruwa districts: meanwhile, the Irrigation Dept says 39 reservoirs are overflowing due to heavy showers.
  4. Health Minister Dr Ramesh Pathirana says Dr Vijith Gunasekera served as the Director of the Medical Research Institute prior to his appointment as the CEO of the NMRA, and therefore he was re-appointed as the Director of the MRI, following his removal from the NMRA.
  5. Justice Minister Wijeyadasa Rajapakshe says the Report submitted by the Chitrasiri-Committee appointed by the President re. a new Constitution for SL Cricket can’t be implemented due to a Court-issued stay order: also says his son was appointed to the new Cricket Interim Committee because the Sports Minister had obtained his lawyer-son’s advice over the past several years.
  6. Worker remittances increase to USD 517.4 mn in Oct’23, up 46% from USD 355.4mn in Oct’22: however, such remittances are down for the 4th month in a row: Gross foreign reserves grew marginally by USD 12mn to USD 3,562mn in Oct’23 from USD 3,540mn in Sep’23 after falling in the previous 3 months: “hot-money” investments in Govt T-Bills & Bonds continue to exit rapidly: LKR depreciates sharply from Rs.300 per USD in June’23 to Rs.334 per USD by Oct’23.
  7. China gifts 26 motorcycles & 100 desktop computers to SL Police: donation said to be aimed at enhancing the operational capabilities of the Police.
  8. Police Colombo Crimes Division in Wellampitiya arrest the main suspect behind the death threats & extortion attempt on former Public Utilities Commission chairman Janaka Ratnayake.
  9. State Minister of Youth & Sports Rohana Dissanayake says the Govt plans to open a new Sports University in 2024: adds that the total cost for this project would be a staggering USD 1bn (Rs.334,000,000,000).
  10. SL fails to qualify for the ICC Champions Trophy scheduled for 2025.

SriLankan Airlines prospects remain positive with operating profit

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SriLankan Airlines prospects remain positive with operating profit

By: Staff Writer

Colombo (LNW): As demand for air travel continues to grow, the prospects for the SriLankan Airlines remain positive, SLA Chairman Asoka Pathirage claimed.

Despite the increase of Rs 51.5 billion in interest, the airline recorded satisfaction profitability for the first time in a decade and a half (unaudited USD management accounts).

SLA’s prudent resource optimisation efforts and efficiency improvements, coupled with a more favourable macro economic environment that bolstered tourismand air travel in the latter part of the year, played pivotal roles in achieving this progress.

In the 12 months to March 31, 2023, SriLankan posted a local currency loss of Rs.75.03 billion (USD232 million) on revenues of Rs 365.17 billion (USD1.13 billion), SLA annual report revealed.

However, this loss was due to the Rs currency depreciation and the impact on USD-denominated debt.

While SriLankan Airlines’ revenue for the year ending March 31, 2023 saw group revenue soar to Rs. 369,470 million against Rs. 134,301 million in the earlier year, the year ended with a reduced loss of Rs. 71,306 million compared to Rs.163,583 million in 2021/2222,

The operating profit was Rs.43,371 million vs Rs.1,692 million in the previous year while operating expenditure was Rs.329,856 million vs Rs.133,222 million. Aircraft fuel costs were Rs. 155,559 million against Rs. 42,759 million (2021/2022), an increase of 263.80 per cent.

In positioning the airline on a trajectory toward expansion, SriLankan Airlines will improve operations across multiple fronts, encompassing service enhancements, human resource development, training programs, equipment upgrades, and process refinements, all aimed at sustaining service excellence and customer loyalty.

It will also focus on expanding maintenance revenue by securing contracts with new customers in Sri Lanka and the South Asian region.

Additionally, the airline will remain committed to fleet assurance with the prompt execution of procurement initiatives while building a strong network through effective analysis of the most lucrative revenue-generating prospects.

In his review, airline chairman Asoka Pathirage said that in the latter part of the year, the airline demonstrated a recovery compared to the previous year, benefiting from a better operating environment and with the operational improvements made in response to the challenges faced.

“One of the primary challenges was the persistent rise in global inflation, which had a cascading effect on economic activities.

It led to a cost-of-living crisis and the tightening of financial conditions in various regions. This situation was further exacerbated by geopolitical tensions, particularly the conflict in Ukraine, and the lingering impact of the COVID-19 pandemic.

These macroeconomic challenges directly influenced the aviation industry, creating a distinct set of problems,” he said.

President leads commemoration of Armed Forces Remembrance Day and Poppy Celebration

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President leads commemoration of Armed Forces Remembrance Day and Poppy Celebration

Colombo (LNW): The annual commemoration of Armed Forces Remembrance Day 2023 was observed Saturday (11), organised by the Sri Lanka Ex-Servicemen’s Association in collaboration with the Armed Services.

This significant event pays homage to the courageous soldiers who made the ultimate sacrifice for the nation’s security, spanning from the First World War to the present day.

The dedication ceremony for the Ranaviru Memorial at Vihara Mahadevi Park in Colombo unfolded in the afternoon, with the esteemed presence of the Commander-in-Chief, President Ranil Wickremesinghe.

The ceremony not only marked the customary remembrance but also celebrated the centenary of the construction of the Cenotaph at Vihara Mahadevi Park, Colombo.

Upon his arrival at the ceremony site, President Wickremesinghe was warmly welcomed by Major General Upul Perera (retired), the President of the Sri Lanka Ex-Servicemen’s Association.

Various religious ceremonies preceded the tribute to the war heroes, beginning with a moment of silence to honor the martyred soldiers. The President, joined by representatives of the Ex-Servicemen’s Association, laid floral tributes at the war memorial.

The President took part in the unveiling of the special centenary commemorative plaque of the War Heroes Memorial. Additionally, State Minister of Media Shanta Bandara and Ruwan Satkumara, Postmaster General, presented the President with a special commemorative stamp and first-day cover released to mark the 100th anniversary of the Cenotaph.

Major General Perera, President of the Ex-Servicemen’s Association, presented a book titled “War Memorials in Sri Lanka,” compiled by Retired Navy Petty Officer K. Nihal, to the President.

The ceremony was attended by various dignitaries, including State Minister of Defence Pramitha Bandara Tennakoon, State Minister of Media Shantha Bandara, Presidential Senior Adviser on National Security and Chief of Presidential Staff Sagala Ratnayaka, Western Province Governor Marshal of the Air Roshan Gunatillake, Defense Secretary General Kamal Gunaratne (Retired), Chief of Defense Staff General Shavendra Silva, Army Commander Lt. Gen. Vikum Liyanage, Navy Chief of Staff Rear Admiral Jayantha Kularatne, Air Force Chief of Staff Air Vice Marshal Sampath Wickramaratne, Admiral of the Fleet Wasantha Karannagoda, and senior officers of the Sri Lanka Ex-Servicemen’s Association.

Notably, Lilly Kobbekaduwa, the wife of Brigadier Denzil Kobbekaduwa, and relatives of deceased armed forces members were also present at the event, adding a poignant touch to the occasion.

SLPP National Conference next month, with new leader for alliance!

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SLPP National Conference next month, with new leader for alliance!

Colombo (LNW): The upcoming second National General Conference of the Sri Lanka Podujana Peramuna (SLPP) is slated to take place on December 15 at the Sugathadasa Indoor Stadium in Colombo, political sources disclosed.

Anticipated to draw a significant attendance, the event will include party ministers, leaders of affiliated organisations, local government representatives, and delegates from sister parties.

Discussions are reportedly underway among senior members of the party regarding the establishment of a new political alliance under the auspices of the SLPP, with considerations on selecting an appropriate leader for this alliance, according to sources.

This discourse gains added significance as the coming year is an election year, prompting the need for crucial decisions to be made during this National Conference.

Ex President Mahinda Rajapaksa is likely to be appointed as the preferred leader of the Sri Lanka Podujana Peramuna, sources added.

Sports Minister to appeal ICC suspension of Sri Lanka Cricket

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Sports Minister to appeal ICC suspension of Sri Lanka Cricket

Colombo (LNW): Sri Lanka’s Sports Minister Roshan Ranasinghe has expressed his intention to file an appeal with the International Cricket Council (ICC) challenging the decision to suspend Sri Lanka Cricket’s membership.

In a recent press conference at the Ministry of Sports, he highlighted that the ICC’s action was based on a request from Sri Lanka Cricket.

During the conference, Ranasinghe also disclosed information about a group of individuals expressing satisfaction from a hotel room regarding the suspension of cricket activities in Sri Lanka. The Sri Lanka Cricket board and its officials encountered significant public resistance following the release of an audit report by the Auditor General, alleging irregularities in the 2022 World Twenty20 Cricket Tournament held in Australia.

Public discontent intensified as the Sri Lankan cricket team faced setbacks in the ongoing World Cup tournament. With two matches remaining for the team, Minister Ranasinghe took decisive action by dismissing the administration of Sri Lanka Cricket and establishing an Interim Committee.

This move was justified by the need to address issues such as corruption and irregularities revealed in the special audit report related to the 2022 T20 World Cup cricket tournament.

The Minister’s exercise of powers under the Sports Act No. 25 of 1973 led to the appointment of former Sri Lankan cricket captain Arjuna Ranatunga as the chairman of the interim committee, but the Court of Appeal, responding to a petition filed by ousted SLC President Shammi Silva, issued an injunction suspending the Interim Board’s activities for 14 days.

In Parliament, a resolution was unanimously passed on November 9 to remove officers, including the chairman of Sri Lanka Cricket, over corruption allegations. Despite these domestic developments, the ICC, concerned about the cricket crisis in Sri Lanka, decided to suspend Sri Lanka Cricket’s membership.

The ICC emphasised that Sri Lanka Cricket must ensure no government interference in cricket governance. The conditions of the suspension will be determined by the ICC Board in due course, with a special meeting scheduled for November 18 and 21 in Ahmedabad, India.

The ICC’s decision was made at the request of the Sri Lanka Cricket board, according to Cricinfo. Minister Ranasinghe addressing the briefing reiterated that he will be appealing the suspension imposed on Sri Lanka’s ICC membership.

Meanwhile, Sri Lanka Cricket is set to appear before the parliamentary Committee on Public Enterprises Committee (CoPE) on November 14. The situation is expected to become clearer after the ICC Board meeting on November 21.

SL Police receive motorcycles and computers donation from China

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SL Police receive motorcycles and computers donation from China

Colombo (LNW): In a significant ceremony at the Presidential Secretariat, the People’s Republic of China officially delivered 26 RANOMOTO motorcycles and 100 LENOVO desktop computers to bolster the operational capabilities of the Sri Lanka Police.

Responding to a request from Inspector General of Police (IGP) C.D. Wickramaratne, President’s Senior Adviser on National Security Sagala Ratnayake and the President’s Chief of Staff coordinated with Ambassador Qi Zhenhong to facilitate the handover.

The official transfer of documents occurred as Ambassador Qi Zhenhong presented the goods to President Ranil Wickremesinghe, with the event attended by high-ranking officials from the Chinese Embassy and the Police Department, including IGP C.D. Wickramaratne and Senior Deputy Inspector General of Police (Administration) Nilantha Jayawardena.

Showery conditions expected to continue amidst low-level atmospheric disturbance (Nov 12)

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Showery conditions expected to continue amidst low-level atmospheric disturbance (Nov 12)

By: Isuru Parakrama

Colombo (LNW): Due to a low-level atmospheric disturbance in the vicinity of Sri Lanka, showery conditions are expected to continue further, the Department of Meteorology said in its daily weather forecast today (12).

Showers or thundershowers will occur at times in Northern, North-central, Central and Eastern provinces, and showers or thundershowers will occur at several places in other provinces of the island after 01.00 p.m, the statement added.

Heavy showers above 100 mm are likely at some places in Western, Central, Sabaragamuwa, Southern and Eastern provinces and in Kurunegala and Polonnaruwa districts.

Showers may occur in the coastal areas of Western and Southern provinces in the morning too.

The 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 several places in the sea areas around the Island.
Winds:
Winds will be North-easterly or variable in direction and wind speed will be (20-30) kmph. Wind speed can increase up to 40kmph at times in the sea areas off the coast extending from Puttalam to Trincomalee via Mannar and Kankasanthurai.
State of Sea:
The sea areas off the coast extending from Puttalam to Trincomalee via Mannar and Kankasanthurai will be moderate. The other sea areas around the island will be slight. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

Following RSF’s call, six major media outlets commit to ethical coverage of the presidential campaign  

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Following RSF’s call, six major media outlets commit to ethical coverage of the presidential campaign  

Following a call by Reporters Without Borders (RSF) and a coalition of NGOs, six major Taiwanese media outlets today have publicly pledged to better take in consideration journalism ethics in their coverage of the January 2024 general election.

As the January 2024 general election campaign heats up in Taiwan, six major Taiwanese media outlets have publicly pledged today to cover it with the highest consideration for principles of fair coverage, accurate reporting, professional tone, respect for privacy, and transparency. They answered to the call made last month by Reporters Without Borders (RSF) in partnership with Citizen Campaign for Media Reform (CCMR) and Taiwan Media Watch Foundation (TMWF), and with the support of the Association of Taiwan Journalists (ATJ) and Taiwan Media Workers Union (TMWU).

This appeal aims at restoring ties between the public and journalists, in a  country which suffers from one of the lowest trust rates in the media among democracies (28%) and where the media community is often criticised for disregarding journalism ethics. What is more, the country is regularly the target of disinformation attacks, emanating primarily from China.

To address such issues of citizens’ right to trustworthy information, six media outlets have pledged their full attention to ethical coverage of the upcoming elections: national news agency Central News Agency (CNA), public broadcasters Chinese Television System (CTS), Public Television Service (PTS) and Radio Taiwan International (RTI), as well as private news outlets Watchout and New Bloom.

“This pledge can be a starting point for important conversations about journalism ethics across Taiwanese media”, New Bloom’s chief editor Brian Hioe stressed. “Media outlets should pay due diligence in their fact checking, and be fair to all candidates, when reporting on the general election,” asserts a representative of Citizen Campaign for Media Reform (CCMR).”

A shield against disinformation

“Ethical journalism is the only sustainable mechanism for a democracy to develop a natural immunity against disinformation. Enabling the journalism community to better identify fallacious content before it goes viral is essential to restoring public trust in the media”.

Cédric Alviani
RSF Asia-Pacific Bureau Director

​​Taiwan, a liberal democracy, is the victim of growing media interference from the People’s Republic of China, who aggressively claims its sovereignty on the island. Taiwan’s journalists are also suffering from a very politically polarised media environment dominated by sensationalism and the pursuit of profit.

“Due to its peculiar geo-political circumstances, Taiwan is one of the most exposed countries to disinformation campaigns,” states a representative of Taiwan Media Watch Foundation. “Taiwan’s media environment is increasingly challenging due to the rise of AI-generated content”, said CNA’s chief editor Chris Wang.

In order to globally address the growing presence of false and manipulated information online, RSF together with several other civil society organisations initiated the Forum on Information and Democracy, which published in 2020 a set of 250 recommendations. RSF also launched the Journalism Trust Initiative (JTI) a mechanism to promote trustworthiness of news and information, which, to date, is used by more than 800 newsrooms worldwide to self-assess. In response to the rapid deployment of artificial intelligence (AI) in the media industry, RSF and its partners also launched an international committee to develop a charter aimed at regulating the use of AI in media.

Taiwan ranks 35th out of 180 in the 2023 RSF World Press Freedom Index. China, the world’s largest captor of journalists and press freedom defenders with at least 123 detained, ranks 179th.  

REPORTERS SANS FRONTIÈRES / REPORTERS WITHOUT BORDERS (RSF)

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