Colombo (LNW): The government plans to acquire sugar stocks previously imported at a 25-cent levy and sell them through Lanka Sathosa, supermarkets, and Cooperative outlets at a fixed price of Rs. 275 per kilogram within a month, Trade Minister Nalin Fernando announced.
The Cabinet has approved this initiative to address the sugar shortage in the market.
The identified sugar stocks will be allocated to Lanka Sathosa, other supermarkets, and selected cooperatives for regulated sale.
Once the government takes over these stocks, the controlled price on sugar will be lifted, as future sugar imports will be subject to a special commodity levy of Rs. 50, the Minister noted during a briefing in Colombo.
Colombo (LNW): Immediate measures should be implemented to reclaim “stolen assets” as a means to repay loans and revive the economy, following the recent Supreme Court ruling on the country’s economic crisis, stated former president Chandrika Bandaranaike Kumaratunge.
In a social media video, she commended the rare and significant Supreme Court verdict, highlighting that penalties were not imposed on the parties mentioned as the petitioners did not seek such action.
Kumaratunge urged citizens affected by the crisis to seek redress in court, emphasising the possibility of recovering funds from offshore accounts and assets to compensate those impacted.
She cited the World Bank’s specialised unit for recovering stolen assets as a potential resource for assistance in this regard, drawing parallels with successful efforts in the Philippines.
Colombo (LNW): A Chinese delegation, led by the special envoy of the Chinese President, State Councilor Mrs. Shen Yiqin, paid a courtesy visit to President Ranil Wickremesinghe at the Presidential Secretariat.
The primary agenda of the meeting was to bolster tourism and trade relations between China and Sri Lanka.
President Wickremesinghe expressed gratitude for China’s support to Sri Lanka, particularly acknowledging their assistance in the country’s debt restructuring programme. He thanked the Chinese President and the government for their invaluable support.
The President also conveyed Sri Lanka’s interest in enhancing collaboration in tourism, sports, and agriculture. He highlighted the investment opportunities available at the Hambantota Port and Port City.
President Wickremesinghe mentioned that Sri Lanka, as a participant in the Belt & Road initiative, is ready to embark on the second phase, expecting a more significant economic contribution.
Addressing economic initiatives, the President outlined Sri Lanka’s efforts to access the Regional Comprehensive Economic Partnership (RCEP) and reiterated the country’s commitment to maintaining the Indian Ocean as a free navigation zone, ensuring peace and avoiding global geopolitical rivalries.
The Chinese Special Envoy mentioned China’s priority to extend the China-Myanmar Economic Corridor to Sri Lanka. Both parties agreed to expedite the implementation of the China-Sri Lanka Free Trade Agreement.
Yiqin reaffirmed China’s enduring support for Sri Lanka and expressed her commitment to strengthening the relations between the two countries.
President Wickremesinghe was accompanied by President’s Senior Adviser on National Security & Chief-of-Staff Sagala Ratnayaka, Secretary to the President Saman Ekanayake, and Director of International Affairs Dinouk Colombage.
SL’s International Bond prices fall on news that Zambia has suffered a major setback in its debt restructuring efforts due to objections from Official Creditors, including China: disagreement mainly on whether the initial deal with a group of bond-holders in Oct’23 offers comparable debt relief from bilateral & commercial lenders: Zambia defaulted 3 years ago and its restructuring has been beset by delays, while SL defaulted one and a half years ago.
Trade Minister Nalin Fernando says Cabinet has decided that the Govt takes over stocks of sugar which were cleared from the Port before the sugar import tax was hiked from 25 cents to Rs.50 per kg: also says the Cabinet decided to distribute the sugar via Lanka Sathosa to selected markets to be sold at Rs.275 per kg.
Power and Energy Minister Kanchana Wijesekera says the Cabinet has approved the proposed Electricity sector reforms and the new Bill will be gazetted & presented in Parliament for approval.
Women & Child Affairs Minister Geetha Kumarasinghe says a staggering number of 2,087 teenage mothers have been reported in SL.
Trade Minister Nalin Fernando says the Cabinet has consented to the import of 100,000 MT of rice due to the prevailing shortage of Keeri Samba rice in the market.
Health Ministry Medical Supplies Division Director Dr Kapila Wickramanayake, Assistant Director, Accountant-Supplies & Stock Controller arrested by the CID pertaining to the alleged importation of sub-standard Immunoglobulins: remanded until 29th November.
Management Faculty of the Sri Jayawardenepura University closed indefinitely, after a protest was staged at the university premises against the suspension of 6-students: suspension was due to an alleged incident of ragging, say the University authorities.
Fitch Ratings says the rising gold-backed lending among SL’s Non-Bank Financial Institutions sector is exposing financiers to higher collateral price risk & making them more susceptible to any adverse movements in gold prices: SL NBFIs have grown gold-backed loans rapidly in the past several years amid shrinking demand for their core “vehicle financing business”: gold-backed loan balances more than quadruple in the sector’s gross loans, up from 4% at the end of FY19 to 18% now.
Govt revenue in the first 8 months increases by 43.5%: but the budget deficit increases even higher, forcing the Govt to impose more taxes to deliver the IMF targets: IMF has already cited the “limited progress on the revenue front” & held back the release of the 2nd tranche.
Agriculture Minister Mahinda Amaraweera instructs the Tea Small Holdings Development Authority to promote a high-density tea cultivation system & use new technology to increase yields.
W.M.G. Kumaratunge, Director of the Presidential Secretariat Economic Development Stabilization Unit, revealed that as of last Friday, the Government had amassed Rs. 2,394 billion in revenue. With nearly 30 working days remaining in the year, the projection is to surpass the unprecedented Rs. 3,000 billion mark, setting an all-time record.
During a special post-Budget session organized by the State Ministry of Finance, Kumaratunge attributed this milestone to the adoption of new IMF guidelines, an expanded taxpayer base, enhanced operational efficiency, and rigorous government oversight.
Highlighting the revenue contributors, Kumaratunge noted that the Inland Revenue Department led the collection, accounting for Rs. 1,415 billion, constituting 84 percent of the total tax revenue. Sri Lanka Customs followed with Rs. 1,667 billion, and the Excise Department with Rs. 217 billion.
Expanding on revenue generation, he projected the government’s total tax and revenue collection to exceed Rs. 3,063 billion by year-end, aiming for even stronger revenue figures in the coming year.
In a related context, State Minister for Finance Shehan Semasinghe clarified that while individuals are required to initiate a tax file during specific transactions like vehicle registration, land transactions, or obtaining revenue licenses, not all will continuously pay taxes. The Inland Revenue Department will assess and exempt certain individuals from tax obligations.
Adding to the discussion, Dr. P.K.G. Harischandra, Director of the Central Bank Economic Research Department, forecasted a positive economic growth rate of approximately 1.6 percent for Sri Lanka starting from the third quarter of 2023. This follows a period of negative growth, around 6.8 percent, in the initial two quarters of the year.
Popular international vlogger ‘Nas Daily’ formalized a collaboration with Sri Lanka’s Tourism Promotion Bureau (SLTPB) through the signing of a Memorandum of Understanding (MoU).
The renowned vlogger, currently visiting Sri Lanka at the invitation of the SLTPB, signed the agreement aimed at leveraging his platform to promote Sri Lanka’s tourism industry.
The Ministry of Tourism issued a statement emphasizing the strategic partnership with ‘Nas Daily’ as a means to enhance the visibility of Sri Lanka as a tourist destination.
Minister of Tourism Harin Fernando, speaking on ‘X’, confirmed the agreement and revealed plans for ‘Nas Daily’ to create three specialized videos showcasing Sri Lanka’s tourism offerings.
Nuseir Yassin, widely recognized as ‘Nas Daily’, is an Israeli-Palestinian-Kittitian vlogger renowned for his daily one-minute videos, amassing a significant following across Facebook, TikTok, and Instagram, with over 1,000 videos to his credit.
The Faculty of Management Studies and Commerce (FMSC) at Sri Jayawardenepura University has been temporarily shut down in response to student protests held near the Vice Chancellor’s office.
Senior Professor Pathmalal M. Manage, the university’s Vice Chancellor, confirmed that the closure was a result of demonstrations staged by students. The protests were triggered by the suspension of six students due to disciplinary matters, prompting a reaction from a group of students.
Showers or thundershowers will occur at several places in most provinces of the island after 01.00 p.m.Fairly heavy showers above 75 mm are likely at some places in Central, Sabaragamuwa, North-western and Uva provinces.Showers may occur at some places in Northern and Eastern provinces and in Hambantota district during the morning too.Misty conditions can be expected at some places in Western, Sabaragamuwa, Central and Uva provinces during the morning.
The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
Colombo (LNW): The Agriculture Ministry has announced a subsidy of 40 litres of diesel per hectare for farmers who suffered crop damage in the last Yala season.
The fuel vouchers were distributed to eligible farmers in the Walawe zone, Hambantota, and Kurunegala districts, covering at least 65,000 acres of paddy affected by drought.
Minister Mahinda Amaraweera directed the Department of Agricultural Development to provide this subsidy to assist farmers in harvesting their paddy during the current Maha season.
The diesel, originally provided by the Chinese government for free distribution during the last Maha season, had a surplus of 2 million litres.
Colombo (LNW): Sri Lanka experiences approximately one million hospital admissions and 12,000 deaths annually due to various accidents, Health Minister Dr. Ramesh Pathirana disclosed.
This substantial figure underscores the critical nature and urgency of the issue, as emphasised by the Minister, addressing the International Conference on Injury Prevention at the Waters Edge.
The Minister the alarming statistics, noting that the accidents lead to an average of 1,000 deaths per month or nearly 35 deaths daily. Traffic accidents alone contribute to around 3,000 annual fatalities, while suffocation, drowning, falls, poisoning, electrocution, burns, and animal attacks collectively result in thousands more deaths, he noted.
Individuals aged between 15-44 are particularly vulnerable to these accidents, with accidents ranking among the leading causes of fatalities, Pathirana emphasised.
Recognising the gravity of this trend, the Health Minister pointed out that immediate attention should be paid and action taken, focusing on addressing the social impacts.
Thereby, preventive measures should be implemented and remedial actions should be taken, with a focus on enhancing the collaboration of various sectors involved in managing these issues, Dr. Pathirana stressed.
The Minister expressed his full commitment to implementing effective policy actions to address this crisis.
