The Health Ministry has taken swift action to suspend and cancel all orders from Isolez Bio-Tech Pharma Company due to ongoing issues related to drug supply in Sri Lanka. Health Minister Keheliya Rambukwella has instructed the Ministry Secretary and relevant institution heads to notify them in writing of this decision.
In addition, all payments to the company have been immediately halted pending the completion of investigations by the Criminal Investigation Department into alleged drug fraud. The Minister has ordered the suspension and cancellation of orders and supplies from the company in light of the recent problematic situation. Complaints regarding questionable supplies from the pharmaceutical company have been forwarded to the Criminal Investigation Department, which is now conducting an investigation.
Key officials, including the Health Ministry Secretary, Additional Secretary (Pharmaceuticals, Supply, and Regulation), Director General of Health Services, Deputy Director General (Medical Supplies), State Pharmaceutical Corporation Chairman, National Drug Regulatory Authority Chairman, and Chief Executive, have been notified about the situation.
The Health Minister has also sought legal advice from the Attorney General to expedite legal proceedings concerning this pharmaceutical company and the related incident.
SSP Nihal Talduwa, the Police Media Spokesman, stated that the Criminal Investigation Department has received five complaints related to the import of drugs into Sri Lanka using forged documents and signatures. These complaints were filed by an advisor to the Health Minister, a voluntary organization, the Chief Executive Officer of the National Drug Regulatory Commission, the Chief Executive Officer of the Drug Regulatory Authority, and another individual. Investigations into the matter are currently underway.
Colombo (LNW): The Global Sovereign Debt Round table(GSDR), has assured that the work continues toward reaching an agreement in principle with official creditors on specific restructuring terms, for Sri Lanka.
The objective of the Global Sovereign Debt Roundtable is to build greater common understanding among key stakeholders involved in debt restructurings.
GSDR works together on the current shortcomings in debt restructuring processes, both within and outside the Common Framework, and ways to address them.
It has reviewed progress in reaching common understanding on ways to address key impediments to efficient debt restructuring, on Thursday (12).
Meanwhile Sri Lanka’s private creditors have sent a proposal on how to restructure $12 billion of overseas debt, including a new type of bond designed to ease repayments in case of future economic pressure,
The overall proposal includes an option for creditors that combines Macro Linked Bonds (MLBs), with a regular bond and a second option of regular bonds with a Value Recovery Instrument (VRI), one of the sources said.
The MLBs were included to ensure the new instruments would be index-eligible, the sources said. Bonds included in an index generally have more liquidity
The IMF said that the GSDR discussed the priority areas for the work going forward.
According to the GSDR Co-chairs Progress Report released at the end of the meeting, significant progress has also been made in actual debt restructuring cases, including Sri Lanka.
However, the time period taken for the programs is still beyond the 2-3 months that were observed in the past.
“There has been a landmark agreement in June between Zambia and their official bilateral creditors, and continued progress in the discussion of other cases.
More broadly, the past 6 months have seen a positive momentum, with somewhat shorter timelines and somewhat smoother processes.
It The report added that for Sri Lanka, the financing assurances provided by an ad hoc committee of official creditors (comprising the Paris Club and India, and co-chaired by France, Japan and India) and China, enabled the approval of the Fund supported program in March 2023.
Since then, the work continues toward reaching an agreement in principle with official creditors on specific restructuring terms, it added.
In parallel, the authorities have concluded the restructuring of some of the domestic debt and are in active negotiations with Eurobond holders on a restructuring plan, said the report.
The GSDR progress report was released by the International Monetary Fund Managing Director Kristalina Georgieva, World Bank President Ajay Banga and Finance Minister of India, Nirmala Sitharaman, co-chairs of the GSDR.
Colombo (LNW): Sri Lanka, known for its ability to produce high-end niche apparel, is now focused on enhancing its capacity to produce eco-friendly clothing using organic textiles, where compliance remains a key component.
The island nation’s apparel sector plans to tap the half-a-billion USD global organic textile which is set to grow at a compound annual growth rate of 40% within the next five years.
With eco-consumption on the rise, it is evident that apparel companies too, are gearing for the shift in consumer patterns.
The Joint Apparel Association (JAAF) notes an increase in Sri Lankan companies obtaining the Global Organic Textile Standard (GOTS), indicating an increased awareness within the industry of the importance of adopting international best practices and sustainable manufacturing.
South Asian Representative of GOTS Ganesh Kasekar reveals a 78% increase in certified facilities compared to 2022 in Sri Lanka, with 136 factories currently holding certification.
Amongst these Sri Lankan companies, local apparel giants including Hirdaramani International Exports, MAS Intimates and Brandix have also obtained GOTS certification for the sustainable production of children’s wear, ladies’ wear, men’s wear, and baby wear.
GOTS is recognized as the world’s leading processing standard for textiles manufactured using organic fibres.
It defines high-level environmental criteria through the entire organic textiles supply chain and requires compliance with social criteria as well.
The successful completion of GOTS certification by an approved certifier provides companies with the right to participate in the GOTS programme, including using the standard and the GOTS logo on GOTS-approved goods.
With the standard being renewed annually, GOTS 7.0 was launched in March 2023, with full implementation required for all certified entities by March 2024.
Built on the three pillars of social responsibility, environmental sustainability and ethical business practices, GOTS covers the production process end to end.
GOTS has developed standards that cover the entire production process, based on the use of organic fibres, from textile processing and manufacturing up to licensing and labelling.
The certification process is rigorous and requires compliance with all criteria, but ultimately leads to an internationally recognized organic certification.”
The certification demonstrates a company’s commitment to providing sustainable, ethical and high-quality products to stakeholders, partners and consumers. Therefore to earn a GOTS certification, textile products must contain a minimum of 70% organic fibers, reflecting a commitment to environmentally friendly materials.
Additionally, stringent criteria govern the use of chemical inputs – ensuring that dyestuffs and auxiliaries meet strict environmental and toxicological standards.
Even the choice of accessories is guided by ecological considerations. Notably, a functional waste water treatment plant is mandatory for any wet-processing unit, underscoring the importance of responsible water management.
Galle Dialogue Highlights Cultural and Economic Significance, as Dr. Ram Madhav Urges Inclusive Development in the Indian Ocean Region.
President Ranil Wickremesinghe delivered a significant keynote address at the 11th edition of the Galle Dialogue; International Maritime Conference, which aimed to strengthen regional maritime cooperation and formulate a global strategy to face common challenges in the maritime domain. The conference commenced at the Jetwing Lighthouse Hotel today (12) under the theme ‘Emerging New Order in the Indian Ocean.’
Delivering the keynote address, President Wickremesinghe began by commending the Navy for recommencing the Galle Dialogue after the COVID-19 break. He emphasized the importance of rethinking the focus of the Galle Dialogue in light of the changes brought about by the pandemic.
The President pointed out that the focus should primarily be on the Indian Ocean and the surrounding area. He acknowledged the role of Dr. Ram Madhav, a pioneer of the Indian Ocean Conference, in drawing attention to the region. President Wickremesinghe highlighted the uniqueness of the Indian Ocean as a civilization rather than a construct, emphasizing its rich history, diverse cultures and religious significance.
He then discussed various global constructs, such as the Asia Pacific, the Belt and Road Initiative (BRI) and the Indo-Pacific and how they differ from the Indian Ocean’s cultural and historical context. He stressed that the Indian Ocean represents a political entity, given its history and role in recognizing non-European sectors of the world as colonialism collapsed.
The President also discussed the economic significance of the Indian Ocean, predicting that development would shift from East Asia and the Asia Pacific to the Indian Ocean, India, Bangladesh, and Africa. He mentioned Africa’s potential for significant economic growth by 2050.
President Wickremesinghe underlined the importance of ports and their role in the evolving global trade landscape, emphasizing Sri Lanka’s strategic location and the development of key ports like Colombo, Trincomalee and Hambantota. He urged a long-term perspective on these developments and their global implications.
The President also discussed the changing dynamics in sports and noted that various nations from this region are expanding their influence in cricket and football. He emphasized the interconnectedness between the Indian Ocean and the Pacific Ocean.
In conclusion, President Wickremesinghe proposed that Sri Lanka should adopt the ASEAN outlook of the Indo-Pacific as two distinct oceans and prioritize freedom of navigation and undersea cables in the Indian Ocean. He acknowledged that the emerging order could rapidly change due to global events and emphasized the need for wise leadership and diplomacy in addressing evolving challenges.
President Wickremesinghe’s speech provided a comprehensive perspective on the Indian Ocean’s unique place in global politics, culture and economics and its role in shaping the emerging new order in the region.
Meanwhile, during his speech at the Galle Dialogue, Dr. Ram Madhav, President of India Foundation, addressed the current global transformation, noting the emergence of a new world order following the pandemic. He described this new order as multipolar and heteropolar, emphasizing that non-state actors, including tech giants, global agencies, NGOs, transnational terror groups and spiritual and religious movements, would have a significant influence on people and nations.
Dr. Madhav also expressed his condolences for those affected by the conflicts in Eastern Europe and West Asia. He recognized Sri Lanka’s role in hosting the 23rd meeting of the Indian Ocean Rim Association (IORA) Council of Ministers and congratulated President Ranil Wickremesinghe on assuming the Chairmanship of IORA, with India as the Vice Chair. Dr. Madhav emphasized the importance of developing IORA as a platform for promoting sustainable development, economic growth and stability in the region and he called for a commitment to creating a free, open and inclusive region guided by the rule of law, where sea lines are not used for piracy, overexploitation, or terrorism. He also expressed hope that the efforts by leaders like President Ranil Wikremesinghe would result in establishing the Indian Ocean’s distinct identity and role in the emerging world order.
Minister of Ports and Civil Aviation Nimal Siripala de Silva, Minister of State for Defence Pramita Bandara Tennakoon, Governor of the Southern Province Willy Gamage, Senior Adviser to the President on National Security and Chief of Staff to the President Sagala Ratnayaka, Defence Secretary General Kamal Gunaratne (Rtd), Chief of Defence Staff General Shavendra Silva, Navy Commander Vice Admiral Priyantha Perera, Army Commander Lt. Gen. Vikum Liyanage, former Navy Commanders and other senior officers of the Navy attended the event.
MP Sarath Weerasekara, Chairman of the Sectoral Monitoring Committee on National Security, said that the special report on the real state of affairs in Sri Lanka’s conflict will be handed over to President Ranil Wickremesinghe shortly.
The MP pointed out that the Sri Lankan forces are accused of committing war crimes at every human rights conference held in Geneva and the report was prepared rectify this notion and to show the true situation of the war.
MP Sarath Weerasekara, the Chairman of the National Security Sectoral Oversight Committee, stated this while attending the news conference held at the Presidential Media Center today (12) under the theme ‘Collective path to a stable country’.
MP Sarath Weerasekara further said;
National security holds immense significance for a nation. It is imperative to foster an environment where the citizens can lead their lives free from fear and uncertainty. Moreover, ensuring a robust national security framework is crucial to attracting investment opportunities. National security encompasses not only physical safety but also economic stability, food security, environmental protection and personal well-being. Shockingly, over the past decade, road accidents have claimed the lives of approximately 27,000 individuals, surpassing the toll of 29,000 casualties during the thirty-year war. Regrettably, road accidents have become distressingly common in our country.
In addition, the scourge of drugs poses a considerable threat to our national security. Energy and public health also fall within the purview of national security concerns. Terrorism, extremism, the drug epidemic and underworld activities are challenges faced by all nations. However, it is the government’s solemn duty to address these issues in a manner that does not disrupt the lives of its citizens.
As a committee, our dedicated efforts are focused on making the most substantial contributions to bolster our nation’s security. We categorize terrorism rooted in separatism and extremism stemming from terrorism as physical threats.
Furthermore, during every human rights session in Geneva, allegations of war crimes in our country have surfaced in various forms. We have taken these accusations seriously and acted accordingly. It is crucial to understand that Sri Lanka experienced a non-international armed conflict. Therefore, our committee has promptly compiled a report elucidating the nature of the conflict within our borders.
Our foremost objective is to present the Geneva Human Rights Council with an accurate depiction of our current situation. As a result, the special report meticulously prepared by the Sectoral Monitoring Committee on National Security will be submitted to President Ranil Wickremesinghe in the near future. This report comprehensively outlines the genuine circumstances surrounding the conflict in our nation.
Colombo (LNW):FitsAir, the trailblazing privately-owned airline in Sri Lanka known for its affordability and punctuality, celebrated its one-year anniversary recently.
This milestone marked a year filled with achievements, innovation, and a vibrant, youthful spirit. In just 12 short months, the airline said it has made a significant impact on Sri Lanka’s aviation industry, catering to a fun-loving, adventurous audience.
FitsAir emerged on the aviation industry with a bold vision: to make air travel accessible, affordable, and enjoyable for all Sri Lankans.
From its onset, the airline set out to revolutionize travel experience, offering lower airfares and enhancing services. FitsAir has successfully heightened the aviation industry, benefitting the passengers while continuing to boost industry growth with their commitment to ‘More Sky for Less’.
Speaking on this momentous occasion, FitsAir Executive Director Ammar Kassim said: “We are immensely proud to announce a significant milestone in our journey.
At the core of FitsAir’s mission lies a devotion to passenger satisfaction and making ‘Ahase Fun,’ as per our trending tagline.
As a private airline, FitsAir prioritises customer service, consistently striving to provide an unparalleled passenger experience. For us, it’s not merely about air transportation; it’s about creating memorable journeys.
FitsAir toasts to a year of achievement, extending its heartfelt gratitude to the passengers, partners, dedicated employees, pilots, and the flight crew who have been integral in this extraordinary journey.
This is merely the beginning; FitsAir promises more excitement, opportunities, and, above all, more fun in the sky for everyone.”
Beyond simply connecting travellers to destinations, FitsAir is a catalyst for change in the job market. In just one year, it has created numerous employment opportunities, demonstrating its dedication to fostering economic growth and prosperity within Sri Lanka.
FitsAir’s impact also extends to the business world. Through its cargo services, the airline plays a pivotal role in facilitating the seamless flow of goods, thereby boosting regional trade and commerce.
In a spirit of innovation, FitsAir actively forges partnerships and alliances with other carriers, extending route networks and providing travellers a broader range of choice. Looking to the future, the airline is delighted to announce that it would fly to exciting new locations in the coming months.
Committed to affordability, FitsAir offers a simplified fare structure. The base ticket price covers essential services such as seat, baggage, and basic amenities.
Passengers can customise their experience adding optional services such as, seat selection and meals for a nominal fee. This flexibility ensures travellers to avoid unnecessary costs, and tailor their journey according to preference
FitsAir, the trailblazing privately-owned airline in Sri Lanka known for its affordability and punctuality, celebrated its one-year anniversary recently.
This milestone marked a year filled with achievements, innovation, and a vibrant, youthful spirit. In just 12 short months, the airline said it has made a significant impact on Sri Lanka’s aviation industry, catering to a fun-loving, adventurous audience.
FitsAir emerged on the aviation industry with a bold vision: to make air travel accessible, affordable, and enjoyable for all Sri Lankans.
From its onset, the airline set out to revolutionise travel experience, offering lower airfares and enhancing services. FitsAir has successfully heightened the aviation industry, benefitting the passengers while continuing to boost industry growth with their commitment to ‘More Sky for Less’.
Speaking on this momentous occasion, FitsAir Executive Director Ammar Kassim said: “We are immensely proud to announce a significant milestone in our journey.
At the core of FitsAir’s mission lies a devotion to passenger satisfaction and making ‘Ahase Fun,’ as per our trending tagline.
As a private airline, FitsAir prioritises customer service, consistently striving to provide an unparalleled passenger experience. For us, it’s not merely about air transportation; it’s about creating memorable journeys.
FitsAir toasts to a year of achievement, extending its heartfelt gratitude to the passengers, partners, dedicated employees, pilots, and the flight crew who have been integral in this extraordinary journey.
This is merely the beginning; FitsAir promises more excitement, opportunities, and, above all, more fun in the sky for everyone.”
Beyond simply connecting travellers to destinations, FitsAir is a catalyst for change in the job market. In just one year, it has created numerous employment opportunities, demonstrating its dedication to fostering economic growth and prosperity within Sri Lanka.
FitsAir’s impact also extends to the business world. Through its cargo services, the airline plays a pivotal role in facilitating the seamless flow of goods, thereby boosting regional trade and commerce.
In a spirit of innovation, FitsAir actively forges partnerships and alliances with other carriers, extending route networks and providing travellers a broader range of choice. Looking to the future, the airline is delighted to announce that it would fly to exciting new locations in the coming months.
Committed to affordability, FitsAir offers a simplified fare structure. The base ticket price covers essential services such as seat, baggage, and basic amenities.
Passengers can customize their experience by adding optional services such as, seat selection and meals for a nominal fee. This flexibility ensures travellers to avoid unnecessary costs, and tailor their journey according to preference.
Colombo (LNW): Sri Lanka ‘MILCO Company has entered into a partnership accord with Indian Diary giant Amul in a significant development that promises to reshape Sri Lanka’s dairy industry.
As India and Sri Lanka join hands to revolutionize the dairy sector, this partnership is set to create a win-win situation for both countries.
Sri Lanka’s dairy industry will receive a substantial boost, while Indian expertise will find a new avenue for expansion.
A Joint Declaration of Intent (JDI) was signed in July 2023 between the Department of Animal Husbandry and Dairying of the Ministry of Fisheries, Animal Husbandry and Dairying of the Republic of India, and the Ministry of Agriculture of the Democratic Socialist Republic of Sri Lanka.
This declaration marks the beginning of a robust partnership aimed at enhancing animal husbandry and dairying in Sri Lanka.
The JDI envisions the formation of a joint venture company with the participation of relevant entities from both India and Sri Lanka.
After months of negotiations and discussions, this partnership has taken a significant step forward with the execution of a shareholder agreement on October 11, 2023.
The shareholders’ agreement has been inked by prominent organizations from both nations, emphasizing their commitment to this transformative initiative.
The primary Indian partners in this endeavor are the National Dairy Development Board of India (NDDB) and the Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF), popularly known as Amul. These organizations bring decades of expertise in dairy production and marketing.
The local partner, Cargills (Ceylon) PLC (CCP), is a respected entity in Sri Lanka with a rich history in various industries, including dairy. Under this agreement, Cargills (Ceylon) PLC will hold a substantial shareholding of 49%.
The genesis of this collaborative project can be traced to President Ranil Wickremesinghe’s official visit to India, which resulted in the allocation of funds for the modernization of Sri Lanka’s livestock sector.
The primary goal of this project is to substantially increase milk production by 53% within the first five years, ultimately achieving self-sufficiency in milk production within 15 years.
As a crucial aspect of this ambitious endeavor, around 200,000 local farmers in Sri Lanka will receive support, including access to high-quality medicines, animal nutrition, and technical guidance.
This support aims to empower the nation’s dairy farming community, enhancing their capabilities and productivity.
This groundbreaking initiative also encompasses the digitalization of Sri Lanka’s livestock sector, bringing modern technology into the farming process.
This includes investments in new technologies to improve the quality of milk-related by-products and ensure the availability of milk-related products at affordable prices for consumers.
In a bid to address the substantial challenge of restructuring $12 billion in overseas debt, Sri Lanka’s private creditors have put forth a comprehensive proposal. This proposal includes the introduction of a novel bond type designed to facilitate repayments in the event of future economic pressures, as revealed by two undisclosed sources familiar with the matter.
Sri Lanka, with its population of 22 million, experienced its inaugural foreign debt default in May 2022, triggered by a severe shortage of foreign currency, leading to the nation’s most severe financial crisis since gaining independence from Britain in 1948.
The proposal, transmitted on October 2, envisions a write-down (haircut) on both the principal amount and interest, according to the anonymous sources, who opted to remain unnamed due to the confidentiality of the negotiations. Furthermore, it introduces the issuance of regular sovereign bonds and a unique financial instrument known as Macro Linked Bonds (MLBs). These MLBs will automatically reduce coupon payments, commencing in 2027, should Sri Lanka fail to meet specific economic targets linked to its International Monetary Fund (IMF) program.
At present, there has been no response from government representatives, nor from the creditor committee’s spokesperson regarding the proposal.
The comprehensive proposal incorporates two distinct options for creditors, with one combining MLB notes with regular bonds, and the other featuring regular bonds coupled with a Value Recovery Instrument (VRI), according to one of the sources.
The inclusion of MLBs is aimed at ensuring eligibility for indexing, a feature that typically enhances liquidity for the instruments. This proposal holds significant weight for Sri Lanka, which, as per the terms of a $2.9 billion IMF bailout secured in March, must secure debt restructuring assurances from bondholders and major bilateral lenders, including China, Japan, and India.
Notably, the proposal introduces the concept of step-down bonds, with the MLBs’ step-down payments linked to indicators such as Sri Lanka’s gross financing needs (GFN) to gross domestic product (GDP) ratio and debt to GDP ratio. For instance, if the GFN/GDP ratio surpasses 4.5% in 2027, coupon rates will automatically decrease.
Crucially, this debt restructuring proposal aligns with the parameters outlined in the debt sustainability analysis produced by the IMF as part of the economic program.
The proposal has also been shared with the IMF and the Paris Club secretariat. It marks a groundbreaking approach to debt restructuring, as step-down bonds have not been previously used in such contexts.
As discussions between bondholders and the government continue, facilitated by financial and legal advisors, trading of the country’s securities remains unrestricted.
In a significant development, the portfolio of the Minister of Environment has now been placed under the direct purview of President Ranil Wickremesinghe. This decision was officially announced through a Gazette Extraordinary released on October 12, 2023, and it was issued by Presidential Secretary Saman Ekanayake.
The decision-making process leading to this change involved consultations with Prime Minister Dinesh Gunawardena, in accordance with Article 44(3) of the Constitution, as stated in the official communique.
Committee on Public Accounts instructs Excise Dept to dispense with its current system of imposing lenient penalties for large-scale fraud and irregularities connected to the production of liquor: advises the Dept to mete out severe punishment such as cancellation of licences of firms that continue to be involved in the counterfeit sticker racket & non-payment of tax.
Govt Radiologists say Teaching Hospitals at Anuradhapura & Karapitiya have 18-month-long waiting lists for MRI scans: Lady Ridgeway Hospital for Children has a waiting list of 1 year for MRI scans.
Hearing of petitions filed by Ministers Manusha Nanayakkara & Harin Fernando challenging the decision taken by the SJB to oust them from the Party and disqualify them of their Parliamentary seats, commences before the Supreme Court.
Ministry of Finance announces that SL has reached “an agreement on the key principles and indicative terms of a debt treatment with China Exim Bank”: also says that, “in principle”, the agreement covers approximately USD 4.2 bn of outstanding debt: no further details disclosed: previously, the IMF had stated that it is unaware of any such agreement.
Supreme Court orders all state universities in the country to submit a report before 10 November’23 on all reported incidents of ragging at state universities and the measures taken to prevent ragging during the last 3 years.
Business tycoon and MP Dhammika Perera who recently announced that he would contest the Presidency from the SLPP, says SL does not have any system, although there is a clamour for a “system change”: also says a system change should start with the education sector: celebrates the 4th anniversary of his “DP Education Online Education System”.
Speculation mounts that moves are underway to abolish the Executive Presidency before the Presidential Election next year on the grounds that “no candidate or political party will be able to secure an over 50% win at the polls”: reports also emerge that discussions to this effect have already been held by President Ranil Wickremesinghe, and that Justice Minister Wijeyadasa Rajapakshe has already drafted a cabinet paper to change the electoral system.
The 11th Edition of the Galle Dialogue International Maritime Conference organised by the SL Navy in partnership with the Ministry of Defence and Geopolitical Cartographer starts in Galle: inaugural ceremony held under the patronage of President Ranil Wickremesinghe.
Aviation Minister Nimal Siripala de Silva says the Govt has engaged an international consultant to “bring valuable insights and best practices to guide the restructuring efforts of SriLankan Airlines”: the decision to hire the Consultant also expected “to maintain transparency”.
President Ranil Wickremesinghe directs Govt officials to prioritize immediate requirements of SL citizens in Israel, especially their safety, in the light of the ongoing conflict between Israel & Hamas.
