Colombo (LNW): The Sri Lankan Rupee (LKR) has slightly depreciated against the US Dollar today (12) in comparison to yesterday, as per the official exchange rates list issued by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has increased to Rs. 318.06 from Rs. 318.02, and the selling price to Rs. 328.82 from Rs. 328.78.
Meanwhile, the Sri Lankan Rupee indicates fluctuation against several other foreign currencies, including Gulf currencies.
Colombo (LNW): The Supreme Court has directed 16 state universities in the country to provide a report on ragging incidents over the past three years and the actions taken to curb them by 10th November 2023.
The order followed a Fundamental Rights petition by Pasindu Harshana de Silva, who suffered severe injuries in 2020 at Sri Jayewardenepura University due to ragging by senior students.
The case was taken up before Justices Buwaneka Aluvihare, Shiran Gunaratne, and Priyantha Fernando on 11th October.
Senior State Counsel Avanthi Perera appearing for the Attorney General’s Office said the Attorney General would no longer represent the universities but would continue to represent the Inspector General of Police (IGP), the University Grants Commission (UGC), and the Minister of Higher Education.
Some universities requested additional time to prepare their reports.
Representing the petitioner, Shavindra Fernando PC clarified that the petitioner seeks guidelines to prevent such incidents, not compensation.
The Supreme Court will reconvene on this matter on November 10, 2023.
Colombo (LNW): The Matara District Disaster Management Unit has issued a specific notice to students in Matara who are preparing for the forthcoming Grade 5 Scholarship Examination.
The Unit has asked parents of those sitting the exam and invigilators to notify them by 14th October if they anticipate any issues in reaching the examination venues.
Concerns can be relayed to the Disaster Management Unit in Matara via the hotline 117 or by calling 0412 234 134.
Colombo (LNW): The US Naval Ship (USNS) BRUNSWICK docked at the port of Colombo for an official visit yesterday (11), announced the Sri Lanka Navy in a statement.
This 103m-long Spearhead-Class Expeditionary Fast Transport vessel is manned by a crew of 24 and is under the command of Captain Andrew H Peretti.
Whilst in Colombo, the ship’s crew plans to explore some of the country’s tourist sites. The USNS BRUNSWICK is set to leave the island on 15th October.
Colombo (LNW): Sri Lanka proposed the creation of a Joint Economic Council with the United Arab Emirates (UAE) to enhance trade and investment ties.
This proposal was divulged during a meeting in Colombo between the Sri Lankan Prime Minister, Dinesh Gunawardena, and the UAE’s Minister of State of Economic & Trade Affairs, Ahmed bin Ali Sayegh.
The UAE Minister agreed to begin official discussions to conclude the Cooperation of Economic Partnership Agreement, seeing the potential in various sectors, including trade, energy, hospitality, tourism, and renewables in Sri Lanka.
Prime Minister Gunawardena pointed out UAE’s potential investment in agriculture, especially in the new economic zones.
He also thanked the UAE for its support and for employing around 300,000 Sri Lankans, with the UAE Minister highlighting the importance of Sri Lankan expatriates in both economies.
Attendees included members of the UAE delegation, MP Yadamini Gunawardena, Secretary Ranjith Ashoka, and Additional Secretary Harsha Wijewardene.
Colombo (LNW): The Sri Lankan Rupee (LKR) happens to be steady against the US Dollar at leading commercial banks in the country today (12) in comparison to yesterday.
At Peoples Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 316.18 and Rs. 329.37, respectively.
At Commercial Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 316.71 and Rs. 328, respectively.
Sampath Bank follows a similar pattern with the buying and selling prices of the US Dollar being steady at Rs. 318 and Rs. 328, respectively.
By: Staff Writer
Colombo (LNW): Australia says its friendship with Sri Lanka is friendly but fierce on the cricket field.
This was stated by Australia’s Assistant Minister for Foreign Affairs, Tim Watts MP, when he signed the renewed Memorandum of Understanding (MoU) on Cooperation in Sports between Sri Lanka and Australia, together with Sri Lanka’s Minister of Sports and Youth Affairs, Roshan Ranasinghe MP.
The signing of the MoU will further strengthen the longstanding sporting ties between Sri Lanka and Australia. It will encourage cooperation on areas including coach education, training, sports science and medicine, gender equality in sports, and anti-corruption and anti-doping practices, the Australian High Commission in Colombo said.
Following the signing, Assistant Minister Watts tested his cricket skills with members of Sri Lanka’s national women’s and men’s teams.
He also reflected on the shared sporting history at the Sri Lanka Cricket Museum with Sri Lankan cricketing legend Aravinda de Silva and representatives of Sri Lanka Cricket.
“Sport is a shared passion and links us together, highlighted by our friendly but fierce rivalry on the cricket field, and I am pleased to renew the Memorandum of Understanding in Sports Cooperation between Australia and Sri Lanka,” Tim Watts said.
Sri Lanka Sports Minister Roshan Ranasinghe said that whatever the sporting rivalry is, he looks forward to cooperating under the MOU to find and nurture Sri Lankan and Australian talent.
He says it will provide the framework to work together to get the best out of the athletes and showcase them to the world
he 2017 Australia-Sri Lanka Trade and Investment Framework Arrangement (TIFA) advances economic cooperation between Australia and Sri Lanka.
Under TIFA, the Joint Trade and Investment Committee (JTC) strengthens our economic relationship, including facilitating market access and investment. This makes it easier for Australian and Sri Lankan businesses to trade and invest with each other.
Total two-way goods and services trade between Australia and Sri Lanka was valued at $1.3 billion in 2021, with Australian exports driven by education services and agricultural products. Australia’s total investment in Sri Lanka was $92 million in 2021, and Sri Lanka’s total investment in Australia was $50 million.
Prior to the COVID-19 pandemic, Sri Lanka was ranked the twentieth most popular tourist destination for Australians, with Australia the fifth largest source of tourists to Sri Lanka.
Australia supported Sri Lanka to deliver a national tourism development strategy. It has continued to support tourism recovery and resilience in Sri Lanka since the 2019 Easter Sunday attacks.
By: Staff Writer
Colombo (LNW): India has committed to providing additional funds to Sri Lanka for the speedy completion of nine development projects in the country.
This pledge was given by India’s Minister of External Affairs, Dr. S. Jaishankar when he met h President Ranil Wickremesinghe at the Presidential Secretariat yesterday.
Extensive discussions were held to further strengthen Indo-Sri Lankan relations, resulting in the signing of three new bilateral agreements aimed at enhancing cooperation between the two countries, official sources said.
Furthermore, the inauguration of the third phase of the housing project, supported by Indian loan assistance, was conducted during the meeting.
While an initial allocation of Rs. 1.026 million had been made per unit for the fourth phase, it was necessary to revise the budget to Rs. 2.8 million per unit due to increased housing unit costs, Indian officials said.
To uplift the lives of Sri Lankan citizens, the Government of India has committed to providing additional funds for the speedy completion of nine development projects in the country, which are currently supported by the Government of India.
The relevant agreement for this initiative was also signed today, the President’s Media Unit said.
These projects include the modernization of 27 schools in the Northern Province, housing initiatives in Mannar and Anuradhapura, improvements to the Hatton Thondaman Vocational Training Centre and Pussellawa Saraswati Central College,and the construction of a multi-ethnic trilingual school in Polonnaruwa.
The establishment of 2889 rainwater harvesting projects in the Jaffna area, the promotion of vegetable cultivation in the Dambulla area and the construction of greenhouse facilities with a capacity of 5000 metric tons for fruit preservation were among the other projects.
Additionally, a new surgical unit for the Batticaloa Teaching Hospital will be promptly built as part of these efforts.
An agreement concerning a joint project involving the Indian National Dairy Development Board, the Gujarat Cooperative Milk Marketing Federation of India (Amul), and the Cargills Group of Sri Lanka was signed with the aim of elevating Sri Lanka’s local dairy industry.
This agreement emerged as a result of President Ranil Wickremesinghe’s official visit to India and allocation of funding for the modernization of Sri Lanka’s livestock sector.
The primary objective of this new project is to increase milk production by 53% within the first five years and achieve self-sufficiency in milk production for Sri Lanka within 15 years.
As part of this endeavour, it is anticipated that approximately 200,000 local farmers will be empowered through the provision of facilities such as high-quality medicines, animal nutrition and technical support.
Furthermore, this initiative encompasses digitalization of the livestock sector, investments in new technologies to enhance the quality of milk-related by-products and ensuring access to milk-related products at affordable prices.
In addition to this significant agreement, a special commemorative logo was unveiled today to celebrate the 75 years of Indo-Sri Lankan relations.
By: Staff Writer
Colombo (LNW): Leading Sri Lankan exporters explored new opportunities in the UK market, which absorbs 10% of Sri Lanka’s exports.
On an initiative of the Sri Lanka High Commission in London, a twelve-member business delegation representing the National Chamber of Exporters of Sri Lanka (NCE) visited the United Kingdom from 11 to 16 September 2023.
The visit was aimed at further fostering trade and investment ties between the two countries.
he delegation headed by Secretary General of the NCE Shiham Marikar, comprised representatives of leading Sri Lankan exporting companies i.e., Imperial Teas, Link Natural Products, LAUGFS Rubber Corporation, City Cycle Industries, Fanam International, Ruhunu Lanka Minerals, Senikma Holdings and Stay Naturals.
The High Commission facilitated key engagements for the delegation during the visit. On 13 September, the High Commission, in coordination with the Sri Lanka-UK Chamber of Commerce (SL-UKCC) organized a B2B session followed by a networking reception at the high commission premises.
Over 50 UK businesses including representatives from the UK Department for Business and Trade and the Commonwealth Enterprise and Investment Council participated in the event.
Addressing the gathering, High Commissioner Saroja Sirisena expressed appreciation to the representatives of the UK companies for attending the B2B meetings and supporting Sri Lanka at a crucial juncture when the country is emerging from its economic crisis.
Noting that Sri Lanka’s exports to the UK is approximately USD 1 billion with a global share of nearly a 10%, she added that the new and expanded product coverage under the recently implemented UK-DCTS has created a window of opportunity for Sri Lankan exporters and requested those present to utilise its benefits to the maximum.
On 14 September 2023, the High Commission, in partnership with the Greater Birmingham Chambers of Commerce (GBCC), organised a separate B2B session and a networking lunch for the delegation at the GBCC.
The B2B session was followed by company visits to Birmingham Wholesale Market and Birmingham International Airport. With a view to expanding trade and investment links between Greater Birmingham and Sri Lanka and to endorse NCE’s Ethical Trading Certificate (ETC), two MoUs were signed between the two chambers during the visit.
The high commission also facilitated meetings between the NCE and the UK Ethical Trading Initiative (ETI) and UK Commercial Horticultural Association (CHA) on 12 September and 15 September respectively as well as individual meetings with leading UK companies and visit to the “Specialty & Fine Food Fair” at Olympia London on 11 & 12 September 2023.
By: Staff Writer
Colombo (LNW): Despite the IMF unawareness of China’s pledge to ease Sri Lanka’s debt, the Chinese government has assured that it remains ready to work together with all relevant international financial institutions to jointly play a positive role in helping Sri Lanka ease its debt burden and achieve sustainable development.
Speaking during his regular press briefing on Tuesday (10), China’s Foreign Ministry Spokesman Wang Wenbin explained that as Sri Lanka’s friend and neighbor, China closely follows the difficulties and challenges faced by the island nation, adding that, “We have been doing what we can to assist in its economic and social development”.
Meanwhile the International Monetary Fund ( IMF) says that it has not yet been informed about any specific agreements that have been reached with Sri Lanka by creditor nations including China.
His comment was in response to the query raised to IMF spokesperson with regard to the reports that suggested that China had reached a tentative agreement with Sri Lanka.
Peter Breuer, Senior Mission Chief for Sri Lanka in a statement said, “We know discussions between Sri Lanka and all its creditors have been ongoing.
“We have not yet been informed about any specific agreements. We will need to assess the entire package of agreements in its totality to assess consistency with IMF debt targets”
The Export-Import Bank of China recently came to a preliminary agreement with Sri Lanka to address China-related debts, reported international media on Tuesday (11).
The announcement was made during a routine press meeting in Beijing, responding to queries about the aid Beijing is extending to Colombo.
He said China’s relevant financial institutions have been in close touch with Sri Lanka on the debt issue involving China since last year, and that they have engaged in active bilateral consultations and provided a financing support document to Sri Lanka in a timely manner to help it obtain loans from the IMF.
“Chinese financial institutions has taken part in all the creditors’ meetings as an observer and maintained friendly communication with other creditors to share with them the progress of the debt treatment”, Wenbin said, when asked how China has aided Sri Lanka’s debt restructuring process.
Commenting on the progress made pertaining to bilateral debt treatment, Wenbin reminded that in late September, as the official creditor, the Export-Import Bank of China tentatively agreed with Sri Lanka on the debt treatment.
“We are also glad to see that other creditors are having discussions with Sri Lanka as well over solutions to its debt issue”, he further commented.
Accordingly, he assured that they will support Chinese financial institutions in actively consulting with Sri Lanka.
“We are ready to work with relevant countries and international financial institutions to jointly play a positive role in helping Sri Lanka navigate the situation, ease its debt burden and achieve sustainable development.
We call on multilateral institutions and commercial creditors to take part in Sri Lanka’s debt restructuring based on fair burden-sharing”, he said in this regard.