Colombo (LNW): The Sri Lankan Rupee today (27) has once again indicated a slight depreciation against the US Dollar, revealed the Exchange Rates by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buy price of a US Dollar is Rs. 314.82, and the sell price, Rs. 332.58.
The slight depreciation appears days after the Sri Lankan Rupee indicated an irregular fluctuation against the US Dollar, wobbling between appreciation and depreciation since the drastic drop of the value of the foreign currency three weeks ago.
Meanwhile, the US Dollar is said to be sold for higher prices in the black market, according to sources.
Colombo (LNW): A Parliament Select Committee (PSC) has been appointed to probe the levels of child malnutrition in Sri Lanka.
Chaired by MP Vadivel Suresh, the newly appointed PSC is expected to inquiry into whether the child malnutrition issue in Sri Lanka is aggravating and to identify short-term, medium-term and long-term solutions to be implemented, and to oversee the speedy implementation of the measures due on establishment.
MPs Nalin Fernando, Dr. Seetha Arambepola, A. Aravindh Kumar, Geetha Kumarasinghe, Dr. Sudarshini Fernandopulle, Dr. Gayashan Nawananda, Sivagnanam Shritharan, Dr. Kavinda Jayawardhana, Rohini Wijerathna, Dr. Upul Galappaththi, Kins Nelson, Muditha Prishanthi, Ali Sabri Raheem, Kumarasiri Rathnayaka, Rajika Wickramasinghe, Weerasumana Weerasinghe, Manjula Dissanayake, Prof. Charitha Herath, Dr. Harini Amarasuriya, and Jagath Samarawickrama represent the committee as members.
Colombo (LNW): Senior Director of the global human rights watch dog Amnesty International Deprose Muchena has arrived in Sri Lanka for the launch of Amnesty’s global annual report.
Muchena is set to address the launch as the key speaker, and aims to use his presence to highlight and stress on the urgent necessity to protect and promote human rights in Sri Lanka.
The regional launch of the Annual Report of Amnesty will be held on March 28, 2022 in Colombo, Sri Lanka.
Muchena is the Senior Director for Regional Human Rights Impact at the international human rights watchdog overseeing Amnesty regional offices across the world, to lead the mandate of expanding human rights footprints.
Colombo (LNW): Commenting on the US visit via Twitter, US Ambassador Julie Chung says “Tea production is key to Sri Lanka’s economy and the region’s success.
She noted that she had met with the Managing Director and Regional Manager of Hayleys Plantation to explore a business owner’s perspective on challenges from the economic crisis and how to meet the needs of plantation workers.”
Ari Lanka’s most awarded Plantations Company, Hayleys Plantations, and recently hosted US Ambassador to Sri Lanka Julie Chung, on an exclusive tour of its Pedro Estate in Nuwara Eliya.
During her visit, Hayleys Plantations Managing Director Dr. Roshan Rajadurai and his team demonstrated the innovative technology and processes set in place at Kelani Valley Plantations (KVPL), including its implementation of digital weighing scales linked to personalized NFC cards to reliably track and reward employees on performance.
The tour also included discussions on a range of initiatives undertaken by Hayleys Plantations to support the health and well-being of their workforce and address the challenges presented by the current economic crisis.
These initiatives were showcased in detail during the visit, with the team providing an overview of the company’s exceptional welfare programs implemented over the last two years.
One of the main highlights of the event was the recognition given to the RPC’s award-winning ‘Home For Every Plantation Worker’ project, which has improved the quality of life for more than 8,700 employees and their families, benefiting a total of over 58,000 people. By focusing on health and nutrition management, well-being, capacity building, and the enhancement of living conditions, the project aims to provide comprehensive support to workers and their loved ones.
The visit follows that of Ambassador of Japan to Sri Lanka Hideaki Mizukoshi to the Pedro Estate late last year.
It has been a pleasure to witness how Sri Lanka’s world-renowned tea is manufactured. We were privileged to visit the beautiful tea fields and experience the new innovations in sustainability and HR pioneered by Hayleys Plantations.
Employees are at the heart of any enterprise, and this was clearly evident during the discussions she said adding that he had with some of the employees.
Ambassador Mizukoshi commented on his visit he extended best wishes the company all the best in their future endeavours and applaud the unique processes and systems they have put in place with the support of JASTECA,”.
Comprising three top-rated Regional Plantation Companies, Kelani Valley Plantations PLC (KVPL), Talawakelle Tea Estates PLC (TTEL) and Horana Plantations PLC (HPL), which are managed by Hayleys Plantations, the sector owns 60 tea and rubber estates covering approximately 26 hectares of land spanning three distinctive agro-climatic regions.
Colombo (LNW): A drug trafficker who goes by the alias ‘Army Sanath’ has been arrested by the Police Special Task Force, during a raid in Ahangama area.
The wanted criminal is believed to be a weapons accomplice to underworld gangster Nadun Chinthaka aka Harak Kata, and is said to be wanted for a series of crimes in the country.
The suspect was arrested for the possession of 15g of heroin, and is believed to have been operating the criminal and drug network of Harak Kata.
According to STF investigations, Sanath at the behest of Kata had delivered arms used to carry out shooting in the recent past, and wiped them clean after the crimes were committed, later to be handed over to various other individuals.
Colombo (LNW): Chairman of the Indian Oil Company (IOC) Shrikant Madhav Vaidya called on President Ranil Wickremesinghe over the weekend in a cordial meeting.
The IOC Chief met with the Sri Lankan President along with Secretary to the Indian Ministry of Petroleum and Natural Gas Shri Pankaj Jain.
During the meeting, Vaidya presented 500 IOC produced indoor solar cooking systems to Sri Lanka, in the presence of Indian High Commissioner to Sri Lanka, Gopal Baglay.
The IOC Chief also presented a unique jacket made of sustainable threads retrieved by recycling PET bottles under the neighbour country’s ‘Unbottled Initiative.’
Mr. Vaidya also attended an event to inaugurate three filling stations of Lanka IOC in Colombo, and the opening of the new premises was carried out remotely.
Chairman IndianOil Mr Shrikant Madhav Vaidya in presence of HE Sectry,MoPNG India Pankaj Jain,HE HCI Gopal Baglay & othr dignitaries donated 500 Indoor Solar Cooking systems indigenously done by IOC with symbolic unveiling to Hon’ble President of SL Mr Ranil Wickremesinghe pic.twitter.com/Pvgqw3RfHH
Colombo (LNW): Passenger ferry service from Kankesanthurai port in Jaffna and Puducherry is slated to commence from April 29 between the two countries India and Sri Lanka.
The ferry service will connect the Kankesanthurai port in Jaffna district and Puducherry. Sri Lanka’s Ports and Shipping minister Nimal Siripala de Silva said that the Indian government had extended consent for the service.
The passenger ferry service is likely to boost the tourism sector as well as strengthen the cultural ties between the two countries.
The service is being started in view of several demands to improve connectivity. Sri Lanka’s Ports and Shipping minister Nimal Siripala de Silva said that services will also be started from Southern India to Trincomalee and Colombo in Sri Lanka.
The minister has asked the officials to develop infrastructure related to customs, immigration and emigration, and other facilities at the Sri Lankan ports. The vessels under the new service will carry 300 to 400 passengers on a trip that would take about three and half hours.
Ferry owners suggested that they would have to charge 60 dollars equivalent to 5,000 rupees per passenger for a single journey and that each passenger could carry up to 100 kg of luggage.
A discussion on the proposed ferry service between Pondicherry in India and Kankesanthurai in Sri Lanka was held on Friday (March 24) under the patronage of Minister of Ports, Shipping and Aviation Nimal Siripala de Silva.
The meeting had also been joined by the Sri Lanka Ports Authority, officials of the Ministry of Ports, Shipping and Aviation, Sri Lanka Navy and the owners of ferries and companies that have expressed interest to operate ferry services.
During the discussion with Minister Nimal Siripala De Silva, ferry owners have mentioned that they will be charging 50 US Dollars per passenger for a one-way trip, while allowing a passenger to carry baggage weighing 100kg. Only daytime operations will be in effect during the first stage.
A ferry is expected to carry 150 passengers at a time and will take around 4 hours to travel from Karaikal Port in Pondicherry to Kankesanthurai.
Ferry service owners emphasized that only daytime operations will be in effect during the first stage of operations.
According to the Ministry of Ports, Shipping and Aviation, a passenger terminal is currently being constructed at the Kankesanthurai Port to facilitate the ferry service.
Sri Lanka Ports Authority has provided a financial facility of Rs. 144 million for the total constructions that are carried out by the Sri Lanka Navy.
The terminal upon completion of its construction is expected to be handed over to the SLPA by the 02nd week of April.
The Minister has also stated that the expansion activities of the Port of Kankesanthurai will be expedited and the Sri Lankan government has already requested 16 million US Dollars from the Indian Exim Bank due to the credit grant facility granted by India for construction becoming insufficient at present.
Colombo (LNW): Sri Lanka Government is continuing its attitude of lack of transparency and accountability in its financial transactions and mega project and procurement dealings unabated although its has entered into a binding agreement to be accountable in matters such as financial control, anti-corruption measures, and adherence to the rule of law.
An IMF governance diagnostic mission has started to assess Sri Lanka’s governance and anti-corruption framework.
The diagnostic report will be published by September 2023 (structural benchmark). The report’s findings will help identify specific priority and time-bound reforms to be implemented under the program.
The SL authorities are upgrading the anti-corruption legislation to ensure harmonization with the United Nations Convention against Corruption (UNCAC) supported by IMF CD.
The legislation aims to strengthen the asset declaration system, including the coverage of officials and public access to the declaration results.
It also creates a new anti-corruption independent commission with strengthened investigative power. The draft legislation, which does not cover comprehensive asset recovery provisions, is currently under review by a government review committee before final approval by the Cabinet, with Parliamentary approval expected by June 2023
According to a recent assessment conducted by Verité Research, 93% of policies introduced by Sri Lankan Government MPs in 2022 pertaining to health, agriculture and power have no record of implementation. The results reveal the “closed culture” and lack of accountability present within the Government.
Verité Research tracked 15 Cabinet decisions and proposals introduced in Parliament by Government MPs, spanning across the three areas stated prior.
These policy areas were selected on the basis that the crisis was most visible and burdensome to citizens through, shortages of essential medicine, shortages/price hikes of essential food and lengthy power cuts.Information was requested via the Right To Information (RTI) Act No. 12 of 2016, which guarantees citizens the right to ask for information from public authorities.
Of nine agencies responsible for the implementation of the 15 proposals, just three agencies responded to the RTI requests and only one agency provided relevant information that was sufficient to assess the implementation of the proposals.
This is particularly concerning given that in September 2022, the Secretary to the President Saman Ekanayake, informed all Ministry Secretaries that it is their prime responsibility to work for the convenience of the public and that it is mandatory to create efficient response systems in all ministries and Government institutions.
In previous years, Verité Research has highlighted that ‘lack of accountability’ is a major and consistent feature of Government policy making through its ‘Budget Promises’ series (can be accessed via https://dashboards.publicfinance.lk/budget-promises/).
Particularly in the context of the current crisis, accountability regarding the use and effectiveness of taxpayer money is a critical step to building public trust and a sustainable economic recovery.
Colombo (LNW): Many government agencies have not yet handed over their financial statements on time, and in the backdrop the fulfillment of the conditions imposed by the International Monetary Fund (IMF) in the granting of loans to Sri Lanka may also be hindered, revealed Auditor General W.P.C. Wickramaratna.
Speaking to media, the Auditor General emphasised that government agencies must submit their financial statement for audit by February 28 every year, adding that these reports should be submitted by the secretaries in charge of the relevant body.
He added that some government institutions are working to submit their statements of five years at once, lamenting that he cannot accept such reports given that it is not a correct process.
Colombo (LNW): Minister of Transport, Highways and Mass Media Bandula Gunawardene says that part of the funds received from the International Monetary Fund (IMF) has to be used for the payment of government employees’ salaries, pensions and allowances in the months of March and April.
This was a complete contradiction of Treasury Secretary Mahinda Siriwardenas statement claiming that the Government can use the entirety of US$ 2.9 billion four year Extended Fund Facility (EFF) from the International Monetary Fund (IMF) for budgetary support.
Minister Bandula Gunawardene mentioned that the government’s income is not sufficient to complete those payments.
He said “The biggest crisis of state finance is that we don’t have enough income to cover our day-to-day running costs.”
“For example, for the month of March, government employees’ salaries, pensions, allowances and other day-to-day maintenance expenses have been estimated at Rs. 196 billion. The expected total revenue is only Rs. 173 billion. Then it lacks Rs. 23 billion to sustain for March”, he added.
Meanwhile, more than Rs. 500 billion worth of multi-party debt needs to be paid, the minister emphasized, adding that they will be short of around Rs. 500 billion to pay salaries for the months of March and April.
“The treasury has mentioned that it will use a part of the first tranche received from the IMF to pay these two salaries”, the Minister claimed.
However the Treasury Secretary Mahinda Siriwardena.disclosed that the Government can use the entirety of $ 2.9 billion four year Extended Fund Facility (EFF) from the International Monetary Fund (IMF) for budgetary support.
Siriwardena said that there is no cap within $ 2.9 billion for such support. Unlike in the past 16 programs with the IMF when funding had been to bolster foreign reserves, it was the first time that the use of money was opened up for budgetary support.
Siriwardena explained that Sri Lanka will be using EFF disbursements via the Central Bank to meet Government expenses such as payment of salaries and pension as well as external debt servicing.
The IMF EFF program envisages Sri Lanka receiving $ 660 million per annum between 2023 and 2026 and $ 329 million in 2027 subject to half yearly review.
Finance Minister Ranjith Siyambalapitiya yesterday revealed that of the $ 333 million received as the first tranche of EFF, $ 121 million was used to settle a loan instalment of the Indian Credit Line.
IMF Staff Report said all purchases (by Sri Lanka) under the EFF arrangement are proposed to take the form of budget support and this is to ease domestic financing needs of the Government.
As per the program the CBSL is expected to make outright FX purchases on a net basis of $1.4 billion in 2023.
IMF said external financing needs in 2022 were covered by savings from the debt moratorium ($ 2.8 billion), emergency support from the International Financing Institutions (IFIs) from repurposing of existing project loans and support from key bilateral partners, such as India (food and fuel credit lines, currency swap, and ACU balances accumulation).
