Colombo (LNW): The Finance Ministry has declared a preliminary agreement with the Export-Import Bank of China concerning debt principles and terms.
This understanding involves roughly US $ 4.2 billion of the existing debt.
The Ministry believes this arrangement is instrumental in reinforcing Sri Lanka’s debt sustainability and will accelerate economic revival.
The government expects this significant progress to enhance discussions with the Official Creditor Committee and other commercial creditors, including bondholders.
Moreover, this development is anticipated to expedite the International Monetary Fund (IMF) Executive Board’s endorsement of the ongoing review, enabling the disbursement of the subsequent IMF finance segment of around US $ 334 million, the Ministry stated.
PMD: India’s Foreign Secretary, Dr S. Jaishankar, convened with President Ranil Wickremesinghe today (11) at the Presidential Secretariat in London.
Detailed conversations took place to bolster Indo-Sri Lankan ties, culminating in the signing of three bilateral pacts to augment cooperation between the two nations.
Moreover, the inauguration of the third phase of the housing project, backed by Indian financial support, occurred during this meeting. An initial allocation of Rs. 1.026 million was earmarked per unit for the fourth phase; however, due to escalating housing costs, it was essential to adjust the budget to Rs. 2.8 million per unit.
With an aim to improve the lives of the Sri Lankan populace, the Indian Government has pledged further funds for the expedited conclusion of nine development schemes in the country, all currently under the aegis of the Indian Government. The associated agreement for this initiative was also finalised today.
These initiatives encompass the upgrade of 27 schools in the Northern Province, housing projects in Mannar and Anuradhapura, enhancements to the Hatton Thondaman Vocational Training Centre and Pussellawa Saraswati Central College, the creation of a multi-ethnic trilingual school in Polonnaruwa, the launch of 2889 rainwater harvesting schemes in the Jaffna district, vegetable cultivation promotion in the Dambulla district, and the erection of greenhouse facilities with a 5000 metric ton capacity for preserving fruits. In addition, a new surgical wing for the Batticaloa Teaching Hospital will swiftly be constructed as a part of these endeavours.
A collaborative agreement was formalised, involving the Indian National Dairy Development Board, the Gujarat Cooperative Milk Marketing Federation of India (Amul), and Sri Lanka’s Cargills Group, to enhance Sri Lanka’s domestic dairy sector. This pact was a direct result of President Ranil Wickremesinghe’s formal trip to India and the earmarking of funds for modernising Sri Lanka’s livestock sector.
The chief aim of this project is to boost milk production by 53% in the initial five years, striving for Sri Lanka’s self-sustainability in milk production over 15 years. In line with this effort, roughly 200,000 local farmers are expected to benefit from amenities like premium medicines, animal nutrition, and technical assistance.
This scheme also incorporates the digitisation of the livestock industry, infusions in innovative technologies to augment the quality of dairy derivatives, and assuring affordable access to dairy products.
Beyond this pivotal agreement, a unique emblem was introduced today, commemorating 75 years of Indo-Sri Lankan relations.
Attending the signing were the Indian High Commissioner to Sri Lanka, Mr Gopal Baglay, Union Secretaries of the Indian Foreign Office Mr Puneeth Agrawal and Mr J. P. Singh, Indian Deputy High Commissioner to Sri Lanka Dr Satyanjal Pandey, and Indian Foreign Office Deputy Secretary Mr Raghu Puri.
From the Sri Lankan delegation, notable attendees were Foreign Secretary Mr Ali Sabri PC, Minister Jeevan Thondaman, State Secretary Tenuka Widanagamage, MP M. Rameswaran, Senior Advisor to the President on National Security and the President’s Chief of Staff Mr Sagala Ratnayaka, Senior Economic Advisor to the President Dr R.H.S. Samaratunga, President’s Secretary Mr Saman Ekanayake, Foreign Office Secretary Ms Aruni Wijewardena, Director of Presidential International Relations Mr Dinuk Colombage, amongst other dignitaries.
IMF’s Senior Mission Chief Peter Breuer says the IMF has not been informed of a deal between the Exim Bank of China and SL: asserts the IMF will have to “look at all credit agreements to decide on their adequacy to reach targets”: Asst Director of IMF Fiscal Affairs Era Dabla-Norris reiterates that “burden sharing is one that is negotiated between countries & creditors, and whatever the outcomes are, they have to be consistent with IMF program targets”.
Terrorism expert Dr Rohan Gunaratna contradicts the Catholic Bishops’ Conference: observes that reports by various international agencies & secret services of countries like India, China, Australia and Pakistan on 2019 Easter Sunday attacks are classified, and thus, cannot be made public.
Catholic Church in SL send a fresh letter to President Ranil Wickremesinghe calling for a “local probe” to clear certain shortcomings that are visible in the previous probes into the Easter Sunday attacks: letter signed by several Bishops, including Cardinal Malcolm Ranjith.
Think-tank advisor Rohan Samarajiva says SL should speed up the divestment of state enterprises “to reduce the burden on the people”, before the momentum for reform recedes: also says it is not the opportune time for this kind of reforms, since it is likely that 2024 will be an election year.
SL assumes the chairmanship of the Indian Ocean Rim Association at the 23rd IORA Council of Ministers: SL is a founding member of IORA, established in 1997, & previously served as its Chair from 2003 to 2004.
Top Opposition spokesperson Professor G L Pieris says the Opposition is agreeable for the abolition of the executive presidency if parliamentary election could be held instead.
Ministry of Health officials say the rapid spread of an eye infection called Conjunctivitis has been reported from several parts of the country: asks the public not to have undue fears, but outlines safety measures to minimize the infection: further confirms that the eye infection poses no health threat.
President Ranil Wickremasinghe says there’s more to SL’s parliament than what’s seen by the public, with much work being done in Committee rooms: also says some MPs have a tendency to “perform” in the lobby for the cameras, and go beyond the limit when it comes to “acting”.
Elections Commission issues gazette announcing the appointment of Ali Zahir Moulana Seiyad of the SLMC to the vacant MP slot in the Batticoloa district, following the judicial disqualification of the Parliamentary seat of former Minister Ahamed Zainulabdeen Nazeer.
Australia’s Womens Big-Bash League side “Sydney Thunder” announces the signing of SL Women’s Cricket skipper Chamari Athapaththu, 33, for the WBBL 2023–24 season: previously, she had represented “Perth Scorchers”.
PMD: Jagath Kumara, Chairman of the Sectoral Oversight Committee on Open and Responsible Government, has unveiled plans to refine public institutions in Sri Lanka and introduce more user-friendly guidelines.
He highlighted the importance of gathering insights from the public, governmental officials, and academics in shaping these guidelines.
Mr Kumara shared these plans during a press conference at the Presidential Media Centre, focusing on the theme ‘Collective Path to a Stable Country’. Here, he discussed the committee’s role in addressing challenges linked to governmental transparency and accountability.
He underlined the necessity for government bodies to deliver efficient and transparent services to the public. The committee has liaised with a range of institutions, including the Pension Department, Police Department, Independent Commissions, Finance Commission, and Election Commission, to enhance their service provisions.
Mr Kumara stressed the significance of ensuring governmental institutions remain accountable and are easily accessible to the populace.
“Furthermore, the committee has recommended regulations surrounding the allocation of funds to provincial councils via the Finance Commission. Discussions also centred around the performance of the police force, crime deterrence, and drug control strategies.
The committee’s primary ambition is to draft a comprehensive set of guidelines aimed at bolstering democracy and boosting the transparency of government bodies. These guidelines strive to enhance the responsiveness of these institutions to the needs of the public.
These guidelines have been crafted by consolidating insights from a myriad of stakeholders, including governmental officials under the leadership of the President’s Secretary, the University Grants Commission, scholars, and the general public. It’s imperative for all involved parties to fulfil their duties with utmost transparency. Mere allegations won’t foster national growth; thus, we must proceed with integrity and strategic planning.
Sincerity and strategic insight are crucial for the nation’s progression. In addition, collaboration with media outlets is of utmost importance. With accountable media operations, a significant contribution can be made to the nation’s trajectory towards a brighter future.
Additionally, our country has a notable number of disabled individuals who face obstacles during elections. Initiatives are underway to provide these individuals with specialised ID cards, streamlining their voting process.
Moreover, the expenditure to import voting ink is quite high. As the National Identity Card has become compulsory, curtailing election-related costs has emerged as a top priority. The committee recommends the inception of a dedicated scheme to realise this aim.”
Colombo (LNW): Showers or thundershowers will occur over most parts of the island during the afternoon or night, and fairly heavy showers above 75 mm can be expected at some places in Uva, Central, Sabaragamuwa, and Easten provinces, the Department of Meteorology said in its daily weather forecast today (12).
Showers will occur at times in Galle and Matara districts during the morning and a few showers may occur in coastal areas of western province during the morning too, the statement added.
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 area extending from Colombo to Hambantota via Galle. Showers or thundershowers may occur at a few places in other sea areas around the island, particularly during afternoon or night.
Winds:
Winds will be southerly to south-westerly 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 Kankasanthurai via Mannar.
State of Sea:
The sea areas off the coast extending from Puttalam to Kankasanthurai via Mannar will be moderate. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
Colombo (LNW): The Asian Development Bank (ADB) has assured Sri Lanka of its positive stance towards new project proposals during a discussion with the country’s Prime Minister, Dinesh Gunawardena.
The focus of the discussion was Sri Lanka’s projected financial needs for upcoming projects over the next five years.
Recognising the nation’s swift economic rebound after a recent downturn, the ADB expressed interest in supporting projects related to digitalisation, IT, public transport, education, water management, and SME development.
The Prime Minister lauded ADB’s consistent support and outlined the government’s recent economic strategies.
The ADB team highlighted their strategic projects for Sri Lanka, with ADB’s Country Director emphasising the board’s upcoming evaluations and site visits.
The meeting was attended by significant figures from both the ADB and the Sri Lankan government.
Colombo (LNW): Despite the Ceylon Electricity Board’s (CEB) 150 per cent tariff increase, the board’s operational cash flow will be inadequate to meet its 2023 interest obligations, Fitch Ratings predicted.
A primary reason is the decrease in low-cost hydropower production during the year, a statement by Fitch said.
This reduction has forced the CEB to buy emergency power at elevated prices. Concurrently, as economic activities resume, energy demand has surged.
Although the CEB has sought an additional tariff rise to compensate for these expenses, approval is still pending.
Moreover, Fitch elevated CEB’s National Long-Term Rating and its senior unsecured debentures rating to ‘BB+(lka)’ from ‘B(lka)’, maintaining a stable outlook.
This decision follows the enhancement of the Long-Term Local-Currency Issuer Default Rating (IDR) for Sri Lanka on 28 September 2023.
Fitch clarified that CEB’s ratings, harmonised with Sri Lanka’s sovereign ratings, rely on the strong probability of state backing, given its status as a government-related entity.
It’s noteworthy that CEB holds a monopoly over Sri Lanka’s electricity transmission and distribution and is responsible for approximately 75 per cent of the nation’s power generation.
Colombo (LNW): The Sri Lankan Rupee (LKR) today (11) has slightly depreciated against the US Dollar 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. 318.02 from Rs. 317.91, and the selling price to Rs. 328.78 from Rs. 328.74.
Meanwhile, the Sri Lankan Rupee has also depreciated against several other foreign currencies, including Gulf currencies.
Colombo (LNW): Sri Lanka today (11) has taken over the chairmanship of the Indian Ocean Rim Association (IORA) at its 23rd Council of Ministers event in Colombo, led by Foreign Minister Ali Sabry.
A founder of IORA, Sri Lanka held the chair previously from 2003 to 2004. The recent council was significant for the full participation of all 23 Member States and 11 Dialogue Partners.
Saudi Arabia made its debut as IORA’s newest Dialogue Partner at this event.
Foreign Minister Sabry highlighted the importance of collaboration within the region and thanked the members for their unwavering support.
He mentioned Sri Lanka’s contributions to global peace and stability, including its role in the Bandung Conference and initiating a UN resolution declaring the Indian Ocean a Zone of Peace.
The discussions at the council centered around trade, maritime security, disaster risk management, and other priority areas.
The culmination of the meeting saw the adoption of the Colombo Communiqué, emphasising IORA’s goals and reiterating the commitment of the member nations.
The ministers also recognised Sri Lanka’s offer to host an IORA Leaders’ Summit in 2024.
Colombo (LNW): Senior Deputy Inspector General of Police (SDIG) Nilantha Jayawardena has been appointed as the acting Inspector General of Police (IGP) today (11), sources told LNW.
