In a recent government notification, President Ranil Wickremesinghe, also acting as the Minister of Finance, announced the imposition of a Special Commodity Levy on specific goods starting today. This levy, outlined under the Special Commodity Levy Act, No.48 of 2007, will remain in effect until December 31, 2024, as per the stipulations of Sub Section (3) of the Act.
The affected items include yogurt, butter, dates, fresh and dried grapes, apples, fish, and big onions.
The Depression over Southwest Bay of Bengal is located near latitude 10.3°N and longitude 85.3°E, at 2330hrs of 01 December and about 490 km northeast of Trincomalee. It will develop into a deep depression during next 12hrs and further into a Cyclonic storm by December 03, 2023. The system is expected to move west northwestward near North coast of Sri Lanka towards North Tamil Nadu coast of India by December 05, 2023.
Cloudy skies can be expected over most parts of the island.
Showers or thundershowers will occur at times in Northern, North-central, Eastern and North-western provinces and heavy showers above 100 mm are likely at some places.
Showers or thundershowers will occur at several places in other provinces of the island after 01.00 p.m. Showers may occur in Southern and Western province during the morning too.
Strong winds about (40-50) kmph can be expected at times over the Northern, Northcentral, Northwestern and Southern provinces and in Trincomalee and Batticaloa districts.
The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
By: Staff Writer
Colombo (LNW): Sri Lanka will be making two regional proposals focusing on linking countries in the tropical belt to collectively combat climate change and promote the Indian Ocean as a carbon sink, at the U.N climate summit COP28, taking place from Nov. 30 to Dec. 12 in Dubai.
It will also propose setting up an international climate change university and is willing to allocate 600 acres (240 hectares) for the project to promote research on global climate change policies.
A noteworthy aspect of Sri Lanka’s approach is recognizing the plight of the approximately 136 countries within the tropical belt, which bear the brunt of the adverse impacts of climate change.
By championing initiatives like the Climate Justice Forum, Sri Lanka seeks to unite nations facing similar challenges and collectively address the urgent need for climate action.
As the world gears up for COP 28, the Government yesterday said President Ranil Wickremesinghe is spearheading Sri Lanka’s delegation to the conference, which is set to tackle pressing climate change issues and to address critical decisions.
The conference will convene world leaders, public-private representatives, environmentalists, and scholars.
The President envisions three key focal points: the launch of the Climate Justice Forum, the Tropical Belt Initiative and the establishment of a Climate Change University.
In a visionary move initiated by President Wickremesinghe, Sri Lanka is set to launch the Climate Justice Forum during the upcoming COP 28 Conference in Dubai, scheduled from 30 November to 12 December.
The President, accompanied by three ministers and two opposition MPs, along with 20 young participants passionate about environmental concerns, will engage in this pivotal conference in Dubai.
The primary objective is to harness support and collaboration from countries in the Tropical Belt to influence policy-making decisions on a global scale.
Addressing the special press briefing on COP 28 participation yesterday, Foreign Affairs Minister Ali Sabry said that President Wickremesinghe’s concept behind the Climate Justice Forum aims to address the pressing issue of climate change and exert influence, particularly on the Global North.
Among the key agendas to be presented and discussed during the COP 28 Conference are Sri Lanka’s recently introduced roadmaps on Green Hydrogen and Sustainable Energy.
The country is also seeking endorsement for the establishment of a Climate Change University, signaling its commitment to fostering education and research in sustainable practices.
Climate change has emerged as one of the most crucial challenges in the world, and Sri Lanka, like many other nations, is making determined efforts to contribute to global mitigation strategies.
Minister Ali Sabry emphasized the tangible impact of climate change and underscored the imperative for global cooperation.
He highlighted the critical role of the United Nations Climate Change Conference, held annually since the pre-industrial revolution era, with a focus on reducing carbon emissions to limit global warming to 1.5 degrees °C.
By: Staff Writer
Colombo (LNW): The United States has welcomed the in-principle agreement reached between Sri Lanka and the Official Creditor Committee (OCC) on specific financing terms to restructure the island nation’s debt in line with the parameters set in the International Monetary Fund (IMF) program.
Taking to X (formerly Twitter), the US Ambassador in Colombo, Julie Chung said this agreement supports a viable path to economic stability for Sri Lanka.
Chung emphasized that the agreement on debt restructuring and sound economic policies are crucial for the timely release of the next tranche of the IMF’s bailout package.
She said it would provide the much-needed financial support for continued economic stabilization, recovery, and the improvement of public services, benefiting the people of Sri Lanka.
The ambassador reiterated that the United States stands by Sri Lanka for a sustainable recovery.
On Wednesday (Nov.29), both the OCC and the Sri Lankan government confirmed the in-principle agreement the two sides have reached for debt treatment.
In its statement, the OCC has commended the Sri Lankan authorities for their continuous efforts in implementing the reforms necessary for their country’s return to a sustainable path.
Following the launch of a common platform in April 2023 for talks among bilateral creditors to coordinate restructuring of Sri Lanka’s debt, the OCC was formally formed on May 09 with 17 countries to respond to the Sri Lankan authorities’ request for a debt treatment.
It is co-chaired by India, Japan and France (as the chair of the Paris Club). Since its formation, the OCC has engaged extensively with the Sri Lankan authorities, the IMF, the World Bank as well as China, and Sri Lanka’s private creditors.
Meanwhile, Sri Lanka’s Finance Ministry revealed that the agreement covers approximately USD 5.9 billion of outstanding debt and consists of a mix of long-term maturity extension and reduction in interest rates.
The IMF on Thursday (Nov.30) said the agreement will pave the way for its Executive Board to consider clearing the first review of the four-year Extended Fund Facility (EFF) arrangement in December and unlock the next tranche of the loan which amounts to about USD 334 million in funds.
“We look forward to the Executive Board taking up this review by mid-December and the continuation of our productive collaboration with Sri Lanka in the period ahead,” Peter Breuer, IMF’s mission chief for Sri Lanka, said in a statement.
The debt deal between the OCC and Sri Lanka comes about a month after the island nation’s agreement with China’s Export-Import (Exim) Bank covering approximately USD 4.2 billion of outstanding debt.
By: Staff Writer
Colombo (LNW): Sri Lanka continues to sustain a near US $ 680 million trade deficit as evidenced in October 2023, Central Bank external trade data revealed.
The deficit in the merchandise trade account widened significantly to US dollars 683 million in October2023, compared to the deficit of US dollars 284 million recorded in October 2022 as well as US dollars 378 million recorded in September 2023 it added.
However, the cumulative deficit in the trade account during January to October 2023 narrowed to US dollars 4,024 million from $ 4,377 million recorded $over the same period in 2022.
Earnings from merchandise exports declined by 11.8 per cent to US $928 million in October 2023, compared to the corresponding month in 2022 as well as compared to $ 972 million recorded in September 2023.
While the decline in earnings was observed across all main categories, industrial exports mainly contributed to the overall contraction CB opined.
Cumulative export earnings also declined by 10.3 per cent during January to October 2023 to $9,910 million, over the same period of the last year.
Earnings from the exports of industrial goods declined in October 2023, with a significant share of the decline being contributed by garments.
Accordingly, exports of garments to most of the major markets (the USA, the EU, and the UK) recorded a decline.
Further, a sizable decline was recorded in the exports of transport equipment (due to the base effect of exporting a cruise ship in October 2022), machinery and mechanical appliances (mainly, electronic equipment), and rubber products (mainly, household rubber gloves), among others.
Meanwhile, earnings from petroleum products increased due to the increase in volumes of bunkering and aviation exports, despite lower prices.
Expenditure on merchandise imports increased to US dollars 1,610 million in October 2023, compared to US dollars 1,336 million in October 2022.
This was the highest import expenditure since April 2022. The expenditure of intermediate goods and investment goods mainly contributed to this increase in import expenditure.
However, cumulative import expenditure during January to October 2023 declined by 9.6 per cent to US dollars 13,934 million over the corresponding period last year.
Expenditure on the importation of consumer goods increased in October 2023,compared to a year ago, due to broad-base increases in both food and non-food consumer goods.
The increase in import expenditure on food and beverages was led by sugar and dairy products (mainly, milk powder).
In contrast, expenditure on the cereals and milling industry products (primarily, rice)declined, compared to that of October 2022.
By: Staff Writer
Colombo (LNW): Sri Lanka is among 11 best places to visit in Asia in 2024 according to the influential Conde Nast Traveler even amidst its failure to achieve the US$ 2.7 billion tourism earnings target in 2023.
“From Sri Lanka’s shores to Uzbekistan’s Silk Road, Asia offers reasons galore to pack your bags and head east,” said CNTraveler editors in a posting on its website (https://www.cntraveler.com/story/best-places-to-go-in-asia-).
CNTraveler said, “its official, Asia is back—brighter, bolder, and more ambitious than ever. The region took longer than others to shake off pandemic-related travel restrictions and border closures, but has returned in full force, eager to remind international travelers what they’ve been missing.”
Speaking at the Ceylon Chamber of Commerce‘Sri Lanka Economic Summit 2023’ Aitken Spence PLC Deputy Chairman Dr. Parakrama Dissanayake on Wednesday predicted, a potential shortfall of 10-20% in the earnings target, citing concerns despite the reported tourist arrival numbers by authorities.
“A significant portion of the arrival numbers dished out comprises individuals visiting friends and relatives rather than contributing to the tourism revenue,” he pointed out.
Originally, Sri Lanka Tourism set a $ 3 billion earnings target but it was later revised to $ 2.7 billion after scaling down the arrivals target from 2 million to the original goal of 1.55 million for 2023.
The Central Bank data showed that during the first 10 months of the year, earnings totalled $ 1.59 billion, a 56% year-on-year (YoY) growth compared to the same period in
Sri Lanka is emerging phoenix-like from economic crisis and responding with a new food festival, wellness-oriented retreats, and a hiking trail that snakes through 186 miles of hill country and centuries of history.
Mongolia is relaxing visa restrictions to give more people the opportunity to experience its vast, rugged landscapes, and Kochi is setting the bar high when it comes to city-wide sustainability initiatives.
In the UAE, a lesser-known emirate is vying for attention, while a Japanese port city is flexing its design muscles.
Expanded green spaces, intriguing boutique resorts, luxury sleeper trains, and the ancient Silk Road: our list of the 11 best places to visit in Asia in 2024, entirely informed by contributing writers and editors spread across the region, is packed with reasons to head east.
Top 11 Best Places to visit in Asia in 2024 are Bangkok Chinatown, Thailand Da Nang, Vietnam Kathmandu Valley, Nepal Kobe, Japan, Kochi, India, Mongolia, Ras Al Khaimah, UAE the Red Sea, Saudi Arabia, Singapore the Silk Road, Uzbekistan, South and central Sri Lanka.
The Manila city government is considering preserving Mali, the Manila Zoo’s only elephant, following her passing on November 28.
Mayor Honey Lacuna suggested the possibility of taxidermy to conserve Mali’s body, proposing that she could be displayed in a museum. “Mali is a cherished part of our history. She was a star attraction at Manila Zoo,” Mayor Lacuna expressed in a press briefing on November 29, addressing the potential preservation of Mali for exhibition in a local museum.
Dr. Heinrich Patrick Peña-Domingo, the chief veterinarian at Manila Zoo, suggested that Mali might have succumbed to heart failure after spending more than 40 years living alone at the zoo.
Described by animal rights activists as “one of the world’s saddest elephants,” Mali’s age remains uncertain, though estimations place her between 48 to 49 years old.
Mali arrived in Manila in 1977 as a gift from Sri Lanka to then-Philippine First Lady Imelda Marcos. As a long-standing attraction at Manila Zoo, Mali was a fixture for generations of Filipinos who visited the zoo during their primary school field trips.
Rescued as an orphaned elephant in the wild at approximately three years old, Mali was initially housed with an older female elephant named Shiba, who had been saved from a circus. Shiba passed away six years after Mali’s arrival.
In 2012, People for the Ethical Treatment of Animals (PETA) initiated a campaign advocating for Mali’s relocation to an elephant sanctuary in Thailand, citing her as “perhaps one of the world’s saddest elephants.”
According to the Department of Census and Statistics (DCS), Sri Lanka observed a notable upswing in its year-on-year inflation, with the Colombo Consumer Price Index (CCPI) registering a rise from 1.5% in October to 3.4% in November.
The DCS’s latest report delineated a divergent trend in inflation for food and non-food categories. In November, year-on-year inflation for the food group saw an increase to -3.6% from October’s -5.2%. Conversely, the non-food group experienced a surge in inflation, rising to 6.8% from October’s 4.9%.
The report highlighted that in November, food commodities contributed -1.20% to inflation, while non-food items contributed 4.5%. This shift was primarily attributed to substantial increases in value change within various groups, including housing, water, electricity, gas, other fuels, education, clothing, footwear, alcoholic beverages, tobacco, narcotics, recreation, culture, health, and miscellaneous goods and services.
However, certain categories witnessed a decline in value change, including furnishing household equipment, routine household maintenance, restaurants, hotels, and transport. The group of communication reported a marginal price increase during the month.
The CCPI serves as a pivotal economic indicator for measuring inflation, calculated based on the percentage change in the CCPI over the year. Typically, two widely used measures of inflation are the year-on-year base (or point-to-point inflation) and ‘moving average inflation,’ which compares the average price index of the last 12 months with that of the previous 12 months.
The Minister of Economy and Planning of the Kingdom of Saudi Arabia, Faisal bin Alibrahim, has announced the forthcoming resumption of flights to Sri Lanka by Saudia, previously known as Saudi Arabian Airlines. This development, unveiled during his official visit to Sri Lanka from November 26 to 27, 2023, aims to reignite travel opportunities between the two nations.
During his visit, Minister Faisal bin Alibrahim highlighted the potential for Saudi travelers to explore Sri Lanka, emphasizing the benefits this would bring to both countries. The Sri Lankan Ministry of Foreign Affairs emphasized the significance of this decision, foreseeing a substantial influx of affluent Saudi travelers to the island nation.
Beyond the aviation realm, the Minister engaged in high-level discussions with Foreign Minister Ali Sabry to lay the groundwork for an Economic Roadmap between Saudi Arabia and Sri Lanka. Encompassing diverse sectors such as trade, investment, energy, tourism, culture, technology, and employment opportunities, particularly in construction, this roadmap aims to solidify cooperation and mutual growth.
The meeting, attended by key Sri Lankan officials including the Minister of Power and Energy Kanchana Wijesekera, State Minister of Finance Shehan Semasinghe, Foreign Affairs State Minister Tharaka Balasuriya, and senior representatives from the Ministry of Foreign Affairs, signifies a pivotal step in fostering stronger ties between the two nations.
In November, Sri Lanka witnessed a persistent surge in inflation for the second successive month, primarily propelled by the escalation of energy tariffs crucial for upholding the International Monetary Fund’s $3 billion bailout.
The statistics department in Colombo revealed a 3.4% year-on-year spike in the consumer price index, surpassing the anticipated 3.0% increase indicated by a Bloomberg survey. This acceleration contrasts sharply with the 1.5% uptick noted in October.
This inflationary surge coincides with Sri Lanka’s recent agreement to restructure approximately $5.9 billion of its debt with key creditors, including India and the Paris Club. This pivotal move is anticipated to facilitate a $330 million loan disbursement from the IMF board in December. In alignment with the conditions of the loan bailout, authorities raised electricity tariffs.
Sri Lanka’s central bank, in response to these economic dynamics, signaled a temporary halt after reducing interest rates for the fourth time this year. Governor Nandalal Weerasinghe conveyed to Bloomberg earlier in the month that once the uncertainties surrounding debt restructuring dissipate, the pace of monetary policy transmission will accelerate, allowing the policy measures to permeate through the economy effectively.