• Discharge of cargo begins.

• Local agents Colombo Logistics Group owned by Mr Eric Ambalangodage.

• 12 Fuel stations to start immediately and go upto 150 as planned.

Colombo (LNW): Sinopec has commenced discharging their first cargo from Mt. SI CHOU ZHI LU, petrol and Diesel 4950MT. The second cargo will be discharged tomorrow according to news.

Reliable sources state that Colombo Logistics owned by veteran businessman Mr Eric Ambalangodage is the local agent and logistics partner of Sinopec.

The fuel station dealers will sign the agreements with sinopec shortly after which they will operate 150 stations islandwide as planned; However initially they will operate 12 stations according to reliable sources.

Industry sources further state that this is a big victory for the country as the consumer is expected to largely benefit from the creation of competition amongst the many operators. LIOC is already an operator in the country for many years and have helped create that competition.

Looking back at history, in 1958 the then prime minister of Sri Lanka
Mr Bandaranayaka nationalised the companies that were operating in the country overnight and formed Ceylon petroleum corporation (CPC). The companies that were nationalised were Mobil , shell , standard oil , caltex , Castrol and Esso. It is said that Singapore’s then prime minister Mr Lee Kuan Yew, welcomed these operators with open arms. Now they operate in singapore with full fledged refineries supplying to the region and all of the ASEAN countries.

While reminiscing on another missed opportunity ,one can only imagine had these companies been present in Sri Lanka, how that competition would have assisted the country. The Sri Lankan consumer would have benefited by a far better service and price. What is certain is, had these companies been there last year, we would not have had a fuel crisis .

Let us learn from history and give credit where credit is due.

The Central Bank of Sri Lanka published its inaugural Monetary Policy Report (MPR) yesterday (31).

The publication of the Monetary Policy Report marks an important step towards improving the transparency of monetary policy and is expected to promote engagement with all stakeholders of the economy through the  dissemination of information that was considered by the Monetary Board of the Central Bank of Sri Lanka in the formulation of monetary policy decisions.

The MPR presents the Central Bank’s assessment of the future trajectory of inflation and other key macroeconomic variables based on the analysis of the current macroeconomic developments on the domestic and global fronts, and their outlook. The MPR also aims to provide an assessment of the balance of risks to the projections on inflation and economic growth considering the ongoing and expected developments. Such assessment would help provide greater clarity to all stakeholders on the thinking of the Monetary Board when arriving at monetary policy decisions.

The Central Bank will publish the MPR in January and July each year in line with the major monetary policy review cycles that update medium term projections. In doing so, the Central Bank would provide data-driven and forward-looking information to all stakeholders in a timely manner. This would enhance the transparency and accountability of the monetary policy making of the Central Bank, while assisting in the anchoring of inflation expectations of the general public.

The MPR will complement the existing communication on the monetary policy process of the Central Bank, including the Monetary Policy Review press release, press conference proceedings, and other communiqués featured on the official website and social media of the Central Bank.

By: Isuru Parakrama

Colombo (LNW): The comprehensive renovation of the Superior Court complex in Hulftsdorp in Colombo under the financial and technical assistance of the Chinese government commenced yesterday (31) afternoon, under the patronage of Chief Justice Jayantha Jayasuriya, Justice Minister Wijeyadasa Rajapaksa, and Chinese Ambassador to Sri Lanka Qi Zhenhong.

The project is being undertaken at a cost of US $ 33.6 million, and is expected to be completed in 32 months under two phases. The first phase expects to renovate the section where the Court of Appeal is located and under the second phase, the section where the Supreme Court is located.

The renovation is scheduled to be completed by October 17, 2025.

The Chinese government assisted Sri Lanka in establishing the Supreme Court complex in 1988, in a move to further strengthen the diplomatic ties between the two nations, and subsequent renovations were followed up in 2012 and 2016. On December 20, 2021, an agreement was signed between China’s Ministry of Commerce, Sri Lanka’s Ministry of Justice, and the China International Economic Cooperation Agency in relation to these refurbishments, but the process was delayed due to a number of reasons, including the Covid pandemic and the economic crisis in the country.

Colombo (LNW): A passenger bus carrying at least 100 passengers and travelling from Colombo to Nuwara Eliya was skidded off the road and fell down a precipice in Watawala area on the Colombo – Hatton main road early this (01) morning, injuring at least 18 people.

The accident took place at around 4.30 am near the Watawala Sinhala Vidyalaya.

The injured passengers were admitted to the Watawala Divisional Hospital, and those who were severely injured were transferred to the Nawalapitiya District Hospital, according reports.

Their condition is not critical, a spokesperson for the Watawala Divisional Hospital said.

PMD: Mr FUJIMARU Satoshi, Minister of State in the Cabinet Office of Japan, and Mr YAMAMOTO Kozo, former Minister of State for Regional Revitalization and Regulatory Reform, called on President Ranil Wickremesinghe at the Presidential Secretariat yesterday (31).

During the meeting, they discussed the stalled development projects in Sri Lanka, which were previously supported by the Japanese Government. The parties agreed to restart these projects once the credit optimisation process in Sri Lanka is completed. Additionally, they decided to involve officials from the Japanese Embassy in Sri Lanka in conducting an investigation related to these projects.

The Japanese delegation, including Mr Mizukoshi Hideaki, Ambassador of Japan to Sri Lanka, President’s Senior Advisor on National Security and Chief of Staff Mr Sagala Ratnayaka, and President’s Senior Adviser on Economic Affairs Dr. R.H.S. Samaratunga, among others, attended this event.

By: Staff Writer

Colombo (LNW):Sri Lanka is set to face another food shortage as a result of ongoing severe drought in rice production areas in the Maha agricultural season falls during “North-east monsoon” from September to March in the following year.

According to Agriculture Ministry sources, paddy farming and electricity supply will be disrupted due to non-availably of sufficient water in Samanala wewa and Udawalawe reservoirs causing loss of Rs 17 billion in the next week alone.

Around 25,000 hectares are under paddy cultivation and its need irrigation facilities from Udawalawe reservoir which is dried up at present. Samalawewa reservoir should release water to tackle the issue.

The southern province will have to face at least two to three hour power cuts if the water is released from Samanala wewa to Udawalawe reservoir, officials said.

Sri Lanka’s Minister of Agriculture, Mahinda Amaraweera, issued a warning about the potential for a food shortage if the upcoming Maha agricultural season fails to yield expected results. The Minister voiced this concern during a public event held in Agunukolapelessa.

A key factor contributing to the potential failure of the Maha season is the prevailing drought conditions in the country. This could significantly impact the productivity of the agricultural sector and in turn, the availability of food crops in the local market.

Sri Lanka is expecting a paddy (rough rice) harvest of 2.69 million metric tonnes in ongoing main (Maha) 2023 cultivation season as the country recovers from the worst currency crisis in the history of the island’s soft-pegged central bank.

Nut under the present drought conditions it will come down by 30-40 percent to 1.9 million to 1.8 million metric tonnes compelling the government to import rice. However Sri Lanka will not be able to import rice from India as it Is also under the threat of the drought.

Up to December 756,538 hectares of paddy had been sown or 89 percent of the targeted 852,894 hectares for the season, the island’s agricultural office said.

Sri Lanka’s agriculture sector is recovering from a fertilizer ban and well as forex shortages from money printed to suppress interest rates which disrupted agro chemicals to the sector.

Sri Lanka has bought fertilizer with the help of World Bank and Asian Development Bank support.

Cultivation extents of 750,000, in past years have brought paddy harvests of around 3.0 million metric tonnes in the past when fertilizer was freely available.

Understanding the severity of the situation, Minister Amaraweera called upon the people of Sri Lanka to make an effort to counteract the potential food shortage.

He urged citizens to grow food crops in all available spaces suitable for plantation. Such proactive measures can potentially alleviate some of the impacts of a failed Maha season.

The Maha season is crucial for the agricultural economy of Sri Lanka. A successful season ensures food security and contributes to the country’s economic stability. A failure, however, could lead to a significant food shortage and possibly trigger an economic crisis.

Minister of Agriculture Mahinda Amaraweera said there is a risk of food shortage arising if the upcoming Maha season is not a success. He added that there was no rice reserve at present.

The minister requested the people to take measures to understand the situation and grow any food crop in every place that can be used for plantations.

By: Staff Writer

Colombo (LNW): Sri Lanka’s tourism industry is witnessing a resounding resurgence in the first half of 2023, with the new high number of tourist arrivals showing a marked increase in comparison to the previous year, according to the Sri Lanka Tourism Development Authority (SLTDA).

The initial six months of 2023 have seen a noteworthy influx of tourists visiting the island nation. From January 01 to July 27, SLTDA announced adding that this was an uplifting trend for the country’s tourism sector, which has been steadily recovering from recent global challenges.

Sri Lanka welcomes an impressive 748,377 tourists from January 1st to July 27th, 2023, exceeding the 2022 total of 719,978

July sees over 120,000 tourist arrivals, surpassing 100,000 arrivals for the sixth time in the first seven months of the year

India remains the top source market, contributing 17% of total arrivals with 20,770 tourists China emerges as one of the top three markets, making up 7% of total arrivals in July with 8,446 tourists

Provisional data from the Sri Lanka Tourism Development Authority (SLTDA) reveals that tourist arrivals in the first seven months of 2023 have already exceeded the total tourist arrivals recorded for the entire year of 2022.

Within the 1 January to 27 July period, Sri Lanka welcomed 4 percent more tourists than the whole 12 months in the previous year.

The tourist arrivals from 1st January to 27th July 2023 reached an impressive 748,377 surpassing the total tourist arrivals of 719,978 recorded from 1st January to 31st December 2022.

Further, Sri Lanka welcomed over 120,000 tourist for the first 27 days of July, surpassing the 100,000 arrival milestone for the sixth time in the first seven months of the year.

SLTDA data showed that from 1 to 27 July, a total of 123,508 international visitors entered the country. The daily arrival average for July 1-27 period was 4,574, whereas the weekly arrival average was about 30,877.

In terms of source markets, India remained the top tourist traffic generator for Sri Lanka during the period.

The neighbouring giant contributed 17 percent of the total tourist arrivals bringing in 20,770 tourists.

The second largest contributor was the United Kingdom which accounted for 12 percent of the total tourist arrivals.

The UK brought in 15, 126 visitors to Sri Lanka. In third place was China. Following the post-pandemic reopening of its borders for travel,

China has emerged as one of the top three markets for Sri Lanka’s tourism industry. In the month of July, China accounted for 7 percent of the total tourist arrivals, with a notable influx of 8,446 tourists.

While Germany holds the fourth position, the Russian Federation, which was Sri Lanka’s biggest tourist traffic generator since the island nation opened its borders, is observed to be slipping from its previous ranks.

In July, Russia accounted for 5 percent of the total tourist traffic. Other notable markets included France, Maldives, Netherlands, Canada, and Australia.

Sri Lanka has a target of attracting at least 137, 594 tourists for July. Within the first 27 days of the month, 89 percent of the target has been realized.