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A special discussion between the Managing Director of the IMF and the President

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A special discussion between Managing Director of the International Monetary Fund, Kristalina Georgieva and President, Ranil Wickramasinghe was held yesterday (02) night via Zoom.

There have been long discussions regarding the financial facility of the International Monetary Fund and debt restructuring that Sri Lanka is looking for.

At present, a positive and optimistic background is being created from all parties related to Sri Lanka’s debt restructuring and financial facility.

After the recent discussion with the Chinese Prime Minister, it is a unique situation that the Managing Director of the International Monetary Fund joined the discussion with the President.

Also, Bloomberg had recently reported that China is open to participate in multilateral efforts to contribute meaningfully to the states that are in debt crisis, Chinese Premier Li Keqiang told the Managing Director of the International Monetary Fund.

It was further stated that debt-ridden countries such as Sri Lanka and Pakistan will take necessary steps to take joint action.

A change of government can only be brought about through a parliamentary election

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A change of government can only be brought about through a parliamentary election and the streets are not an option for parliament

President Ranil Wickremesinghe emphasized that the only way to bring about a change of government is through a parliamentary election and not through street protests, stating that the latter is not a viable option for the parliament.

The President emphasized that a nation can become anarchic due to an economic collapse and urged everyone to prioritize safeguarding both the constitution and the economy of the country.

President Ranil Wickremesinghe said this while addressing the commissioning ceremony of the Air Force Officer Cadets at the Trincomalee Air Force Base this morning (03).

Commander-in-Chief of the Armed Forces, President Ranil Wickremesinghe, who arrived at Trincomalee Air Force Base, was received with air force honours.

Meanwhile, 40 Officer Cadets including three females were commissioned as Officers of the Sri Lanka Air Force by the Chief Guest, and received their ceremonial swords, which symbolizes their status as Commissioned Officers.

Thereafter, flying brevets were pinned on 13 pilot officers and 07 trophies are awarded for special achievements.

Two Officer Cadets who have shown exceptional performance were awarded the Sword of Eagle for the best student of General Duties Pilot Branch and the Sword of honour for the overall best student among all branches.

The President also posed for a group photograph with the newly commissioned officers and senior officers.

The Sri Lanka Air Force Band rendered a special performance and the parachute display adding colour to the event.

Addressing the gathering, President Ranil Wickremesinghe said,

“I would like to first congratulate the Air Force all of you present here today.

After completing your education, you decided to join the Air Force and have successfully completed your training, leading you to this point in your career. It brings great joy not only to you, but also to your parents, that you have been able to overcome the challenges and join the ranks of the Forces. You may even be the first person from your village to become an Air Force Officer, which is a remarkable achievement.

However, with this achievement comes a great responsibility to uphold the dignity of your profession and avoid any activities that could tarnish its image. It is imperative that you remain vigilant and conduct yourself in a manner that reflects positively on the Air Force. Any misstep or incident that causes harm to the image of your profession will not only bring disrepute to yourself, but also to the Air Force as a whole. Therefore, it is your duty to maintain the highest standards of professionalism at all times.

Upon taking office, you made a solemn vow to uphold the constitution, and as members of the Air Force, you also took an oath. It is now your duty to ensure the protection of the constitution, and in doing so, protect the country as well. It is crucial to understand that without a country, the constitution holds no value and is merely a useless piece of paper.

Therefore, it is your responsibility to safeguard both the country and the constitution, as they are inextricably linked. Your commitment to protecting the constitution should be unwavering, as any harm inflicted upon it could have severe consequences for the nation. With your determination and dedication, you can help to ensure the continued prosperity and stability of the country, and uphold the values enshrined in the constitution.

As per the oath you took, it is imperative that you act with utmost loyalty towards the country, the constitution, and the republic. The very first paragraph of the constitution emphasizes the need to protect the unity of the country, which places a significant responsibility on your shoulders.

Therefore, it is your duty to remain committed to the preservation of the country’s unity and sovereignty, which is essential to the overall well-being of the nation. You must act in a manner that is consistent with your oath, and remain vigilant against any threats to the country’s security and integrity. With your unwavering loyalty and commitment, you can help to protect the country, uphold the constitution, and maintain the unity and prosperity of the nation.

The constitution is a crucial document that covers essential matters related to the sovereignty of the people, the national flag, and the national anthem. All of these are included to ensure the security and protection of the country, and there is simply no room for any activity that may jeopardize the nation’s sovereignty and independence.

During the period between 1980 to 2009, the country faced significant threats to its unity and territorial integrity. It was during this time that the armed forces and the police made immense sacrifices to safeguard the nation. Their unwavering commitment and dedication helped to protect the country’s sovereignty and independence, and ensured that its people could live in peace and security.

In order to move forward as a united and prosperous country, all individuals regardless of their ethnicity, religion, or cultural background must work together. Whether Sinhalese, Tamil, Muslim, Burgher, Buddhist, Catholic, Hindu or Muslim, it is essential that all citizens come together to work towards the greater good of the nation. Only by working together can we build a stronger, more prosperous future for our country and its people.

The legitimacy of Sri Lanka’s government is established by the executive, legislature, and judiciary. The judiciary plays a crucial role in upholding and enforcing the laws enacted by the legislature. All three institutions are focused on safeguarding Sri Lanka’s constitution and ensuring that the country functions in accordance with its laws and regulations.

It is the responsibility of every citizen to help protect these institutions, which are essential to the proper functioning of the government and the preservation of Sri Lanka’s democracy. Without these institutions, there can be no assurance that the country will remain stable and secure.

It is important to note that any changes to the government must be made through the proper channels, such as a parliamentary election. The streets are not an option for the parliament, and any attempt to subvert the established process would be a violation of Sri Lanka’s constitution and the rule of law.

I am deeply grateful to the armed forces for their role in protecting the Parliament last June. As we have seen in other countries, when a parliament is not safeguarded, chaos and anarchy can quickly ensue. Similarly, a country without a strong economy is also at risk of devolving into chaos.

It is therefore the responsibility of all of us to work together to protect both the constitution and the economy of our country. In recent days, I have met with various organizations to discuss strategies for boosting the economy, and I am confident that our efforts will yield positive results in the near future.

By protecting our country and upholding its constitution, we can ensure that our democracy remains strong and vibrant. To all of the newly-minted Air Force members here today, I wish you a prosperous and fulfilling future.”

The Passing Out Parade held at the Air Force Base was attended by a total of 37 Commissioned officers, including three female officers, and 318 other ranks.

During the Passing Out Parade at the Air Force Base, President Ranil Wickremesinghe awarded the commissioned Air Force officers with the Sword of Honour. The ceremony was accompanied by special performances from the Air Force Bands and the Parachute Squadron.

State Minister of Defence Premitha Bandara Tennakoon, President’s Chief of Staff and Senior Advisor to the President on National Security Sagala Ratnayake, Eastern Province Governor Anuradha Yahampath, Defence Secretary General Kamal Gunaratne (Retired), Air Force Chief Air Marshal Sudarshana Pathirana, and other officials were present on this occasion.

Singapore-Based Investment Firm to Launch $1 Billion Casino at Lotus Tower in August

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Kreate Pte Ltd, an investment firm based in Singapore, is set to launch Sri Lanka’s first foreign-funded casino and entertainment hub on the second floor of the Colombo Lotus Tower. The project will require a total investment of USD 1 billion.

Recruitment is already underway, and the Singapore management, which has established a local company in Sri Lanka, is importing advanced equipment necessary for the project. The State Tourism Minister, Diana Gamage, introduced the investor to Sri Lanka in late November, securing the largest investment for the country since the COVID pandemic began – a USD 1 billion foreign direct investment (FDI) from Singapore. In November, an MoU was signed between the Singapore counterparts and the Colombo Lotus Tower Management Company Pvt Ltd. The project will include a water sports and entertainment zone along Beira Lake, with a focus on promoting night life in the surrounding areas of D.R. Wijewardhana Mawatha, starting from the Colombo Lotus Tower end.

The State Tourism Minister confirmed that all plans are now ready to be put into action, and that the project will be completed by early August.

Kreate Pte Ltd’s Business Development Director, Cyntia Chan, expressed pleasure in assisting Sri Lanka during the current economic crisis and hopes that the new venture will bring more dollars to Sri Lanka on a large scale, establishing Colombo as the regional casino and entertainment hub for the South Asia region. The investors have already begun paying rent for the second floor (secured for 10 years) in US dollars to the Colombo Lotus Tower management company from November.

An agreement was exchanged between the Coordinating Secretary to the State Tourism Ministry, Dr. Arosha Fernando, State Tourism Minister Diana Gamage, Business Development Director of Kreate Pte Limited, Cyntia Chan, and Retired Major General Prasad Samarasinghe, who assumed duties as the Head of Management at the Lotus Tower.

Nelum Yaya CSR: School bag distribution program for 30 low-income children of Ananda Shastralaya – Kotte

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A school bag distribution program for 30 low-income children of Ananda Shastralaya – Kotte was organized today (03) through the CSR project of the Nelumaya Foundation.

The project was funded by a personal donation from Engineer Indika Asela. The Nenumya Foundation would like to express its special thanks to Priyashantha Vedarala, the current principal of Kotte Ananda Shastralaya, Sagara Bandara and the principal of the primary section, the principal of the primary section, who have given a lot of support to the successful completion of this project.

Jehan appointed Country Head of Acuity Knowledge Partners Sri Lanka

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Acuity Knowledge Partners (Acuity), a leading provider of high-value research, analytics and business intelligence to the financial services sector, has announced the appointment of Jehan Jeyaretnam as Senior Director and Country Head, Sri Lanka. 

In the new role, Jehan will oversee Acuity Sri Lanka operations, drive expansion of the business and help maintain Acuity’s position as the leading financial services KPO firm in the region.

Acuity plans to expand its Colombo delivery centre to over 1,000 employees in the next few years.

Congratulating Jehan, Acuity’s Chief Executive Officer Robert King said: “I’m pleased to welcome Jehan as our new leader for Sri Lanka.  Jehan has a proven track record of serving global clients, building exceptional teams, driving service delivery and technology innovation, and building strong partnerships with local bodies. We are thrilled to have him lead Acuity’s continued growth in Sri Lanka.” 

“I also thank Chanakya Dissanayake for the exceptional job done as Sri Lanka’s Country Head over the years and wish him the best as he takes on greater global responsibilities within Acuity to drive our next phase of growth and service delivery excellence,” Robert added.

Jehan has been with Acuity for the past 17 years, serving in a variety of leadership roles. Since 2016, he headed Acuity’s Compliance Solutions business unit. This unit has grown significantly in recent years and is expected to become a significant growth engine for Acuity in the years to come. 

Acuity Knowledge Partners Managing Director Chanakya Dissanayake said: “Jehan has proven management and leadership skills and a strong understanding of Sri Lanka’s business ecosystem, and I am confident he will enable us to continue to drive Acuity’s expansion in Sri Lanka.”

Acuity Knowledge Partners is a leading research, analytics, and business intelligence consultant to the financial services sector. The company’s network of analysts and industry experts, combined with advanced data and technology, supports over 520 financial institutions and consulting companies worldwide to operate more efficiently, and unlock their human capital, driving revenue higher and transforming operations. 

It specialises in investment banking, investment research, private equity and consulting, and commercial lending. Acuity is headquartered in London and operates from nine locations worldwide. In 2019, the company was established as a separate business from Moody’s Corporation through its acquisition by Equistone Partners.

Dilum appoints country representatives to woo potential investors

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Investment Promotion State Minister Dilum Amunugama recently appointed country representatives to six countries in a bid to disseminate actual facts about the Sri Lankan image to potential investors and promote the country as the premier destination for investment.  

The country representatives, who are well-experienced personnel in diverse sectors, will represent Sri Lanka in countries such as India, Malaysia, UAE, Republic of Korea, Qatar and the United Kingdom.

Addressing the event, the State Minister said, “It is evident and apparent that the country’s image is being tarnished by the erroneous information being circulated in foreign media, which have a detrimental and monumental bearing on the country’s image.” 

“Due to the proximity to potential investors and their knowledge of economic and political conditions in the countries, these officials can reach out directly to the potential investors and deliver accurate information, and provide them with the data they need to make an informed investment decision in favour of Sri Lanka,” Amunugama articulated.

“Furthermore, given the international competitiveness to attract Foreign Direct Investment (FDI), the promotional aspect of the country’s position and nation branding has come to the fore. As we know, Sri Lanka’s strong suit is its strategic location and business-friendly atmosphere to do business. In this context, it is imperative to focus on promoting Sri Lanka as the best destination in the Asian region. As such, the newly appointed representatives would be ideal to tell positive stories about Sri Lanka, thereby driving more investments into the country,” the State Minister added. 

These officials will monitor the conditions of respective countries and maintain a cordial and direct dialogue with the Board of Investment of Sri Lanka.

Investment Promotion Ministry Secretary M.M. Nayeemudeen and BOI Director General Renuka M. Weerakone participated in the occasion.

DAILY FT

Central Bank announces new relief for MSME’s at their last breath

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The Central Bank has announced new concessionary measures on the debt of micro, small and medium enterprises (MSMEs) and individuals including fixed income earners and pensioners affected by the present macroeconomic conditions.

Noting that the continuation of these adversities would pose a severe threat on banks recoverability of outstanding loans and advances, the Central bank Bank has directed all banks to restructure and reschedule credit facilities of performing and non-performing borrowers who are adversely affected by the prevailing adverse macroeconomic conditions on the basis of an objective assessment on the future repayment capacity and viability of the business.

Banks have also been requested to suspend recovery actions against non-performing credit facilities that have been classified as non-performing on or after 01.01.2020 on a case by case basis based on an objective assessment on the future repayment capacity/viability of business upon the condition that the borrower submits an acceptable repayment plan.

Banks are also requested to facilitate early settlement of existing performing or rescheduled credit facilities without charging any additional fee i.e. early settlement charges and recovery of future interest applicable to lease facilities.

The new concessions and measures are aimed at encouraging MSMEs and individuals with a potential to revive their business/income streams to commence repayment of loans while preventing any elevated strain on the banking sector.

The Central Bank has issued these guidelines at a time where the majority of small scale business enterprises have already closed down their businesses and other medium scale enterprises are struggling to survive amidst high interest rates for their loans and financial difficulties to pay such loans .

The country has been hit by high inflation and forex shortages, accompanied by trade and exchange controls and very high Interest rates that have wrecked most of its small and medium enterprises (SMEs).

The SMEs, which form the backbone of the country and make up a large part of its economy, are the worst hit, which is gradually leading to massive unemployment.

SMEs are an essential source of employment opportunities and rural income, and are estimated to contribute about 35% of employment.

The companies that were profitable prior to the Easter attacks therefore, need support to be guided out of the crisis.

Solutions SMEs are desperately urging the Government to address the high cost of borrowings and to assist them to find new markets in which to expand and grow.

In addition, they seek the setting up of Business Rehabilitation Units to support, advice, and guide affected businesses towards revival.

Some of their other requests include: Allowing the importation of essential inputs to improve domestic production such as machinery, as well as spare parts and raw material; revamping existing strategies to promote tourism; negotiating with donor agencies for soft loans to support SME business revival; and to ensure the provision of the required fertilizer to increase the supply side and reduce food inflation.

The SMEs cannot be held responsible for the misguided economic policies of successive governments. Amidst the power cuts, most small and medium firms do not have a source of back-up electricity, while the country struggles to provide an uninterrupted supply of power.

USAID, and FAO to boost Sri Lanka rice-based ecosystem productivity

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FAO, USAID, and the Ministry of Agriculture’s Department of Agriculture are developing a plan of action to increase the paddy productivity of the Dry and Intermediate Zones.

FAO held an initial workshop this week with experts and stakeholders from the International Rice Research Institute, Manila (IRRI), the government, academia, agriculture scientists, civil society, and the private sector.

Attendees developed a roadmap to create an enabling environment and to increase farmer access to technology and skills required to boost paddy productivity.

Speaking to the attendees, the USAID Mission Director for Sri Lanka and Maldives, Gabriel Grau, noted, “Collaboration between the Ministry of Agriculture, the Private Sector, FAO, and USAID is more than about increasing food security in Sri Lanka.

Our combined long term objective is to transform Sri Lankan agriculture from subsidy-driven to market-based, private sector driven, competitive agriculture.

To achieve this, new technologies, more efficient systems, and the long term commitment of all stakeholders in the agriculture sector will be critical,”he said.

Commenting on the initiative, Secretary to the Ministry of Agriculture, Gunadasa Samarasinghe stated, “The Ministry is committed to improving food security for Sri Lanka, and in order to achieve this we need to reduce our dependence on imports while stabilizing the rice market with increased production and buffer stocks.

The plan of action developed through this initiative and the valuable support of FAO and USAID will help us achieve this goal.”

“Technology will never replace the farmer, but the farmer with technology will – and should – replace the farmer without.

Smallholder farmers are the backbone of Sri Lanka’s agriculture sector and through this initiative, we are hoping to equip as many smallholder paddy farmers with the technology and skills required to increase their productivity and profit while utilizing less land and inputs.

Through the support of the Ministry of Agriculture, USAID, and smallholder paddy farmers, this plan of action could set Sri Lanka firmly on the path to becoming a food-secure nation.” stated Mr Vimlendra Sharan, FAO Representative for Sri Lanka and the Maldives.

The recommendations developed through the workshop will be presented to the Minister of Agriculture, Mahinda Amaraweera within two weeks to be taken forward with the continued support of FAO and USAID.

Commercial Bank Spreads Valentine’s Vibe with 1st AI Powered Campaign in SL 

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Commercial Bank of Ceylon PLC marked Valentine’s Day 2023 with a unique AI-driven campaign spearheaded by the Bank’s Vibe Youth Account. A special microsite, www.thevibeaccount.com, was launched, helping and encouraging the youth to “put their heart into words”, where anyone could have AI write a customized poem for their Valentine or loved one. Users simply had to provide their contact details and some interesting information about their loved one, and TheVibeAccount would then use AI to create a catchy, personalized and heartfelt poem. This initiative was powered by ChatGPT, the AI Language Model that is presently taking the world by storm, and was the first AIdriven campaign in Sri Lanka’s banking space. The facility remains available for public use, and is subject to moderation by the Bank.  

Commercial Bank places a strong emphasis on innovation, and its Vibe Youth Accounts serve as an ideal platform to test out new concepts. Young people are generally open-minded and keen to try new things, which is why the bank is particularly excited about this segment. Valentine’s Day is an important occasion for the youth, especially for those who have a special person in their lives or wish to express gratitude to those who are important to them. Given that AI is a popular topic these days, with the potential to revolutionize the way we think and work, Commercial Bank was inspired to launch an AI-driven campaign. This innovative approach enables anyone to express their love and appreciation in beautiful words, making it accessible to all, and Commercial Bank is thrilled to have been able to offer this opportunity to Sri Lanka’s young people.  

The Commercial Bank Vibe Savings Account provides a range of tailormade facilities and benefits for youth, including preferential interest rates on savings, fixed deposits, personal and housing loans, and leasing. The Vibe International Debit Card also provides year-round curated discounts and special offers, while the Vibe Credit Card has no joining fee and waives the 1st year annual fee. The full range of digital banking services is also provided free of charge, including ComBank Digital with no registration fees and the 1st year annual fee waived off. The youth-friendly Vibe proposition also offers other benefits such as loans for higher studies and access to laptops and computer hardware, along with Max Loyalty points for national and international achievements in sports. On top of all these benefits, there are also no limits on withdrawals or transfers and zero lock-in terms on deposits.  

Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 269 branches and 943 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake. 

Chinese and Bulgarian travelers set foot in the island signaling new boom

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Sri Lanka Tourism Development Authority headed by well experienced tourism expert Priynatha Fernando, Sri Lanka has achieved the revised target of 700,000 million arrivals set for last year (2022).

Sri Lanka recorded over 100,000 tourists within the first 26 days of February 2023, Minister of Tourism Harin Fernando stated, making this the second consecutive month in which Sri Lanka’s tourism industry has seen such numbers.

As per the statistics retrieved by the Sri Lanka Tourism Development Authority (SLTDA), a total of 102,545 tourist arrivals were recorded in January this year

According to Sri Lanka Tourism it will not go for a global communication blitz in 2023 but focus on nine key markets identified to capitalize on the boost experienced by the industry over the past six months.

India, Russia, China, the UK, France, Germany, the Middle East, Nordic countries and Australia are the key focused markets where the tourism ministry hopes to conduct social media and PR campaigns by May 2023.

In this backdrop,115 Chinese tourists and 200 bulgarian tourists have set foot in the days Serendib Island – the Paradise of Adventures within two days this month signaling the new momentum of the world’s one of the best travelers destinations.

A SriLankan Airlines flight from Guangzhou, China has brought 115 Chinese tourists to Sri Lanka March 01 for the first time after the Covid-19 pandemic.

Commenting at the event, Tourism Minister Harin Fernando mentioned that SriLankan Airlines and China Eastern Airlines flights will arrive in Sri Lanka 09 times a week to Shanghai, Beijing and Gongshu, the three cities of China from April 04.

Minister Harin Fernando also explained the impact on tourists due to the ongoing strikes and trade union actions in the country.

Aitken Spence Travels (AST) yesterday welcomed a charter flight from Bulgaria to the Mattala Rajapaksa International Airport (MRIA) with 200 holiday makers.

The visitors from Bulgaria will be discovering Sri Lanka with excursions to explore the vivid culture of the country including Kandy city, the cultural triangle, Pinnawela, the misty mountains of the hill country as well as the classic beaches during their nine days stay in Sri Lanka.

Their accommodation choices vary between 4- and 5- star properties along with boutique properties.

One of the leading tour operators in Bulgaria has partnered with AST for this charter flight operation.

The agent was privy to presentations made during sales calls last year by the AST team and with persuasion and convincing resulted in this charter flight operation becoming a reality.

Furthermore, the agent gained confidence after the successful charter operation from Uzbekistan and other countries handled by the company.

Further strengthening the partnership, this high-potential operator is looking forward to operating full capacity flights to Sri Lanka during the Winter season, this year.