By: Isuru Parakrama
Colombo (LNW): A water cut of 24 hours will be imposed on Saturday (04) from 2 pm, revealed the National Water Supply and Drainage Board (NWSDB).
Accordingly, the water supply will be disrupted in the areas of Colombo 1 – 4 and 7 – 11, the NWSDB said.
Meanwhile, the interruption will also affect Kaduwela town and surrounding areas, the Kolonnawa Urban Council area, and the Wellampitiya and Kotikawatte areas.
World Bank Vice President for South Asia, Martin Raiser recently concluded his four-day visit to Sri Lanka reaffirming the World Bank’s continued support to help the country navigate economic challenges, implement critical reforms, and chart a path towards a resilient and inclusive recovery.
During his visit, Raiser met with Sri Lanka’s President and Minister of Finance Ranil Wickremesinghe, Secretary of the Treasury, Governor of the Central Bank, senior government officials, development partners, and key opinion leaders including members of Sri Lanka’s political opposition, thinks tanks, civil society organizations and academia, a World Bank statement said.
“The people of Sri Lanka have been deeply affected by the macro and debt crisis affecting the country. The depth of the crisis has made it clear that Sri Lanka needs a new development model, but this requires greater confidence in and understanding of the government’s reforms”, said Martin Raiser.
He added “Improved communication and consistent implementation of the reform and adjustment program is urgent, as is faster international debt relief and financial support to ensure people don’t lose patience and the opportunity for a change isn’t lost.”
During the visit, Raiser discussed progress on reforms to transform economic governance in Sri Lanka through strengthened institutional and fiscal oversight and better debt management.
He also stressed that greater transparency, improved governance, support for job creation, as well as better targeted protection for the poorest are critical to garner and sustain public support for reforms.
Raiser also visited North Central and Northwestern Provinces to observe first-hand World Bank-funded projects in the health and agriculture sectors, and to engage with a broad range of stakeholders on Sri Lanka’s development needs.
The World Bank was among the first to respond to Sri Lanka’s economic crisis. The Bank’s emergency response repurposed $325 million from existing projects to protect the poor and vulnerable from the worst impacts of the crisis.
In December, the Bank approved Sri Lanka’s request to access concessional financing from the International Development Association (IDA).
This type of financing, offered at low interest rates, will enable the country to implement its government-led reform program to stabilize the economy and protect the livelihoods of millions of people facing poverty and hunger.
The World Bank Group has started preparing a new Country Partnership Framework for the next four years (2023-2026) with a focus on private sector led job creation, inclusion, preservation and strengthening of human and natural capital, improved governance, and a shift towards a greener growth path
. Representatives from the World Bank have assured that the World Bank will continue to support Sri Lanka’s development reforms program.
They stated that the World Bank will provide technical assistance in the drafting of laws for development policy operations, as well as work to provide additional guidance and support regarding the use of international media and welfare benefits.
Among the areas discussed by the WB team and SL authorities were improving financial supervision and credit management, improving tax administration, sovereign-financial sector linkages and reducing systemic risks; maintaining stability and confidence in the banking sector.
They also focused on the restructuring and divestment, reducing policy uncertainty and increasing competitiveness in the economy, mobilizing private capital and competition in the broadband market, strengthening the social security institution, delivery system and targeting.
With India looking very positively at becoming a manufacturing hub for electric vehicles (EV), joint venture partners are looking very closely at Hambantota International Port (HIP) as the key transshipment point for their markets in the east and west of the island.
HIP participated in the recently held ‘ET Auto Electric Vehicle Conclave 2023’ organised in Delhi and on the sidelines of the conference, they were able to connect with a large number of potential customers who would see the advantages of transshipping through Hambantota International Port.
“While location is a key factor, our health and safety protocols and zero tolerance to accidents is an attractive proposition for those who wish to use this southern Sri Lankan port,” says Bindu Ranasinghe, Deputy General Manager (Commercial and Marketing), Hambantota International Port Group Pvt Ltd. (HIPG) who attended the event held under the theme ‘Plug-In For Efficient Adoption’.
In this backdrop, the Sri Lanka government has decided to introduce Electric buses and three-wheelers as part of a “system change” to reduce the dependency on fuel operated motor vehicles.
Transport Minister Bandula Gunawardena said that battery powered electric buses are to be introduced to the Sri Lanka Transport Board as a pilot project.
He said that the Cabinet approved a resolution put forward by him regarding the implementation of a public-private partnership project for the operation of battery powered electric buses by the Sri Lanka Transport Board covering the Western Province centered on the commercial city of Colombo and the Gampaha district.
The implementation of the pilot project will be based on a formal feasibility study.Gunawardena also said that tenders have been called for, to convert 300 three-wheelers into electric vehicles with the assistance of the UNDP.
The Minister said that the Government is also looking at having electric trains in Sri Lanka.adding that Sri Lanka cannot address environment issues and the fuel issue without a “system change” by switching to electric vehicles.
Meanwhile, an initiative by ETAuto.com India, the conference was partnered by big names in the auto, tech and logistics industries. Speakers at the forum included the founder & CEO of Ola Electric, Managing Director, Tata Passenger Electric Mobility Limited, and the Managing Director of Volvo Car India.
Other top brands in the industry also participated including Hero Electric, JBM Group, Lumax Group, Reliance Industries, Greaves Electric Mobility, Maruti Suzuki, Kinetic Green, and Panasonic India.
Bindu Ranasinghe had the opportunity to be part of the panel discussion on “Building a sustainable and self-reliant supply chain,” and also made a presentation on HIP’s developments and potential.
Since HIP sees beyond logistics and shipping, we need to understand the source market and the nuances involved in the marketing and manufacturing of electric vehicles and also connect with the original equipment manufacturers (OEMs).
Sri Lanka’s sea food exports are to be further enhanced providing necessary government assistance to the private sector to transform the fish industry into a key foreign exchange earner by introducing modern technology , Ministry of Trade Commerce sources said.
The Ministry of Trade Commerce and Food Security and the Department of Commerce met with the Sri Lanka Seafood Exporter’s Association (SEAL) recently to discuss ways and means to further improve the industry in terms of export promotion and finding new foreign markets.
The engagement was as part of a series of meetings that will be held to obtain views, ideas and propositions in identifying the most efficacious courses of action that can be taken to promote fisheries exports of Sri Lanka to the world.
The meeting was also used as a familiarization program for the trade representatives in Sri Lanka Embassies to devise novel ways of facilitating the business community to develop their business endeavours and boost exports.
Trade Ministry Secretary A.M.P.M.B. Atapattu stated that the Ministry together with the Department of Commerce was committed to cooperate with the private sector and business support organisations to enhance their business activities, thus enabling the country to move forward as an export-oriented economy to overcome the current economic crisis.
He assured that trade officers of Sri Lanka Embassies would engage with the private and corporate sector proactively in realizing their economic and trade objectives.
The fisheries industry is one important area for engagement in realizing the targets to become a $ 1 billion industry soon.
Sri Lanka’s strength in the fisheries sector was highlighted by the member of the association stating that Sri Lanka boasts of 34 EU approved fish processing establishments, close to 100 export companies, famous for premium quality Tuna (Yellowfin, Skipjack, Bighead), crabs and sustainable fishing technique (100% VMS licensed fishery vessels), comply with all international regulations (CITES, IUU), 19 fishery harbours, year-round fishing and social compliance.
Exporters Association members expressed their views that commercial officers overseas have an important and crucial role to play in being the forward linkage and closely working with their interlocutors abroad to identify market opportunities for the fisheries sector to realize their full growth potential.
The challenges including the market access barriers such as non-tariff measures faced by the fisheries exporters of Sri Lanka were discussed and the Secretary agreed to resolve those challenges with the support of Department of Commerce officials attached to Sri Lanka missions abroad and in coordination with other relevant authorities in Sri Lanka.
The Association also expressed that the Department of Commerce should adopt a well-structured mechanism to work closely with the business community with a periodic review process in place to reap positive results.
Acting Director General of Commerce Gima Dahanayake expressed the fullest support of the Department of Commerce and decided to establish key performance indicators (KPI) to constructively move forward.
Officials of the Department of Commerce participated in the discussion. The Department of Commerce, Trade Promotion Unit will continue to organize such interactions for the other main export industries of Sri Lanka consistently in order to engage with the business community in a more focused manner to realize the full export potential of the country.
Colombo (LNW): In a desperate bid to direct the cash strapped country towards the reawakening of investment promotion and development, the Sri Lanka government will be digitizing investment information to facilitate easy access for investors and efficient use of state owned land to boost agriculture.
Overall, these measures indicate the Government’s commitment to promoting investment and economic growth in Sri Lanka by ensuring that the necessary infrastructure and legislative frameworks are in place to attract and support local and foreign investors, the President’s Media Division said.
President Ranil Wickremesinghe has highlighted the importance of promptly identifying unused Government-owned land and creating a data bank with the relevant information.
The President’s Media Division said the move reflects the Government’s commitment to promoting investment and efficient use of land in Sri Lanka by leveraging appropriate policies, frameworks, and technologies.
The President has also given instructions to digitize investment information to make it easily and quickly accessible to interested parties. The purpose of this move is to encourage and promote investment opportunities in Sri Lanka, allowing investors to identify new investment prospects with ease.
In addition to this, the President has also pointed out the need for revising the Agricultural Development Act and Paddy Land Act to meet the current requirements.
This is expected to facilitate and promote investment opportunities in the agricultural sector, which is a vital contributor to Sri Lanka’s economy.
The need of the digitization of public and private institutions in promoting investments in Sri Lanka and the need to establish a single point for obtaining all necessary approvals for investment promptly has also been emphasised.
The President has directed relevant officials to study the practical problems and difficulties that have arisen in relation to enhancing the rank in the Ease of Doing Business Index in Sri Lanka and make its proposals and recommendations.
Mainly, the 82 percent of land that the government is holding, they have to let it go in a scientific methodical manner
How they can do that is to have a non-partisan expert panel to advise and set policies and adopt methods such as GIS mapping to identify the soil and ecosystem in areas and recommend crops that can be grown. Government is to use its resources and clear a lot of agricultural land and have agriculture zones like the BOI. The aim is to create a level playing field for producers by giving fair value and correct information asymmetry.
By: Isuru Parakrama
Colombo (LNW): Parliament will hold a two-day debate on the proposed postponement of the Local Government Election.
Accordingly, the debate is scheduled for March 09 and 10.
The decision was taken during a special Party Leaders’ meeting held under the patronage of Speaker Mahinda Yapa Abeywardena yesterday (01).
By: Isuru Parakrama
Colombo (LNW): Former Election Commission Chairman Mahinda Deshapriya has reapplied for the Commission to secure a seat, following the EC’s recent calling in of applications for membership.
Mr. Deshapriya’s application has been tendered in the backdrop where all Independent Commissions are calling in membership applications.
“I applied for the Delimitation Commission, and submitted another for the Election Commission as there was a seat vacant for a Deputy Election Commissioner,” Deshapriya told media.
Meanwhile, Speaker Mahinda Yapa Abeywardena stated that the calling in of applications for Independent Commissions should be concluded and the appointments will be taken place soon.
Colombo (LNW): President Ranil Wickremesinghe has given instructions to digitise investment information to make it easily and quickly accessible to interested parties. The purpose of this move is to encourage and promote investment opportunities in Sri Lanka, allowing investors to identify new investment prospects with ease.
In addition to this, the President has also pointed out the need for revising the Agricultural Development Act and Paddy Land Act to meet the current requirements. This is expected to facilitate and promote investment opportunities in the agricultural sector, which is a vital contributor to Sri Lanka’s economy.
Overall, these measures indicate the government’s commitment to promoting investment and economic growth in Sri Lanka by ensuring that the necessary infrastructure and legislative frameworks are in place to attract and support local and foreign investors.
During a discussion held at the President’s Office yesterday afternoon (01), President Ranil Wickremesinghe instructed to digitise investment information to facilitate easy access for interested parties. The purpose of this discussion was to review the progress of implementing the 2023 budget proposals for investment promotion and the efficient use of land.
The President emphasised the need to revise the Agricultural Development Act and Paddy Land Act to meet the present requirements, as this would promote investment opportunities in the agricultural sector, which is a significant contributor to Sri Lanka’s economy.
Furthermore, the President highlighted the importance of promptly identifying unused government-owned land by each government institution and department, and creating a data bank with the relevant information. This would enable better management and utilisation of such land resources.
Overall, the discussion reflects the government’s commitment to promoting investment and efficient use of land in Sri Lanka by leveraging appropriate policies, frameworks, and technologies.
During a discussion held at the President’s Office today, President Ranil Wickremesinghe emphasised the timely amendment of the Agricultural Development Act and the Paddy Land Act to enable the replanting of cultivable paddy lands and the cultivation of other crops on non-paddy lands. The discussion aimed to review the progress of implementing the 2023 budget proposals for investment promotion and efficient land use.
The meeting was attended by several key officials, including Secretary to the President Saman Ekanayake, Secretary to the Ministry of Finance Mahinda Siriwardena, Senior Advisor to the President on Economic Affairs Dr. R.H.S. Samaratunga, and Ms. Chandani Wijewardene, Senior Additional Secretary to the President for Strategic Affairs. Heads of line agencies were also present to discuss the progress of implementing the budget proposals and to provide insights into the challenges faced in promoting investment and efficient land use.
The cream of the country’s private sector banks on Wednesday got a front seat view of the discussions between the World Bank’s visiting South Asian Region Vice President Martin Raiser and President Ranil Wickremesinghe. They discussed current economic and forex challenges and issues revolving around credit, interest rates, debt moratoriums and debt restructuring. Raiser assured continuous support to Sri Lanka’s development reform program.
The World Bank delegation stated that it will provide technical assistance in the drafting of laws for development policy operations, as well as work to provide additional guidance and support regarding the use of international media and welfare benefits.
The World Bank Development Policy Operational Program was fully discussed and the President and World Bank representatives commented on its progress.
A statement from President’s Media Office said improving financial supervision and credit management, improving tax administration, sovereign-financial sector linkages and reducing systemic risks; maintaining stability and confidence in the banking sector, restructuring and divestment, reducing policy uncertainty and increasing competitiveness in the economy, mobilising private capital and competition in the broadband market, strengthening the social security institution, delivery system and targeting was discussed.
World Bank Country Director for Sri Lanka Faris H. Hadad-Zervos, Country Manager for Maldives and Sri Lanka Chiyo Kanda, International Finance Corporation (IFC) Country Manager Sri Lanka and Maldives Alejandro Alvarez de la Campa, World Bank in Sri Lanka Advisor Husam Abudagga, World Bank representatives, President’s Senior Advisor on National Security and President’s Chief of Staff Sagala Ratnayake, President’s Secretary Saman Ekanayake, Finance Ministry Secretary Mahinda Siriwardena, President’s Senior Advisor on Economic Affairs Dr. R.H.S. Samaratunga, Central Bank Governor Nandalal Weerasinghe and other officials participated in the discussions.
