• Galle Dialogue Highlights Cultural and Economic Significance, as Dr. Ram Madhav Urges Inclusive Development in the Indian Ocean Region.

President Ranil Wickremesinghe delivered a significant keynote address at the 11th edition of the Galle Dialogue; International Maritime Conference, which aimed to strengthen regional maritime cooperation and formulate a global strategy to face common challenges in the maritime domain. The conference commenced at the Jetwing Lighthouse Hotel today (12) under the theme ‘Emerging New Order in the Indian Ocean.’

Delivering the keynote address, President Wickremesinghe began by commending the Navy for recommencing the Galle Dialogue after the COVID-19 break. He emphasized the importance of rethinking the focus of the Galle Dialogue in light of the changes brought about by the pandemic.

The President pointed out that the focus should primarily be on the Indian Ocean and the surrounding area. He acknowledged the role of Dr. Ram Madhav, a pioneer of the Indian Ocean Conference, in drawing attention to the region. President Wickremesinghe highlighted the uniqueness of the Indian Ocean as a civilization rather than a construct, emphasizing its rich history, diverse cultures and religious significance.

He then discussed various global constructs, such as the Asia Pacific, the Belt and Road Initiative (BRI) and the Indo-Pacific and how they differ from the Indian Ocean’s cultural and historical context. He stressed that the Indian Ocean represents a political entity, given its history and role in recognizing non-European sectors of the world as colonialism collapsed.

The President also discussed the economic significance of the Indian Ocean, predicting that development would shift from East Asia and the Asia Pacific to the Indian Ocean, India, Bangladesh, and Africa. He mentioned Africa’s potential for significant economic growth by 2050.

President Wickremesinghe underlined the importance of ports and their role in the evolving global trade landscape, emphasizing Sri Lanka’s strategic location and the development of key ports like Colombo, Trincomalee and Hambantota. He urged a long-term perspective on these developments and their global implications.

The President also discussed the changing dynamics in sports and noted that various nations from this region are expanding their influence in cricket and football. He emphasized the interconnectedness between the Indian Ocean and the Pacific Ocean.

In conclusion, President Wickremesinghe proposed that Sri Lanka should adopt the ASEAN outlook of the Indo-Pacific as two distinct oceans and prioritize freedom of navigation and undersea cables in the Indian Ocean. He acknowledged that the emerging order could rapidly change due to global events and emphasized the need for wise leadership and diplomacy in addressing evolving challenges.

President Wickremesinghe’s speech provided a comprehensive perspective on the Indian Ocean’s unique place in global politics, culture and economics and its role in shaping the emerging new order in the region.

Meanwhile, during his speech at the Galle Dialogue, Dr. Ram Madhav, President of India Foundation, addressed the current global transformation, noting the emergence of a new world order following the pandemic. He described this new order as multipolar and heteropolar, emphasizing that non-state actors, including tech giants, global agencies, NGOs, transnational terror groups and spiritual and religious movements, would have a significant influence on people and nations.

Dr. Madhav also expressed his condolences for those affected by the conflicts in Eastern Europe and West Asia. He recognized Sri Lanka’s role in hosting the 23rd meeting of the Indian Ocean Rim Association (IORA) Council of Ministers and congratulated President Ranil Wickremesinghe on assuming the Chairmanship of IORA, with India as the Vice Chair. Dr. Madhav emphasized the importance of developing IORA as a platform for promoting sustainable development, economic growth and stability in the region and he called for a commitment to creating a free, open and inclusive region guided by the rule of law, where sea lines are not used for piracy, overexploitation, or terrorism. He also expressed hope that the efforts by leaders like President Ranil Wikremesinghe would result in establishing the Indian Ocean’s distinct identity and role in the emerging world order.

Minister of Ports and Civil Aviation Nimal Siripala de Silva, Minister of State for Defence Pramita Bandara Tennakoon, Governor of the Southern Province Willy Gamage, Senior Adviser to the President on National Security and Chief of Staff to the President Sagala Ratnayaka, Defence Secretary General Kamal Gunaratne (Rtd), Chief of Defence Staff General Shavendra Silva, Navy Commander Vice Admiral Priyantha Perera, Army Commander Lt. Gen. Vikum Liyanage, former Navy Commanders and other senior officers of the Navy attended the event.

MP Sarath Weerasekara, Chairman of the Sectoral Monitoring Committee on National Security, said that the special report on the real state of affairs in Sri Lanka’s conflict will be handed over to President Ranil Wickremesinghe shortly.

The MP pointed out that the Sri Lankan forces are accused of committing war crimes at every human rights conference held in Geneva and the report was prepared rectify this notion and to show the true situation of the war.

MP Sarath Weerasekara, the Chairman of the National Security Sectoral Oversight Committee, stated this while attending the news conference held at the Presidential Media Center today (12) under the theme ‘Collective path to a stable country’.

MP Sarath Weerasekara further said;

National security holds immense significance for a nation. It is imperative to foster an environment where the citizens can lead their lives free from fear and uncertainty. Moreover, ensuring a robust national security framework is crucial to attracting investment opportunities.
National security encompasses not only physical safety but also economic stability, food security, environmental protection and personal well-being. Shockingly, over the past decade, road accidents have claimed the lives of approximately 27,000 individuals, surpassing the toll of 29,000 casualties during the thirty-year war. Regrettably, road accidents have become distressingly common in our country.

In addition, the scourge of drugs poses a considerable threat to our national security. Energy and public health also fall within the purview of national security concerns. Terrorism, extremism, the drug epidemic and underworld activities are challenges faced by all nations. However, it is the government’s solemn duty to address these issues in a manner that does not disrupt the lives of its citizens.

As a committee, our dedicated efforts are focused on making the most substantial contributions to bolster our nation’s security. We categorize terrorism rooted in separatism and extremism stemming from terrorism as physical threats.

Furthermore, during every human rights session in Geneva, allegations of war crimes in our country have surfaced in various forms. We have taken these accusations seriously and acted accordingly. It is crucial to understand that Sri Lanka experienced a non-international armed conflict. Therefore, our committee has promptly compiled a report elucidating the nature of the conflict within our borders.

Our foremost objective is to present the Geneva Human Rights Council with an accurate depiction of our current situation. As a result, the special report meticulously prepared by the Sectoral Monitoring Committee on National Security will be submitted to President Ranil Wickremesinghe in the near future. This report comprehensively outlines the genuine circumstances surrounding the conflict in our nation.

In a bid to address the substantial challenge of restructuring $12 billion in overseas debt, Sri Lanka’s private creditors have put forth a comprehensive proposal. This proposal includes the introduction of a novel bond type designed to facilitate repayments in the event of future economic pressures, as revealed by two undisclosed sources familiar with the matter.

Sri Lanka, with its population of 22 million, experienced its inaugural foreign debt default in May 2022, triggered by a severe shortage of foreign currency, leading to the nation’s most severe financial crisis since gaining independence from Britain in 1948.

The proposal, transmitted on October 2, envisions a write-down (haircut) on both the principal amount and interest, according to the anonymous sources, who opted to remain unnamed due to the confidentiality of the negotiations. Furthermore, it introduces the issuance of regular sovereign bonds and a unique financial instrument known as Macro Linked Bonds (MLBs). These MLBs will automatically reduce coupon payments, commencing in 2027, should Sri Lanka fail to meet specific economic targets linked to its International Monetary Fund (IMF) program.

At present, there has been no response from government representatives, nor from the creditor committee’s spokesperson regarding the proposal.

The comprehensive proposal incorporates two distinct options for creditors, with one combining MLB notes with regular bonds, and the other featuring regular bonds coupled with a Value Recovery Instrument (VRI), according to one of the sources.

The inclusion of MLBs is aimed at ensuring eligibility for indexing, a feature that typically enhances liquidity for the instruments. This proposal holds significant weight for Sri Lanka, which, as per the terms of a $2.9 billion IMF bailout secured in March, must secure debt restructuring assurances from bondholders and major bilateral lenders, including China, Japan, and India.

Notably, the proposal introduces the concept of step-down bonds, with the MLBs’ step-down payments linked to indicators such as Sri Lanka’s gross financing needs (GFN) to gross domestic product (GDP) ratio and debt to GDP ratio. For instance, if the GFN/GDP ratio surpasses 4.5% in 2027, coupon rates will automatically decrease.

Crucially, this debt restructuring proposal aligns with the parameters outlined in the debt sustainability analysis produced by the IMF as part of the economic program.

The proposal has also been shared with the IMF and the Paris Club secretariat. It marks a groundbreaking approach to debt restructuring, as step-down bonds have not been previously used in such contexts.

As discussions between bondholders and the government continue, facilitated by financial and legal advisors, trading of the country’s securities remains unrestricted.

In a significant development, the portfolio of the Minister of Environment has now been placed under the direct purview of President Ranil Wickremesinghe. This decision was officially announced through a Gazette Extraordinary released on October 12, 2023, and it was issued by Presidential Secretary Saman Ekanayake.

The decision-making process leading to this change involved consultations with Prime Minister Dinesh Gunawardena, in accordance with Article 44(3) of the Constitution, as stated in the official communique.

1. Committee on Public Accounts instructs Excise Dept to dispense with its current system of imposing lenient penalties for large-scale fraud and irregularities connected to the production of liquor: advises the Dept to mete out severe punishment such as cancellation of licences of firms that continue to be involved in the counterfeit sticker racket & non-payment of tax.
2. Govt Radiologists say Teaching Hospitals at Anuradhapura & Karapitiya have 18-month-long waiting lists for MRI scans: Lady Ridgeway Hospital for Children has a waiting list of 1 year for MRI scans.
3. Hearing of petitions filed by Ministers Manusha Nanayakkara & Harin Fernando challenging the decision taken by the SJB to oust them from the Party and disqualify them of their Parliamentary seats, commences before the Supreme Court.
4. Ministry of Finance announces that SL has reached “an agreement on the key principles and indicative terms of a debt treatment with China Exim Bank”: also says that, “in principle”, the agreement covers approximately USD 4.2 bn of outstanding debt: no further details disclosed: previously, the IMF had stated that it is unaware of any such agreement.
5. Supreme Court orders all state universities in the country to submit a report before 10 November’23 on all reported incidents of ragging at state universities and the measures taken to prevent ragging during the last 3 years.
6. Business tycoon and MP Dhammika Perera who recently announced that he would contest the Presidency from the SLPP, says SL does not have any system, although there is a clamour for a “system change”: also says a system change should start with the education sector: celebrates the 4th anniversary of his “DP Education Online Education System”.
7. Speculation mounts that moves are underway to abolish the Executive Presidency before the Presidential Election next year on the grounds that “no candidate or political party will be able to secure an over 50% win at the polls”: reports also emerge that discussions to this effect have already been held by President Ranil Wickremesinghe, and that Justice Minister Wijeyadasa Rajapakshe has already drafted a cabinet paper to change the electoral system.
8. The 11th Edition of the Galle Dialogue International Maritime Conference organised by the SL Navy in partnership with the Ministry of Defence and Geopolitical Cartographer starts in Galle: inaugural ceremony held under the patronage of President Ranil Wickremesinghe.
9. Aviation Minister Nimal Siripala de Silva says the Govt has engaged an international consultant to “bring valuable insights and best practices to guide the restructuring efforts of SriLankan Airlines”: the decision to hire the Consultant also expected “to maintain transparency”.
10. President Ranil Wickremesinghe directs Govt officials to prioritize immediate requirements of SL citizens in Israel, especially their safety, in the light of the ongoing conflict between Israel & Hamas.

A crucial meeting is scheduled for today (13) between the Government Medical Officers’ Association (GMOA) and President Ranil Wickremesinghe. GMOA Spokesman Dr. Chamil Wijesinghe announced that the discussion will take place at 3 pm at the President’s Office.

The meeting’s primary focus will be on pressing issues within the healthcare sector, such as the ongoing shortage of medicines and the concerning trend of doctors leaving the country for various reasons.

Dr. Wijesinghe revealed that the GMOA had launched a series of protests in response to the Ministry of Health’s failure to address these issues and provide adequate protection for doctors. He emphasized that the Health Minister would not be granted additional time to resolve these critical concerns, as solutions have already been proposed, and now it’s time for implementation.

The Central Committee of the party has decided that no changes should be made in the existing positions of the United National Party.

That was when the UNP Central Committee met yesterday (12) under the chairmanship of President Ranil Wickramasinghe.

A proposal to appoint Ravi Karunanayake for the post of General Secretary of the party has been discussed in the Central Committee, but the seniors of the party are of the opinion that no change should be made in the current positions.

Also, it was previously proposed to abolish all other positions except the chairman and general secretary positions of the party and appoint a leadership board, but the party central committee has decided that there is no need to implement that proposal.

It is stated that the Central Committee has decided that the current leaders are working very diligently to move the UNP forward little by little and that they have the ability to continue the future work as well.

Showers or thundershowers will occur over most parts of the island during the afternoon or night.

Fairly heavy showers above 75 mm can be expected at some places in Uva, Central and Easten provinces.

A few showers may occur in coastal areas of the western and southern provinces during the morning too.

Misty conditions can be expected at some places in Central, Sabaragamuwa and Uva provinces during the morning.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.