By: Isuru Parakrama
Colombo (LNW): The Sri Lankan Rupee indicates further depreciation against the US Dollar as revealed by the official exchange rates list issued by the Central Bank of Sri Lanka (CBSL) today (17).
In comparison to last week, the buying price of the US Dollar has surged to Rs. 313.29 from Rs. 310.49, and the selling price to Rs. 327.16 from Rs. 324.67.
The Sri Lankan Rupee also indicates depreciation against several foreign currencies, including Gulf currencies.
By: Staff Writer
Colombo (LNW): Sri Lanka will not be needing the assistance of the International Monetary Fund (IMF) after 2027, in the backdrop where the economy of the country indicates growth, setting an example to the international community as a country that has emerged from a meltdown, said Finance State Minister Shehan Semasinghe.
The Minister made these remarks addressing a programme held at the Presidential Secretariat to inform trade union representatives about the government’s programme for local debt optimisation.
He added that Sri Lanka’s foreign reserves have now increased to US $3.5 billion, and the inflation will come down to the level of 7 per cent to 8 per cent by next month.
However, statistics indicate that “hot money” investors in government treasury bills and bonds continue with their fore-warned exodus after gaining enormous profits at the government’s expense, incurring a drop of about US $40 million in Sri Lankan forex investment in treasury bills and bonds, from approximately US $604 million to US $564 million last week.
Meanwhile, the Sri Lankan Rupee in 24 days (from June 23 to July 17) has been depreciated by 4.1 per cent against the US Dollar, indicating a drop of Rs. 12.79, thereby surging the selling price of the US Dollar up to Rs. 327.16.
The State Minister’s comments about “positive economic growth” come in on the sidelines of the government of Sri Lanka seeking Parliament approval to increase the borrowing limit by a further Rs. 9,000 billion.
By: Isuru Parakrama
Colombo (LNW): The Inland Revenue Department (IRD) has collected a total tax revenue of about Rs. 700 billion (Rs. 696,946 million) for the first half of 2023, the Dept said.
This is significantly higher than the revenue collected by the Dept in the corresponding period of 2022, which is Rs. 361,832 million, thereby indicating a positive growth of 93 per cent in the 1H23.
Factors such as decisive changes of the tax policy, the gradual recovery of the economic situation of the country and the efficiency of the efforts put by the Dept contributed to the said growth, according to the Commissioner General of Inland Revenue.
By: Isuru Parakrama
Colombo (LNW): The death toll attributed to the ongoing dengue outbreak in Sri Lanka has increased to 34, whilst the total number of infections identified this year has surged to 53,203, disclosed the National Dengue Control Unit.
In the first two weeks of July, 2023, 2,883 new infections have been identified, the Unit added.
The Western Province records the highest number of dengue cases this year, with 26,490 infections.
By: Isuru Parakrama
Colombo (LNW): More than 90,000 consumers (90,617) are experiencing water supply disconnection due to non-payment of outstanding bills, whilst legal actions are being taken against more than 5000 consumers (5,277).
These figures appear in the backdrop where the National Water Supply and Drainage Board (NWSDB) is facing significant financial constraints, especially outstanding bills and arrears approximately amounting to Rs. 08 billion, as of May 2023.
Rs. 7.1 billion of the Rs. 08 billion is attributed to unpaid domestic water supply bills, whilst an amount of Rs. 32 million remains as outstanding arrears from religious places, Rs. 262 million from public water supply, Rs. 15 million from industries, and Rs. 656 million from government institutions.
Colombo (LNW): The United States expects that the debt treatments for Sri Lanka and Ghana could be finalised soon so the International Monetary Fund (IMF) could move forward with initial debt porgramme reviews this fall, said US Treasury Secretary Janet Yellen yesterday (16).
“We should apply the common principles we agreed to in Zambia’s case in other cases – rather than starting at zero every time. And we must go faster,” Yellen said, adding that she hoped debt treatments for Sri Lanka and Ghana could be finalised quickly so the IMF could move forward with initial loan programme reviews this fall.
Yellen said the IMF’s Poverty Reduction and Growth trust, which provides zero-interest loans to the world’s poorest countries, needed to be put on sounder financial footing. The U.S. Treasury is ready to assist the IMF to consider options for this, including using internal fund resources, she said, addressing a briefing before a meeting of Group of 20 (G20) finance ministers and central bankers in India.
The US Treasury Secretary added that her visit to Beijing last week helped put the US-China relationship on “surer footing” and that the world’s two biggest economies had an obligation to the world “to cooperate on areas of mutual concern.”
By: Isuru Parakrama
Colombo (LNW): In a bid to offset the losses incurred by the island nation’s national postal service, a bill will be introduced for the modernisation of the Department of Posts to Parliament before the end of the year, revealed Mass Media State Minister Shantha Bandara, addressing a briefing held at the President’s Media Centre.
The Minister emphasised that in the backdrop where the current Post Office Ordinance hinders the renovation activities of the post, a decision has been taken to subject it to an immediate amendment, and accordingly, 80 per cent of the work has already been completed.
The income of the Postal Department as of December 31, 2022 was Rs. 7,000 million, whilst the costs borne by the dept amounted to Rs. 14,000 million, Bandara went on, adding that the necessary instructions have been given to offset the losses amounting to about Rs. 7,000 million.
The government expects to slash the losses down to about Rs. 4,000 million by 2023, and to balance the profit and loss by December, 2024, he added.
Colombo (LNW): “Alliance Air” commenced daily flights between Jaffna, Sri Lanka and Chennai, India yesterday (16).
Initially operating with their ATR72 aircraft, which carries 70 passengers, Alliance Air aimed to operate four flights per week, starting from 15th December 2022, but with the growing popularity and demand for flights to Jaffna International Airport (JIA), the airline has decided to upgrade the frequency of their operations to a daily flight service, a statement by the airline said.
This upgrade is a testament to the increasing passenger demand and the airport’s significance in connecting Jaffna to Chennai and beyond, the statement added.
Full Statement:
Exciting news awaits travelers at JIA, as M/s Alliance Air is set to commence daily scheduled operations between Jaffna and Chennai, starting from 16th July 2023. Initially operating with their ATR72 aircraft, which can comfortably carry 70 passengers, Alliance Air aims to operate four flights per week, starting from 15th December 2022. However, due to the growing popularity and demand for flights to JIA, they have decided to upgrade the frequency of their operations to a daily flight service. This upgrade is a testament to the increasing passenger demand and the airport’s significance in connecting Jaffna to Chennai and beyond.
Jaffna International Airport (JIA) has emerged as a vital gateway, connecting the historic city of Jaffna in Sri Lanka with domestic and international destinations. With a range of scheduled flights and top-notch ground handling services provided by the dedicated team at Airport and Aviation Sri Lanka (AASL), JIA has become a key player in promoting convenient travel to and from the northern part of the island.
JIA is now offering a growing number of scheduled flights, catering to both domestic and international travelers. The flights are designed to ensure timely and convenient travel options for passengers, with arrivals at 11:30 a.m. and departures to Chennai at 12:30 p.m. All ground handling and airport services are efficiently managed by the highly skilled and dedicated AASL staff, guaranteeing a smooth travel experience from check-in to boarding and beyond.
Recognizing the potential of Jaffna International Airport, two domestic airlines have stepped in to offer scheduled domestic flights for travelers. David Pieris Aviation operates four weekly flights from Colombo International Airport Ratmalana to JIA, taking off every Saturday, Sunday, Tuesday, and Thursday. Cinnamon Air also provides domestic scheduled flights from Bandaranaike International Airport Katunayake, to JIA, with flights available on every Sunday, Tuesday, Wednesday, and Friday. These domestic airlines have made travel to Jaffna more accessible and convenient for both visitors and locals alike.
Jaffna International Airport has become an important hub in Sri Lanka, connecting Jaffna with the rest of the country and facilitating international travel to and from Chennai. With the support of AASL’s dedicated staff, travelers can look forward to a hassle-free experience at JIA. The addition of new scheduled flights, both domestic and international, is a testament to the rising popularity of JIA and its role in boosting tourism, business, and cultural exchanges. As JIA continues to grow, it promises to be a vital catalyst for economic development and connectivity in the region, opening new doors of opportunity for Jaffna and its people.
Whether you’re planning a trip to Jaffna or looking for a convenient way to explore the cultural wonders of this unique destination, Jaffna International Airport is your gateway to a memorable travel experience. Explore, discover, and journey to Jaffna with ease, thanks to the seamless and reliable services provided at JIA.
The French Naval Ship “Lorraine” which arrived in Colombo on 11th July 2023 on a formal visit, departed the island (15th July).
The Navy bade customary farewell to the departing ship in accordance with naval tradition at the port of Colombo. On her departure, Lorraine also conducted a successful Passage Exercise (PASSEX) with SLNS Gajabahu.
In the PASSEX, formations and ship manoeuvres, communication exercises were conducted, and it concluded with the customary cheer ship salute.
Commander of the Navy, Vice Admiral Priyantha Perera also took time off to visit the French Naval Ship in Colombo. He was received by the Commanding Officer of the ship, Captain Xavier BAGOT and the Navy Chief was also accorded a Guard of Honour. During ship’s stay in Colombo, Sri Lanka Navy personnel visited the French Naval Ship. Further, the crew of Lorraine visited some of the tourist attractions in the country as well.
Visits of this nature will be a valuable tool in promoting cooperation among naval forces. Apart from that, naval exercises and other training engagements conducted during such visits help share knowledge and information about their respective maritime environments, which can be particularly valuable in dealing with common maritime challenges.
By: Isuru Parakrama
Colombo (LNW): The Sri Lankan Rupee today (17) indicates further depreciation against the US Dollar as revealed by leading commercial banks in Sri Lanka, in comparison to last week.
At Peoples Bank, the buying price of the US Dollar has increased to Rs. 312.24 from Rs. 311.42, and the selling price to Rs. 327.76 from Rs. 326.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 311.01 from Rs. 311, and the selling price to Rs. 322.50 from Rs. 322.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 312 from Rs. 309, and the selling price to Rs. 327 from Rs. 324.
