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USAID contributes 4,700mt of soya and maize for Thriposha programme

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USAID contributes 4,700mt of soya and maize for Thriposha programme

By: Staff Writer

Colombo (LNW): The United States Agency for International Development (USAID) handed over a substantial consignment of 4,700mt of soya beans and maize to Sri Lanka Thriposha Limited, to support the continuation of the Thriposha fortified food programme.

The United Nations World Food Programme (WFP) facilitated the handover at a special event held at the Thriposha factory.

This consignment forms part of a wider contribution of USD20 million from the United States towards WFP’s emergency operation to support Sri Lankan communities impacted by the country’s economic crisis.

As a significant contributor locally and globally, the US has enabled WFP to provide cash, food assistance and value vouchers to food-insecure Sri Lankan families, while supporting national food and nutrition programmes, including school meals and Thriposha- a fortified blended food product.

“The U.S. Agency for International Development is pleased to deepen our long partnership with Sri Lanka through our recent emergency funding to provide essential ingredients for the Thriposha blended food supplement to prevent malnutrition of Sri Lankan children,” states Asta Zinbo, Director of the Office of Governance and Vulnerable Populations, USAID.

“Responding to last year’s crisis, we witnessed the delivery of the last shipment of maize and soya beans to the Thriposha factory, in close collaboration with our partners the World Food Programme, the Ministry of Health and the Sri Lankan government.

USAID supported Thriposha at the beginning in 1973, and it’s wonderful to see our joint efforts continue to safeguard the futures of countless children and mothers in Sri Lanka today.”

The country’s economic crisis, with lost jobs, reduced incomes, and soaring costs of living, has affected people’s ability to access healthy meals. Vulnerable groups, including pregnant and breastfeeding women and young children, are at elevated risk of malnutrition.

“Of all of the groups affected by the country’s economic crisis, it is the children and women we are worried about the most,” says Gerard Rebello, Deputy Country Director of WFP, Sri Lanka.

Thriposha is used to supplement a regular diet with essential nutrition and is provided free of charge through the national nutritional programme. The US-funded raw materials will be used to provide four rounds of Thriposha for over half a million pregnant and breastfeeding women, and undernourished children under five.

Ajith Fernando, Founder and Director of CAL, said: “CAL is pleased to be partnering with A&M on this strategic collaboration, which signifies a powerful fusion of our on-the-ground knowledge and A&M’s deep restructuring experience. This is a welcome opportunity to support the Sri Lankan Government in achieving its economic reform policy objectives.”

Prasanna Vithanage’s “Paradise” to hit theatres with grand opening!

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Prasanna Vithanage’s “Paradise” to hit theatres with grand opening!

Colombo (LNW): Sri Lankan filmmaker Prasanna Vithanage’s recent creation, “Paradise”, is set to receive global exposure under the banner of the acclaimed Indian film production house, Madras Talkies, led by the distinguished Indian cinematographer Maniratnam.

The film’s global debut is scheduled for October 7th in Busan, South Korea. It marks a unique collaboration as it is the debut instance of a Sri Lankan director’s work being showcased by a leading Indian production house. What adds to its distinctiveness is that Vithanage crafted the film in Malayalam.

“Paradise” is a production of the Kerala-based “Newton Cinema Institute”. The lead characters are portrayed by Roshan Mathew and Darshana Rajendran, a celebrated duo in Malayalam cinema.

Its backdrop being Sri Lankan, the movie features performances from Mahendra Perera, Shyam Fernando, Sanjeeva Dissanayake, among others. Additionally, Srikar Prasad has played a pivotal role as the cinematographer.

Directional support was provided by Daminda Madawala, with Trillan Shastri producing alongside the main cast. “Paradise” holds the honor of representing both India and Sri Lanka at this year’s Busan International Film Festival.

Sri Lanka Grants Special Permission to Dub Muralitharan Biopic ‘800’ into Sinhala

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Sri Lanka Grants Special Permission to Dub Muralitharan Biopic ‘800’ into Sinhala

In a touching tribute to the cricketing legend Muttiah Muralidaran, Dr. Bandula Gunawardhana, the Minister of Transport, Highways, and Mass Media, has announced the granting of special permission to dub the internationally-produced biopic ‘800’ into Sinhala. This remarkable decision was unveiled during a special press conference held in Colombo to unveil the film’s trailer.

‘800,’ a biographical movie based on the life of the cricket superstar Muttiah Muralitharan, is set to hit screens across Sri Lanka on October 6. The film, produced in India, is scheduled for global release in four languages. The production team and company had initially raised concerns about the legal hurdles surrounding the dubbing of the film into Sinhala for the Sri Lankan audience.

Minister Dr. Gunawardhana, recognizing the significance of this endeavor, issued specific instructions to ministry officials, including the Ministry Secretary, to grant special approval for the Sinhala dubbing of the film.

In his address, Minister Dr. Gunawardhana lauded Muttiah Muralitharan as a unique figure who played a pivotal role in shaping Sri Lanka’s history and deemed him a national treasure. He highlighted Muralitharan’s role as an ambassador of national unity, bridging gaps among the Sinhalese, Tamils, Muslims, and Burghers. Throughout the nation’s history, Muralitharan has been a unifying force, earning the love and respect of the entire Sri Lankan populace, transcending boundaries of race, religion, and caste.

Notably, the film ‘800’ faced legal obstacles under the provisions of the National Film Corporation Act, but with the Minister’s directive, the dubbing into Sinhala has been given the green light.

Directed by M.S. Sripathi, the movie stars veteran actor Madhur Mittal Raja Ratnam in the lead role of Muttiah Muralitharan. The press conference was attended by cricket legend Muttiah Muralitharan, former Sri Lanka cricket captain Arjuna Ranatunga, actor Raja Ratnam, director Errol Kelly, and representatives of the production team.

Insurers of X-Press Pearl make further payments to Sri Lanka

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Insurers of X-Press Pearl make further payments to Sri Lanka

By: Staff Writer

Colombo (LNW): The insurers of the ‘X-Press Pearl’ ship, which sank off the western coast of Sri Lanka after being gutted in a massive fire two years ago, have made an interim payment to the Sri Lankan Government.

This payment has been made in order to cover the cost incurred by the Maritime Environment Protection Authority (MEPA) for the beach clean-up operations of the country and compensation for the fishermen affected by the maritime disaster, says the Minister of Justice, Wijeyadasa Rajapakshe.

Accordingly, he said that the Sri Lanka Treasury has received USD 890,000 and Rs. 16 million as interim payment for costs incurred by MEPA and compensation for affected fisherfolks.

“This amount has been provided as an interim payment for compensating the fishermen and for the costs incurred by the Maritime Environment Protection Authority for cleaning up the coastline of the country due to the X-Press Pearl fire”, he added.

Sri Lanka has received $2.5 million in the third interim payment in September 2022 for the sinking of the X-Press Pearl cargo ship in June 2021, giving it a total of just $7.85 million for the worst maritime disaster in the country’s history.

Sri Lanka witnessed what is considered one of the worst marine environmental disasters after the Singapore-flagged container ship, only three months after being commissioned, caught fire some 16 kilometres off Colombo on May 20, 2021, while transporting 1,500 containers including 25 tonnes of nitric acid.

The fire that continued for nearly two weeks resulted in a massive spillage of damaged containers, microplastics, plastic pellets, chemicals and other harmful substances into the sea.

X-Press Feeders, former operators of the container ship ‘X-Press Pearl’, through the vessel owner’s P&I insurers, have made two further payments to the Sri Lankan government for claims relating to beach clean-up operations.

The payments totaling USD 878,650.53 and LKR 16,315,451.05 relate specifically to claims lodged by the Marine Environment Protection Authority of Sri Lanka in relation to beach cleaning and rehabilitation works in the aftermath of the sinking of the X-Press Pearl.

Resolution of these claims was discussed in recent meetings between a Sri Lankan Government delegation and representatives of the ship owners and their insurers in Singapore on the 18th and 19th of July 2023.

Assessments on the payment of further claims are ongoing, with all legitimate claims being considered.

Meanwhile, a caretaker tug remains at the site monitoring the situation until the conclusion of the southwest monsoon season, when work will recommence to lift the remaining fore section of the wreck and transport it to a certified decommissioning facility for dismantling, recycling, and disposal.

IMF staff team to endorse Sri Lanka EFF program progress: Ravi K

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IMF staff team to endorse Sri Lanka EFF program progress: Ravi K

By: Staff Writer

Colombo (LNW): The government’s commitment to macroeconomic stability and fiscal discipline is starting to bear fruit with stabilizing the economy and easing exchange rate pressure while inflation is on a downward trend.

These progressive measures of the fiscal and monetary authorities will prompt the International Monetary Fund’s (IMF) staff team now in Sri Lanka to reach staff-level agreement on economic and financial policies that could support the approval of the first review of the EFF-supported program.

This was stated by former finance minister Ravi Karunanayake who spearheaded the fiscal and monetary authority efforts to secure a US $1.5billion IMF loan package in 2016 aimed to reduce the fiscal deficit, rebuild foreign exchange reserves, and introduce a simpler, more equitable tax system.

Sri Lanka may have missed 1or 2 IMF targets, but it has fulfilled almost all Quantitative Performance commitments up to June 2023 including monetary and credit aggregates, international reserves, fiscal balances, and external borrowing, he revealed. .

Mr Karunanayake noted that under this set up the IMF review mission will have to reach consensus with Sri Lank an Authorities prompting them to submit a report favorable for the country to the executive board .

This will enable the executive board to unlock the disbursement of the second tranche of the US$330 million by October after conducting periodic program review to assess whether the program is on track or needs to be adjusted in light of new developments.

“As a former finance minster with a knowledge of IMF procedure I can assure that even. if the country misses a QPC condition, the IMF Executive Board may approve a waiver if it is satisfied that the program will still succeed”, he claimed.

He expressed the belief that there want be long delays on debt restructuring in the wake of creating credibility on the governments commitments towards debt sustainability.

The International Monetary Fund’s (IMF) staff team has concluded reviewing the macroeconomic situation and policy environment in the country.

The team as assessed the progress of the country’s economic recovery program supported by the US$ 2.9 billion Extended Fund Facility (EFF)

The IMF review has focused on commitments that were due by the end of June. Even with that large latitude, Sri Lanka is falling short on an important governance-linked commitment.

The establishment of an online fiscal transparency platform was due by end-March but is yet to become reality.

The present government has taken bold policy decisions and legislative measures paving the way for broader reforms to be implemented in the next four years under the EFF.

Sri Lanka has fulfilled 38 of the 57 IMF commitments due for August in its 17th programmer with the International Monetary Fund (IMF), the progress on 11 commitments remains “unknown”, while eight are now classified as “not met”.

The IMF team has looked into the non-accumulation of new external payments arrears on external debt which has to be monitored continuously by the authorities and any non-observance will be detrimental to the VIII of the IMF’s Articles of Agreement.

It has focused attention on government tax revenue, social safety net spending, cost of non-commercial obligations for fuel and electricity as well as on treasury guarantees.

Sri Lanka’s approach to Domestic Debt Restructuring (DDR) stands out in its specificity and methodology as its strategy is centered on restructuring superannuation funds and Central Bank holdings.

According to an IMF staff report titled “Issues in Restructuring of Sovereign Domestic Debt” that Sri Lanka is the only country that has adopted such a focused approach.

The Government is making these policy changes as fast as possible, in order to build a highly competitive, export-oriented economy,” Karunanayake said, adding that it has to prevent economic hardships for large sections of the population. .

He categorically stated that these economic policy reforms continued unabated even with change in government after elections as the country has faced the repercussions of such ad hock changes in the past.

Citing an example of the historic mistake done following a change in government in late 2019, he noted that unsustainable policies were implemented with unviable tax reductions and exemptions and suspension of economic reforms pushing the country towards bankruptcy.

The fiscal and monetary authority has lost the access to international capital markets since 2020. As a result, usable gross international reserves declined to $1.6 billion (less than 1 month of imports) as at end-2021 from $7.6 billion by end-2019.

With reserves depleted, the authorities suspended external debt service on April 12, 2022, and formally defaulted on their international sovereign bonds (ISBs) on May 18, 2022.

The rupee had depreciated by about 40 percent (in dollar terms) in 3 months since February 2022. The economy contracted sharply and inflation soared.

Following the authorities’ request in April 2022, IMF staff and the government authorities reached a staff-level agreement on a 48-month arrangement under the Extended Fund Facility on September 1, 2022.

Chinese Government to Sign Agreement for 1,996 Housing Units Benefitting Low-Income Earners and Artists

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Chinese Government to Sign Agreement for 1,996 Housing Units Benefitting Low-Income Earners and Artists

In a significant development, an agreement concerning the allocation of 1,996 housing units, constructed with assistance from the Chinese government, for low-income earners, creative artists, and journalists is set to be officially signed next month.

The signing of these crucial agreements is scheduled to take place during the upcoming “Belt and Road Initiative” (BRI) summit, scheduled for October in Beijing, China. The initiative underscores the ongoing collaboration and strategic partnership between the two nations.

Prasanna Ranatunga, the Urban Development and Housing Minister and Chief Government Whip, shared that among these housing units, 108 will be specifically designated for artists and journalists, located in the Kottawa Palathuru Watte area. The remaining 1,888 housing units will be dedicated to addressing the housing needs of low-income individuals and families.

Remarkably, the Chinese Government has extended substantial financial support amounting to Yuan 552 million for this project, a partnership solidified when the Government of Sri Lanka formally signed the relevant exchange letter on January 9 of the preceding year.

Minister Ranatunga emphasized that this initiative is poised to provide a practical solution for residents facing challenges due to limited housing facilities, marking a significant step towards improving the living conditions of these communities.

Rally in Colombo Demands Immediate Solutions to Protect State Universities

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Rally in Colombo Demands Immediate Solutions to Protect State Universities

A rally was held in front of the University Grants Commission office in Colombo this afternoon (25) urging the government to provide immediate solutions for their demands on protecting state universities under the theme ‘Save State Universities. Stop Brain Drain!’.

The protest movement was organized by the Federation of University Teachers’ Association.

Photo Courtesy – Ajith Seneviratne

https://www.readphotos.com/photo-stories/602/Rally-in-Colombo-Demands-Immediate-Solutions-to-Protect-State-Universities

Prof. Karu Essella’s Research Group Receives Prestigious Eureka Award for Innovations in Australian Defence

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Prof. Karu Essella’s Research Group Receives Prestigious Eureka Award for Innovations in Australian Defence

A research group led by the distinguished Professor of Communication Security and Space Science, Karu Essella, has been honored with the coveted Eureka Award, presented by the Department of Defence in recognition of their groundbreaking innovations in Australia’s defense sector.

The Eureka Award, often referred to as the “Oscar of Australian Science,” is an esteemed accolade presented annually by the Australian Museum since 1990, celebrating excellence in scientific advancements.

The group’s outstanding accomplishment lies in the development of an energy-efficient and easily controllable antenna system tailored for critical military situations within the Australian armed forces. This advanced technology not only facilitates the transmission of substantial data volumes but also possesses the capability to clandestinely monitor suspicious radio wave activities across extensive areas, ensuring the utmost security in military operations. Importantly, this covert monitoring goes undetected by potential adversaries.

Professor Karu Essella, an eminent expert in electromagnetic and antenna engineering affiliated with the University of Technology in Sydney, Australia, played a pivotal role in this groundbreaking endeavor. His academic journey began at Moratuwa University, where he earned his first degree.

In recognition of his exceptional contributions to the field, Professor Karu was also bestowed with the prestigious title of Australia’s National Professional Engineer of the Year in 2022.

The research team, led by Professor Karu, consisted of talented individuals hailing from Sri Lanka, including Manik Atigala and Dr. Dushmantha Thalakotuna, along with Indian collaborator Khushbu Singh, all of whom played pivotal roles in the success of this remarkable project.

US-Based RM Parks to Launch Fuel Distribution Operations in Sri Lanka Next Month

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US-Based RM Parks to Launch Fuel Distribution Operations in Sri Lanka Next Month

RM Parks, a US-based company operating under the Shell PLC umbrella, is set to initiate its fuel distribution operations in Sri Lanka, starting next month. This strategic move will see the establishment of 150 fuel stations operating under the esteemed Shell brand.

RM Parks is poised to further expand its footprint in the Sri Lankan market by introducing an additional 50 fuel stations independently in the near future. This expansion will mark RM Parks as the fourth major player to enter the country’s fuel market, alongside existing entities such as the Ceylon Petroleum Corporation, Lanka Indian Oil Corporation, and Sinopec.

The journey into Sri Lanka’s petroleum industry began when RM Parks joined hands with Shell PLC, sealing a groundbreaking agreement in July. This 20-year commitment empowers RM Parks to import, distribute, and retail a wide range of petroleum products through the network of 150 fuel stations. Notably, these fuel stations will undergo significant upgrades, including the installation of state-of-the-art automated dispensers, electric charging stations, and the introduction of mini markets and cafes, promising an enhanced customer experience and an innovative approach to fuel distribution in Sri Lanka.

Sri Lankan President to Meet IMF Delegation for First Review

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Sri Lankan President to Meet IMF Delegation for First Review

Sri Lankan President Ranil Wickremesinghe is scheduled to hold a crucial meeting with a delegation from the International Monetary Fund (IMF) in Colombo on Tuesday, September 26. This meeting, to be held at the President’s Office, marks the conclusion of the first review of the IMF program for Sri Lanka.

The meeting is expected to be attended by Sri Lanka’s State Finance Ministers and other government officials. Discussions with the IMF team have been underway since September 14th, focusing on the initial review of the Extended Fund Facility (EFF) arrangement for Sri Lanka.

The IMF team’s visit to Colombo is part of a scheduled visit taking place from September 14 to September 27, 2023. In March 2023, the IMF Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF), providing SDR 2.286 billion (approximately US$3 billion) to support Sri Lanka’s economic policies and reforms.

The EFF-supported program has a multi-faceted approach, aiming to restore Sri Lanka’s macroeconomic stability and debt sustainability, mitigate the economic impact on vulnerable populations, safeguard the stability of the financial sector, and enhance governance and growth prospects. The IMF’s decision also led to an immediate disbursement of SDR 254 million (about US$333 million) and the mobilization of financial support from other development partners.

In parallel, the Government Medical Officer’s Association is expected to hold discussions with the IMF team in Colombo, addressing issues related to the country’s tax reforms and other relevant matters.

Furthermore, the IMF team will engage with members of the Samagi Jana Balavegaya political party on Monday, September 25, as part of their comprehensive engagement during their visit to Sri Lanka.

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