Sagala Ratnayake, Senior Adviser to the President on National Security and Chief of the Presidential Staff, revealing a significant government decision said that the government has resolved to undertake a comprehensive restructuring of the government institutions entrusted with environmental responsibilities.

Furthermore, Mr. Ratnayaka highlighted that a committee will be established to bolster environmental protection laws and facilitate the restructuring efforts.

Mr. Sagala Ratnayaka, also disclosed that President Ranil Wickremesinghe intends to establish a dedicated task force focused on preventing environmental pollution and safeguarding the environment. This task force will be responsible for formulating, implementing and monitoring environmental protection initiatives.

Senior Adviser to the President on National Security and Chief of the Presidential Staff Mr Sagala Ratnayaka made these remarks during his participation in a beach cleaning program held at the Beach Plaza in the Port City on the occasion of the International Coastal Clean-up Day (ICCD) and the commencement of Marine Resources Conservation Week. These events will encompass cleanliness drives, awareness campaigns and seabed cleaning activities at 66 locations, targeting identified beaches and lagoon areas spanning all 14 coastal districts across the island. The program, initiated by the Marine Environment Protection Authority, commenced at the Beach Plaza in the Port City. Mr. Sagala Ratnayaka actively participated in the beach cleaning activities.

During his address at the subsequent ceremony, he shared the following remarks:

“This program has been initiated in commemoration of International Coastal Cleanliness Day and Marine Resources Conservation Week. The coastal, reservoir, canal and riverine environments hold immense significance for our nation. Being an island nation, we rely heavily on water resources. Simultaneously, as a country dependent on tourism, the preservation of a pristine environment is paramount to attract tourists consistently.

Such initiatives play a pivotal role in instigating proactive change in our citizens, heightening environmental awareness and especially educating our children about the importance of environmental preservation. I extend my gratitude to all those involved in organizing this program.

Historically, our discourse primarily revolved around these matters. Consequently, the implementation of such hands-on programs becomes increasingly vital.

Numerous institutions, including the Maritime Environment Protection Authority, Coastal Conservation Department and local government bodies, are actively involved in managing environmental concerns. Notably, the Navy, while not primarily responsible, provides valuable support in these efforts. Additionally, there are designated tourism zones governed by the Sri Lanka Tourism Board.

In recognition of the need for more effective environmental governance, we have made the decision to restructure these government agencies with environmental responsibilities. To oversee this restructuring, a dedicated committee will be appointed. Moreover, the aim is to fortify existing environmental laws following the reorganization process. In tandem with these initiatives, President Ranil Wickremesinghe intends to establish a task force. This task force’s mandate will encompass the development, execution and supervision of activities aimed at addressing environmental concerns.

Through these comprehensive programs, we aspire to enhance public awareness and implement sustainable measures to mitigate environmental pollution.

The environment holds immense significance for the present and future generations. Failing to safeguard it could result in dire consequences for the generations to come. Furthermore, the sustainability of Sri Lanka’s economy can be ensured only through the protection of our environment. It is crucial to acknowledge that the responsibility for environmental preservation cannot rest solely with the government.

Every individual also bears a significant responsibility in this endeavour and it is imperative to implement a comprehensive awareness program to inform the public about their role in safeguarding the environment. Therefore, we are committed to fulfilling this responsibility effectively.

It is essential to execute these activities meticulously, minimizing any shortcomings. The program undertaken today is of paramount importance and it is commendable to see the integration of art and technology into these efforts. “I extend my gratitude to all the agencies, departments and security forces involved in this initiative”.

The event was attended by notable figures including Navy Commander Vice Admiral Priyantha Perera, Chairman of the Maritime Environment Protection Authority Lawyer Asela B Rekawa, General Manager Jagath Gunasekara, other board members, as well as Port City Private Company’s environmental consultant Mr. W.A.D.D. Wijesuriya and other officials.

PMD

Sri Lanka is taking decisive steps to combat sexual harassment by introducing stringent legislation aimed at punishing individuals who share intimate photos and videos on social media without consent.

Minister of Public Security Tiran Alas has submitted a memorandum outlining the proposed bill and related laws to the Cabinet of Ministers.

These new laws are being formulated to prevent the unauthorized dissemination of intimate photos or video clips of former partners through social media platforms, with the explicit aim of intimidating and causing emotional distress and embarrassment.

Under the proposed legislation, first-time offenders could face imprisonment for a period of up to five years or a fine not exceeding Rs. 500,000.

For repeat or second-time offenders, the penalties become even more severe, with imprisonment of up to 10 years and fines reaching as high as Rs. 1 million.

• Former President J.R. Jayawardena is a role model for contemporary political leaders -Former Speaker Karu Jayasuriya.

President Ranil Wickramasinghe in a message on the birth anniversary of the late President J,R. Jayawardena said if Sri Lanka had been able to sustain the socio-economic reforms initiated by Mr. Jayawardena in 1977, the nation would be a developed country today. President Wickremesinghe conveyed this sentiment on the occasion of Mr. Jayawardena’s 117th birth anniversary, while he is currently on an official visit to the United States of America to attend the 78th session of the United Nations General Assembly.

During the late President’s birth anniversary commemoration held today at the Jayawardene Center in Colombo 07, former speaker Mr. Karu Jayasuriya delivered the keynote address. The President’s message was presented by Mrs. Chamika Mummullage, Senior Assistant Secretary to the President, highlighting Mr. J. R. Jayawardene’s revolutionary impact on the nation’s socio-economic landscape. President Wickremesinghe emphasized that challenges such as riots, terrorism and a failure to fully grasp the philosophy hindered the complete success of these reforms. He also noted that neighbouring countries like India, China and Vietnam, which transitioned from closed and socialist economic practices, studied Mr. Jayawardene’s approach and prospered by adapting their policies to the changing times.

J. R. Jayawardena embarked on his political journey in 1938 as an active member of the Sri Lanka Congress Party. In 1946, he switched his allegiance to the United National Party and assumed the role of Finance Minister in Sri Lanka’s inaugural cabinet. Following the passing of Prime Minister Dudley Senanayake in 1973, J. R. Jayawardena assumed leadership of the United National Party.

In the 1977 elections, J. R. Jayawardena was elected as the Prime Minister of Sri Lanka. During his tenure, he introduced the executive presidential system through a national constitution. In 1978, he became the first Executive President and relocated to Jayawardenapura, the legislative capital of Colombo. He dedicated his life to advancing social justice, promoting culture, education and fostering economic development in Sri Lanka.

Furthermore, President Jayawardena’s political and economic reforms played a pivotal role in modernizing Sri Lanka’s social system, transforming it into a modern state. His significant contributions extended beyond national borders as he served as the sixth Secretary-General of the Non-Aligned Movement, leaving an indelible mark on the international stage.

On this 117th commemoration of Mr. Jayawardena, let us honour his noble social mission for the country. I extend my heartfelt gratitude to all those, including the Secretary-General of the Jayawardena Centre, who has been instrumental in preserving his legacy.

Former Speaker Karu Jayasuriya said;

As an impartial observer, I am delighted to partake in this occasion today.

J.R. firmly believed in the privatization of financially struggling public institutions, a vision championed by Mr. Jayawardena. He also advocated for the reevaluation of these institutions. Furthermore, he emphasized the importance of collaboration between government and private entities to create job opportunities for the nation’s youth, a model exemplified by China’s economic success through such joint ventures.

At certain junctures, the executive presidential system had the authority to appoint and dismiss leaders of the nation. Mr. Jayawardena was known for his resolute decision-making, rarely altering his choices unless compelled by populist pressures.

The Japanese people hold Mr. Jayawardena in high esteem, as he once represented Japan on the international stage. His leadership during his tenure fostered a cadre of talented young individuals, empowering them to contribute to the country’s progress.

Moreover, Mr. Jayawardena significantly advanced the education sector in Sri Lanka, showcasing exemplary leadership qualities that serve as a model for contemporary political leaders.

Despite his dedicated service to the people, JR remained humble, eschewing personal fame. He was also the architect of the Colombo Plan, a testament to his visionary leadership.

During his tenure, Sri Lanka achieved notable milestones in healthcare, transportation and infrastructure development, including the establishment of hydroelectric power plants.

His adept diplomacy with foreign nations greatly benefited the country, fostering stronger trade relations worldwide, particularly through the Colombo Plan.

JR is remembered as a prominent leader and we pay our respects to Mr. Jayawardena for his remarkable contributions to our nation.

The Governing Board Member of the JR Jayawardena Center, his senior grandson Mr. Pradeep Jayawardena;

This commemorative ceremony is taking place today during a challenging period in the country, as we actively seek solutions to the ongoing crisis.

Some segments of our society attribute the current situation to the executive presidential system. However, it’s worth noting that, with the exception of one administration, all previous governments successfully completed their terms due to the executive presidential system. This system played a pivotal role in bringing an end to the northern conflict and maintaining stability in the country.

The present government has demonstrated its commitment to addressing numerous challenges facing our nation. We commend President Ranil Wickremesinghe for his resolute decisions in this regard.

We wholeheartedly endorse President Ranil Wickremesinghe’s agenda for nation-building. As he holds executive authority, it is imperative that the President receives the support of all citizens to propel our country forward.

This event was attended by esteemed individuals including Speaker Mahinda Yapa Abeywardena, Minister Bandula Gunawardena,

Sabaragamuwa Provincial Governor Naveen Dissanayake, Member of Parliament Tissa Attanayake, Former Minister Ravi Karunanayake, UNP Policy and Research Committee Chairman Karunasena Kodithuvakku, JR Jayawardena’s grandson Rukshan Jayawardena, Amrik Jayawardena, Presidential Liaison Secretary A. P. Dayaratne, Senior Professor U. G. Puswewala and members of the Jayawardena Center, as well as family members and other distinguished attendees.

In an official announcement unveiling the National Accounts Estimates, the Department of Census and Statistics (DCS) has revealed a concerning economic outlook for the second quarter of 2023. The report highlights a year-on-year GDP growth rate of -3.1%, marking a significant decline when compared to the corresponding quarter in 2022.

Furthermore, the Gross Domestic Product (GDP) for Sri Lanka in the second quarter of 2023, computed at a constant price (2015), has experienced a substantial drop, falling from Rs. 2,680,074 million in the second quarter of 2022 to Rs. 2,597,441 million.

It’s worth noting that the year-on-year GDP growth rate for the second quarter of 2023 is calculated based on the real GDP value reported in the same quarter of the previous year. The provided figure below illustrates the fluctuations in real GDP levels in the second quarter GDP series, spanning from 2018 to 2023.

Sri Lankan Rupee has maintained its stability against the US Dollar at various commercial banks in Sri Lanka, with rates closely resembling those from the previous Friday.

At Peoples Bank, the exchange rates for the US Dollar have shown a marginal increase, with the buying rate moving from Rs. 315.69 to Rs. 315.93 and the selling rate from Rs. 329.87 to Rs. 330.12.

Commercial Bank, on the other hand, has reported that the buying rate for the US Dollar remains consistent at Rs. 317.19, while the selling rate remains unchanged at Rs. 327.50.

Meanwhile, at Sampath Bank, there have been no notable fluctuations in the exchange rates for the US Dollar, with both the buying and selling rates remaining steady at Rs. 318 and Rs. 328, respectively.

By: Staff Writer

Colombo (LNW): Hamilton Reserve Bank’s actions delay Sri Lanka’s debt restructuring program while other creditors face financial adjustments, possibly paving the way for significant profits.

The timing of their court case filing immediately following Sri Lanka’s declaration of bankruptcy raises concerns about hidden agendas.

The U.S. Attorney General’s office’s intervention underscores international unease, with Britain and France also supporting Sri Lanka in the New York Court.

However, Sri Lanka’s refusal to accept any conclusions or recommendations regarding economic crimes remains a significant challenge. The lack of prosecutions further exacerbates this issue.

The United Kingdom and France joined the United States of America to intervene in a New York court case filed by the mysterious St Kitts Bank (Hamilton Reserve Bank) against Sri Lanka over its ISB (International Sovereign Bond) default.

The London Financial Times reported that the two countries filed a joint “amicus curiae” petition to the New York Southern District judge hearing the case, arguing in favour of Sri Lanka’s request for a six month freeze on any litigation.

According to the intervening petitions, both the UK and France support Sri Lanka’s request for a stay of proceedings to safeguard the ongoing debt restructuring process for Sri Lanka and the country’s efforts to restore the sustainability of its economy. The US intervened earlier.

Amicus briefs are filed by people, organisations or countries that are not themselves party to any legal case, but have a strong opinion on how it should go.

“France is naturally interested in the Sri Lanka lawsuit as it hosts the so-called Paris Club, where government-to-government debts are restructured.

 The UK is part of the Paris Club, but presumably cosigned the amicus brief because it historically oversaw the London Club, the less formal group for private creditors to negotiate with sovereign borrowers,” the FT report added.

The co-signatories want the judge to grant Sri Lanka the six-month stay it has requested, because they worry that the lawsuit by the Hamilton Reserve Bank’s chief, Chinese-American investor Benjamin Wey, could wreck the ongoing restructuring talks.

A judgement in favour of the plaintiff Hamilton before the completion of the debt restructuring process would risk disrupting the ongoing negotiations by creating an incentive for holdout creditors, thereby jeopardising the comparability of treatment between different categories of creditors, the report said.

This principle is at the core of all sovereign debt restructuring processes, as it is key to secure the consent of all creditors.

 A disruption would lead to delays in the negotiations, delaying the cash disbursement by the IMF to the debtor country and resulting in significant costs for Sri Lanka and the official creditors’ taxpayers.

1. Former CB Deputy Governor W A Wijewardene says the MB has tried to establish a lie that the 14% tax rate applied on the EPF is a “concessionary rate”: also says the previous MB statements had compared the EPF tax rate of 14% on its Gross Interest Income with the 30% tax rate on financial institutions on their Net Interest Income: asserts the EPF has paid a tax of Rs.49bn in 2022 on its gross income of Rs.370bn, when a financial institution earning a similar gross income would have paid only about Rs.2bn as taxes.
2. National Trade Union Centre denounces the EPF’s recent decision to submit an offer to exchange the portfolio of their Treasury Bonds under the Domestic Debt Optimisation programme.
3. The Indian Central Govt informs the Madras High Court that it has taken steps to deport the 4 Sri Lankans convicted in the Rajiv Gandhi assassination case, to Sri Lanka.
4. Dept of Motor Traffic initiates an investigation against officials who are allegedly connected to a racket of registration of luxury vehicles under registration numbers of diplomatic vehicles which are no longer in use: a recent audit report issued by the National Audit Office had revealed that, as a result, the Govt has lost millions of Rupees.
5. Police say a 6-year old girl was killed when unidentified gunmen on a motorcycle opened fire at a 3-wheeler near the Maligakanda Courts in Maradana: her father also in a critical condition.
6. Police say unidentified persons in a vehicle had opened fire at SLPP MP Uddika Premaratne’s vehicle soon after he returned to his residence in Anuradhapura: MP escaped unhurt.
7. Govt asks the Depts of Inland Revenue, Excise & Customs to immediately raise between Rs.400bn and Rs.450bn in revenue to overcome the expected cash flow shortfall due to the strict restrictions on “money printing” now in place owing to the new CBSL Act: under the new Act, the CB’s ability to “print money” will be permitted only in exceptional circumstances such as a global health emergency: analysts expect the interest rates to rise sharply and the recent “hot money” inflows to reverse, as a result.
8. Foreign Ministry Spokesperson Priyanga Wickramasinghe says the Chinese research vessel Shi Yan 6 has commenced its 80-day expedition into the Indian Ocean, despite Colombo not yet granting permission for the vessel to call port or carry out a planned joint survey in the SL waters: previously, the Ministry of Defence had said permission for the Shi Yan 6 to call port in Colombo had been granted.
9. UK and France join the United States to intervene in a New York Court case filed by the Hamilton Reserve Bank against Sri Lanka over SL’s ISB default, by filing a joint ‘amicus curiae’ petition supporting SL’s request for a 6-month freeze on the litigation pertaining to the matter.
10. India record a huge win against SL in the Asia Cricket Cup 2023 Final played in Colombo: SL 50 all out (15.2 overs): IND 51/0 (6.1 overs): India’s Mohammed Siraj produced a devastating spell of swing bowling returning figures of 6 for 21 in 7 overs: SL’s total is the lowest by any team against India in Men’s ODIs.