Sri Lanka’s state-run Airport and Aviation Services Limited says the company’s Rs 1.6 billion loss up to June 2022 came from foreign exchange denominated loans and cost on borrowings for Mattala airport and the company is usually profitable.
Repayment on two loans by the company taken to expand at the airport at the main Katunayake Airport in Colombo and loan from China to build an airport in Mattala in the South was also suspended, official sources revealed.
The government was paying a sum of Rs. 2.61 billion as the annual instalment and interest for the US$190 million loan obtained to build the Mattala International Airport.
The Auditor General has reported that the operational expenditure of the Mattala International Airport in 2021 was twenty-one times higher than its income for the same period.
According to the report the operational cost of the mattala airport was over Rs. 2 billion and a massive sum of money amounting Rs. 36.56 billion cost to build the airport has not been utilized productively
The net loss after tax in 2021 was Rs 4 billion while the total loss after tax during the period of 2017-2021 was over Rs, 20 billion.
Although the expected annual passenger capacity was 1 million, only 91,747 passenger arrivals were reported during the past five years, an audit report observed.
Only 2396 flight movements were recorded during this period and the passenger handling at the airport has become near stand still, the report divulged.
These comments were made by the Auditor General while reporting on the 2021 financial statements of the Airports and Aviation Services Sri Lanka Private Limited on Dec. 24.
Furthermore, the Auditor General has highlighted the operational performances of the international airports in Rathmalana, Jaffna and Batticaloa.
Airport and Aviation Services Sri Lanka Private Limited company recently released its Annual report for the year 2021.
Commenting on the report the Auditor General made several key observations including the performance of the airports within the country.
Accordingly, the Company had entered into two agreements with the Japan International Cooperation Agency (JICA) for funding worth 74,397 million Japanese Yen on the 28th of March 2012 and 24th of March 2016.
The funds were to be utilized for Phase II Stage 02 of Bandaranaike International Airport Development Project, however, 82 per cent of the funding value was awarded with a huge delay on the 4th of March 2020.
Further, a sum of Rs.359.5 million was paid by the Airport and Aviation Services Sri Lanka Limited from April 20, 2013 to April 20, 2022 to the JICA as commitment fees due to under-utilization of funds.
The Auditor General further highlighted that the Colombo International Airport, Ratmalana had incurred a cumulative loss of Rs. 1.693 billion from 2017 to 2021, including a loss of Rs. 461.08 million for 2021.
Mattala International Airport records massive losses of over Rs 20 billion
Sri Lankan Airlines suspends its sovereign bond interest payments
The Sri Lankan Authorities relay the announcement by Sri Lankan Airlines Limited that it has launched consent solicitation to its holders of US$175 million sovereign guaranteed bond of the national carrier with 7 percent interest due in 2024.
The Airline has requested a 12 month suspension of debt service payments amongst other things covering the upcoming two coupon payments due on December 25 2022 and June 25 2023.on the bond and temporary waiver on events of default that are currently undergoing, finance ministry confirmed.
The bond was sold to fund losses after then President Mahinda Rajapaksa terminated a management contract with Emirates and re-nationalized the airline.
The request for the suspension of interest payment after the consent of creditors will give sufficient time for the government authorities to devise a reorganization plan and a long strategy for the Sri Lankan Airlines Limited and to hold discussions with the company stakeholders, the finance ministry claimed. .
SriLankan Airlines Limited’s (SLA) payment of $6.13 million interest on its government-guaranteed $175 million unsecured notes within the 30-day grace period in July 2022 has no impact on the notes, a senior official said.
The notes, which are due in 2024, remain in breach of two specific events of default tied to the guarantor – the government of Sri Lanka – as governed by the notes’ trust deed.
They are (i) the government’s 12 April 2022 announcement of a moratorium on the payment of principal and interest on its external debt, and (ii) the government’s default on the payment of interest on an external debt amount exceeding $ 25 million in April 2022, and the expiry of the associated grace period in May 2022.
In addition, the debt moratorium overhang affecting external debt of the government and that of public sector borrowers such as SLA is still in place, he said , adding that it was a continuation of a default-like process for affected creditors.
The payment relates to a $175 million bond with a 7 percent coupon listed in Singapore, according to a filing with the Singapore stock exchange.
There was no comment from the central bank and finance ministry on why the government decided to repay SriLankan Airlines’ sovereign guaranteed interest payment while defaulting May 19 sovereign debt repayment payment of $.78 million of a sovereign bond after one month grace period.
The $84 billion economy is unable to borrow from the global capital market and other countries as its ratings have been downgraded to near default ratings by all three global rating agencies.
Crude oil prices rise significantly!
The price of crude oil in the world market has increased significantly.
It is special that Russia is hinting that it will cut its oil production.
In response to Russia’s invasion of Ukraine, the Western countries of the G-7 group imposed a maximum price limit of $60 on Russian crude oil, and in response, Russia has indicated that it may have to cut its daily crude oil production by between 500,000 and 700,000 barrels.
Accordingly, the price of a barrel of Brent crude oil has increased by 2.94 dollars or 3.63% in a day, and the price of a barrel of that oil is recorded as 83.72 dollars.
The price of a barrel of American WTI oil has also increased by 2.07 dollars or 2.67%. The price of a barrel of oil is $79.56.
France steps in to assist SL dairy development projects with private sector
France is ready to accelerate Sri Lanka’s s dairy development projects with the active involvement of the private sector.
New French Ambassador to Sri Lanka Jean Francois Pactet said France is keen to expedite proposed dairy projects to enhance milk production in Sri Lanka, when he called on Prime Minister Dinesh Gunawardena at the Temple Trees in Colombo recently.
Prime Minister’s Office said the Ambassador also stressed the need for Sri Lanka to increase exports to France to further balance bilateral trade. Key exports from Sri Lanka to France are apparel, fisheries products, pneumatic rubber tires, liquid coconut milk and tea.
The Prime Minister said more French investors should enter into new areas of investment such as fisheries, agriculture, information technology, renewable energy, electronics and tourism.
He thanked the Ambassador for the support extended to Sri Lanka to overcome current economic crisis, especially for the support and goodwill of the French Government in its capacity as the Chair of the Paris Club.
They also discussed strengthening cooperation in maritime security, education, information technology and agriculture.
Prime Minister Gunawardena thanked the French government for assistance provided to universities for French language studies.
Meanwhile Pelwatte Dairy, the leading local dairy brand in Sri Lanka that produces a range of dairy goods and saves valuable foreign exchange, is also assisting farmer welfare.
In its efforts to give back to its farmer community base and uplift it, especially given the economic hardships they presently face, Pelwatte is embarking on an innovative project of collaboration to fulfill a diverse array of farmer family needs.
Pelwatte Managing Director Akmal Wickramanayake said: “In our latest initiative to serve our 10,000 strong dairy farmer community, we have obtained the membership of the Smallholder Agribusiness Partnership Program (SAPP), a small scale agribusiness partnership program implemented with Sri Lanka’s Ministry of Agriculture.
SAPP aims to help 10,000 dairy farmers from eight districts – Anuradhapura, Nuwara Eliya, Kurunegala, Monaragala, Polonnaruwa, Badulla, Ampara, and Puttalam – to improve their commercial partnerships, access to finance, technical know-how, agriculture mechanization and sustainable practices.
“The current economic situation in the country has impacted the dairy farming community strongly. Still, we at Pelwatte ensure production of dairy at the best quality.
Pelwatte inaugurated the SAPP Grants Ceremony at the Kekirawa milk collection centre auditorium with the participation of the Smallholder Agribusiness Partnership Program (SAPP) and the Market Oriented Dairy (MOD) program.
Commander of the Navy pays homage to places of worship in Anuradhapura and receives blessings
Commander of the Navy, Vice Admiral Priyantha Perera paid homage to the Atamasthana (8 sacred locations) and several other places of worship in Anuradhapura on 24th December 2022. The visit turned out to be his maiden tour to Anuradhapura, after taking the office as 25th Commander of the Sri Lanka Navy. During the visit, Commander of the Navy was accompanied by Mrs Mala Lamahewa, the President of Navy Seva Vanitha Unit.
Commander of the Navy first paid his homage to sacred Jaya Sri Maha Bodhi in Anuradhapura and called on Atamasthanadipathi, Chief Sanghanayake of “Nuwara Kalaviya”, Most Venerable Pallegama Sirisumana Rathanapala Hemarathana Nayake Thera and received his blessings for future endeavors of the Navy. Subsequently, he visited Lankaramaya, Ruwanweliseya, Jethawanaramaya, Isurumuniya, Abayagiriya, Thuparamaya, Mirisawetiya as well as Sandahiru Seya and paid his homage in pious sentiments.
In addition, Vice Admiral Priyantha Perera paid his obeisance to Chief Incumbent of Lankaramaya and Chief Adhikarana Sanghanayake of North and North Central Provinces Ven. Ralapanawe Dhammajoti Thera, Chief Incumbent of Ruwanweliseya and Chancellor of Rajarata University, Panditha Ven. Ethalawetunuwave Gnanathilaka Maha Nayaka Thera, Viharadhikari of Jethawanaramaya, Ven. Ihalahalmillewe Rathanapala Nayake Thera, Chief Incumbent of Isurumuniya Raja Maha Viharaya and Chief Adhikarana Sanghanayake of “Nuwara Kalaviya”, Ven. Matawa Sri Sangharakkitha Thera, Chief Incumbent of Abhayagiri Raja Maha Viharaya and Senior Lecturer of Bhiksu University of Sri Lanka, Rajakeeya Panditha Ven. Kallanchiye Rathanasiri Thera, Chief Incumbent of Thuparamaya, Ven. Kahalle Ganendra Nayake Thera and Chief Incumbent of Mirisawetiya, Ven. Welihene Sobitha Nayake Thera and received their blessings.
Giving their wise counsel to Commander of the Navy, the members of Maha Sangha heaped praise on the Sri Lanka Navy which has been engaged in a wide-varying tasks for the defence of the nation and prosperity of the country. Thus, they showered the blessings of the Noble Triple Gem on the Commander of the Navy and all naval personnel wishing them strength to realise the aspirations of the nation.
The President of Naval Buddhist Association and Director General Engineering, Rear Admiral Ravi Ranasinghe, Commander North Central Naval Area, Rear Admiral Prasad Kariyapperuma and a group of naval personnel from the Navy Headquarters and North Central Naval Command were present on these occasions.
SL Navy
Christmas Message by Methodist Church, Sri Lanka
May the celebration of Christmas enable us to join hands as one Sri Lankan family and restore the moral and ethical foundations of our society, where all live with dignity and specially our children, Women and the poor are freed from all evil menaces in society, the Methodist Church of Sri Lanka said in its message for this year’s Christmas.
Full statement:
We are celebrating Christmas during a time of unprecedented economic and political crisis faced in the history of our country. Therefore, it is imperative that we understand the true meaning of the celebration of the birth of Christ and the responsibility that it entails as well.
Christ was born amidst many uncertainties that prevailed in Palestine at that time. Ordinary farmers and fishermen were pauperized. A confusing political configuration was prevalent, where the power and authority of the Roman Caesar, was manifested through henchmen like King Herod and the Roman soldiers walking the streets of Palestine, The religious and religious institutions embarked on tacit collaboration with the powers that be, not only for their survival but also to benefit from the oppressive economic and social evils of that day. The ordinary people lived in fear and anxiety with a sense of hopelessness not knowing what the future holds for them.
It was very similar social climate to what we experience in our country today. Therefore, the Good News of peace on earth and goodwill among all humankind proclaimed by the angels, and the hope that God’s intervention in our social reality will change the future destiny of doom and despair as proclaimed by prophet Isaiah, has to be appropriated in our contemporary social reality.
The Christmas hope dawned through a Child, who had no room in the inn and was born in a vulnerable manger amidst the cattle. True celebration of Christmas entails in our responsibility to search diligently for all the Children who have no room nor even safe space in our contemporary reality today. The increasing malnutrition among children and evil clutches of the drug menace that deliberately ruins the innocent Children should be our Concern and worry this Christmas. Concrete steps taken to safe-guard our Children is authentic celebration of Christmas.
The Christmas hope dawned because of a sacrifice of a young virgin, Mother Mary, who could not grasp the mystery of the Child she bore, yet fulfilling her responsibility in obedience to the will of God. We need to pay special attention to the plight of many women who are losing their dignity due the present crisis. We need to understand the sad plight of women who are forced to sell their bodies due to poverty through prostitution, abuse and exploitation. We also need to seek the welfare and dignity of all women who work as domestics whose hard labor in vulnerable conditions brings valuable foreign exchange to our country. Restoring the dignity and security of our women makes Christmas celebration meaningful.
The Christmas hope dawned because of the righteousness, morality and goodness that ruled the heart of a pauperized carpenter called Joseph. We need to be concerned of the untold misery experienced by the vulnerable and poor sections of the people, who struggle to feed the hungry stomachs and meet their medicinal needs due to the prevailing economic conditions.
At the same time Christmas entails the re-ordering of the moral fabric of our society and being rooted in a secure ethical foundation of the nations. At Christmas Grace and truth embraced each other, Justice and peace kissed each other. Therefore, we need to be alert, conscious and appropriately respond as to the ethical and moral norms on which we are trying build the future of our nation. We need to revisit the attempts to replenish the much-needed foreign exchange reserves by resorting to unethical measures like promoting high ended Casinos, growing ganja, turning a blind eye towards increasing prostitution in the country and the loss of dignity of our women working overseas as domestics etc. Such actions will only destroy the social fabric our nation and make our women and children more vulnerable. Recapturing and revitalizing a secure and firm moral foundation make Christmas vibrant and meaningful.
Amidst all uncertainties, the celebration of Christmas is a celebration of hope. The hope that the future will be bright, where the people living in darkness will see light, and where all social conditions will be transformed affirming human dignity, ensuring good will among all humans, where all live without anger and hunger ensuring lasting peace. The celebration of this hope entails that we change our lifestyle and life priorities to correspond to the new era we visualize and be living symbols of that hope. Embracing living out that transformation is the true meaning of Christmas.
May the celebration of Christmas enable us to join hands as one Sri Lankan family and restore the moral and ethical foundations of our society, where all live with dignity and specially our children, Women and the poor are freed from all evil menaces in society.
Rev. W.P. Ebenezer Joseph
President of Conference
METHODIST CHURCH SRI LANKA
New Central Banking Act – Will it destroy or upgrade the country’s money and monetary system?
The media reported that the Cabinet, subject to further discussion of the views, approved a new Act as an improved version of the present Monetary Law Act (MLA) to facilitate operations of the Central Bank (CB) more effectively and efficiently in line with present requirements. The CB Governor repeatedly stated that new legal provisions would be introduced to grant the autonomy to the CB as a part of new macroeconomic management policy framework agreed with the IMF
As the proposed Act is not available for public information, it is not possible to comment on the efficacy of the new Act as compared to the MLA that has been tested for 72 years with several amendments introduced from time to time to the MLA without hurting the its policy framework. The architect of the MLA is John Exter, an Economist of the US central bank, the Federal Reserve System established in 1913.
Therefore, this short article, hoping that legal officers of the CB are smarter macroeconomists than John Exter to draft a new Act to replace the MLA, is released to highlight the macroeconomic management framework introduced through the MLA to drive the post-independent Sri Lanka for economic development through an independent monetary system in place of the Currency Board System.
Salient Features of the MLA
The salient features of the macroeconomic framework laid down in the MLA for independent Sri Lanka are as follows.
- The MLA was enacted to establish the monetary system of Sri Lanka and the Central Bank as the authority to administer and regulate the system and to conform and impose upon the Monetary Board of the powers, functions, and responsibilities necessary for the purposes of such administration and regulation and to provide for connected matters.
- Accordingly, the Monetary Board is the corporate body and is authorized to determine several policies or measures in the MLA in addition to vesting it with the powers and functions of the Central Bank where the Monetary Board is generally responsible for the management, operations, and administration of the Bank. Therefore, the Monetary Board is the monetary authority in the country.
- Therefore, the MLA first established the monetary unit for the country and entrusted it with the Monetary Board for administration and regulation in terms of policy actions authorized in the Act. Accordingly, the standard unit of monetary value in the country is rupee, represented by the signs “Re.” and “Rs” and divided into one hundred units, each of which is called a “cent”. Then, provisions have been made to determine the par value and parities of the rupee.
- Accordingly, the MLA creates means of payments within the monetary unit where currency notes and coins are created as the legal tender for payments. Currency is the financial liability of the Central Bank and issued on behalf of the government.
- The national monetary policy is stipulated with principles and rules to ensure that the monetary system is used for macroeconomic objectives stipulated in the MLA. In the monetary policy, the Monetary Board is empowered to regulate the supply, availability and cost of money by having regard to the monetary needs of particular sectors of the economy as well as of the economy as a whole and to maintain the par value of the Ceylon rupee and so to regulate its exchange with other currencies as to assure its free use for current international transactions. These have been stipulated under domestic monetary stabilization and international monetary stabilization. The most part of the MLA relates to actions authorized on the national monetary policy as the MLA governs the monetary system of the country.
- The Economic Research Department and Director of Economic Research were created in the Central Bank as independent authorities to research on money and banking and other economic subject of general interest to guide the Monetary Board in policymaking and for information of the public.
- As the monetary system runs on the banking system, Bank Supervision Department and Director of Bank Supervision were created in the Central Bank to supervise banks to promote their prudence and stability. The Monetary Board also was given wide powers to regulate banks and resolve problems banks including emergency credit facilities (or lender of last resort). This was necessary as there was no bank supervision framework in 1950. However, since 1988 the Banking Act has been in place, but MLA bank supervisions and regulation powers have been in prime use.
- The Monetary Board was empowered to establish any other Departments and branches, agencies and correspondents in other places in the country or abroad for the proper conduct of the business of the Central Bank.
- Initial four objects of the Central Bank in the MLA were as follows.
- The stabilization of domestic monetary values
- The preservation of the par value of the Ceylon rupee and the free use of the rupee for current international transactions
- The promotion and maintenance of a high level of production, employment and real income in Ceylon
- The encouragement and promotion of the full development of the productive resources of Ceylon.
Amendments introduced in 2002 resulted the following two objects of highly conceptual context.
- Economic and price stability; and
- Financial system stability, with a view to encouraging and promoting the development of the productive resources of Sri Lanka.
The Central Bank is charged with the duty of securing the objectives so far as possible by action authorized by the MLA.
It is seen that analysts in the Central Bank as well as outside lightly talk about the objectives of the Central Bank as economic and price stability and financial system stability in their win interpretations without making any reference to the text “with a view to encouraging and promoting the development of the productive resources of Sri Lanka” which is the condition imposed on the objectives.
- Several fiscal functions were assigned to the Central Bank to ensure that the fiscal policy evolves in harmony with the monetary system. Fiscal agent, public debt management, financial advisor, banker of the government and limitation of advances to the government are some of them. Certain powers are assigned to the Monetary Board to issue directions to state institutions on fiscal operations and approve foreign loans of the government. All these are to ensure that their operations are not impacting the monetary conditions of the economy regulated in the monetary policy.
- Annual Report, financial statements, profit and loss calculation, distribution of net profit and capital have been stipulated in the MLA. As the capital is fully owned by the government, it is a state institution.
- The Minister of Finance is authorized to issue directions to the Monetary Board as to the monetary policy of greatest possible advantage of the people of the country in view of the opinion of government while the government taking its responsibility.
Overall Comment
In view of above highlights, it is necessary that the lawmakers fully understand the provisions of the MLA and its macroeconomic management framework legally implemented in Sri Lanka within the Constitution.
Some may comment that the current economic crisis is a result of lapses in the MLA to resolve new problems. It is not correct if the provisions relating to the macroeconomic management framework in the MLA are understood literally.
In fact, the economic crisis is a result of the failure of the Central Bank/Monetary Board to implement the monetary system in compliance with the MLA. The government debt and foreign currency problems are results of mismanagement of the monetary policy and fiscal functions in violations of the MLA.
Therefore, if the Monetary Board finds the MLA as the scapegoat and proposes a new Act to replace the MLA under the cover of the IMF, it is highly likely that the major provisions relating to the monetary unit, monetary system, banking stability, prudence of monetary policy instruments including their risks and diversity will be wiped out without any notice.
If the macroeconomic management framework set out in the MLA is lost, the monetary system including the banking system will confront havoc in due course and operations of the Central Bank will encounter conflicts on daily basis. This will delay the recovery of the economy for decades. In that instance, the present Minister of Finance who submits the new Act to the Cabinet and Parliament will be encrypted in the economic history of Sri Lanka.
I hope that at least one expert who is knowledgeable in the MLA and global central banking literature will read the new Act carefully to ensure that the monetary system advances without major disturbances and crises. I know that it does not happen in the Central Bank as officials are only concerned about drafting sections allocated to them in micro manner in office hours.
Since we do not have an expert like John Exter taking the responsibility of the new Act, somebody must be responsible for such a national task as lawmakers will not understand the technical meaning of any provisions in the Act, given their technicalities. Further, the relevant authorities must submit the Act to the Parliament with a report similar to the Exter Report carrying explanations for each provision.
It is highly advisable that if the new Act along with the Report is made available to the general public for information and comment because the proposed new Central Bank is not an institution belong to the new Monetary Board, but an apex public institution funded by the public to be responsible for securing the public confidence in Sri Lankan monetary unit and the monetary system behind it. This is because it is the elected government that should accept the responsibility of all policies of the state institutions.
(This article is released in the interest of participating in the professional dialogue to find out solutions to present economic crisis confronted by the general public consequent to the global Corona pandemic, subsequent economic disruptions and shocks both local and global and policy failures.)
P Samarasiri
Former Deputy Governor, Central Bank of Sri Lanka
(Former Director of Bank Supervision, Assistant Governor, Secretary to the Monetary Board and Compliance Officer of the Central Bank, Former Chairman of the Sri Lanka Accounting and Auditing Standards Board and Credit Information Bureau, Former Chairman and Vice Chairman of the Institute of Bankers of Sri Lanka, Former Member of the Securities and Exchange Commission and Insurance Regulatory Commission and the Author of 10 Economics and Banking Books and a large number of articles publish.
The author holds BA Hons in Economics from University of Colombo, MA in Economics from University of Kansas, USA, and international training exposures in economic management and financial system regulation)
SRI LANKA ORIGINAL NARRATIVE SUMMARY: 26/12
- Disaster Management Centre calls for 2 minutes of silence across the country today from 9.25am to 9.27am, in memory of those who lost their lives during the 2004 Tsunami.
- Treasury Secretary Mahinda Siriwardena says there is a huge gap between the
state’s revenue and expenditure: explains average monthly income is Rs.145 bn while monthly expenditure is Rs.157 bn: of which, the salary bill is Rs.93 bn and pensions Rs.27 bn: asserts the new tax proposals will only affect 10% of the population. - Atmospheric depression over the Southwest Bay of Bengal enters through the East Coast and moves across the country over the weekend: likely to move to the Western sea area today: heavy showers above 100mm likely.
- Cardinal Ranjith says the present situation in the country could have been averted if the country continued the practice of producing everything that can be made locally: laments people have got used to importing everything that can easily be produced within the country.
- Wildlife and Forest Resources Conservation Minister Mahinda Amaraweera says 4 Government institutions under the Ministry of Wild-life & Forest Resources Conservation have earned a record income of Rs.6,693 mn during this year.
- President Ranil Wickremasinghe grants a special Presidential amnesty to 309 prisoners for Christmas, under Article 34 of the Constitution.
- SJB Deputy National Organiser MP S M Marikkar says that in the 1st month
in 2023, people’s earnings will dwindle due to the Govt’s “blood-sucking tax policy”: also says the Ministry of Power will further burden the people by increasing electricity tariffs and 10-hr power cuts. - National Building Research Organisation issues landslide early warnings in 5 districts of Kandy, Kegalle, Kurunegala, Matale and Nuwara Eliya: also request people of those areas to be alert to landslides, slope failures, rock falls, cutting failures, and ground subsidence.
- Police say statements from more than 75 persons including almost all the family members of murdered businessman Dinesh Schaffter have been recorded so far: also say suspects involved in the murder have not been identified so far.
- Jaffna Kings win the Lanka Premier League Cricket Tournament 2022 beating Colombo Stars by 2 wickets: this is the 3rd consecutive occasion that Jaffna Kings have won this tournament: Colombo Stars – 163/5 (20): Jaffna Kings – 164/8 (19.2).
30,000 government employees set to retire at the end of the year
30,000 government employees are set to retire at the end of this year.
Last year and this year, a group of government employees who completed their 60 years of age are retiring in this way.
A committee headed by the Prime Minister’s Secretary has also been appointed to balance the public servants due to the retirement of a significant number of them.
People to observe two-minutes silence to remember tsunami victims
Today (26) 18 years have passed since the 2004 Tsunami disaster that caused huge loss of life and property to many countries including Sri Lanka.
The Disaster Management Center has informed the people to observe two minutes of silence from 09.25 to 09.27 am today to remember those who died in the disaster.
On December 26, 2004, 14 coastal districts of Sri Lanka were affected by the tsunami caused by an earthquake off the coast of Indonesia.
About 5,000 more people went missing and 502,456 people were affected, including house and property damage.