01. Japanese Finance Minister Shunichi Suzuki welcomes the recent launch of a coordinated debt restructuring programme for the bilateral creditors of Sri Lanka, with Japan, India and France announcing the start of the process in April; says it is “essential to improve debt data transparency and accuracy to prevent future debt crises.”

02. Health Minister Keheliya Rambukwella takes swift action to combat the spread of dengue in several parts of the island: 31,098 cases reported this year alone, situation said to be critical and requires urgent attention: Gampaha district reports the highest number of cases (6,953), followed by Colombo (6,500).

03. Two Covid-19 related deaths reported from the Kinigama and Akbar Town Grama Niladhari Divisions of the Mahara Grama Niladhari Division: First two deaths in the area after one and a half years since the pandemic: One of the deceased said to have not received any dose of the vaccines, while the other only one dose: The death toll mounts to 16,844.

04. Adverse weather conditions affect at least 9,000 individuals belonging to 2,000 families in 11 districts across the island: The Disaster Management Centre says steps taken to evacuate residents from the flood-affected areas of Katana, Rubber Watta and Gomaswatta in the Gampaha district.

05. Police bust a large-scale racket of stealing and selling oxygen cylinders from the Polonnaruwa General Hospital: 06 suspects arrested, including a hospital employee: Racket said to be in operation since 2020: 210 government-owned oxygen cylinders stolen in this manner: Suspects to be produced before the Polonnaruwa Magistrate Court: Further investigations conducted.

06. Sri Lanka included among 13 of the safest countries to travel in 2023 by ‘Worldpackers’, a global website that connects travellers with hosts, all over the globe, who need help with things like housekeeping, bartending, and farming: Tourism Minister Harin Fernando says delighted to see only Sri Lanka and Japan are included in the list from Asia.

07. Tourism Minister Harin Fernando says Sri Lanka is expecting to attract 2 million visitors from India this year; reveals in the first three months of 2023, Sri Lanka welcomed 46,432 Indian tourists; asserts around US$ 530 million earned in the 1Q of 2023, compared to US$ 482.3 million in the same period last year; stresses the aim is to generate a total of US$ 3 billion in tourism revenue this year.

08. The Indian Marine Police say ten more refugees, including three children and four women from Mullativu reached India’s Dhanushkodi islet on a vessel: Preliminary inquiries reveal that the ten people had decided to leave Sri Lanka following the economic crisis, and the prices of essential goods touching new highs: Refugees reported to have lamented that they were not getting jobs regularly to survive.

09. President Ranil Wickremesinghe during the gathering of the Commonwealth leaders convened in London emphasises the importance of the Commonwealth playing ‘a more significant role’ in supporting education reforms that encourage youth involvement and bolstering connectivity through digitisation.

10. Former Indian Captain MS Dhoni says Sri Lankan fast bowler Matheesha Pathirana should not play Test Cricket instead focus on shorter version of the game; stresses Pathirana is ‘a great asset’ for Sri Lanka and therefore, “should play less ODIs and all the ICC tournaments”: Pathirana took 3/15 runs in his 4 overs in Chennai Super Kings comfortable win against Mumbai Indians.

Yesterday (05), a meeting of the Commonwealth of Nations’ heads of state was held in London, with the presence of King Charles III and President Ranil Wickremesinghe. The event saw President Wickremesinghe extending his congratulations to King Charles III and engaging in a friendly conversation. Notably, Prof. Maithrie Wickramasinghe was also present at the gathering.

During the meeting, President Wickremesinghe emphasized the importance of the Commonwealth playing a more significant role in supporting education reforms that encourage youth involvement. He also called on the Commonwealth to strengthen connectivity through digitization.

Additionally, President Wickremesinghe held a bilateral meeting with H.E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, to discuss ways to reinforce ties between their countries.

Meanwhile, Prof. Wickramasinghe participated in the Fireside Chat program, which ran alongside the Leaders Meeting. This program offered a platform for discussions on various topics and issues related to the Commonwealth and its members.

The Sri Lanka Air Force Academy in China Bay is set to receive a brand new auditorium, courtesy of a grant from the Indian Air Force. The foundation stone for the construction of this new facility was jointly laid on Thursday (4) by Air Chief Marshal Vivek Ram Chaudhari, the Chief of the Air Staff of the Indian Air Force, and Commander of the Sri Lanka Air Force Air Marshal Sudarshana Pathirana.

Located inside the academy next to the gymnasium, the new auditorium is set to accommodate up to 700 people, with 565 seats in the main hall and 135 on the balcony. The construction period is intended to take six months.

The new facilities will be fully air-conditioned and consist of a stage with sound and lighting, a control room, VIP room with washroom, ticketing and information office, dressing rooms for males and females, separate washrooms for males and females, and landscaped premises with parking space.

The new auditorium will benefit all trainees at the Academy, including Student Officers of Junior Command and Staff College, Officer Cadets in the Ground Training Wing and NCOs of Non-Commissioned Officers Management School.

The ceremony, which was attended by a cross-section of officers and airmen representing the Sri Lanka Air Force, as well as other Indian Air Force visiting dignitaries, was a memorable occasion blessed by representatives from multiple religions. President of the Indian Air Force Wives Welfare Association Neeta Chaudhari and Chairperson SLAF Seva Vanitha Unit Charmini Pathirana were also in attendance.

Sri Lanka government is going all out to regularise commercial banks and strengthen state owned banks by introducing new banking act soon   

The IMF in its staff report released in March 2022 said the finalisation and adoption of the new Banking Act should help achieve required goals. 

An entirely new Banking Act is to be passed by the Cabinet in June 2023 and approved by Parliament in December 2023 as IMF structural benchmarks

The Cabinet of Ministers at its meeting on Tuesday approved the resolution presented by President Ranil Wickremesinghe in his capacity as the Minister of Finance, to publish the Banks (Special Provisions) Bill in the Government gazette and table it in Parliament for its approval.

The move follows the Attorney General clearing the bill prepared by the legal draftsman. The proposed bill is expected to supplement the existing Banking Act No. 30 of 1988. 

The new legislation once enacted will strengthen the Central Bank’s crisis management powers ensure that the state-owned banks meet the same regulatory requirements as private banks, including on large exposures, related party lending, and governance.

The regulatory and governance framework for state-owned banks will also be strengthened. The Banking Act will ensure that the state-owned banks meet the same regulatory requirements as private banks, including on large exposures, related party lending, and governance.

The Act will include binding time-bound transition periods for the reduction of existing large exposures to SOEs. In parallel with broader reforms to SOE governance, the framework for appointment of directors and senior managers for state-owned Licensed Commercial Banks.

Licensed Specialized banks will be changed to ensure that nominees are independent, have clear periods of appointment, and possess appropriate professional experience. 

Clear mandates will be defined to ensure that state-owned banks are run at arm’s length and lend to SOEs on a commercial basis.

They will be supervised by the CBSL and within standard prudential requirements as defined by the Banking Act, including for concentration risk, foreign currency lending, and the suitability and independence of board members and senior executives. New nomination and appointment processes will be defined for directors and management.

Accounting for more than 70 percent of domestically-owned bank assets as of end-June 2022, including the two largest state-owned banks and the three largest private sector banks, based on a Terms of Reference to be agreed with IMF staff.

It has been defined to ensure that state-owned banks are run at arm’s length and lend to SOEs on a commercial basis.

Reinforcing its commitment to the nation, Unilever Sri Lanka, has embarked on a journey to localise the production of its malted food drink brands with the commencement of the construction of its first Malted Beverage Plant at the Lanka Industrial Estate Limited (LINDEL) zone in Sapugaskanda. 

Unilever at present manufactures 97% of all its products in Sri Lanka at its manufacturing facility in Horana and local third-party manufacturing sites and the latest venture will enhance its locally manufactured portfolio further. 

This will come in the form of an investment of Rs. 4 billion and will manufacture Viva and Horlicks, as part of its journey of nourishing a million Sri Lankan lives.

Adapting state-of-the-art technology, the plant is equipped with Vacuum Bran Dryer technology which helps ensure the quality and consistency of products. 

This ensures a sustainable supply of high-quality Viva and Horlicks products, enriched with the goodness of malt and barley to enable Sri Lankan families to start their day with the energy required to keep them active throughout the day. 

The foundation stone ceremony saw the participation of Unilever Sri Lanka Chairperson and Managing Director Hajar Alafifi, BOI Director General Renuka Weerakoon and District Secretary of Gampaha Darshana Pandikorala. 

Over the past 85 years, Unilever has been deeply rooted in Sri Lankan society, curating a landscape that preserves and nurtures the true Sri Lankan way of life.

 It is one of the largest Fast-Moving Consumer Goods (FMCG) companies in the country. The company has invested over Rs. 19.8 Billion in local manufacturing capacity to date. 

State Ministry of Investment Promotion Secretary M. M. Nayeemudeen said: “Unilever’s investment in the new Health Food Drinks plan is a testament to Sri Lanka’s potential as an investment destination. 

This investment not only creates employment opportunities but also strengthens the local economy by reducing the dependence on imports. 

It is commendable that Unilever is not only investing in the country’s growth but also contributing to the nation’s food security through the production of high-quality malted food drink brands. We welcome Unilever’s continued commitment to Sri Lanka, and we look forward to more investments in the future.”   

Board of Investment and Colombo Port City Economic Commission Chairman Dinesh Weerakkody said: “In the midst of economic challenges, it is indeed refreshing to see companies like Unilever supporting the country’s growth and development through meaningful investments. 

Unilever Sri Lanka Chairperson and Managing Director Alafifi said: “Unilever began its  journey in investing behind Sri Lanka’s future 85 years ago. Investing in our new Malted Beverages plant, will not only minimise forex outflow for imported products but also creates over 125 direct employment opportunities and much more indirect employment, to help further stimulate economic growth,he added