The value of the Sri Lankan rupee against the US dollar has fallen today (10).
Accordingly, according to the Central Bank of Sri Lanka’s exchange rate chart, the buying price of one dollar was 311.62 rupees and the selling price was 328.90 rupees.
During the past week, the price of the dollar changed as follows.
Sri Lanka Podujana Peramuna Member of Parliament Namal Rajapaksa has been appointed as the Chairman of the Sectoral Monitoring Committee on International Relations of the Parliament.
He says in a tweet that it is an honor for him to be appointed to this position.
Colombo (LNW): Sri Lanka has undergone massive economic and man hour loss along with unprecedented social and economic activity disruption hindering the government’s economy building initiatives following the protest demonstrations, strikes and picketing campaigns of trade unions and university students.
They were demanding the reversal of the government revenue enhancing measures, cost of living and unavoidable price hike.
Half a million workers from across Sri Lanka’s public and private sectors joined strikes and protests recently in opposition to the International Monetary Fund measures being imposed by the government.
The measures include a pay as you earn (PAYE) tax on workers’ salaries, increased interest rates on bank loans, cuts in overtime payments, privatisations and tens of thousands of state-sector job cuts.
As a result of these protest campaigns the country has incurred a massive economic loss of billions of rupees and it has lost over 8 million man hours in two days of strike and protest demonstrations.
The damage caused to the public property by demonstrators is still to be assessed, official sources claimed.
According to a government survey, 44,540 public servants out of 148,451 in Sri Lanka’s six provinces walked out on strike on Wednesday.
This included 36 percent in the northwest, 40 percent in north central, 49 percent in the south, 25 percent in central, 21 percent in the east, and 19 percent in Uva.
The survey also revealed widespread participation by government doctors across all provinces.
This included 914 out of 1,322 in the northwest, 434 out of 690 in north central, 1,547 out of 2,472 in the central province, 942 out of 1,339 in the south, 454 out of 1,338 in the east, and 730 out of 918 in Uva.
Those participating included workers from the petroleum, electricity, water supply, port, banking, health care, postal, railway, school and university sectors.
The industrial action, in defiance of President Ranil Wickremesinghe’s strike-breaking Essential Public Services Act, included full- and half-day strikes, sick-leave campaigns, “go slows,” lunch-time pickets and other protests.
In the wake of Sri Lankans about to see a light at the end of the dark tunnel following first sign of purported economic recovery as a result of the unlocking of US $2.9 billion International Monetary Fund (IMF) bailout loan by March 20, the country’s progress is to be disrupted by ongoing strikes and protest campaigns, authorities alleged.
Trade unions and university student unions along with Buddhist priests have intensified their protest campaigns and strikes at work places, soon to be calling in a total ‘lockdown’.
As of March 9-10, labour unions plan to launch a series of strikes in the coming days to protest against the IMF-backed tax regime and other government revenue collection initiatives, in what the authorities claim as “a disruption against the country’s recovery from economic abyss.”
Members of the Federation of University Teachers Association initiated an indefinite strike on March 9. Additional unions will join the action in the coming days till March16, organisers announced.
Widespread disruptions are likely in the impacted sectors from March 13. The impact of the strikes will likely escalate from March 15.
While activists have not announced any plans for demonstrations, strike participants may hold protests in the coming days.
Authorities will likely deploy additional security in and around potential protest sites, including prominent government buildings, public squares, and roadways. Police may disperse crowds if gatherings are interpreted to be ‘disruptive.’
Sri Lanka’s tourism is trying to cater more to visitors from the Middle East countries, with special initiatives already underway, officials and industry players said on Thursday, as they seek to revive the crisis-hit country’s hospitality sector.
Tourism has traditionally been one of the key sources of Sri Lanka’s foreign reserves and in 2018 earned $4.4 billion, contributing 5.6 percent to the gross domestic product. But this dropped to just 0.8 percent in 2020, as the country received a major blow when the outbreak of COVID-19 halted global travel.
To rebound from the pandemic, Sri Lanka declared 2022 the “Visit Sri Lanka Year” to prioritize the tourism industry in general, but as the country sank deeper into its worst economic crisis in history, it began to realign its strategies and identified the Middle East among its top potential markets, pinning hopes on Gulf Cooperation Council countries, and especially Saudi Arabia.
“The Arabian market is a key market segment in Sri Lanka tourism,” Madubhani Perera, marketing director at the Sri Lanka Tourism Promotion Bureau, told Arab News.
She said it was of paramount importance now to build up confidence among visitors from the region so that they would feel culturally comfortable in Sri Lanka and, as industry players are trying to tap into the market, all future promotion campaigns should focus on “safety and respect for their culture.”
Saudi Arabia’s Ambassador to Colombo Khalid Hamoud Nasser Al-Dasan Al-Qahtani has also recognized Sri Lanka’s potential in appealing to Arab visitors, provided their comfort in traveling is taken care of.
“Sri Lanka is an ideal destination for tourists from the Kingdom…To make it more attractive, there must be an Arab-friendly environment,” he added.
One such initiative to boost the country’s popularity among travelers from the Gulf is now spearheaded by Sri Lankan hospitality veteran Fazal Mohammed, CEO of Al-Araf Hotels and Resorts, who has worked for 30 years in the Saudi hospitality sector, serving in managerial positions in brands such as Fairmont and Raffles in Makkah and Al-Faisaliah Hotel — one of the finest five-star hotels in Riyadh.
Mohammed’s most recent project is Horton Heights, a super luxury hotel located in the scenic hill city of Nuwara Eliya in Sri Lanka’s Central Province, which is expected to open its doors to guests this winter.
“The project is designed for high-end tourists and looks to cater to leisure travelers from the Middle East region,” Mohammed told Arab News, adding that it is designed to appeal to leisure travelers from the Middle East, with staff proficient in the Arabic language, high levels of privacy and fine dining experiences.
“Emphasis is also taken to allow the Middle Eastern traveler to enjoy his or her holiday in the island nation and ensure his daily lifestyle and habits are not disrupted,” he said. This means that “rooms and facilities will be made available to carry on daily prayers,” and halal food options will be available.
The International Monetary Fund’s (IMF) eivident endorsement of Sri Lanka’s reforms and debt restructuring program is set to unlock funding of about 220 billion yen (US $1.6 billion) for projects suspended by Japan, official sources said
This was an immediate response to Prime Minister Dinesh Gunawardena’s appeal to Japan International Cooperation Agency (JAICA) to recommence all the ongoing projects that are temporarily halted due to fiscal issues.
According to the Prime Minister’s Office, he made this request when JAICA Director General for South Asia, Ito Teruyuki called on him recently
Teruyuki has assured the Prime Minister that JAICA projects would be resumed no sooner after the debt restructuring programme is finalised with the IMF, the PM’s office stated.
US$ 2.5 billion worth of 12 JAICA projects have been temporarily halted due to the fiscal crisis. JAICA delegation expressed satisfaction over the progress in debt restructuring plans, in which Japan also played a major role.
The Prime Minister thanked JAICA Director General for the continuous assistance provided to Sri Lanka for several decades for water treatment, sewerage, sanitation and solid waste treatment projects in several cities and towns.
He also requested JAICA to provide assistance in new areas such as renewable energy and electrification of public transport and railways.
Prime Minister Gunawardena also briefed the JAICA delegation about the steps taken to improve transparency and accountability in project implementation by enacting required legislation as recommended by the Committee appointed by the President.
He added that a Budget Act would be passed to ensure the continuation of nationally important projects and policies despite changes of governments in power.
IMF board approval, when it arrives, should help convince the Japanese government to restart several projects that are in different stages of completion, officials said
The projects involve a 74 billion yen upgrade to the South Asian island’s main international airport, and others including energy, water supply, rural infrastructure and waste management, they added.
Cabinet spokesman Bandula Gunawardana told reporters in Colombo Wednesday that Sri Lanka is expecting a restart of suspended loans, including from JICA. A spokesperson for JICA in Tokyo confirmed the importance of IMF decisions, while declining to elaborate on their effects on Japanese projects in Sri Lanka.
Resumption of JICA funding will help bolster development financing for the crisis-ridden nation that is looking to turn a corner from its worst economic crisis.
While countries such as India continued financing big infrastructure projects despite Sri Lanka defaulting on its overseas debt last year, Japan halted funding, and provided only humanitarian support.
The IMF said this week that its board will vote on the $2.9 billion bailout on March 20. The approval could also pave the way for financing from other creditors, including the Japan International Cooperation Agency, World Bank and the Asian Development Bank.
Sri Lanka in Talks With ADB, World Bank for Post-IMF Financing.Sri Lanka may have to sign new agreements, with revised timelines for the loans, officials said, without giving further details.
The Government of Japan has contributed an additional US$6.6 million to the United Nations World Food Programme (WFP) to provide critical food and nutrition assistance to over one million Sri Lankans.
Through this funding, WFP will provide families with food baskets containing rice, pulses and cooking oil, to meet half their monthly food needs for a period of two months.
The donation will also be used to procure maize and soybean for the production of Thriposha, a fortified food product, for a period of four months, which will be supplied to pregnant and breastfeeding mothers and young children at risk of malnutrition.
H.E. Mizukoshi Hideaki, Ambassador of Japan to Sri Lanka said, “We are pleased to announce that the Government of Japan has decided to provide additional humanitarian support to Sri Lanka in this critical moment.
Food aid through WFP by the Government of Japan has reached a total of USD10 million since the economic crisis began last year. This support is being used to provide essential food and nutrition to communities across the nation.”
WFP’s latest surveys indicate that food insecurity is still at a concerningly high level. Seven in every 10 households are adopting negative coping strategies such as cutting back on nutritious food like protein and dairy or skipping meals altogether.
“Our biggest concern is for the women and children who are among those affected by the impacts of the economic crisis,” said Abdur Rahim Siddiqui, Representative and Country Director of WFP Sri Lanka.
He added “We are grateful for the continuous support from the Government of Japan which enables us to scale up our efforts so that vulnerable communities receive the food and nutrition they need.”
Japan has been a long-standing donor to the Government of Sri Lanka and WFP for over a decade, providing critical assistance in emergencies, while supporting longer-term recovery and development efforts to strengthen food and nutrition security in the country.
Japan’s latest funding is an extension of its support to the people of Sri Lanka to help safeguard communities affected by the economic crisis.
WFP has reached over two million people since commencing its emergency operation in June last year and is moving closer to its target of reaching 3.4 million people with food and nutrition assistance.
ISLF was established on 28 December 1998 by a Memorandum of Understanding signed between the Governments of India and Sri Lanka, with the objective of fostering Indo-Sri Lanka relations through the enhancement of economic, scientific, educational, technical, and cultural cooperation and the promotion of greater understanding between the peoples of the two countries.
The Foundation receives project proposals in the areas of art & culture, education, agriculture, research, science & technology, health, social works, developmental studies and tourism.The Foundation has supported more than 580 projects till date. The projects implemented so far with support of the Foundation compliment the initiatives by the Governments of the two countries in strengthening the bilateral relationship and people – to – people ties.This year, the Foundation received 98 project proposals from applicants in Sri Lanka and India for consideration of the Board of Directors for the support. The proposals approved for support will be implemented in the months to come.
Colombo
09 March 2023
In order to investigate the matters raised by the special audit report on the functioning of the Central Cultural Fund and to examine the progress of the implementation of recommendations given by COPE, a committee meeting was held March (07) under the chairmanship of Hon. (Prof.) Ranjith Bandara.
The Internal Inquiry Committee appointed by the Secretary to the Ministry to investigate the matters raised in the said Special Audit Report for the purpose of reporting to COPE was discussed at length.
Furthermore, in the last meeting, there was a discussion at length about holding the meetings of the governing council of the Central Cultural Fund and whether the funds have been properly spent, and the committee members had agreed to discuss the validity of the 209 th meeting of the governing council in this meeting.
Accordingly, the Auditor General pointed out that only 07 of the 11 members have agreed to the decisions of the 209 th meeting and 04 including the former Prime Minister have not signed. Stating that there is a discrepancy between the signatures used by the 07 signatories on the signature list of this meeting and the signatures used by them in the previous governing board meetings, the Auditor General pointed out that the decisions of the 209 th governing board meeting have not been adopted in the 210 th meeting.
The Auditor General also stated that the then Prime Minister's Secretary and the current President's Secretary, who were members of the relevant governing body, confirmed that he was not a party to such a meeting.
Accordingly, followed by extensive discussion, the COPE Chair gave the following recommendations to the Secretary to the Ministry of Buddhasasana, Religious and Cultural Affairs.
1. Appointment of a committee headed by a retired court judge to investigate the issues raised by the special audit report of the Central Cultural Fund for the period 2015 – 2019.
2. Dissolution of the singular internal investigation committee for the purpose of reporting to COPE appointed by the Secretary to the Ministry to investigate the matters raised in the said Special Audit Report.
3. To check the validity of the signature list of the 209 th meeting, to refer the list to the Criminal Investigation Department and the Government Inspector.
4. Recall the Central Cultural Fund before the Committee to review the progress of the recommendations made by COPE on the matters raised by the Special Audit Report on the functioning of the Fund.
5. To make the report of the new committee proposed which is to be appointed to investigate the functioning of the Central Cultural Fund and present it before COPE within 03 months.
In addition to this, the committee members focused on the future plans of COPE, and the institutions that should be prioritized. The Chair mentioned that he had already discussed it with the Auditor General. Accordingly, the chair mentioned that investigations will be carried out by sub- committees through a cluster committee system and a system of calling only the institutions with essential and current importance to the main committee will be facilitated.
State Ministers Hon. Janaka Wakkumbura, Hon. Lohan Ratwatte, Hon. Indika Anuruddha Herath, Hon. D. V. Chanaka, Hon. Shantha Bandara Members of Parliament, Anura Priyadarshana Yapa, Hon. Mahindananda Aluthgamage, Hon. Rohitha Abegunawardhana, Hon. Eran Wickramaratne, Hon. Nimal Lanza, Hon. Nalin Bandara Jayamaha, Hon. (Mrs.) Rohini Kumari Wijerathna, Hon. Chaminda Wijesiri, Hon. SM Marikkar, Hon. Sanjeeva Edirimanna, Hon. Jagath Kumara Sumithraarachchi, Hon. (Major) Sudarshana Denipitiya, Hon. Premnath C. Dolawatte, Hon. Upul Mahendra Rajapaksha, Hon. M. Rameshwaran, Hon. Rajika Wickramasinghe, Hon. Madhura Withanage, Hon. (Prof) Charitha Herath were present at the Committee meeting held.
Gold prices have fallen further due to the strengthening of the rupee against the US dollar.
Accordingly, yesterday (09) the price of a pound of 24 carat gold was recorded as 145,000 rupees at the Hetti Weediya gold market in Colombo. At the beginning of this month, it stood at 184,000 rupees.
Also, the price of a pound of 22 carat gold was recorded as 134,000 rupees and at the beginning of this month it was 170,000 rupees.
