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Whether you like him or not, RW has stabilized the country!

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Whether you like him or not, RW has stabilized the country!
  • HSBC report positive
  • says two growth engines: tourism and remittances “are humming now”
    Tourism Minister

    Drives positive moves to cater for new tourism products and landscape. Issues a Twitter notice stating that musical shows can play Fridays and Saturdays till 1 am and on Sundays till 12.30 am subject to reasonable distance kept between religious places and schools. This should have been much earlier.

The country should remember that tourism is crucial . It is prudent to know that during Covid, tourism numbers fell the country didn’t have electricity, Gas and fuel. It is vital for the bureaucrats and governments servants to support in every way to increase tourism numbers. This should be the aragalaya now.

Gone are the days where tourism meant providing accommodation and food, surrounding our beautiful country. Tourist requirements are far more complex now with the young tourist, the millennials spending money and time in a totally different way. There are the digital nomads working from all over the globe and working remotely, specially after Covid.

The protectionist types are up in arms that foreigners are working without working visas / permits. However this is is a small minded theory supported by dinosaurs in the industry and the Jealous types backed by some ignorant media know it all conspiracy theorists.

We have to compete as a country with the other tourism products competing with us. If foreigners don’t come and do temp work, how do we evolve? did we know how to surf before? We need the foreign DJs to come and play so we know those new music genres. We need foreigners to invest and start restaurants so that we know what is in at the moment with other countries. Look at Bali how they cater to the foreigners, beach clubs, restaurants offering the right food. However we have become uncomfortable ? It is this small minded nature that has kept our tourist numbers at bay.

We need to evolve and play the game. If foreigners are working without permits, give it to them and structure a rule where they have to train 10 locals. Our system of stopping the businesses that are doing well for jealousy must stop.

Let us take this HSBC report to heart and know that driven in the right direction we can change . There is no doubt that RW knows what he is doing. Specially on tourism. Let’s give him that at least and thank him for stepping up.

Read Full HSBC Report:

d5df7056b178a68cfaa8e8346ee16598Download

Govt to crackdown on gun violence: Public Security Minister

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Govt to crackdown on gun violence: Public Security Minister

By: Isuru Parakrama

Colombo (LNW): The government is taking stern measures to crackdown violent crimes happening in the Southern and Western Provinces, revealed Public Security Minister Tiran Alles.

The move comes in following reports on a number of incidents involving shooting and other types of crimes in the said provinces.

Accordingly, the Minister has instructed the Police to take immediate actions against such violence, particularly gun violence. Instructions have been given to the Inspector General of Police (IGP) and Senior Police officers to crackdown gun violence in the country.

Meanwhile, a grace period has been granted until July 31, 2023 to surrender unauthorised or unlicenced firearms held in possession, Alles added.

Govt to include Japanese language in school curriculum

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Govt to include Japanese language in school curriculum

By: Isuru Parakrama

Colombo (LNW): The Cabinet has granted special approval to include the Japanese language into the school curriculum, in a move to groom future migrant workers targeting career opportunities in Japan, announced Foreign Employment and Labour Minister Manusha Nanayakkara in Parliament today (22).

Accordingly, measures are being taken together with the Education Ministry to include the Japanese language as a subject from Grade 06 at schools, the Minister revealed.

He added that the government of Sri Lanka has taken various measures with regard to foreign employment, including the launching of a programme to start a pool of 5,000 Japanese language trainees aiming the foreign market.

Water supply to be interrupted for 16 hours in Colombo tomorrow

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Water supply to be interrupted for 16 hours in Colombo tomorrow

By: Isuru Parakrama

Colombo (LNW): Water supply will be interrupted for 16 hours in several parts of Colombo tomorrow (23), announced the National Water Supply and Drainage Board (NWSDB).

Accordingly, water supply will be disrupted from 8 am tomorrow to midnight Saturday (24).

The move will affect Colombo 11, 12, 13, 14 and 15 areas.

Today’s exchange rates at commercial banks

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Today’s exchange rates at commercial banks

By: Isuru Parakrama

Colombo (LNW): The Sri Lankan Rupee indicates further appreciation against the US Dollar as revealed by the exchange rates of a number of leading commercial banks today (21).

This appreciation comes in in comparison to yesterday (21).

Accordingly, People’s Bank reveals the buying price of the US Dollar has dropped to Rs. 298.77 from Rs. 300.71, and the selling price to Rs. 316.44 from Rs. 318.51.

At Commercial Bank, the buying price of the US Dollar has increased to Rs. 297.68 from Rs. 295.70, but the selling price has dropped to Rs. 316 from Rs. 318.

At Sampath Bank, the buying price of the US Dollar remains unchanged at Rs. 298 and the selling price has dropped to Rs. 313 from Rs. 315.

Headline Inflation drops to 22.1 per cent in May

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Headline Inflation drops to 22.1 per cent in May

By: Isuru Parakrama

Colombo (LNW): The headline inflation based on the National Consumer Price Index (NCPI) has dropped to 22.1 per cent in the month of May, 2023, in comparison with the 33.6 per cent recorded in April this year, the Department of Census and Statistics revealed.

Meanwhile, food inflation has dropped to 15.8 per cent in May, 2023 from the 27.1 per cent recorded in the month before, and non-food inflation to 27.6 per cent in May from the 39.0 per cent in April.

Read Full Report: http://www.statistics.gov.lk/WebReleases/NCPI_May_2023

CB’s Medium-term Debt Management Strategy – Utter failure

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CB’s Medium-term Debt Management Strategy – Utter failure

Last night, I saw an interesting document ” Medium-Term Debt Management Strategy (MTDS)” displayed in the CB’s website under Public Debt Management whose link is given below.

https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/20190412_pdd_medium_term_debt_management_strategy_2019_2023.pdf

According to recent response to the media, the CB now operates more transparently than before. In this context, readers will be surprised that how the above document of MTDS is applicable to the current debt management function of the CB.

As the CB will unload this document quietly, readers are invited to peruse it immediately.

A few highlights of the MTDS as presented in the document

  • Singed by RHS Samaratunga, Secretary to the Treasury, and Indrajith Coomarswamy, Governor, CB, on 05 April 2019 valid for 2019-2023. As the document is still in the CB Website, it has been effective until the present time.
  • Developed the Medium-Term Debt Management Strategy (MTDS) with the assistance of the International Monetary Fund and World Bank in 2018, in order to minimize the country’s vulnerability to any domestic and external risks. Foreign exchange and rollover risk were identified as the key debt portfolio risks for Sri Lanka. Therefore, the MTDS is focused on containing the foreign currency debt as a share of total debt, improving the average time to maturity (ATM) of the foreign currency debt portfolio, and limiting the debt maturing in 1 year by end-2023.
  • Providing a plan towards satisfying the financing needs of the Government of Sri Lanka, while reducing the debt level to more sustainable levels over time.
  • Main objectives of ensuring the government’s financing needs are met at the lowest possible cost consistent with a prudent degree of risk, while developing and strengthening the domestic government securities market.
  • Foreign debt as a share of GDP is expected to decline from 45.1 per cent at end 2018 to 38.5 per cent by end 2023 under the MTDS, a drop by 6.6 per cent.
  • The MTDS will be supported by the recently enacted Active Liability Management Act (ALMA).

Present status of debt management

  • All parties including the IMF, World Bank, CB and the Treasury have accepted that public debt stock is not sustainable despite the above plan developed by them.
  • Foreign debt has been defaulted since 12 April 2022.
  • Both domestic debt and foreign debt are now in the process of restructuring causing immense risks the financial systema and real economy.
  • All medium-term debt instruments and markets stated in the plan have been lost.
  • The government is now funded by short-term Treasury bills and monetary financing reached at unsustainable level.

Concluding Remarks

  • This shows the extent of the CB’s transparency and efficiency in public debt management.
  • The present CB Governor as the then Senior Deputy Governor would have involved in the design of this MTDS as it was assisted by the IMF and World Bank.
  • Overall, there is no controversy that the current economic crisis suffered by the general public is the outcome of the gross negligence and failure of the CB in managing the public debt in a sustainable manner. That has caused a failure of the Parliament also in control of public finance under the Constitution.
  • Therefore, an independent inquiry into the CB’s MTDS and debt crisis is necessary if the government wishes to be transparent and accountable to the public.

(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 published. 

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)

Source: Economy Forward

Allegations on medicines will be investigated, if discrepancies identified, action will be taken: Health Minister

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Allegations on medicines will be investigated, if discrepancies identified, action will be taken: Health Minister

Colombo (LNW): Allegations involving medicines imported to Sri Lanka will be investigated and action will be taken, if any discrepancies are identified, assured Health Minister Keheliya Rambukwella, responding to claims on Indian-manufactured drugs being the cause of several incidents of fatalities and vision impairment.

Early local reports raising much controversy claimed that 18 patients who were administered medicines imported from India had developed complications. These cases were reported from the Nuwara Eliya District Hospital. Two women who underwent cesarean and hernia surgery at the Peradeniya Teaching Hospital died, upon developing complications against being administered Indian-manufactured anaesthetic Bupivacaine, more reports claimed.

Responding to the allegations, Rambukwella asserted that he did not import the medicines and an investigation will be carried out.

The Indian-manufactured anaesthetic was imported to Sri Lanka via the emergency purchasing provisions, while the medication provided following eye surgery was imported with a registration, News1st reported.

The National Medicines Regulatory Authority (NMRA) is the pivotal body responsible for regulating medicines imported to Sri Lanka and plays a leading role in protecting and improving public health.

WB to support SL with another US $5.5mn

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WB to support SL with another US $5.5mn

By: Isuru Parakrama

Colombo (LNW): The World Bank is set to provide financial assistance of US $5.5 million to crisis hit Sri Lanka for the streamlining of primary health services in the island nation.

The move comes in following concerns on a report provided to the WB on the operations of primary health services in Sri Lanka.

According to Project Director at the Ministry of Health Dr. Jayasundara Bandara, the Central Bank of Sri Lanka (CBSL) is set to receive the said financial assistance in the next few days.

Another US $3.75 million may receive in the next two months, Dr. Bandara expressed confidence.

Sri Lanka Original Narrative Summary: 22/06

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Sri Lanka Original Narrative Summary: 22/06

01. The Sectoral Oversight Committee on Environment, Natural Resources & Sustainable Development says a total of 23 projects initiated by the Urban Development Authority using public funds are currently suspended: adds 11 have been halted due to issues between the institutions.

02. Agriculture Minister Mahinda Amaraweera says there have been ‘political conspiracies’ attempting to lure farmers away from their lands and cause hardship for the people: asserts despite claims by certain opposition groups that people are suffering from hunger, no one in SL is dying of starvation.

03. The Kandy Magistrate Court issues warrant for the arrest of ex MP Ranjan Ramanayake, in connection with a lawsuit filed by the Kandy Special Crimes Investigation Unit in 2010, involving money swindling amounting to Rs. 01 million: The probe is based on a complaint lodged by a teacher who accuses Ramanayake of swindling money in the promise of marrying her.

04. Prominent international lawyer associations and human rights organisations raise strong concerns about the ongoing trial of Sri Lankan lawyer and human rights defender Hejaaz Hizbullah, highlighting the violations of fair trial rights: The collectives include Lawyers for Lawyers, the Bar Rights Committee, the International Bar Association’s Human Rights Committee (IBAHRI), the International Commission of Jurists (ICJ), the Law Society of England and Wales, Lawyers’ Rights Watch Canada, the International Federation of Human Rights (FIDH), and the World Organisation Against Torture (OMCT)

05. Public Security Minister Tiran Alles issues extraordinary gazette slashing the penalty charges on foreigners overstaying their visa period: New gazette allows foreigners to stay without paying any penalty for a grace period of seven days: After the grace period, $250 charged per day for the next seven days: Anyone overstaying after 14 days since the visa period expired will have to pay a penalty of $500 in addition to visa charges.

06. Headline Inflation based on the NCPI is recorded at 22.1% for May ’23: records a drop from the 33.6% record in April ’23: Food inflation drops to 15.8% in May from the 27.1% recorded in April: Non-food inflation drops to 27.6% in May from the 39.0% recorded in April.

07. Self-crowned ‘Prophet of God’ Pastor Jerome Fernando withdraws writ application filed before the Appeal Court seeking an order preventing Police from arresting him in connection with his controversial sermon, hoping to reserve his rights to file a fresh application.

08. Justice Minister Wijeyadasa Rajapaksa says laws pertaining to divorce will be amended to meet “the needs of modern society”: Concern comes in following reports of extra-marital same-sex relationships leading to sexual bribes in the state sector being raised in Parliament: adds Sri Lankan laws have no provisions for a person to call for a divorce when a person finds out that their spouse has been in a same-sex relationship with others, and therefore, laws pertaining to divorce must be changed.

09. UN’s Deputy Human Rights Chief Nada Al-Nashif slams Sri Lanka over the misuse of ICCPR and urges the international community to use accepted principles of universal and extraterritorial jurisdiction to probe and prosecute alleged perpetrators of human rights abuses in the island.

10. Former national sevens and XV’s player Suhiru Anthony to lead the CR&FC Rugby outfit for the 2023/2024 rugby season, which will kick off later this year: Anthony represented the national XV’s team from 2012 to 2019 while representing Sri Lanka in Sevens rugby from 2012 to 2017.

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