Colombo (LNW): The Cabinet has granted approval to enter an agreement with the World Bank to obtain US $ 200 million for welfare benefit, announced Cabinet Spokesman Bandula Gunawardena.
The scheme will be granted in three components, namely US $ 185 million for the ‘Aswesuma’ welfare benefit scheme, US $ 07 million for a pilot project to economically assist selected beneficiaries, and US $ 08 million to strengthen the entire project management and social security system under the project, he said.
The government of Sri Lanka, accordingly, will be signing this new agreement with the WB soon, the Minister added.
Bloomberg: The Sri Lankan rupee has turned into Asia’s worst-performing currency from being the best in the first half of the year, and is poised to extend losses amid headwinds from interest-rate cuts and the loosening of import controls.
The currency has tumbled more than 6% this month as it fell a 14th day on Monday, on track for its longest daily losing streak in almost five years.
That’s a stark reversal from its stellar performance in the first six months of this year when the rupee was Asia’s top performer with a 19% advance.
According to Natixis SA in Hong Kong, the currency may further weaken by 8% by year-end.
Demand for dollars is rising as the crisis-hit nation eases import controls on more goods such as tiles and medical supplies. Sri Lanka cut its benchmark rate for the second consecutive meeting early this month amid faster disinflation, a move that’s also weighed on the currency.
“The trade balance will go more negative and more rate cuts may come as inflation is cooling rapidly,” said Haoxin Mu, an economist at Natixis SA. Mu forecasts a further 8% depreciation in the rupee to about 355 per dollar by the end of the year.
The rupee volatility is due to banks covering positions, central bank Governor Nandalal Weerasinghe said last week.
Businesses should use hedging instruments, avoid basing decisions on the exchange rate and instead use inflation expectations, he said.
Colombo (LNW): A new committee of experts will be appointed to put forward proposals for the restructuring of Sri Lanka Railways.
The suggestion to restructure Sri Lanka Railways was given the green light today (25) by the Cabinet, and the Department of Sri Lanka Railways has been recognised as an institution that needs to be restructured, in order to maintain the service at a precise level by minimising issues, the Department of Government Information said.
The new committee, accordingly, is expected to submit proposals in this regard in view of establishing a more appropriate structure for Sri Lanka Railways in the future.
PMD: President Ranil Wickremesinghe received official information regarding the repair of 175 buses owned by the Sri Lanka Transport Board (SLTB). These buses had been taken out of service due to the lack of spare parts as a result of the country’s import restrictions. Transport Minister Bandula Gunawardena presented the relevant documents to the President.
A project was initiated at the depot level, following the instructions of Minister of Transport, Mr. Bandula Gunawardena, and was funded by the general treasury allocation. The goal was to refurbish 400 out of 852 buses that had been out of service for over three years.
As part of this project, 175 buses were restored to operation at a cost of nearly Rs. 300 million. The repair work was carried out with the involvement of engineers and technicians from the technical department of the Sri Lanka Transport Board.
Out of these 175 buses, 15 will be allocated to the “Sisu Seriya” programme, serving as transportation for school children. The remaining buses will be handed over to respective depots to fulfil passenger transportation needs.
The event was attended by Chairman of Sri Lanka Transport Board, S.M.D.L.K. de Alwis, Chief Executive Officer Mahesh Kulathilaka, Deputy General Manager Panduka Swarnahansa, and Chief Mechanical Engineer Lakshman Pushpakumara.
PMD: The United Nations Resident Coordinator, Marc-André Franche, paid a courtesy call to President Ranil Wickremesinghe yesterday afternoon (24).
During the meeting, Marc-André Franche, the UN Resident Coordinator, engaged in constructive dialogue with President Wickremesinghe on matters of utmost importance for Sri Lanka’s economic stability and growth. Both parties acknowledged the significance of the role the UN could play in assisting Sri Lanka in ensuring equitable debt treatment as Sri Lanka undergoes a restructuring process to overcome financial challenges and foster sustainable development.
President Wickremesinghe took the opportunity to present his administration’s comprehensive development and reconciliation plans for the North and East of Sri Lanka. The proposed plans aim to address long-standing issues, foster regional growth, and promote harmony among communities in these areas. The President emphasised the government’s determination to bring about positive changes that would benefit the lives of people in the region.
The meeting concluded with a mutual commitment to collaborate closely on implementing the discussed initiatives.
Colombo (LNW): The Sri Lankan Rupee continues to depreciate against the US Dollar in comparison to yesterday (24) as revealed by the official exchange rates list issued by the Central Bank of Sri Lanka today (25).
Accordingly, the buying price of the US Dollar has increased to Rs. 323.03 from Rs. 321.10, and the selling price to Rs. 336.16 from Rs. 334.55.
The Sri Lankan Rupee has also depreciated against several other foreign currencies, including Gulf currencies.
Colombo (LNW): The Sri Lankan singing sensation duo “Jaya Sri” will release their brand new song ‘Ruwithe’ this Friday, July 28, 2023 at 5 pm on their official YouTube channel.
The announcement came in after days of speculation on Social Media that the two brothers have wrapped their arms around a new project. From starting a restaurant to becoming diamond cutters, speculations surfaced whether the musical siblings have abandoned the fans to pursue greener pastures.
But Jaya Sri finally came clean on a recent Facebook Live and explained about their new song.
“There are lots of talks, call us Jaya Sri. What is Ruwithe, some asked. Some asked us to reveal ourselves, some said the work is good, and some too spicy. Let me tell you. We let you guess.” Jaya Sri Rohitha said.
“Is it a new song? or have Jaya Sri started a diamond business? Have Jaya Sri started something else, they asked,” he went on. “So, whatever said, we have to say, that we’re going to release a beautiful new song. Ruwithe. Mathuwenna. Mathuwenna means, that if you have talents, polish ’em up and appear yourself. That’s what the song is about.”
Colombo (LNW): Trade union representatives, activists, civil movements and concerned individuals gathered in front of the Colombo Fort Railway Station this (25) afternoon urging the government to put an end to the robbing of the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF) under the guise of debt optimisation, and to scrap the new labour laws allegedly exploiting the workforce.
The protest was organised in a joint effort by trade unions and was attended by a large number of trade union members, activists, civil movements and concerned individuals.
President Ranil Wickremesinghe says the government will be unveiling a new tourist plan called ‘Visit Sri Lanka’ that will be released in the upcoming months; asserts the proposal is in the final stages of development and would be made public as soon as it is complete.
Plantation Industries Minister Ramesh Pathirana says action will be taken to establish an Agriculture and Plantation Research University by merging all institutions connected to the plantation industry and agriculture sector, as per President Ranil Wickremesinghe’s concept; asserts the fundamental draft related to this has already been prepared and it is intended to complete the basic work this year.
The CB says the Finance Ministry issued a new order relaxing certain limitations / suspensions imposed on outward remittances of foreign exchange: adds the move comes in “with a view to assist and maintain the financial system stability by minimising the pressure on the exchange rate and preserving the foreign currency reserve position of the country.”
The AG’s Office tells the Supreme Court that a two-thirds majority in Parliament and a referendum will be required to reconvene the Local Government bodies, were the private MP’s bill tabled by Ruling Party MP Jayantha Ketagoda to be considered; adds the provisions of the Constitution are being violated through certain clauses in the bill in question seeking amendments to the Municipal Ordinances on urban councils and municipal councils.
Sri Lankan-born journalist and the face of BBC One’s News At Six George Alagiah dies at the age 67: Alagiah was diagnosed in 2014 with stage four bowel cancer, which had spread to his liver and lymph nodes.
New Chairman of Sri Lanka Telecom PLC Reyaz Mihular says the recent changes in the company’s Board of Directors had nothing to with the divestment of shares by the Government: adds they as a Director Board have a sole responsibility to ensure SLT-Mobitel is run professionally, and the shareholders, therefore, cannot be expected to be told any conditions for selling shares: asserts the changes made in the company are solely “to ensure that SLT-Mobitel is managed properly following good governance practices.”
Chairman of the National Movement to Protect Consumer Rights Ranjith Vithanage says the swindle of selling palm oil-mixed coconut oil has once again been enthroned due to the Rs. 25 tax imposition on coconut oil, leading to a loss of about US $ 700 million in exports; laments the move is easily paving the way for notorious cooking oil dealers to continue the swindle; urges the government to increase the duty imposed on palm oil as well.
The Horana Magistrate Court warrants the arrest of former Commissioner General of Labour and current Secretary to the Ministry of Labour R.G.A. Wimalaweera in connection with the death of five persons at a chemical waste station of a rubber factory in Horana: Wimalaweera is accused of influencing a former factory inspection engineer to produce false evidence pertaining to the incident as the then Commissioner General of Labour.
Fitch Ratings says the SL government’s debt restructuring plan is likely to reduce investment and liquidity risks for domestic insurers: adds it expects the sparse foreign-currency liquidity in the local banking system to continue to limit insurers’ ability to meet foreign-currency obligations, such as reinsurance payments and claim obligations arising from the small portion of foreign currency-denominated policies.
Sydney Downing Centre District Court questions the “focused” media attention on Sri Lankan Cricketer Dhanushka Gunathilaka’s sexual assault case: Judge Warwick Hunt says he had concerns about potential prejudice after seeing Gunathilaka’s charges on the front page of a newspaper; questions how can the SL Cricketer get a fair trial after all this publicity.
