Colombo (LNW): Former Chairman of the Public Utilities Commission of Sri Lanka (PUCSL) Janaka Ratnayake said he will contest the upcoming Presidential Election.
His comments come in during a briefing yesterday (24) following the motion to oust him from his position as the PUCSL Chief passed in Parliament with a majority of 43 votes.
Ratnayake told media that he has made this decision based on multiple requests made in this regard, adding that he is sure of obtaining the public’s support to contest the upcoming polls.
The ex PUCSL Chief also stressed that he already knew the outcome of the Parliament vote and was prepared for it. Following the dismissal, it will be easy for the authorities to appoint an individual who would be ready to do their bidding, he added.
Colombo (LNW): President Ranil Wickremesinghe today (25) held bilateral discussions with Japan’s Prime Minister Fumio Kishida, during his official visit to Japan.
The two held a cordial discussion and the Sri Lankan President expressed his appreciation for the support extended by the Japanese government to Sri Lanka for its economic recovery process, according to the President’s Media Division.
President Wickremesinghe also met with Japan’s former Premier Yoshihide Suga and invited Japanese investments to Sri Lanka whilst outlining the island nation’s path to economic recovery.
The President also attended a breakfast meeting hosted by former Japanese Prime Minister Yasuo Fukuda and the Japan-Sri Lanka Association in Tokyo this morning.
Colombo (LNW): The remains of Dinesh Schaffter, a renowned businessperson who died under mysterious circumstances, are to be exhumed today (25).
The late businessman’s remains will be exhumed based on a request made to the Court by the Committee of Medical Experts appointed to investigate his death, Police Spokesperson SSP Nihal Thalduwa said.
Subsequent to the exhuming of Schaffter’s remains, Police security has been provided around his grave at the Borella Public Cemetery.
On December 15, 2022, Schaffter was found with his hand tied and strangled inside his own car near the Borella Public Cemetery and was pronounced dead after being hospitalised.
The Homicide and Organised Crimes Division of the Criminal Investigation Department (CID) is conducting investigations into the death of Schaffter.
Colombo (LNW): Showers or thundershowers will occur at a few places in Eastern and Uva provinces during the evening or night, announced the Department of Meteorology in its daily weather forecast today (25).
Coastal areas of western province and coastal areas of Galle and Matara districts may receive a few showers during the morning, it added.
General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Condition of Rain: Showers will occur at a few places in the sea areas off the coast extending from Colombo to Matara via Galle.
Winds: Winds will be south-westerly over sea area around the island and speed will be (20-30) kmph. Wind speed may increase up to (40-45) kmph at times in the sea areasoff the coast extending from Puttalam to Kankasanthurai via Mannar and Matara to Pottuvil via Hambantota.
State of Sea: The sea areas off the coast extending from Puttalam to Kankasanthurai via Mannar and Matara to Pottuvil via Hambantota will be rough at times. The other sea area around the island will be moderate.
Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
SL High Commission in Canada objects to the erection of a monument to commemorate “Genocide of Tamil civilians in SL during the War”: ground-breaking for the construction in the municipal area of Brampton in the greater Toronto area took place recently.
Parliament passes the motion to remove the Chairman of the Public Utilities Commission Janaka Ratnayake with 123 voting for and 77 against.
Indian HC in SL says media reports suggesting the Indian Govt has demanded compensation damages from Sri Lanka for assistance provided during the fire incidents onboard MT New Diamond & MV X-Press Pearl in September 2020 & May-June 2021 are completely false.
Attorney General informs Supreme Court that the CID has already begun investigations into Pastor Jerome Fernando’s demeaning remarks on other religions, when the FR petition filed by Ven. Elle Gunawansa Thera & several others was taken up before Courts.
Tourist Hotels Association President M. Shanthikumar says the hotel sector has not been able to get higher revenues despite the improvement in international visitors as the rates are down because everyone is undercutting: laments a room at a star class hotel can be got for about Rs.25,000 per night, and therefore the smaller hotels are pushed to cut rates to get bookings.
Heavily indebted Sri Lankan Airlines says it will engage with holders of USD 175 million (Rs 53.3 bn), 7% fixed coupon int’l bonds on which it did not pay interest in December 2022.
SJB economic guru and MP Harsha de Silva says they can’t allow the Govt to jeopardize the interests of EPF members in its debt re-structuring exercise: however, Silva was at the forefront of seeking an IMF programme which was obviously going to lead to a local debt restructuring.
Lanka Sathosa reduces prices of 6 items; milk powder (400g) reduced by Rs.50 to Rs.1030; dried Chilli by Rs.45 to Rs.1350 per kg; Red lentils by Rs.10 to Rs.325; Soya Meat by Rs.10 to Rs.660; big onions by Rs.6 to Rs.129; Sugar by Rs.4 to Rs.239.
Acting Finance Minister Ranjith Siyambalapitiya says the Govt has no intention to bring down liquor prices in the near future: admits that following tax increases, the excise revenue has come down by 7.4% which has resulted in a drop in the projected excise revenue by 30%.
SL Cricket’s pace-spin combination of Matheesha Pathirana and Maheesh Theekshana share 4 wickets between them as Chennai Super Kings (CSK) defeat Gujarat Titans by 15 runs in the IPL Qualifier-1 match played at the M A Chidambaram Stadium in Chennai: mystery spinner Theekshana captures 2 for 28 while slinger Pathirana picks up 2 for 37 as Gujarat were bowled out for 157, for the first time in IPL history.
Colombo (LNW): The economic crisis has placed Sri Lanka among the 20 poorest countries in Asia. A report published on International Insider information group noted.
Ur added that while Sri Lanka is classified as a developing country, it is currently facing an economic crisis characterized by the devaluation of its currency, increasing inflation, and a humanitarian emergency caused by a severe scarcity of essential goods.
The report said that Sri Lanka is one of the poorest Asian countries based on GDP per capita as of 2021.
To determine the poorest countries in Asia, the report analyzed data from Credit Suisse’s Global Wealth Databook 2022.
The database indicates the GDP per Adult in 2021. GDP per adult helps identify countries with lower average income levels, indicating that individuals in those countries may have limited financial resources.
It has selected the 20 poorest countries in Asia based on this metric, ranking the list in descending order of GDP per adult.
However, poverty encompasses multiple dimensions, including access to basic needs such as food, clean water, healthcare, education, housing, and social services.
To gain a more comprehensive understanding of poverty in a country, it is essential to consider multiple indicators and measures. These aspects are not directly captured by GDP per adult.
Sri Lanka GDP Per Adult in 2021 was US 5,555 and It is one of the poorest Asian countries based on GDP per capita.
Although classified as a developing country, it is currently facing an economic crisis characterized by the devaluation of its currency, increasing inflation, and a humanitarian emergency caused by a severe scarcity of essential goods.
Among the other 20 countries in the bracket of poorest Asian countries are Mongolia, Armenia. Philippines. Bhutan, Laos. Vietnam, Timor-Leste. Bangladesh Uzbekistan.Cambodia. Pakistan, Kyrgyzstan, Yemen,and Myanmar etc.
Colombo (LNW): Upon completion of their mission to Sri Lanka, the International Monetary Fund (IMF) team has recognized the strong policy efforts of the Sri Lanka government towards the improvement of macroeconomic situation
Macroeconomic situation is showing tentative signs of improvement, with inflation moderating, the exchange rate stabilizing, and the Central Bank rebuilding reserves buffers.
Despite these advancements, however, they highlighted that the overall macroeconomic and policy environment remains challenging.
They welcomed the authorities’ ongoing efforts in meeting key commitments under the Fund supported program.
Performance under the program will be formally assessed in the context of the first review of the Extended Fund Facility arrangement, which is expected to be undertaken in September 2023”, the statement further read
The International Monetary Fund (IMF) team says that keeping up the economic reform momentum and ensuring timely implementation of the IMF-supported programme’s commitments are key for Sri Lanka to emerge from the economic crisis.
The mission discussed recent economic developments and the implementation of the IMF-supported programme, including additional fiscal efforts that will be critical to ensure successful revenue mobilization for Sri Lanka, and the debt restructuring process, not excluding the ongoing discussions with both foreign and domestic creditors.
Issuing a statement following their visit, the IMF team said, “Achieving timely restructuring agreements with creditors in line with the program targets by the time of the first review is essential to restoring debt sustainability.
Keeping up the reform momentum and ensuring timely implementation of program commitments, including to ensure central bank independence, improve governance, and protect the vulnerable, are key for Sri Lanka to emerge from the economic crisis”.
An IMF mission led by Messrs. Peter Breuer and Masahiro Nozaki conducted a staff visit to Colombo from 11 to 23 May.
During their visit, the IMF staff team met with President and Minister of Finance Ranil Wickremesinghe, Governor Weerasinghe, Secretary to the Treasury Siriwardana, senior government officials, members of the opposition parties, CSOs, think tanks, trade unions, the private sector, and development partners.
“We would like to thank the authorities for the open and collaborative discussions and look forward to our continued close engagement”, the statement concluded.
The International Monetary Fund (IMF) has acknowledged that the current situation in Sri Lanka represents a combination of both an economic and humanitarian crisis, distinguishing it from previous challenges faced by the island nation. In an exclusive interview with News 1st on its Newsline program, Sarwat Jahan, the Resident Representative of the IMF in Sri Lanka, emphasized the gravity of the crisis and the need for concerted efforts to restore the country to its growth potential.
Jahan stated, “Sri Lanka has never faced debt sustainability issues before. This is the first time that Sri Lanka has announced a moratorium on its debt service. The situation is actually quite grave, and it is going to take quite a bit of effort from all stakeholders to bring Sri Lanka back to its growth potential.”
Earlier this year, the IMF approved a $3 billion bailout package for Sri Lanka, providing a pathway for the country to restructure its debt and facilitate economic recovery by 2024. This decision allows for the immediate disbursement of a $333 million loan over a span of four years.
Acknowledging the depth of the crisis, Jahan emphasized the importance of collective recognition and participation in the recovery process. He stressed the necessity for comprehensive reforms, including tax reforms, state-owned enterprise (SOE) reforms, and structural reforms aimed at strengthening institutions to prevent the recurrence of such a dire situation in the future.
Colombo (LNW): Sri Lanka’s participation in the Arabian Travel Market ,the largest annual professional and official exhibition for the Tourism market in the Middle East recently provides global exposure and business and travel opportunities for the tourism sector.
The Arabian market is important for Sri Lanka as it brings a large number of tourists to the country.
This was the 30th edition of the Arabian Travel Market (ATM) held on 1st May to 4th May 2023 in Dubai, UAE. Sri Lanka Tourism participated at this milestone event with 50 participants from the travel trade.
The travel fair was held at the Dubai World Trade Center ( DWTC) in line with the theme of ‘’Working Towards Net Zero”. This is the largest tourism event which provides global exposure, business & travel opportunities for the tourism sector in the Middle East.
This year there were 50 stakeholders attending ATM representing the travel industry. Sri Lanka Tourism Promotion Bureau (SLTPB) has been participating at this event since 2003 along with the members of the travel and tourism industry in Sri Lanka.
It is one of the most crucial and leading trade fairs included in Sri Lanka Tourism’s promotional schedule. The SLTPB has been an active participant each year, displaying a new variety of promotional material each year.
The colorful Sri Lanka pavilion was included with rich cultural heritage, pristine beaches, stunning landscapes and abundance of wildlife. A large number of participants were seen at the Sri Lanka pavilion, having an amazing experience going through the promotional products it had to offer.
SLTPB & Emirates renewed its commitment in promoting tourism in Sri Lanka through an agreement that includes indicators designed to promote and play a major role in reviving the tourism and trade sectors in the country.
Ms. K.P.P Siriwardena, Managing Director of SLTPB signed the MOU representing Sri Lanka Tourism, while Mr. Ahmed Khoory Senior Vice President, Commercial Operations West Asia &Indian Ocean, signed representing Emirates.
ATM created an excellent platform for Sri Lanka Tourism to showcase its tourism products and the many travel opportunities it has to offer, plus creating a new partnership with travel professionals and business stake holders in the Middle East region.
Speaking at the press conference in the presence of a large gathering of international media, the Minister of Tourism Harin Fernando, highlighted the country’s effort to enhance its infrastructure and promote sustainable tourism.
Up to 14th of May 2023, overall tourist arrivals have been recorded as 477,277. Tourist arrivals from the Middle Eastern region have been relatively low, but with promotional trade events such as the ATM and connecting with Middle Eastern counterparts can be very productive in the long run.
The Sri Lankan Parliament witnessed a crucial session this morning as the debate on the parliamentary motion to remove Janaka Ratnayake from his post as the Chairman of the Public Utilities Commission of Sri Lanka (PUCSL) commenced. The date for the debate was set by the Committee on Parliamentary Business, chaired by Speaker Mahinda Yapa Abeywardena, and is scheduled to take place from 10:30 am to 5:00 pm today.
The motion against Janaka Ratnayake has been presented under Section 7 of the Public Utilities Commission of Sri Lanka Act. The debate arises following a series of disagreements between Ratnayake and Minister of Power and Energy Kanchana Wijesekera, encompassing various issues such as electricity tariff revisions and the duration of power cuts.
Expressing his disapproval of the proposal to oust him, Janaka Ratnayake addressed the media on the eve of the parliamentary debate (May 23) and asserted that the debate was politically motivated. He accused the government of attempting to undermine the autonomy of independent commissions, expressing concerns over potential interference in their functioning.
