1. Public Utilities Commission approves power tariff increase of a staggering 18% for domestic consumers: users above 180 units to pay Rs.89 per unit: hotels & industry rates hiked by 11%: this is the 3rd massive increase in Power rates in about 1 year.
   
2. Speaker Mahinda Yapa Abeywardene condemns conduct of Justice Minister Wijeyadasa Rajapakshe & SLPP MP Mahindananda Aluthgamage who had promoted “mob aggression” against Constitutional Council members: says calling on the public to surround the residences of CC members and agreeing to join such actions was unconscionable & unethical: warns Parliament will not tolerate such behaviour: also says the Justice Minister’s attempt to belittle the CC reflects poorly on his position.
   
3. IMF Staff Mission says it has taken note of a “tentative agreement” between SL & Exim Bank of China: previously, Treasury Secretary Mahinda Siriwardene had hailed the same agreement as a “landmark agreement” while CB Governor Nandalal Weerasinghe had urged the Chinese authorities to disclose its details: IMF Mission also says SL is the first country in Asia to publish the “Governance Diagnostic Report”.
   
4. IMF Mission says sustaining the reform momentum is of paramount importance to steer the economy towards a sustained recovery & to foster stable, inclusive economic growth: welcomes authorities’ commitment to increase tax revenue, strengthening tax administration & eliminating tax evasion: asserts it is crucial to maintain “cost-recovery” in electricity pricing.
   
5. IMF to provide “technical assistance” to SL for the introduction of a “Property Tax” that will likely come to effect in 2025 as a key source of additional income: analysts say such a tax could take the form of Wealth tax, Gifts tax, and Inheritance tax.
   
6. State Minister Diana Gamage admitted to the Sri Jayawardenepura Hospital pertaining to an alleged assault by SJB MP Sujith Sanjaya Perera: Speaker says a Committee has been appointed under the Deputy Speaker to inquire into “the incident that is alleged to have taken place between State Minister Diana Gamage and SJB MP Sujith Sanjaya Perera”.
   
7. Pravir Samarasinghe, Group CEO of the Havelock City Development says its newest state-of-the-art Shopping Mall built at a cost of USD 130 mn & spanning over 200,000 square feet, has been officially opened in Colombo 5.
   
8. Increase in dengue cases reported, as compared to the previous month: by 18th October’23, 66,368 cases reported for the year: highest number of cases from the Colombo district.
   
9. Some SLPP MPs who joined hands with the Opposition plead with the SLPP Party hierarchy not to proceed with disciplinary action against them: this situation is following the Supreme Court ruling that led to the loss of the parliamentary seat of former Minister Naseer Ahmad.
   
10. The Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis states that nearly 200 Govt-owned businesses and institutions have not submitted their annual reports to the Parliament in the past 2 years: orders the Dept of Public Enterprises to take steps to submit the annual reports of those institutions to Parliament before the 30th October’23.

Colombo (LNW): Prominent Sri Lankan traditional dancer, Kalasuri Vishwakala Keerthi Rajini Selvanayagam, passed away on Friday (20).

She was a distinguished dance instructor who devoted her life to preserving and promoting distinctive Sri Lankan dance forms.

In 1975, she established her dance school, “Chamara Kala Nikethanaya”, with a vision to foster a society rich in culture, tradition, and customs via dance.

Information regarding her funeral arrangements will be provided in due course.

Colombo (LNW): Lalith Kotelawala, former chair of Ceylinco Consolidated and founding Chairman of Seylan Bank, has passed away while receiving treatment at a private hospital in Colombo.

He was 84 years old at the time of his demise.

Colombo (LNW): The officer in charge (OIC) of the Eheliyagoda Police station was discovered dead with gunshot wounds within his residence.

“An inquiry is underway to ascertain if it was suicide or a homicide,” the Police Spokesperson said in a statement.

Colombo (LNW): There is an urgent requirement for inventive, outside-the-box approaches in the engineering and technological fields, emphasised Prime Minister Dinesh Gunawardena, attending the Techno 2023 – Engineering and Technology Exhibition at the Bandaranaike Memorial International Conference Hall (BMICH) yesterday (20).

The Sri Lankan Premier pointed out that engineers and technologists should not merely stick to the theories within their course curricula but should devise imaginative solutions to the numerous economic challenges the nation faces.

He commended the Institute of Engineers of Sri Lanka (IESL) for staging Techno 2023 under the banner, ‘Engineering for Economic Recovery’, showcasing how engineering technologies can aid the nation in economic rejuvenation.

Their aim to surmount the unprecedented economic turmoil by fostering entrepreneurship, inspiring new business initiatives, generating employment, and enhancing economic growth is commendable.

He recollected supporting the then Minister P. Dayaratna in 1985, during his early days as an MP, to secure parliamentary endorsement of the IESL Bill.

“I commend IESL’s role as a premier professional engineering and technological institution for harnessing Sri Lanka’s diverse engineering prowess in steering our nation towards technological distinction and in enhancing the living standards of our citizenry,” Gunawardena remarked.

Highlighting that the economy has been hit with a downturn, soaring unemployment, inflation, and an escalating trade imbalance, alongside difficulties in debt repayments due to the Covid-19 pandemic and the subsequent global economic slump, the Prime Minister asserted that engineers have a pivotal role.

Engineering solutions can address some major economic challenges, he went on, adding that infrastructure upgrades, for instance, can enhance transport, power production, and telecommunications, thereby promoting trade, enticing foreign investment, and generating employment.

Acting Technology Minister Kanaka Herath called on engineering and tech professionals to offer digital solutions to current obstacles, with the aim of increasing the digital sector’s contribution to GDP from the present Rs 3.8 billion to 5 billion.

He noted that engineering solutions possess the capacity to elevate education and skills, fostering a proficient workforce which can draw in foreign investment, spawn local and international job openings, and stimulate innovation.

Prof. Ranjith Dissanayake, President of the Institution of Engineers, Sri Lanka, Eng. R B M Gunawardena, Deputy Executive Secretary, along with past IESL presidents and members, were in attendance at the Techno 2023 launch.

PMD: State Minister for Finance Shehan Semasinghe stated that the Agreement entered with the IMF and the staff-level agreement reached following the First Review of Sri Lanka’s Extended Fund Facility Arrangement will support to settle arrears owed to multilateral creditors while expediting the debt restructuring process.

The State Minister further said that Sri Lanka is poised to receive the second tranche of US$ 330 million subsequent to the approval of this Staff-Level Agreement by the IMF Executive Board.

State Minister Shehan Semasinghe made these remarks at a press conference held at the Presidential Media Centre (PMC), yesterday (20) under the theme ‘Collective Path to a stable country’.

In his further remarks, Minister Semasinghe elaborated on the journey to reach this pivotal Staff-Level Agreement:

“Last night, we successfully reached the staff-level Agreement, a crucial step in securing the second tranche under our agreement with the IMF through the Extended Fund Facility. Prior to this achievement, a team from the International Monetary Fund conducted an extensive two-week review in Sri Lanka, engaging in detailed discussions on various topics. Given the complexity and scope of the discussions, it was not feasible to reach an agreement instantly.

Subsequently, we continued our deliberations during the annual meeting of the International Monetary Fund and the World Bank, held in Morocco. There, we engaged in in-depth discussions to clarify various aspects. Even then, we found it necessary to seek further clarifications on various matters, leading to continued discussions through online platform once we returned to Sri Lanka. The agreement, as it stands today, is the result of concerted efforts and dialogues involving officials from the International Monetary Fund, the Central Bank, and the Ministry of Finance.”

Despite the favourable position Sri Lanka held with the International Monetary Fund in March 2023, subsequent disruptions and misinterpretations arose in recent weeks. State Minister Semasinghe emphasized, “We categorically stated within and outside of Parliament that there is no reason to fear the approval of the executive committee or the release of the second instalment. As a government, we maintained our confidence.”

The State Minister underscored that the staff-level agreement, marking the completion of the first review of the program with the International Monetary Fund, plays a pivotal role in facilitating the payment of arrears to multilateral creditors and expediting the process of debt restructuring. He reiterated that Sri Lanka is set to receive the second tranche of US$ 330 million following the approval of the IMF’s Executive Board.

Additionally, State Minister Semasinghe acknowledged the leadership and the guidance of President Ranil Wickremesinghe in these endeavours, as well as the contributions of officials, including the Governor of the Central Bank and the Secretary of the Ministry of Finance, in making these achievements possible.

He noted that the Staff-Level Agreement will enable the World Bank, Asian Development Bank, and other multilateral financial institutions to make the remaining payments, further expediting debt restructuring efforts with international partners.

The State Minister expressed optimism that agreements related to debt restructuring may soon be finalized, aligning with the government’s objectives of reducing corruption and increasing transparency. He cited the IMF’s praise for Sri Lanka’s economic progress and noted that this reflects international confidence in the country’s economic prospects.

Colombo (LNW): The Committee on High Posts has granted its approval for the appointments of two new High Commissioners and an Ambassador.

Accordingly, the nomination of Admiral (Retd.) Ravindra Chandrasiri Wijegunaratne as the new High Commissioner of Sri Lanka to the Islamic Republic of Pakistan and that of Admiral (Retd.) Damith Nishantha Sirisoma Ulugetenne as the new High Commissioner of Sri Lanka to the Republic of Cuba have received the nod from the Committee on High Posts.

Furthermore, Air Chief Marshal (Retd.) Sudarshan Karagoda Pathirana has been approved as the new Sri Lankan Ambassador to Nepal by the Committee on High Posts of the Parliament.

The Committee on High Posts convened in Parliament on Thursday (19) with Speaker Mahinda Yapa Abeywardena presiding.

Minister Vidura Wickramanayaka, MPs Thalatha Athukorala, Udaya Gammanpila, and Dr. Sudarshani Fernandopulle attended the session.