In a recent address to the Parliament, State Finance Minister Dr. Ranjith Siyambalapitiya clarified the regulations surrounding the seizure of vehicles by banks and leasing companies due to non-payment of dues. The Minister emphasized that such seizures can only occur with the explicit consent of the current owner of the vehicle.

Addressing concerns related to defaulted installment payments, Minister Siyambalapitiya underscored that vehicles are not subject to seizure under the Parate law. He made these statements during a parliamentary session, shedding light on the intricacies of the Parate law.

Minister Siyambalapitiya elaborated that the power of Parate enables a bank or financial institution to seize property solely if the corresponding loan amount surpasses Rs. 5 million. He stressed the importance of this threshold, which serves as a safeguard against undue property seizures.

Drawing attention to the financial landscape, the State Minister revealed that the percentage of non-performing loans within banks has escalated from 4.8 percent in January 2021 to a concerning 13.4 percent by June 2023. He deemed this situation as highly significant and cautioned against relinquishing Parate powers, as it significantly curtails a bank’s ability to recover debts. Such a reduction in recovery potential heightens the risk of bankruptcy due to the amplified credit risk.

However, Minister Siyambalapitiya clarified that property seizure through Parate powers is pursued as a last resort when other avenues for debt recovery have been exhausted. The banks follow a structured internal process, which may involve measures like loan rescheduling and debt restructuring before resorting to such actions. The Minister emphasized that Parate-driven property seizure primarily targets deliberate loan defaulters and entrepreneurs unable to revive their businesses.

Highlighting recent statistics, Minister Siyambalapitiya revealed that the Parate law had been implemented by 19 banks and financial institutions on 173 occasions between January and June of the current year. These actions were taken in relation to loans amounting to a total of Rs. 15 billion, signifying the significant role of Parate powers in debt recovery efforts.

In conclusion, Minister Siyambalapitiya’s address outlined the careful and measured utilization of Parate powers in seizing property for debt recovery, underlining the importance of striking a balance between creditor rights and borrower protection.

1. Supreme Court dismisses the Fundamental Rights petition which was filed seeking an order against the Govt’s decision to cap the interest rate of the EPF at 9% in line with the Domestic Debt Optimisation (DDO) process, without granting leave to proceed.
2. Former UN Expert on Debt and Human Rights Juan Pablo Bohoslavsky asserts that linking state economic policies in debt restructuring with human rights is important in easing the burden of repayment of the Sri Lankan working class: analysts interpret this statement as a suggestion to provide an across-the-board write off of entrepreneur and personal debts on the same basis as that applied by the Govt to the public debt.
3. Prisons Dept says the country’s prison population had grown rapidly since the start of 2023: asserts there are about 19,000 suspects in remand custody and about 10,000 prisoners, totalling about 29,000, although there is room for only 13,241 inmates within the prison system.
4. Party Leaders decide to hold a single-day debate on Sri Lanka Cricket on August 24 and the debate on the No-Confidence Motion against Minister of Health Keheliya Rambukwella in the first week of September.
5. CEB GM says the family which owns the tea estate through which power cables have to be laid to connect the Southern Province to the main transmission line of the CEB, have given their consent to the move without claiming compensation: also says that as a consequence, the CEB can complete the necessary work within 6 days.
6. Lottery ticket sellers lament that after lottery ticket prices were doubled from Rs.20 to Rs.40 per ticket, the ticket sales have suffered considerably.
7. Vavuniya High Court Judge Manikkavasagar Ilancheliyan sentences Chief Inspector Sugath Roshan Sanjeewa, who served as the Cheddikulam Police OIC at the time, to 6 months imprisonment and suspended it for 7 years, for concealing evidence in a car accident caused by former MP and journalist Sri Ranga: also orders that Rs.500,000 be paid as compensation to the wife of the Police Sergeant who was killed.
8. The SL Embassy in Moscow initiates direct employment opportunities for skilled migrant workers in the Russian Federation, in collaboration with the Foreign Employment Agency: under this initiative, the first group consisting of 58 seamstresses arrive in the Russian Federation.
9. SJB MP Buddhika Pathirana calls for an in-depth research to be conducted on the mythological King Ravana: notes that despite the absence of archaeological evidence, King Ravana holds a revered status as a deity among certain Sri Lankans; asserts that such research could contribute to enhancing public perceptions about the King.
10. One of the best left arm bowlers produced by Sri Lanka, Daya Sahabandu, 83, passes away: he was a medium paceman and the best left-arm leg spinner of his time, and also opened the bowling for Sri Lanka.

Glad to see justice being served for the former Director General of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

We are glad that President’s Counsel (PC) Dilrukshi Dias Wickramasinghe, a former Director General of the CIABOC, and a Deputy Additional Solicitor General of the Attorney General’s (AG) Department, who was under suspension based on an allegation that involved an audio recording, has seen some form of justice, even after some time.

We consider the fact that the Public Service Commission (PSC), which investigated the allegations against Wickramasinghe, has decided to acquit her of the related charges, as an encouragement to the public officials who follow the law according to their conscience.

When considering the allegations levelled against Wickramasinghe, it is reflected that certain insidious forces had built up an unlimited power base in the country in the past. It is also possible to understand how such forces were attempting to deprive the country’s leading Commissions of their independence. It is also a sinful act for such forces to prevent her from being promoted by fabricating allegations.

The decision given in relation to Wickramasinghe can be considered as an opportunity to reaffirm the just operation that people expect from independent commissions, which is truly a progressive situation.

It is the responsibility of every responsible party in the country to ensure that such situations do not happen again in our country. We also emphasise that it is the responsibility of the relevant institutions to serve justice Wickramasinghe, who was subjected to great injustice due to the actions of opportunistic forces.

We kindly request the Speaker of the Parliament and the Chaurman of the Constitutional Council (CC), Mahinda Yapa Abeywardena, and CC members to appoint Commissions that have not yet been appointed.

Karu Jayasuriya
Chairman
National Movement for Social Justice
11.08.2023

Several spells of showers will occur in Western and Sabaragamuwa provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts.

Showers or thundershowers will occur at several places in Eastern, Uva and Northern provinces during the evening or night.

Mainly fair weather will prevail elsewhere over the Island.

General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

A significant protest organized by the “Nirayuda Nirpakshika Aragalaya – People’s Revolution” took place today in front of the Colombo Municipal Council, attracting a considerable gathering of participants. The event marked a powerful expression of public sentiment on various issues.

Notably, former Army Commander and politician Sarath Fonseka was among the participants, adding prominence to the demonstration.

The protesters, representing diverse backgrounds and concerns, gathered to voice their demands and concerns regarding various matters affecting the nation.

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The Badulla Teaching Hospital is facing a critical situation as its outstanding electricity bill has surged to a staggering Rs. 70 million, according to hospital sources.

As a consequence of this significant arrearage, the Ceylon Electricity Board (CEB) took action on Wednesday by disconnecting power to specific sections within the hospital compound. Among the affected areas were the nurses training center, medical officer quarters, and the nursing dormitory, hospital sources confirmed.

Hospital authorities acknowledged the substantial debt owed to the CEB, highlighting the perilous situation. The outstanding amount of approximately Rs. 70 million poses a serious risk, potentially resulting in a complete loss of power across the hospital premises if the financial obligations are not promptly settled. Immediate attention and resolution are essential to ensure the uninterrupted provision of vital healthcare services at the Badulla Teaching Hospital.

Exciting news awaits wildlife enthusiasts as Ridiyagama Safari Park’s Curator, Hemantha Samarasekera, announced that two precious lion cubs, born to lioness ‘Sina,’ will be unveiled to the public starting August 10th. The park has arranged a special limited-time exhibition to coincide with World Lion’s Day, allowing visitors a rare opportunity to witness the young cubs in all their playful glory.

Sina, the nurturing lioness, has proven to be a dedicated mother, having given birth to a total of nine cubs over three separate occasions. This recent addition brings the total count of lion cubs born at Ridiyagama Safari Park to an impressive 18. Notably, the park’s first lion cub, affectionately named ‘Dora,’ captured the hearts of many with its endearing presence.

While these two adorable lion cubs are yet to receive their names, an exciting initiative has been launched. Children and animal enthusiasts alike can participate in naming the cubs by submitting their suggestions through Ridiyagama Safari Park’s official Facebook page. As an added incentive, the park plans to reward several individuals whose proposed names are selected with special gifts.

Prepare to be enchanted by the captivating allure of these young lion cubs as they make their debut at Ridiyagama Safari Park, a heartwarming celebration in honor of the majestic creatures on World Lion’s Day.

Mr. Piyal Nishantha de Silva, the State Minister for Fisheries, highlighted that to materialize President Ranil Wickremesinghe’s vision for 2048, it’s imperative for all to collaborate cohesively.

He expressed these views Agust  (09) during a press conference themed ‘Collective Path to a Stable Country’ held at the Presidential Media Centre (PMC).

State Minister Piyal Nishantha further said;

President Ranil Wickremesinghe has formulated a targeted plan aiming for a transformative national change by 2048. The implementation of such a program entails the responsible ministry’s commitment to its duties. Consequently, numerous specialized initiatives have been enacted during this period to achieve the President’s objectives.

The ministry has actively engaged in addressing fishermen’s welfare and challenges, focusing on technology adoption for the fishing industry progress and enhancing international relations. Yearly programs in alignment with World Fisheries Days have been instituted, including initiatives like ‘Dola Rala Saviya’ and ‘Rala Pela Dinana Daruwo’. These programs extend services to benefit fishing communities, such as insurance, pensions, and savings schemes for children.

The Ministry of Fisheries has adopted a holistic approach to engage the public, partnering with affiliated institutions for comprehensive initiatives. Beyond its conventional role, the ministry has initiated broad-reaching programs to promote behavioral change within fishing families, notably the ‘Diriya Deewara Amma’ campaign, which addresses parental qualities and drug awareness.

A novel cooling system has been incorporated into a vessel, marking a pioneering effort to mitigate post-harvest losses within the fishing industry. This advanced vessel has been launched, effectively curbing post-harvest damages.

Consumers have experienced the brunt of escalating fish prices due to climatic influences and disruptions caused by religious festivities, leading to decreased fishing activity. These factors have hindered fish availability in the market.

While some officials dutifully fulfill their responsibilities, others lack comprehension of the ministry’s objectives, resulting in a regrettable situation. The success of President Ranil Wickremesinghe’s envisioned program necessitates a collaborative approach from politicians, government officials, and other stakeholders. Pointing fingers solely at politicians won’t suffice; a unified approach is essential.

It’s imperative for everyone within this sector, including government officials, to work cohesively, transcending individual agendas. By adopting such a unified stance, we can contribute to the advancement of our nation. Cabinet Minister Douglas Devananda and I, as the Minister of State, are committed to this cause, alongside numerous officials who share a dedication to our country and its fishing communities. As a united team, we are prepared to tackle forthcoming challenges, appreciating the collective support extended towards overcoming these obstacles.

Decisive actions must be taken concerning officials who don’t align with the government’s forward-moving agenda. Failure to make these determinations threatens the gradual collapse of the fishing industry. Should such a collapse occur, the recovery process will be arduous and time-consuming. 

PMD

Emphasizes Closer Cooperation with ASEAN to Propel Sri Lanka’s Economic and Political Strategy

– President Wickremesinghe

President Ranil Wickremesinghe revealed that Sri Lanka’s intention to join the Regional Comprehensive Economic Partnership (RCEP) is poised to materialize following the conclusion of credit optimization initiatives. Additionally, the President announced plans to initiate negotiations for the establishment of free trade agreements with corresponding ASEAN member countries.

President Wickremesinghe’s statement underscores the country’s determination to bolster its economic connectivity within the broader Asian region. The President affirmed his alignment with the future vision of ASEAN for the Indo-Pacific area, pledging full support for the advancement of this strategic perspective.

These proposed collaborations highlight Sri Lanka’s commitment to fostering economic cooperation and trade linkages, which are poised to open new avenues for growth and development. The President’s statements reaffirm the nation’s readiness to engage actively in regional economic partnerships to realize its economic ambitions.

President Ranil Wickremesinghe made these remarks while addressing the 56th anniversary of the Association of South East Asian Nations (ASEAN), Tuesday (08) at the Embassy of the Republic of Indonesia, Colombo. 

The President reflected on Sri Lanka’s economic history and the decisions that had impacted the nation’s progress. He acknowledged the efforts of former President J. R. Jayawardena, his father and other influential figures who advocated for opening up the economy and joining ASEAN during its founding years as well as the Shenoy reforms for liberalization of the economy and to ensure the welfare program stayed within the needs. The President remarked that turning down the opportunity to join ASEAN led to a period of socialist economic policies and limited capital formations, hindering the country’s growth potential.

The President further explained the circumstance that converted a source of profound regret. He said subsequently, over a span of three years, Sri Lanka transitioned into a socialist economic model, leading to the fragmentation of the capital formations, and has continued to progress in this trajectory. “However, we find ourselves not entirely emancipated from the constraints imposed by that economic paradigm. At present, despite being positioned as one of the world’s major economies, poised to potentially ascend to the ranks of the fifth or fourth largest expanding economies, we now confront the disheartening reality of shaking on the brink of bankruptcy after 55 years of existence.” 

President Ranil Wickremesinghe praised the association’s remarkable growth and success as one of the world’s largest economic blocks. The President also expressed regret that Sri Lanka had declined an invitation to join ASEAN in its early years, citing missed opportunities for economic prosperity. However, he highlighted a new policy approach to collaborate closely with ASEAN to enhance Sri Lanka’s position in the global arena.

In light of Sri Lanka’s recent financial challenges and the need for rejuvenation, President Wickremesinghe expressed a renewed commitment to pursue closer ties with ASEAN. He acknowledged the strong cultural and historical connections between Southeast Asia and Sri Lanka, underscoring the importance of building on these relations to drive economic and political cooperation.

Amid the looming threat of bankruptcy, Sri Lanka has embraced the challenge head-on, aiming to move forward with inspiration drawn from proactive problem-solving approaches. This involves looking to the accomplishments of the ASEAN and enhancing collaboration with the organization. This strategic approach is firmly rooted in the government’s policies. This approach, championed by the current administration, is expected to resonate with other governments as well. The nation’s enduring connections with Southeast Asia stand as evidence of its strong regional ties, perhaps only second to its affiliations with India and Maldives. Cultural bonds are exemplified through shared practices like Mahavihara Buddhism in countries such as Myanmar, Thailand, Cambodia, and Laos, and historical links like that between the Srivijaya Empire and Sri Lanka and Anuradhapura further reinforce these ties.

Numerous historical interconnections further validate these relationships, including interactions with Malays and historical associations with the Srivijaya Empire. Even shared colonial history, notably during the Dutch Empire’s reign in places like Batavia (present-day Jakarta, Indonesia), adds another layer of commonality. This collective historical backdrop lays the groundwork for nurturing cultural, economic, and political relations.

Consequently, as Sri Lanka faces impending financial challenges, it is actively strengthening its bonds with ASEAN nations. These alliances are poised to facilitate the pursuit of shared interests and the fostering of regional cooperation. In the pursuit of progress, Sri Lanka seeks not only to capitalize on its robust ties with Southeast Asia but also to build upon them for a mutually prosperous future.

One of the key aspects of the new policy is the initiation of free trade agreements with ASEAN countries. President Wickremesinghe revealed that Sri Lanka has already forged a crucial trade agreement with Singapore and is actively negotiating with Thailand. The President also announced that Sri Lanka has applied to join the Regional Comprehensive Economic Partnership (RCEP), recognizing the potential of this vast trade block comprising major economies like China, Japan, and Korea. He emphasized that Sri Lanka’s economic focus should now turn towards the east, given the rapid development in that region.

President Wickremesinghe has urged the Minister of Foreign Affairs to facilitate regular ministerial-level meetings with ASEAN countries to address mutual concerns and discuss the way forward. He stressed the importance of upholding the ASEAN outlook on the Indo-Pacific and supporting Indonesia’s maritime fulcrum concept.

The President emphasized the need for unity and cooperation, especially in the face of challenges like climate change. Recognizing the urgency of the climate crisis, President Wickremesinghe called for joint efforts between ASEAN countries and Sri Lanka to combat climate change and explore the potential of the blue economy.

President Ranil Wickremesinghe expressed gratitude for the invitation to the ASEAN anniversary event and reaffirmed Sri Lanka’s commitment to fostering closer ties with ASEAN and reiterated that collaboration and friendship among nations would be the driving force for shared progress and prosperity in the region.

Meanwhile the Indonesian Ambassador, Dewi Gustina Tobing, highlighted the significance of the ASEAN viewing Sri Lanka as a vital partner for regional cooperation. With a collective population exceeding 670 million, roughly 8.8% of the global populace, ASEAN represents the world’s third-largest market. 

The Ambassador emphasized the importance of fostering stronger ties between ASEAN and Sri Lanka. The aim is to promote people-to-people connections and create a closer link between the two regions. 

Ambassador Tobing reiterated ASEAN’s aspiration for a peaceful, stable, and prosperous Indo-Pacific region. The organization seeks to establish an inclusive regional architecture that ensures the safety and security of all member nations.

The envoy expressed ASEAN’s openness to engaging with countries interested in strengthening their presence in the Indo-Pacific. The organization is committed to collaborating with Sri Lanka to ensure the nation benefits from ASEAN’s development. Dynamic and multifaceted partnerships are recognized as pivotal in this pursuit.

Ambassador Tobing emphasized that shared values, principles, and interests form the bedrock of ASEAN’s relations with countries worldwide. These include bolstering a rule-based international order to tackle common challenges spanning economic, security, health, environmental, cultural, and climate change aspects.

In light of the 57th year of ASEAN’s existence, the envoy reaffirmed solidarity among member nations to collectively address challenges and create more opportunities for growth. The partnership between ASEAN and Sri Lanka is poised to flourish, evolving positively over the years and decades to come.

Speaker Mahinda Yapa Abeywardena, Ministers Bandula Gunawardena, Keheliya Rambukwella, Vidura Wickramanayake, Nasir Ahmed, Jeevan Thondaman, Nalin Fernando, State Minister Taraka Balasuriya and other officials including Malaysian High Commissioner Badli Hisham Adam. , Ambassador of Thailand Poj Harnpol, Ambassador of Vietnam Ho Thi Thanh Truc, Ambassador of Myanmar Mr. U Han Thu, Mr. Sagala Ratnayake, Senior Adviser to the President on National Security and Chief of Presidential Staff and many dignitaries including the commanders of the three armed forces attended the event. 

 (PMD)

By: Staff Writer

Colombo (LNW): Aitken Spence PLC has successfully rejuvenated two apparel factories that had been forced to shut down amid challenging global market conditions.

The move comes as a beacon of hope for over 2,500 workers who had lost their livelihoods and adds momentum to Sri Lanka’s efforts to bolster its economy. Board of Investment in a statement described it as a remarkable initiative aimed at revitalizing Sri Lanka’s apparel industry.

These two garment factories, which were exclusively exporting to the American market, had ceased operations due to the economic turmoil in the United States and China.

The closure of these factories had resulted in the loss of thousands of jobs and significant economic disruption. The factories, located in the Koggala Investment Processing Zone, held machinery valued at hundreds of millions of US dollars.

Intervention from the BOI proved to be pivotal in this rejuvenation effort. Aitken Spence, a pioneering company with a strong presence in the country, stepped up to the challenge and collaborated to re-establish the factories.

Under the banner of Ace Apparels, plans were set in motion to breathe new life into these production facilities. The initial phase of this endeavour involves an investment exceeding $ 3.6 million.

On 28 July an agreement sealing this groundbreaking initiative was signed by BOI Chairman Dinesh Weerakkoddy and Aitken Spence PLC Director Dr. Rohan Fernando.

Ace Apparels CEO Lushan Perera expressed optimism about the reinvigorated factory’s potential to create substantial employment opportunities and contribute to the region’s growth. He revealed plans to initiate the production process within a span of two months.

Given the ongoing challenges in the global economic landscape, Aitken Spence’s strategy revolves around the pursuit of competitive products and new markets. Perera emphasized the importance of expanding into emerging Asian countries such as India, China, Indonesia, and Japan.

BOI’s Koggala Investment Processing Zone Director Priyanka Ranatunga highlighted the positive impact of this revitalization effort. Currently, the Koggala region sustains a workforce of approximately 11,000 individuals engaged in foreign exchange activities. With the establishment of the new factories,

this figure is anticipated to rise to 13,500, ushering in a wave of direct and indirect employment opportunities. Furthermore, industry experts predict a resurgence in order volumes by the end of the year, with the factories poised to regain their competitive edge.

BOI said the revival of these once-closed factories stands as a testament to the resilience and collaborative spirit of Sri Lanka’s business community. Aitken Spence’s investment in this venture not only reinstates lost jobs but also rejuvenates the nation’s export potential, igniting optimism for a brighter economic future.