Colombo (LNW): The Sectoral Oversight Committee on International Relations held recently (22) under the Chairmanship of MP Namal Rajapaksa took into discussion the possibility of setting up a Sri Lanka Embassy in Romania.

Accordingly, the Committee questioned the representatives of the Ministry of Foreign Affairs regarding the challenges pertaining to the establishment of a mission in Romania.

The Committee was of the view that given the considerable percent of Sri Lankan population present in the said country, many inconveniences are caused as there is no Sri Lankan Embassy to look into their grievances.

The officials present stated that the Cabinet approval has been obtained to establish a Mission in Romania and the cadre has already been approved and the establishment of an Embassy is on course. The Committee instructed the officials present to take action on the matter without further delay.

The Committee further took into discussion the foreign policy of Sri Lanka. The Secretary to the Foreign Ministry elaborated on the 20 key point foreign policy directives of the Ministry. Secretary to the Ministry of Foreign Affairs stated that the foreign policy of Sri Lanka is based on friendly relations with all sovereign countries upholding a policy of neutrality and non-alignment.

Furthermore, the Secretary stated that it also aims to strengthen close cooperation between Sri Lanka and South Asian countries.

MPs Niroshan Perera, Mayantha Dissanayake, Akila Ellawala, Yadamini Gunawardene, and Dr. Harini Amarasuriya were present at the occasion.

By: Staff Writer

Colombo (LNW): Sri Lanka is set to increase duty-free allowances for migrant workers at the airport starting May in order to encourage remittance, Minister of Labor and Foreign Employment Manusha Nanayakkara said.

The increase will be based on the amount of money remitted by the workers, Nanayakkara said during a media briefing.Under the new scheme, there will be five categories of concessions.

For people having remitted 2,400-4,799, 4,800-7,199, 7,200-11,999, 12,000-23,999 and 24,000 U.S. dollars or more, they will be eligible for an additional duty-free allowance of 600, 960, 1,440, 2,400, and 4,800 U.S. dollars, respectively, when shopping at the airport, according to the minister.

The concessions will be available to anyone who has sent the mentioned amount of money through official channels to the country within a year, the minister said.

He added that no tax will be charged on foreign worker remittances and money held in banks in the form of foreign exchange.

Migrant workers’ remittance is one of the main sources of foreign exchange for the South Asian country.

Sri Lankan migrant workers’ foreign remittances amounted to a total of US$ 844.9 million in the first two months of 2023, the Central Bank of Sri Lanka (CBSL) says.

According to a latest report published by the central bank, this is an increase of 82% in comparison to the total sum of $464.1 million foreign remittances recorded in both January and February last year.

The central bank’s figures have shown that the foreign remittances earned by Sri Lankan migrant workers’ were at $437.5 million and $ 407.4 million in January and February 2023, respectively.

Meanwhile, foreign remittances received in December 2022 alone amounted to $475.6 million, recording the highest figure reported in a single month since June 2021.

Worker remittances during the six years from 2015 to 2020 had averaged more than $ 7 billion each year, substantially improving the foreign exchange liquidity in the country and in the banking system.

But in 2021 worker remittances dropped to $ 5.5 billion and in 2022 dropped further sharply to $ 3.8 billion. The country lost thereby $ 1.6 billion in 2021 compared to $ 7.1 billion earned in 2020 in 2022 it has e lost $ 3.3 billion compared to 2020 as well as compared with the previous six year annual average earnings.

 However, despite the increase in migration, the Central Bank of Sri Lanka (CBSL) statistics fail to show a similar growth in remittances. During the period from January to October 2022, the remittance inflow has been recorded as $ 2.9 billion compared to $ 4.8 billion in the same period in 2021.

However, total departures for foreign employment during January to October 2022 were recorded at 251,151, which exceeded the annual departures in the pre-pandemic period.

By: Isuru Parakrama

Colombo (LNW): There is no truth the claims made on certain Social Media platforms that telephone conversations and social media interactions are being monitored and recorded, the Defence Ministry said.

The Defence Ministry made this response following the swarming in of such claims on a number of Social Media platforms including Facebook, WhatsApp and Twitter.

The Ministry dismisses these claims stating that they are completely false.

By: Isuru Parakrama

Colombo (LNW): The tabling of the proposed “Anti-Terrorism Bill” has been delayed, Justice Minister Wijedasa Rajapaksa said.

Speaking to reporters, the Justice Minister noted that the bill was widely condemned across all social sectors in the country and was delayed subject to the requests made by the opposition and lawyers.

The controversial “Anti-Terrorism Bill” was purported to be a heinous weapon against democracy vesting an unimaginable power with the President and the State, which, according to some analysts, can label common citizens as ‘terrorists.’

The bill was presented in replacement to the draconian Prevention of Terrorism Act (PTA) and was gazetted only to meet a severe backlash from a number of parties, including the Opposition, Civil Society, Activists and the International Community.

The Bar Association of Sri Lanka (BASL) revealed that the bill was gazetted without adequate consultations with the relevant stakeholders, and according to some critics, it has been formulated in the government’s sole intention of repressing the dissent taking almost every public action evident during the ‘Aragalaya’ people’s protest which ousted Sri Lanka’s eighth Executive President Gotabaya Rajapaksa into account.

By: Staff Writer

Colombo (LNW): The government will firmly go ahead with Sri Lanka Telecom Group (SLT Group) restructuring process owing to its inefficiency, unproductivity and its less contribution for economic growth with massive overheads, although it has been considered as a profit making institution.   

The aim of the government is to restructure it making the National Telecom Provider as an efficient, transparent and accountable business enterprise capable of providing effective service delivery, finance ministry sources disclosed.  

This Telecom giant with 4,697 employees is currently operating with 21 trade unions and it has become a burden to the state with frequent workers protests and strikes making it difficult to the management navigate the public enterprise in a real profitable path.

It has failed to achieve the establishment objectives of ensuring the maximum return on public investment while making sure the optimum utilization of institutional resources as well as the ability to operate with commercially viable and independent from the government budget.

Sri Lanka Telecom’s profitability ratio is very much lover than its competitors operating in the country.

The average profitability ratio of SLT during past five years was around 6.52 percent where as the Dialog Axiata PLC,s Sri Lanka’s Leading Quad-Play Connectivity Provider maintains profitability ratio of 15.2 percent.  

Profitability ratios are a class of financial metrics that are used to assess a business’s ability to generate earnings relative to its revenue, operating costs, balance sheet assets, or shareholders’ equity over time, using data from a specific point in time.  

Restructuring of Sri Lanka Telecom (SLT) will be done by Public Enterprise Holding Company Limited without any political interference.  The company was set up following the model of Singapore and Malaysia to run state institutions, State Minister Ranjith Siyambalapitiya revealed.

“This institution will decide on restructuring patterns of state owned enterprises and would consider total privatization, building up of private public partnership and deciding upon what strategically important  institutions should vested with the state sector,” the State Minister said.

“The total losses incurred by more than 400 state run institutions have been Rs. 322 billion and it is not possible to put the burden on running these institutions on the people,” he added.

Referring to SLT in particular, he said the number of landlines which the country had before privatization was 270,000 but the number of landlines have increased up to 10.2 million after the restructuring.

“The Government owns only a 49 percent stake of SLT at the moment and why make a fuss about it,” he questioned.

The Cabinet of Ministers’ approval had also been granted recently for the divestiture of several SOEs including SriLankan Airlines Ltd., Sri Lankan Catering Ltd., Sri Lanka Telecom PLC, Sri Lanka Insurance Corporation Ltd., Canwill Holdings Private Ltd. (Grand Hyatt Colombo), Hotel Developers Lanka Ltd. (Hilton Hotel Colombo), Litro Gas Lanka Ltd. including Litro Gas Terminals (Pvt.) Ltd. and the Lanka Hospital Corporation PLC.

By: Isuru Parakrama

Colombo (LNW): The Bar Association of Sri Lanka (BASL) concluded that the Supreme Court verdict on the Local Government Election has not violated any Parliament privileges, as suggested by certain Ruling Party MPs.

In a statement, the BASL emphasised that the Judiciary should be allowed to operate independently, free from external pressures, threats or any interference, for a vibrant democracy to exist.

It noted that it is the duty of all governmental and other institutions to respect and observe the independence of the judiciary, adding that any interference in the judicial process sets a dangerous precedent, which must be strongly condemned.

01. Speaker Mahinda Yapa Abeywardena says the ballot papers used in the secret ballot to elect a MP to the Office of President on 20.07.2022 has been destroyed; adds the action was taken by the Parliament Secretary General following the procedure in terms of provisions of Section 18 of the said Act and with the approval of the Committee on Parliamentary Business.

02. A South Korean delegation led by Kim Byong Boo, CEO of “Hyundai Marine Company”, arrives in Sri Lanka to inspect the interview process and training related to the selection of Sri Lankan youth for South Korean jobs; asserts the Company expects to provide more job opportunities to SL youth in SK.

03. Labour and Foreign Employment Minister Manusha Nanayakkara says measures are being taken to obtain assets and liabilities statements from TU leaders who are yet to submit their declarations; adds TU leaders of government and semi-government institutions are required to submit their assets and liabilities statements according to the Declarations of Assets and Liabilities Act; laments no TU leader has provided such a statement so far.

04. The World Bank warns the Sri Lankan economy will continue to face significant challenges in 2023 and beyond: The baseline scenario projects the economy to contract by 4.3 per cent in 2023, following the contraction of 7.8 per cent in the previous year, as demand continues to be subdued, jobs and income losses intensify, and supply side constraints adversely affect production: WB stresses the restructuring of external debt and certain domestic debt will be needed to restore debt sustainability.

05. Emeritus Professor Jayadeva Uyangoda warns the proposed “Anti-Terrorism Bill” paves the way to label common citizens as terrorists; alleges that in order to implement the IMF requirements to solve the country’s economic crisis, the government has placed the burden on the poor and vulnerable, working and middle classes; laments the ruling elite wants to suppress the protests and demonstrations launched by the people, and the said bill is one of the undemocratic ways the government will follow to crack down on dissent.  

06. Finance State Minister Shehan Semasinghe says the Treasury can no longer tolerate the operation of loss incurring public bodies or ones that have failed to reach the expected targets; stresses 39 out of 52 public bodies of ‘strategic’ importance incur profits and 13 losses; laments the loss incurred by the said 13 amounts to Rs. 1,029 million, and the profit by the said 39 Rs. 218 billion; reveals the total loss per annum amounts to over Rs. 811 billion, and profit-making bodies have paid only Rs. 29 million as taxes required by the Treasury.

07. The Bar Association says the powers and the privileges of Parliament have not been violated by the Supreme Court order on the LG Polls; stresses the Supreme Court, being a sovereign body, should not be called upon to explain judicial orders to any other person or institution; calls for all governmental and other institutions to respect and observe the independence of the Judiciary, and any interference in the judicial process, sets a dangerous precedent.

08. ADB’s annual flagship economic publication, the Asian Development Outlook (ADO) April 2023, forecasts Sri Lanka’s economy to contract further in 2023 before it begins a gradual recovery in 2024, as the country navigates an unprecedented economic crisis: The economy contracted by 7.8 per cent in 2022 and is forecast to contract by 3 per cent in 2023 as it continues to grapple with the challenge of debt restructuring and balance of payments difficulties: Suggests reform measures, such as the reversal of the tax cuts of 2019, and the IMF’s EFF will support the country’s efforts to stabilise economy.  

09. CID’s Crime Branch submitting its final report on the case of underworld gangster Maddumage Lasantha Chandana Perera alias ‘Angoda Lokka’ to the Chief Judicial Magistrate court says he died due to cardiac arrest: Lokka was found dead in a rented house at Balaji Nagar near Cheran Ma Nagar in July, 2020.

10. Sony Pictures Networks India (SPN) extends its exclusive global media rights partnership to broadcast Sri Lanka Cricket matches for the next four years until March 2027: From mid-April, the broadcaster will exclusively televise and livestream the senior men’s cricket matches hosted by SLC globally, except in Sri Lanka, where it has only pay television rights.

Sri Lanka High Commissioner to Australia Chitranganee Wagiswara called on Federal Parliamentarian, Cassandra Fernando.

The High Commissioner congratulated Cassandra Fernando, MP on being elected to the Federal Parliament last year and stated that Sri Lanka is happy and proud to have an Australian of Sri Lankan origin in the Australian Parliament.

High Commissioner Wagiswara and Cassandra Fernando discussed the present political and economic developments in Sri Lanka and exchanged views on Australia -Sri Lanka relations. They agreed to explore opportunities to enhance links between the two countries.

The High Commissioner was accompanied by Deputy High Commissioner Chamari Rodrigo.