Sri Lanka Consumer confidence remains deeply pessimistic last month amidst wide spreading across all segments and public was resigned to likelihood that conditions will worsen in coming months and years, Sri Lanka Opinion Tracker Survey (SLOTS) opined.
The country’s economy, which faced extreme headwinds and heightened uncertainties during the first half of 2022, has shown signs of stability in the second half of the year this far.
This achievement was possible due to the myriad of multifaceted policy interventions undertaken to steer the economy to transition towards a path of stable and sustainable growth over the medium term.
Although the economy was on a recovery path subsequent to the abating of the COVID-19 pandemic, its progress was muted by the culmination of the entrenched twin deficits in the government budget and external current account.
As per the Institute for Health Policy (IHP) October 2022 update, consumer confidence remains deeply pessimistic about the economic condition, job availability, family income and spending..
It said despite fluctuations during the month, all three of IHP’s consumer confidence indices realized minimal net changes by end-October 2022.
The Index of Consumer Sentiment (ICS), the broadest measure of the public’s view on their personal economic status and the national economy and which ranges from zero to a potential maximum 100, increased one point to nine points.
The Index of Consumer Expectation (ICE), a measure of perceptions about the future, increased one point to 11 points.
The Index of Consumer Conditions (ICC), a measure of perceptions about current conditions remained unchanged at six points.
IHP Executive Director Dr. Rannan-Eliya said that recent surveys in other countries indicate that consumer confidence in Sri Lanka is the worst in the Asia Pacific region.
Taking the Index of Consumer Sentiment as comparison, levels in September ranged from 31 to 71 in other Asian economies, with Japan being the worst with a level of 31, still substantially higher than in Sri Lanka (8).
SLOTS combines data from a national sample of adults (ages 18 and over) reached by random digit dialling of mobile numbers and others coming from a national panel of respondents who were previously recruited through random selection.
The SLOTS is made possible by funding support from the Neelan Tiruchelvam Trust, The Asia Foundation in Sri Lanka and others, but the sponsors play no role in the study design, analysis, or interpretation of findings. Interested parties can contact IHP for more detailed data and results.
IHP is an independent, non-partisan research centre based in Colombo, Sri Lanka. The SLOTS lead investigator is Dr. Ravi Rannan-Eliya of IHP, who has trained in public opinion polling at Harvard University and has conducted numerous surveys over three decades.
Sri Lanka consumer confidence drops to new depths in October 2022
MOH admits that there is a shortage of 152 types of medicines needed in the country
Dr. Saman Ratnayake, Additional Secretary of the State Ministry of Health revealed that there is still a shortage of 152 types of medicines needed in Sri Lanka.
Joining the media program, the Additional Secretary further said that the delay in the process of importing medicines has caused shortage of medicines.
CB Governor strongly defends taxing of exporters
Strongly defending the high taxing of exporters and others earning in foreign currency, Central Bank (CB) Governor, Nandalal Weerasinghe claimed that preferential tax treatment accorded to them for many decades have not brought substantial returns to the country.
He noted that these foreign exchange earning exporters and corporates diversifying its business overseas have so far failed to contribute their share for the betterment of island nation.
The CB Governor questioned as to whether the decades-long practice of lower taxes for foreign currency earning exporters and businessmen had delivered the country’s expected objectives.
He was speaking at the Post – Budget 2023 forum on Tuesday outlining key economic policy adjustments made by the CB to avert an economic crash-landing.
On the other hand the tax exemptions and concessions offered by the Board of Investment and other authorities expecting to attract foreign direct investments have not yielded the desired results.
“Successive governments’ maintained these preferential tax rates of 14-15 per cent for foreign exchange earners compared to 24 or 28 per cent for others,” he said.
He was responding to Sujeewa Mudalige, CEO PwC Sri Lanka who speaking at the forum expressed serious concerns on taxing exporters and other foreign exchange earners at the same level as the others at the proposed 30 per cent, which could be unfavourable to attract much needed foreign exchange.
He pointed out that even before the tax rate was raised to 30 per cent, companies had been diversifying businesses overseas instead of expanding in Sri Lanka owing to policy inconsistencies and poor doing-business conditions. The reason was that they receive very generous tax incentives from countries like Bangladesh, Vietnam, and Egypt etc.
The CB Governor emphasized the need of implementing 2023 budget proposals and fiscal and monetary reform measures to increase crucial foreign exchange inflows achieve stability in the economy averting the reoccurrence of the crisis.
CB, he said, is now compelled to tackle a liquidity shortage in banks, preventing the fall in short term market rates.
Treasury Secretary K. M. Mahinda Siriwardana said the country is facing a challenge to stabilise the economy and the private sector has a vital role to play in assisting the government to avert the economic crisis.
An SJB MP kicked out from today’s Parliament session
Today (23), Speaker Mahinda Yapa Abeywardena removed Samagi Jana Balawegaya Member of Parliament Chaminda Wijesiri from the House.
This is due to the attempt to attack Nimal Lanza, the independent member sitting in the opposition, during a heated debate in the assembly regarding the holding of the local government elections today.
Galwewa Siridhamma Thero granted bail
It is reported that Galwewa Siridhamma Thero, an activist of the Inter-University Student Union, who was arrested and detained under the Prevention of Terrorism Act, has been granted bail.
Following a motion called before the Colombo Magistrate’s Court today (23), it is said that he has been granted bail.
Accordingly, the Additional Magistrate ordered the release of him on two bails of 5 lakh rupees each, imposed a foreign travel ban against Ehimian and imposed a bail condition that he should report to the Counter-Terrorism Bureau on the last Sunday of every month.
Three people, including Siridhamma Thero, were arrested under the Prevention of Terrorism Act in relation to the incidents related to the political struggle that took place in recent days, and one student was released earlier. Wasantha Mudalige, convener of the Inter-University Student Union, is still in prison.
An explanation from the prison about the phone recording of Isuru Bandara and Dayasiri
A phone conversation said to have taken place between Isuru Bandara Namatta, the partner of Thilini Priyamali, who has been arrested in connection with a large-scale financial fraud, and Dayasiri Jayasekara, a member of Parliament, is circulating on social media these days.
Prison media spokesman Chandana Ekanayake has clarified the facts regarding this audio tape.
Accordingly, the prison media spokesperson says that the cell where Isuru Bandara is being held has been searched and no mobile phone or anything else illegal has been found.
This suspect was remanded by Fort Magistrate Court on 19.10.2022 and he is currently detained in Nawa Magazine Prison.
The Prison Media Spokesperson also said that when the prison officials checked the special cell where the suspect is detained, no phone was found and the prison superintendent reported that Dayasiri Jayasekara did not visit the prison after the suspect was remanded.
Also, regarding the concerned audio tape, a statement has been obtained from the suspect, where the suspect has denied the allegation regarding this phone call, the prison media spokesman has mentioned.
However, Chandana Ekanayake, Prison Media Spokesperson, has stated that further investigation is being conducted regarding this incident.
Casual dress code is not applicable for teachers. The circular will be amended – Minister of Education
Minister of Education Susil Premjayant says that the circular issued by the Ministry of Public Administration, giving permission to government employees to report to work in a casual dresscode, does not apply to teachers.
Accordingly, the Minister stated that the Secretary of the Ministry of Public Administration was instructed to amend the said circular.
The minister said this in response to a question raised in Parliament yesterday (22) about the fact that in the last few days, teachers in many parts of the island have come to school wearing other suitable clothes instead of saris or osari.
Public informed about the National Program on Food Security and Nutrition
Two programs to educate the public about the National Program for Food Security and Nutrition were held on the 20th at Mampe Sanasa Hall and Honnantara North, Sri Vijayanandanarama Temple under the leadership of Dr Suren Batagoda, Presidential Adviser on the National Program for Food Security and Nutrition.
Representatives of voluntary organizations and others participated in the program which was jointly organized by the Mampe East and Mampe North Grama Seva Divisions belonging to the Kasbewa Divisional Secretariat and held at the Mampe Sanasa Hall.
Under the concept, “All families in a village should be strong at the family level”, rural economic revitalization committees have been established covering every village to look into the problems faced by each family and provide solutions. Mr Suren Batagoda also pointed out the importance of rebuilding the past ties between people by those who have given to those in poverty.
Dr Suren Batagoda further said local and foreign charitable institutions, public-and private, sector, local and foreign donors and philanthropists could assist by supporting the food bank/food exchange program, which is established as a support service to the community in need of food.
He also said that the role of the government is to provide public facilities to the citizens and to maintain these facilities while the duty of the citizen is to utilise those facilities to produce what is required by society. He also pointed out that if local crops that are favourable to any climatic condition are grown without blaming each other, there would be no food crisis in this country.
During this event, packs of dry rations were distributed among 100 families suffering from food insecurities.
Venerable Pulikandikulame Rathanasiri Thero of Vishwakalawa Buddhist Center, Shanika Sriyananda, Director of the Food Security Division, Kesbewa Regional Secretary K.P. Pemadasa, Kesbewa Assistant Divisional Secretary Purnima Wickramaratne, Kesbewa Divisional Secretariat Assistant Planning Director A.G. Perera and members of the Rural Economic Revival Committee were present on this occasion.
Meanwhile, the program to educate low-income families and representatives of voluntary organizations in Honnantara North, Gramaseva Division under the Kesbewa Divisional Secretariat about the food security program was held at Honnantara North, Sri Vijayanandanarama Temple under the leadership of Dr Suren Batagoda.
The food exchange program initiated at the Honnantara Sri Vijayanandanarama is being implemented successfully. Venerable Halvitigala Yasassi Thero, Chief Incumbent and the registrar of the Kasbewa Sasanarakshaka Board, also delivered a sermon.
Signifying this event, food packs were distributed among 20 families facing food insecurity.
Colombo District Secretary Pradeep Yasaratne, Kasbewa Municipal Councilor Prasad Rajapaksa and several others were present on the occasion.
Sri Lanka Original Narrative Summary: 23/11
- Former President Mahinda Rajapaksa says local and foreign powers are working according to an organized agenda, to prevent the development of Sri Lanka : also says these efforts have been ongoing for a long period: claims these conspiracies have caused the economy to suffer on multiple occasions: blames the Yahapalana Govt for taking a massive amount of Forex debt during its tenure.
- NPP leader Anura Kumara Dissanayake says CB Governor Nandalal Weerasinghe is contracting the economy: laments it has badly affected people’s lives: blames Weerasinghe for harping that the only solution to economic crisis is to contract the economy.
- Acting Minister of Mass Media Shantha Bandara says disciplinary action will be taken against teachers who attended schools dressed in casual attire: warns that the culture, morals and the existence of the school system should not be allowed to be changed.
- TNA MP M A Sumanthiran says 21st Amendment to the Constitution is an “eyewash”: asserts it has not stripped the executive President of any of its powers as promised.
- Former CB Governor Cabraal says Rupee has been “fixed” for the past 6 months under Governor Weerasinghe just as it was done for a greater part of his own tenure: urges the Rupee be now “fixed” at a much lower rate: also calls for the immediate reduction of CB policy interest rates.
- Human Rights Commission calls for report from the Health Secretary re. the suspension of services of the President of the Medical and Civil Rights Professional Association Dr. Chamal Sanjeewa who exposed incidence of child malnutrition.
- Foreign Employment Minister Manusha Nanayakkara says Sri Lanka has stopped officially registering persons going to the UAE and Oman, on tourist visas.
- Second reading of Budget 2023 passed in Parliament by a majority of 37 votes: 121 MPs vote in favour: 84 against: MP C V Wigneswaran abstains.
- Ministry of Health admits there is currently a shortage of 152 drugs in the country: also says the delay is due to the long process that has to be followed in purchasing drugs through the credit facilities provided by the Indian Govt and ADB.
- SLPP’s “Independent” MP Professor G L Pieris asks whether the Election Commission is backing the Govt’s efforts to postpone polls: accuses President Ranil Wickremesinghe and PM Dinesh Gunawardena of conspiring to put off scheduled Local Govt polls indefinitely.
Mother accuses school teacher of brutally assaulting child (VIDEO)
A grade 07 student of Sellakatharagama Maha Vidyalaya who was brutally assaulted by his teacher in charge of discipline is currently receiving treatments at the Lady Ridgeway Children’s Hospital due to sustaining ill health, his mother disclosed to the media.
According to the mother, her son was assaulted on November 16 and sustained injuries on an ear and the eyes. The mother made a shocking revelation of how the tables turned into someone else’s favour despite the event being reported to the Kataragama Police, accusing the Police and the School are in an attempt to cover up the incident.
MIAP