The Inter-University Bhikkhus Board had organized this protest against the reduction in the enrollment of students in universities for academic subjects, and the police used a water cannon to disperse the protest march.

It is reported that a water attack was launched near the Lipton Roundabout in Colombo while trying to march towards the University Grants Commission.

The Litro Gas Company, which had suffered a loss of nearly 14 billion, has now become a profitable state-owned company by continuing to provide concessions to its customers and contributing greatly to the economy of Sri Lanka due to its successful leadership.

Last month, Litro Gas Company worked to bring the 12.5 kg gas cylinder, which is used by the largest number of consumers throughout Sri Lanka, from the limit of five thousand rupees to the limit of two thousand rupees. It gives great strength to the efforts of the government to provide a comfortable life to the people of the country by reducing the inflation of the country.

In addition to the relief provided to the people by providing gas without shortage and reducing the gas price, in a special press conference, Muditha Peiris, the success pilot of Litro Company, disclosed another relief provided to our country by Litro Company.

As he mentioned there, the Litro Gas Company has decided to give an amount of 1.5 billion rupees, to the treasury through the mother company of Litro, the Sri Lanka Insurance Corporation.

By providing significant relief to the people and keeping the gas price as low as possible, Litro Company’s responsible parties including Muditha Peiris worked to donate a portion of the profits made by Litro Company in the past to the Sri Lanka Maha Bandagarhiya with the hope of further relief to the people who are tired of the burden of life.

Answering a question raised during the press conference held yesterday, he stated that while providing these concessions, his staff including himself are following various methods and strategies to keep his company strong.

Muditha Peiris and Litro company have become the sole aim of Litro company, which was making losses and had a debt burden, to maintain that situation for a long time because it is now a profitable and debt-free company.

Also, Peiris mentioned in the media meeting that more than 7-8 lakh customers who were staying away from using gas due to the high price, will again easily carry out their daily activities using litro gas due to the relaxation of the price.

It is needless to say that the Litro Gas Company, which makes people’s lives easier, works under its own price policy and provides gas at an affordable price, and this relief given to the people is a gentle trickle of water to the emerging economy of Sri Lanka. For that, the gratitude of all Sri Lankan customers should go to the chairman of Litro Gas Company and the staff.

The government of Sri Lanka, together with the World Bank (WB), the European Union (EU), and France’s official development assistance (AFD), has signed vital financing agreements aimed at enhancing the country’s management of public finances.

Under the agreement, a grant of EUR 9.8 million has been allocated for Public Finance Management, with the primary objective of bolstering economic governance, promoting transparency, and ensuring accountability in the utilization of public finances.

This collaborative effort signifies a crucial step towards improving financial management practices in Sri Lanka, fostering responsible fiscal policies, and advancing the nation’s economic development endeavors. The support from these international partners is expected to contribute significantly to the country’s financial stability and sustainable growth.

During his official tour of India, President Ranil Wickremesinghe has appointed State Minister for Defence, Pramitha Bandara Tennakoon, as the Acting Defence Minister. In his absence, State Minister for Finance, Shehan Semasinghe, will assume the role of Acting Minister for Finance, Economic Stabilization, and National Policy.

Furthermore, State Minister Dilum Amunugama will take on the responsibility of Investment Promotion Minister, State Minister Kanaka Herath will act as Technology Minister, and State Minister Anupa Pasqual will serve as the Minister for Women, Children Affairs, and Social Empowerment.

This temporary arrangement ensures smooth governance and continuity in crucial ministries while the President is away. The appointed Acting Ministers will be entrusted with their respective portfolios until President Wickremesinghe returns to the country from his official visit to India.

Finance State Minister, Shehan Semasinghe, addressed Parliament on July 20th, expressing optimism about Sri Lanka’s potential to exit bankruptcy by September. The encouraging outlook comes as the country continues to implement key financial measures and economic reforms to overcome its fiscal challenges.

During the debate on the Central Bank Bill, Minister Semasinghe emphasized the significance of the Anti-Corruption Act, asserting that it will pave the way for transforming Sri Lanka into a corruption-free nation, instilling greater trust and credibility in its governance.

Highlighting recent achievements, the Minister celebrated Sri Lanka’s successful attainment of GSP (Generalized System of Preferences) tax relief for another four years, showcasing the international confidence in the country’s economic stability. He further reassured the nation’s commitment to prevent a recurrence of past economic difficulties by establishing a robust legal framework.

With the initiation of the e-procurement process, Minister Semasinghe expressed confidence in bolstering the country’s economy. He emphasized the importance of utilizing international trust and investments to develop the tourism industry and drive economic growth.

The State Minister’s positive assessment indicates that Sri Lanka is on the right track towards financial recovery and sustainable development, signaling promising opportunities for the nation’s future.

During a recent meeting at Temple Trees, Chinese Ambassador to Sri Lanka, Qi Shenhong, lauded the country’s impressive strides in tackling the economic crisis during the first year of the new Government. He extended his congratulations to Prime Minister Dinesh Gunawardena for the positive developments achieved.

Expressing gratitude for China’s unwavering support to Sri Lanka, Prime Minister Gunawardena highlighted the recent generous contribution from China, which included school bags, stationery, clothing for school uniforms, and educational equipment for schools nationwide.

In discussions about future collaborations, the Prime Minister emphasized Sri Lanka’s openness to welcome direct private investments. He also extended an invitation for investments in critical sectors like agriculture, renewable energy, irrigation, and water supply, which are deemed vital for providing long-term solutions to economic challenges.

The meeting also saw the presence of Secretary to the Prime Minister, Anura Dissanayake, indicating the importance of fostering strong bilateral ties and exploring opportunities for further cooperation between the two nations. China’s continued support and collaboration are expected to play a crucial role in Sri Lanka’s economic growth and development endeavors.

By: Staff Writer

Colombo (LNW): Sri Lanka Gem and Jewellery sector including companies and exporters have been directed to strictly adhere to anti –money laundering compliance requirements to effectively mitigate Money Laundering and Terrorist Financing (ML/TF) risks.

It would ensure compliance with the international recommendations, governance standards, and anti-corruption framework, the Financial Intelligence Unit (FIU) of the Central Bank noted adding that these efforts would reinforce the AML/CFT framework of the country.

The Central Bank has extended an invitation to sector stakeholders, urging them to collaborate closely with the FIU and the National Gem and Jewellery Authority (NGJA) in this national endeavor.

This was highlighted at an awareness program for the gem and jewellery sector on “Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Obligations and New Developments” recently.

It was organized by Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka in collaboration with the National Gem and Jewellery Authority

The sector regulators are requesting the companies engaged in the gem and jewellery business to seriously consider the recommendations to improve the level of compliance.

It should conduct Customer Due Diligence (CDD) to identify, assess, monitor, manage sector clientele and take effective action to mitigate ML/TF risks using a risk-based approach that requires enhanced measures when the risks are higher,

Another recommendation was to Carry out CDD with respect to the customers for high value cash transactions above USD 15,000, identify beneficial ownership, and business relationship,and maintain records of transactions,

It has been directed to take additional measures to identify customers who are politically exposed

persons (PEPs) and adhere suitable monitoring, Implement policies, procedures, and internal controls against ML/TF risks, and carryout targeted financial sanctions and freeze assets or take action immediately against persons and entities designated by the United Nations Security Council Resolutions (UNSCRs) 1267 and 1373, or other UNSCRs,

It has to communicate the same to competent authorities; and report suspicious transactions to the FIU, where relevant.

Sri Lanka is the ninth largest exporter of precious stones to the global market and one of the five most important gem bearing nations of the world.

It is also one of the world’s steadiest suppliers of top quality gemstones. However, Sri Lanka’s export contribution to economy is yet to match the other global stakeholders such as Thailand, which is an international trading hub for gem and jewellery and generates around US$ 12 billion in export revenue, Hong Kong, which notches US$ 30 billion.

As per the Central Bank Annual Report 2022, Sri Lanka earned US$ 450 million as export income from gems, diamonds, and jewellery during 2022 while the annual average for the past 5 years was US$ 298 million.

By: Staff Writer

Colombo (LNW): The government embarks on an ambitious initiative of promoting Sri Lanka as a premier tourism destination among Australian sports enthusiasts.

Sri Lanka Tourism recently engaged in fruitful discussions with Australian cricket and rugby officials to achieve this objective.

The Sri Lankan delegation led by Tourism Minister Harin Fernando was accompanied by Sri Lanka Tourism Ambassador and former Sri Lanka Cricket Captain Sanath Jayasuriya and Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Chalaka Gajabahu.

Sri Lanka Tourism organised three prominent tourism roadshows in Perth, Sydney, and Melbourne. These events successfully attracted key stakeholders in the Australian travel industry, including travel agents, tour operators, and potential visitors.

“The tourism roadshows in Perth, Sydney, and Melbourne provided an ideal platform for Sri Lankan tourism representatives to interact with Australian travel industry professionals and potential visitors,” Minister Fernando disclosed. .

In addition, strategic meetings were also held aiming at strengthening the bond between the two nations while tapping into the potential of engaging the local Australian sporting community to boost tourism in Sri Lanka.

Tourism Minister Fernando also explored innovative strategies to showcase Sri Lanka’s natural beauty, rich cultural heritage, and unique experiences to Australian sports enthusiasts.

The discussions revolved around incorporating Sri Lanka’s tourism branding into local Australian cricket and rugby games, with the goal of creating awareness among the large fan base of these sports.

During an event held in Melbourne, Sri Lanka received the support of Jason Warne, brother of the late Australian cricketing legend Shane Warne.

Speaking at the event, Jason Warne commended Sri Lanka for its progress over the past year, especially in overcoming economic challenges and moving forward.

Having visited Sri Lanka himself, Warne highlighted the warm hospitality of the Sri Lankan people and revealed that Sri Lanka was a nation close to his heart. He encouraged Australians to visit Sri Lanka and experience its unique offerings firsthand.

In addition to engaging with sports officials, Minister Fernando also held meetings with various Australian airline representatives, such as Qantas and Jet Air, urging them to enhance connectivity options to Sri Lanka. Improving air connectivity is crucial in facilitating smoother travel experiences and attracting more Australian visitors to Sri Lanka.

Highlighting the historical ties and cultural affinity shared between Sri Lanka and Australia, Minister Fernando emphasized the immense potential of attracting Australian tourists to Sri Lanka. The close relationship between the two nations over the years has identified Australia as an emerging market for Sri Lanka’s tourism industry.

The Minister also announced the forthcoming launch of a dedicated campaign targeting Australian cricket and rugby fans. “

This campaign will showcase the diverse tourism offerings of Sri Lanka, including its picturesque beaches, ancient historical sites, vibrant wildlife, thrilling adventure sports, and authentic cultural experiences.

By directly engaging with the passions and interests of Australian sports fans, the campaign aims to capture their curiosity and inspire them to consider Sri Lanka as their next travel destination.

 Minister of Wildlife and Forest Resources Conservation Pavithradevi Wanniarachchi

• No issue  has arisen with regard to the treatment of the injured Agbo elephant

A new policy will be formulated to address the ongoing elephant-human conflict Minister of Wildlife and Forest Resources Conservation Pavithradevi Wanniarachchi stated.

The Minister added that she hopes to address this with a program with short, medium and long-term goals.

She expressed these views July (19) during a press conference themed ‘Collective Path to a Stable Country’ held at the Presidential Media Centre (PMC).

Minister Pavithradevi Wanniarachchi further commented;

Our Ministry has prioritized resolving the human-elephant conflict as soon as possible. Our aim is to provide solutions for this through short-term, medium-term and long-term plans. So far, the Ministry has conducted several workshops to provide guidance for that.

By incorporating the previous efforts carried out to manage the conflict between humans and elephants, it is required to establish a permanent strategy for this. The policy will then be turned into a law after that. We are confident that by doing this, we will be able to permanently end the conflict between humans and elephants.

80% of the land in this country is owned by the government. About 20% is owned by the public. The population of the country is growing day by day. Also, the habitats and paths of wild elephants are occupied by people for various development activities.

Some have accepted that the elephant fence is a solution to prevent wild elephants from invading villages. Given the current financial situation of the country, it will take some time to complete these activities. 

It must be said here that immediately after learning that Agbo the elephant was injured, the Wildlife Department took prompt steps to provide treatment to the elephant. Even now, doctors are continuing to treat the elephant. So far, no financial or medical problems have arisen related to the treatment of the elephant. As a result, nobody should raise an issue involving the Agbo elephant. I should mention here that the government is making every effort to preserve the elephant’s life.

President’s Media Division

On July 21, the Sri Lankan Rupee faced further depreciation against the US Dollar, prompting commercial banks in Sri Lanka to adjust their exchange rates compared to the previous day.

At Peoples Bank, the buying and selling rates for the US Dollar rose to Rs. 317.26 and Rs. 332.87, respectively, showing an increase from Rs. 315.80 and Rs. 331.34.

Similarly, Commercial Bank reported an increase in the buying rate of the US Dollar from Rs. 317.20 to Rs. 318.19, while the selling rate also rose from Rs. 328.50 to Rs. 329.50.

Meanwhile, at Sampath Bank, the buying and selling rates of the US Dollar have risen to Rs. 319 and Rs. 332, respectively, compared to Rs. 317 and Rs. 330 on the previous day.

The continued depreciation of the Sri Lankan Rupee against the US Dollar poses challenges for the country’s economy and warrants close monitoring by financial authorities and stakeholders.