Colombo (LNW): C.D. Wickramaratne, the current Inspector General of Police (IGP), will be met with the end of the service extension granted to him three months ago today (26).
According to standard procedure, a new IGP needs to be appointed following the expiration of the service extension of the incumbent one, and it is yet to be made public record who will be Wickramaratne’s successor.
Wickramaratne’s service extension of three months was granted by President Ranil Wickremesinghe, when his term as the IGP ended on March 26, 2023.
Early reports claimed that he had handed over the documents required for his retirement, but later it was announced that he will be serving in his position as the IGP for three more months.
Given the President’s return to Sri Lanka today, an update will soon be made on the appointment of a new IGP, considering the recommendations of the Constitutional Council.
PMD: State Minister of Health Dr. Seetha Arambepola, Chairperson of the Dengue Control Expert Committee, said that a special cleanliness program for dengue control will be undertaken in the Colombo Municipal Council area next weekend, and the public is requested to remain at home and support it.
The State Minister added that a week of larval inspections covering the Colombo and Gampaha districts will follow the initiative.
President Ranil Wickremesinghe recently took decisive action to combat the spread of Covid-19 and Dengue in the country by establishing both a Ministerial Committee and an Expert Committee. To facilitate the work of the Experts Committee, nine Provincial sub-Committees have been established. The involvement of these sub-Committees aims to enhance collaboration and coordination at the provincial level in the fight against Covid-19 and Dengue.
By designating specific days to inspect schools, places of worship, Government and private institutions, commercial premises, and abandoned plots as places where dengue mosquitoes breed the most, this program will be implemented in the Western Province. Meanwhile, other provinces are urged to identify their own challenges and implement specific programs, according to State Minister Dr. Seetha Arambepola.
State Minister Dr. Seetha Arambepola stated this at the press conference held today (25) at the Presidential Media Centre on the control of the spread of dengue.
The state minister mentioned that more than 47,000 dengue cases have been reported since January and 50% of them are reported from the Western Province. The minister mentioned that the spread of dengue disease has increased with climate change and if this situation is not controlled, the dengue disease can become fatal similar to Covid.
State Minister of Health, Dr. Seetha Arambepola, who spoke further, said:
“The spread of dengue has become a global situation. In the first half of this year alone, more than 47,000 dengue cases and 27 dengue deaths have been reported.
In view of this situation, President Ranil Wickremesinghe recently appointed both a Ministerial Committee and an Expert Committee to combat the spread of Covid-19 and Dengue in the country. Nine Provincial sub-Committees were established to facilitate the work of the Experts Committee.
This Committee comprises Mr. S. Janaka Sri Chandraguptha – Secretary, Ministry of Health, Ms. M Kodippiliarachchi – Additional Secretary (Local Government & Provincial Councils), Dr. Asela Gunawardena – Director General of Health Services, Dr. S. M. Arnold – Deputy Director General (Public Health Services – I), Dr. Samitha Ginige – Director, Epidemiology Unit, Dr. Nalin Ariyarathne – Director, National Dengue Control Unit, Dr. Ananda Wijewickrama – Senior Consultant Physician, Dr. Lakkumar Fernando – Pediatrician, Prof. Neelika Malavige – Professor, Department of Immunology and Molecular Medicine and Dr. Upul Dissanayake – Consultant Physician, as members of this Committee.
Preventing the breeding of the mosquito and preventing the mosquito from getting the virus is very important in controlling dengue. The vector can be reduced by identifying the places where the water collects during the rainy season and preventing the breeding of mosquitoes. People need to be educated in order to lower their risk of getting bitten by a mosquito. In densely populated areas, the chance of dengue transmission from one mosquito to a large number of people is high.
A series of urgent programs are being implemented through the Dengue Control Sub-Committees appointed in the provinces. In the coming months, we will try our best not to reach the capacity of the patients who will be admitted to the hospitals.
Accordingly, a special cleanliness program will be implemented in the city of Colombo with the support of the Tri forces during the next weekend. The National Dengue Control Unit (NDCU), Provincial Department of Health Services and the Local Government authorities will also join and the office of the Medical Officer of Health (MOH) will make relevant notifications. Accordingly, I request the people to stay at home this coming weekend and support it.
After that program, schools, religious places, government and private institutions, commercial premises as well as abandoned plots of land where dengue mosquitoes are most likely to be bred will be inspected for larvae on specific days in Colombo and Gampaha districts for a week.
At the same time, specific programs are being implemented in all other provinces as per the instructions of the Provincial Health Officer. The dengue patient should be aware of this and take precautions to prevent spreading the illness to others. Especially at this time, the media can play a significant part in that.
Control of dengue focuses more on primary health. This circumstance arises every year, thus in my opinion, widespread awareness-raising efforts at the school level are necessary. And I believe that this is a special circumstance that should be included in the educational curriculum.”
Meanwhile Dr. Ananda Wijewickrama while joining the ‘101 Katha’ program produced by the President’s Media Division noted; The Ministry of Health is working to adopt a number of strategies to prevent the spread of dengue in the upcoming period. Implementing dengue control measures by the Government, the private sector, and the public is also crucial. The possibility of controlling dengue fever exists, if this program is sustained for a considerable amount of time. With the upcoming monsoon season, there is a risk that dengue cases would increase. In general, the months of June and July see an upsurge in dengue patients. Therefore, all parties should work with utmost care to control the dengue virus.
Dengue can affect any age group. 75% of reported cases involve people older than 15 years. Nowadays, young people are more likely to contract the disease than small children, despite the fact that it used to spread among them more frequently. Dengue is a virus. As a result, there is a strong likelihood that dengue can be easily transmitted via mosquitos from one infected person to another. Eliminating mosquito breeding places is vital. The dengue mosquito typically exists in in areas where clean water gathers. Anywhere, including waste plastic, used tires, flower pots, coconut and king coconut shells, serves as a breeding ground for dengue mosquitoes. Such areas should receive as much attention as possible, and should be removed immediately. In addition, precautions should be made to avoid mosquito bites.
It is important to take precautions against mosquito bites in order to avoid spreading the dengue virus to others. For that, the body might be covered with clothing. Additionally, there are mosquito repellents. It can also control mosquito bites. But none of these approaches is completely effective.
The Local Government authorities, Public Health Inspectors, Health Departments, and Security Forces have all stepped in to help control the disease by destroying mosquito breeding grounds. Special programs are being implemented focusing on the provinces where dengue is spreading most. Within the coming week, a special initiative will begin, with a focus on the Colombo and Gampaha districts, where the majority of cases are reported. There will be a clean-up of the garbage in such areas. It has been agreed to provide the labor contribution of Army for this purpose.
Even if water is removed from containers full of water, mosquito larvae can remain. Therefore, they should be cleaned thoroughly and water should not be allowed to collect again. The typical lifespan of a mosquito is five to six days. Therefore, weekly cleaning of the surroundings is crucial. Keeping your surroundings clean is a must. Controlling dengue cannot be done by one person alone. And it cannot be done only by a few institutions. This requires the support of everyone in the country.
A person suffering from dengue should not work hard. Rest is essential. If not, the chances of complications are high. Any fever patient should only receive Paracetamol, it has been advised. Paracetamol may occasionally fail to entirely bring down fever. However patients should not be afraid in such cases. Having a fever does not escalate to a major issue. Complications can be minimized through physical rest. Meanwhile, it is vital that fluid intakes are given to patients to keep them hydrated. King coconut water, orange and lime juice, and Jeevani are generally recommended for this purpose.
Colombo (LNW): The Sri Lankan Rupee once again indicates depreciation against the US Dollar as revealed by the exchange rates issued by several leading commercial banks today (26). The depreciation comes in in comparison to the week earlier.
Accordingly, People’s Bank reveals the buying price of the US Dollar has surged to Rs. 299.74 from Rs. 298.77, and the selling price to Rs. 317.47 from Rs. 316.44.
Commercial Bank reveals the buying and selling prices of the US Dollar remain unchanged at Rs. 297.68 and Rs. 316, respectively.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 300 from Rs. 298 and the selling price to Rs. 315 from Rs. 313.
Colombo (LNW): The Colombo Stock Exchange (CSE) has declared June 30 as a special holiday, subsequent to the government’s declaration of the same date as a special bank holiday.
A long-bank holiday ought to be obtained for the finalisation of the domestic debt optimisation, hence the declaration of June 30 as a special bank holiday, according to CBSL Governor Nandalal Weerasinghe.
PMD: The Government is paying close attention to certain parties’ attempts to satisfy their political needs by giving the ‘Aswasuma’ program, which was created to aid those in need of economic stability, a political façade.
However, the Government assures that any shortcomings in the process of selecting the relevant candidates will be rectified immediately and plans are being made to discuss this with the district secretaries, divisional secretaries, and other parties involved in the program in the coming week.
Accordingly, these payments will be distributed among four social categories, namely transitional, vulnerable, poor, and extremely poor. Additionally, the usual allowances for the differently-abled, elderly, and kidney patients will also be provided.
6728 officers were employed in the data collection process for the information survey of the program to identify those who are eligible for welfare benefit payments, covering all the divisional secretariats across the island. It included 3190 development officers, 494 economic development officers, 205 Grama Niladhari officers, 1127 other officers and 1712 temporary recruits.
At the regional office level, a three-member selection committee will monitor the data and, after approval by the district secretary, the deserving candidates will be selected.
Prime Minister Dinesh Gunawardena as the Provincial Councils and Local Government Minister announced this morning (25) that the time period given to those who have been wronged in the selection of the beneficiaries of the ‘Aswesuma’ welfare benefit payment program to hand over appeals and objections has been extended until July 10, as some parties have alleged that there have been shortcomings in the process.
The necessary work is also being carried out in this regard by Acting Finance Minister Shehan Semasinghe and Finance State Minister Ranjith Siyambalapitiya.
Accordingly, if an individual or family in need of economic stability has lost this benefit, there is an opportunity to correct it by making inquiries through the Divisional Secretariats during the relevant period.
The Government emphasizes that the basic requirement of the ‘Aswesuma’ program is to provide the necessary contribution to the people who need economic stability, and not to meet the needs of various parties based on a mere political process.
The Government advises against panicking as a result of yielding to political instigation or external influences if your name is not on the currently published list or if the name of an ineligible individual is on it. Instead, make any pertinent queries through the Divisional Secretariat Offices. The Government further informs the applicants that they can contact the Divisional Secretary for assistance with any issues that may have developed with regard to their applications.
Colombo (LNW): The Samagi Jana Balawegaya (SJB) has won the election for office at the Various Cooperative Society in Mahaoya – Padiyathalawa.
Accordingly, the SJB group has secured 08 out of 11 regions in the Co-Op Society election, and 04 out of 07 members of its Director Board have been elected from the main Opposition party.
Kandy (LNW): DP Education has joined hands with the 2023 Kandy Book Fair, which commences today (26) running up to July 02.
The Kandy Book Fair is being held in Kandy City Centre and you can find the DP Education stall inside.
Visit the stall and you can learn about and connect with DP Education’s free educational opportunities and also win 5 valuable tabs by subscribing to DP Education’s Facebook Page and YouTube Channel.
DP Education invites everyone to visit their stall at the Kandy Book Fair.
Colombo (LNW): Showers or thundershowers will occur at times in Western and Sabaragamuwa provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts, whilst fairly heavy showers above 75mm can be expected at some places in the Western province and in Galle and Matara districts, announced the Department of Meteorology in its daily weather forecast today (26).
Several spells of showers will occur in North-Western province, and showers or thundershowers may occur at a few places in Uva province and in Ampara and Batticaloa districts during the evening or night, the statement added.
Fairly strong winds about (40-45) kmph can be expected at times in western slopes of the central hills, Western and North-Central provinces and in Puttalam, Galle, Hambantota and Trincomalee districts.
General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershower.
Marine Weather:
Condition of Rain:
Showers or thundershowers will occur at several places in the sea areas off the coast extending from Puttalam to Matara via Colombo and Galle.
Winds:
Winds will be south-westerly and speed will be (25-40) kmph. Wind speed may increase up to (50-60) kmph at times in the sea areas off the coast extending from Hambantota to Pottuvil and off the coast extending from Kankasanthurai to Puttalam via Mannar. Wind speed may increase up to 50 kmph at times in the sea areas off the coast extending from Trincomalee to Kankasanthurai and from Puttalam to Hambantota via Colombo and Galle.
State of Sea:
The sea areas off the coast extending from Hambantota to Pottuvil and from Kankasanthurai to Puttalam via Mannar will be rough at times. The sea areas off the coast extending from Trincomalee to Kankasanthurai and from Puttalam to Hambantota via Colombo and Galle will be fairly rough at times. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
Last night, the CB Governor abruptly announced a bank holiday of 5 days from coming 29th. Accordingly, a special bank holiday was announced for 30th so that 4 actual holidays plus the special holiday become 5 days of bank holiday.
I felt panic whether my deposits at banks could be unsafe. The reason is that, as I am aware from other countries, the authorities declare bank holidays to prevent any anticipated bank runs or panic depositors running to banks to withdraw their deposits unexpectedly.
However, the purpose of the bank holiday declared above was described as the time period required for the completion of the government domestic debt optimization already announced in the media.
The news presented by the CB Governor covered following items.
The government and the Ministry of Finance have decided the time frame to complete the process of domestic debt optimization.
The process is involved in getting approvals from the Cabinet, Finance Committee and Parliament.
For this purpose, banking and financial market stability is required for 5-day period.
However, week-end banking, online banking and ATMs will function as usual.
The CB Governor assured that this debt optimization would not have any impact on bank deposits and deposit interest rates.
My Observations
First, even the meaning of the debt optimization has not been clarified yet although the authorities refer to debt restructuring with regard to govt. foreign debt. Therefore, the need for a bank holiday for domestic debt optimization is unknown.
Second, according to official comments made from time to time, debt optimization also is similar to debt structuring as the government hopes to reduce its domestic debt service burden through the rework of debt contracts on Treasury bills and Treasury bonds. Debt haircut, interest rate reduction, maturity extension and deferment of debt service are general elements of the debt rework.
Third, if the debt optimization is a sort of debt restructuring or rework, it is difficult to understand why a specific bank holiday of 5 days is required for the completion of approval process.
Fourth, once the elements and modalities and legal clearance including any judicial process are determined by the relevant authorities, debt restructuring process is nothing but adjustments of financial statements of investors, i.e., banks, other financial institutions and individual investors, of the date applicable to the debt rework announced by the government.
Accordingly, the adjustment will involve in the value of their assets in government debt/securities, capital if any loss to their assets is realized through the debt rework and income statement of the current quarter and financial year if any loss is to be assumed (by way of reduced interest rates, haircuts, etc.). As such, their liabilities such as deposits and borrowings utilized to fund the investments in government debt in the balance sheet should not be directly affected as at the restructuring date.
Therefore, the debt rework is only an accounting/book-keeping exercise for both the government and investors and, therefore, does not require any specific holiday period for banks or other investor financial institutions such as finance companies, superannuation funds and insurance companies.
Fifth, why same holiday for non-bank financial institutions was not declared is an issue although they also are investors in government securities.
Sixth, the approval process such as Cabinet, Finance Committee and Parliament does not involve in any bookkeeping as highlighted above. Therefore, why a specific bank holiday is required for the completion of this approval process is not established.
Overall Comment
The CB Governor did not clarify why a specific bank holiday was required for the Parliamentary approval process on so called domestic debt optimization.
However, a trigger of a systemic risk of unwanted or undue depositor panic as I myself felt from this breaking news should not be discarded, given the present status of economy’s bankruptcy caused by the debt and foreign currency crisis.
The secret of banking is the depositor trust and not the Central Bank or bank financial statements.
Therefore, the authorities should not paly games with depositors as their readings of risks and herd behaviours cannot be modelled or forecasted in advance while the probability of contagion of a debt and foreign currency crisis across the domestic currency is high as experienced in many countries.
The CB Governor’s assurance that depositors (deposits or interest rates) would not be affected by the proposed debt optimization is technically incorrect because that depends on the financial strength of banks and financial institutions to absorb any financial hit caused by the debt rework on their investments in government securities. In addition, if depositors feel unsafe of their deposits consequent to the debt rework, any depositor turmoil could cause losses to uninsured deposits unless the government pay them back. Nobody can exactly predict such instances.
(This article is released in the interest of participating in the professional dialogue to find out solutions to present economic crisis confronted by the general public consequent to the global Corona pandemic, subsequent economic disruptions and shocks both local and global and policy failures.)
P Samarasiri
Former Deputy Governor, Central Bank of Sri Lanka
(Former Director of Bank Supervision, Assistant Governor, Secretary to the Monetary Board and Compliance Officer of the Central Bank, Former Chairman of the Sri Lanka Accounting and Auditing Standards Board and Credit Information Bureau, Former Chairman and Vice Chairman of the Institute of Bankers of Sri Lanka, Former Member of the Securities and Exchange Commission and Insurance Regulatory Commission and the Author of 10 Economics and Banking Books and a large number of articles published.
The author holds BA Hons in Economics from University of Colombo, MA in Economics from University of Kansas, USA, and international training exposures in economic management and financial system regulation)
