In a strategic move of attracting US$ 2-3 billion from the restructuring of profit making State owned Enterprises (SOE’s), which is critical in current economic context, The Government has short-listed transaction advisors to assist in the divestiture of four SOEs finance ministry souces confirmed. .

They are Sri Lanka Insurance Corporation Ltd., Hotel Developers Lanka Ltd (Hilton Hotel Colombo), Canwill Holdings Ltd (Grand Hyatt Hotel), and Litro Gas Lanka Ltd including Litro Gas Terminals Ltd (LPG retailing).

The short listing follows the evaluation of the about a dozen Expression of Interests (EOIs) received by the Standing Cabinet Appointed Consultant Procurement Committee of the State Owned Enterprise Restructuring Unit, within the Finance Ministry.

The short listed for the advisory role in Sri Lanka Insurance Corporation are Asia Securities, Capital Alliance, Deloitte, PwC and CT CLSA.

For Hotel Developers, the shortlisted are Asia Securities, Capital Alliance, Platinum, Deloitte, and PwC.

For Canwill Holdings, the parties are Asia Securities, Capital Alliance, Platinum, Deloitte and PwC. For Litro the shortlisted are Asia Securities, Capital Alliance, Platinum, Deloitte, PwC and NDB.

The deadline for EOIs was extended till May6 from the original date of April 27 based on multiple requests. 

A report published by the Ceylon Chamber of Commerce stated that 83% of the profit of all the SOE’s are generated by six entities, and 97% of the losses are made by five entities in 2020.

 This report went on to state that 52 SOE’s had absorbed Rs. 920 billion worth of bank credit, in addition to Rs. 75 billion worth of support from the Treasury.

The restructuring of loss making SOE’s can help curtail Government expenditure and guaranteed credit. Profitable SOE’s can be a strong source of tax revenue for the Government while boosting foreign investor confidence and, help attract more FDI, several economic experts said.  

The restructuring of loss making SOE’s can help curtail Government expenditure and guaranteed credit. Profitable SOE’s can be a strong source of tax revenue for the Government.

Political consensus is key to successful SOE reform, and broader economic reform, which are prerequisite to Sri Lanka’s economic recovery. 

Sri Lankan politicians have not demonstrated the ability to build political consensus on key economic strategy, and this is a contributor to our economic destruction. 

President Ranil Wickremesinghe has demonstrated his commitment to the reform process. He needs the support of his Government and the Opposition if successful economic reform is to be implemented.

After three years of pandemic travel restrictions, manmade economic crisis and skyrocketing energy costs, tourism is back with a vigor to boost Sri Lanka forex reserves as sun-seekers make up for lost time.

Early bookings suggest the island nation could receive record tourism revenues this year, helping replenish state coffers depleted by rising debt interest payments and the cost of living crisis.

What’s more, there appears to be growing demand for the luxury end of the spectrum. But Normalising Sri Lanka is likely to fail to keep the momentum of pre-crisis visitor arrivals in May. 

However, year-on-year is likely to finish better, but considering the pre-pandemic, the industry is underperforming, yourim ministry sources said. 

The industry however said the low arrivals in the months of May and June are not a new phenomenon and even during pre-COVID times this has been the same trend for tourist arrivals.

However, it is noteworthy that the numbers have not recovered to pre-pandemic levels and have not received visitors from the two countries that Sri Lanka Tourism has conducted multiple road shows in the post-pandemic years, severl senior officials at the ministry predicted. 

Sri Lanka has welcomed over 36,000 tourists during the first two weeks of the month, boosting the momentum to reach the monthly target of 75,989 arrivals.

The country received 36,100 tourists during the first 14 days of the month, comprising 18,401 during the first week and 17,699 in the second week – recording the lowest arrivals in 2023 so far.

The first two weeks’ arrivals have also pushed the cumulative figure to date to 477,277, propelling the impetus to continue in the year 2023. 

After regaining its place as the top source market last month, India continues to grow reflecting 26% or 9,323, followed by Russia with 10% or 3,686, the United Kingdom with 7% or 2,523, Germany with 6% or 2,179 and Australia with 5% or 2,075.

In addition, tourists were also received from China, Canada, the US, France and the Maldives, the provisional data released by the Sri Lanka Tourism Development Authority showed.

 Russia remains strong as the top tourist source market for Sri Lanka YTD with a cumulative number of arrivals at 98,233 or 21% followed by India with 75,670 or 16%, the UK with 39,377 or 8% Germany with 35,432 or 7% and France with 23,473 or 5%.

During the shoulder season, Sri Lanka Tourism is stepping up its efforts to draw more Chinese and Indian travellers. 

A team led by Tourism Minister Harin Fernando along with Sri Lanka Tourism Promotion Bureau Chairman Chalaka Gajabahu will participate at the Guangzhou International Travel Fair (GITF), and conduct a roadshow in multiple cities including Kunming, Beijing and Shanghai this week. 

Tourism earnings in the first four months of 2023 were at $ 696.3 million, reflecting a 17.8% increase from the corresponding period of last year, whilst April earnings stood at $ 166.5 million, the latest Central Bank data released showed.

Sri Lanka’s tourism industry accounts for close to 5% of its economy. The industry is hopeful of achieving its upwardly revised target of two million visitors and an income of over $ 3 billion in 2023.

The DP Education Program has started a project to replant 625 endemic plant species that are threatened with extinction out of the 863 plant species endemic to Sri Lanka.

The aim of this is to remove those plant species from the red data report by planting 10 million plants out of the 625 plant species concerned.

Accordingly, this project was started recently at Galle Meth Bo Sewana Nalanda Reserve, with the participation of DP Education Founder, Member of Parliament Dhammika Perera.

Dhammika Perera started the project by planting a rare Kalumadiriya plant and said, “People should be technologically advanced: similarly, nature should be nurtured and protected. A beautiful world can be seen when both those sectors are balanced and nourished,”

The Department of Immigration and Emigration has announced a groundbreaking initiative to streamline the passport issuance process and eliminate the need for individuals to endure long wait times at the Department’s premises in Battaramulla. Starting from June 1, all passports will be issued under a new online system, allowing applicants to receive their passports conveniently at their homes within three days via Registered Post.

The decision to implement this new system was prompted by numerous complaints received by the Department regarding an organized group that extorts money from people visiting the Battaramulla premises, falsely promising expedited passport processing and delivery on the same day. It has been reported that this unscrupulous group charges individuals between Rs. 15,000 to Rs. 20,000 per person to secure fully completed genuine passports without any hassle.

Commissioner General of the Department, Harsha Ilukpitiya, emphasized that the introduction of the new online system aims to eliminate such fraudulent practices and provide a more efficient and reliable passport service to the public. Under the revamped process, applicants are required to visit their authorized Divisional Secretariat, located in their respective areas, to obtain the necessary passport application forms.

Currently, only 50 Divisional Secretariats in the country have been authorized to accept passport applications. After filling out the required details on the application form and providing a thumb impression, applicants must submit the application along with a recent photograph to the designated official. Additionally, a copy of the payment receipt, which can be made at any Bank of Ceylon branch, must be included.

Commissioner General Ilukpitiya assured the public that the officials handling passport matters at the Divisional Secretariats have received comprehensive training to efficiently process applications and ensure a seamless experience for applicants.

Until the new system goes into effect on June 1, individuals can still apply for passports without any difficulties at the Department’s Head Office in Battaramulla.

The implementation of this new online passport issuance system marks a significant step forward in modernizing the passport application process, reducing wait times, and safeguarding applicants from extortion and fraudulent practices. The DIE is committed to providing a transparent and efficient service that prioritizes the convenience and security of passport applicants throughout Sri Lanka.

1. The Consumer Affairs Authority takes a significant stride in protecting consumer rights by issuing a special gazette notification that aims to regulate the activities of online sellers and sellers operating on digital platforms: CAA Chief Shantha Niriella says the decision taken to ensure consumer protection throughout various stages of an online transaction.
2. President Ranil Wickremesinghe instructs authorities to deliver a comprehensive report on expediting the country’s transition towards a digital economy within a month; stresses the importance of avoiding any delays in the digitalisation process and highlights the potential benefits that can be achieved through a faster implementation.
3. Power and Energy Minister Kanchana Wijesekara announces two units of the Uma Oya Hydro Power Plant will be operationalised for power generation this year; adds once completed, these units will contribute “a significant 120 MW of hydropower to the national grid”: The availability of Unit 01 scheduled for August, followed by Unit 02 in September.
4. The hearing of the writ filed by SDIG in charge of the Western Province Deshabandu Tennakoon seeking an order against a private plaint pertaining to a large sum of money found by the ‘Aragalaya’ protesters at the President’s House in Colombo adjourned until May 22, 2023.
5. The National War Heroes Commemoration Ceremony takes place at the Battaramulla War Heroes Memorial, under the patronage of President Ranil Wickremesinghe as the Commander-in-Chief and Prime Minister Dinesh Gunawardena: The year marks the 14th anniversary of the victory of LTTE terrorism that lasted for three decades.
6. Chairman of the National Elections Commission Nimal Punchihewa says the Commission is exploring the possibility of establishing mobile voting centres for people with mobility challenges; adds the vote of such individuals will be collected upon visiting their residence and that current election laws must be amended in order to implement such measures.
7. The five-year rollout plan by the Colombo Port City envisages US$5.6 billion in FDI to Sri Lanka expecting a fast-tracking of the nation’s economic recovery: CHEC Port City Deputy MD Thulci Aluwihare says this will help in positioning both Port City and Sri Lanka as “a leading player in the service export industry”; adds it is also expected “to reach its highest level of activity as the region’s first multi-currency, service export Special Economic Zone.”
8. The Foreign Affairs Ministry says it unreservedly rejects the statement issued by the Canadian Prime Minister Justin Trudeau containing “outrageous claims of genocide relating to the past conflict in Sri Lanka”; adds such “irresponsible and polarising pronouncements by the leader of a nation breed disharmony and hatred in both countries, instead of promoting peace and reconciliation.”
9. Labour and Foreign Employment Minister Manusha Nanayakkara submits a Cabinet paper requesting permits to import electric vehicles to individuals based in Sri Lanka receiving USD payments through businesses with foreign-based clients.
10. Sri Lanka Test Cricket Captain Dimuth Karunaratne added to the preliminary squad named for the ICC World Cup Qualifiers: Karunaratne added as cover for openers Kusal Janith Perera and Pathum Nissanka who have injury concerns: Critics add Karunaratne has “vast experience as a top-order batter and his availability at this stage is very important for SL team.”

Consultant Physician Dr. Ananda Wijewickrama issued a dire warning yesterday, highlighting the life-threatening situation faced by Dengue fever patients who delay seeking hospital treatment until their symptoms become severe. Dr. Wijewickrama expressed concern that a significant number of patients arrive at hospitals only when their condition has worsened, putting their lives at risk.

Dr. Wijewickrama emphasized the criticality of early hospitalization for Dengue fever patients. He stated that when patients delay seeking medical care until they develop serious symptoms, it becomes extremely challenging to provide them with timely and effective treatment. As a result, the lives of these patients are in immediate danger.

The consultant physician further revealed that hospitals are currently facing an overwhelming number of Dengue fever cases, with patient numbers surpassing the capacity of many major hospitals across the country. Among the hospitals experiencing this strain are the Infectious Diseases Hospital (IDH), Kalubowila Hospital, Homagama Hospital, and other key healthcare facilities nationwide.

Dr. Wijewickrama urged individuals who experience fever symptoms persisting for more than 48 hours to undergo a full blood count to assess their condition promptly. This step is crucial in identifying potential cases of Dengue fever and initiating appropriate medical interventions in a timely manner.

In addition, the physician advised against administering any pain relievers other than Paracetamol to individuals suffering from fever. This cautionary measure aims to prevent potential complications that may arise from using non-recommended medications.

With the increasing prevalence of Dengue fever and the urgency of timely treatment, Dr. Wijewickrama’s warning serves as a wake-up call for individuals to prioritize their health and seek medical attention promptly. It is crucial for everyone to be vigilant about their symptoms and take immediate action to prevent the worsening of the disease and potential life-threatening complications associated with delayed hospitalization.

The Consumer Affairs Authority (CAA) has taken a significant stride in protecting consumer rights by issuing a special gazette notification that aims to regulate the activities of online sellers and sellers operating on digital platforms. The directives outlined in the notification, announced by CAA Chairman Shantha Niriella on May 17, are designed to ensure consumer protection throughout various stages of an online transaction.

During the pre-purchase stage, e-commerce entities and platform operators are now required to adhere to fair business practices, advertising guidelines, and honest marketing strategies. They must refrain from engaging in deceptive or misleading practices and provide clear and unambiguous information regarding special offers, free trials, and any additional charges that may apply.

The gazette notification emphasizes that the displayed price of an item should align with the actual purchase price on the platform. This measure aims to prevent any misleading pricing tactics that can deceive consumers.

Transparency and authenticity in the rating and review system are also highlighted in the new regulations. E-commerce entities and platform operators must implement a fair and transparent rating and review mechanism, ensuring that false ratings and reviews are not published. It is strictly prohibited to hire third parties to post positive feedback on behalf of online sellers.

To protect consumer privacy, all e-commerce entities and platform operators must send a privacy statement to consumers when collecting their personal data. This measure ensures transparency and data protection in line with consumer rights.

During the purchase stage, consumers must be provided with an opportunity to review a summary of their order before confirming it. This gives customers the chance to ensure the accuracy of their purchase details and make informed decisions.

Moreover, e-commerce entities and platform operators are now obligated to enable customers to retain a comprehensive and accurate record of the transaction, compatible with their chosen device or platform. This helps consumers keep track of their purchases and facilitates dispute resolution if necessary.

To ensure transparency in financial transactions, a receipt must be issued by e-commerce entities and platform operators. The receipt should include the price of the item, including all charges, any compulsory or optional fees, payment methods, delivery terms, withdrawal and cancellation policies, warranties, guarantees, privacy policies, and dispute resolution options.

E-commerce entities and platform operators are also required to provide customers with user-friendly payment mechanisms and implement adequate security measures to mitigate payment-related risks. Additionally, they must employ reliable logistics providers for the delivery of goods, ensuring that customers receive their purchases in a timely and secure manner.

The gazette notification further emphasizes that customers should be provided with cooling-off periods and the right to cancel orders. E-commerce entities and platform operators must also assist customers in addressing any safety concerns related to the purchased goods, ensuring that all safety requirements have been disclosed.

With the introduction of these new regulations, the CAA aims to enhance consumer trust and confidence in online transactions while safeguarding their rights throughout the entire process. These measures will play a crucial role in promoting fair and transparent practices in the rapidly growing e-commerce sector.

Colombo, May 20, 2023 – President Ranil Wickremesinghe has instructed authorities, including the state minister in charge, to deliver a comprehensive report on expediting the country’s transition towards a digital economy within one month. The president made this announcement on Thursday (May 18) during his address at the inauguration of the Daraz Headquarters located in Alvitigala Mawatha, Colombo 08.

President Wickremesinghe also expressed his disappointment regarding the prolonged discussion surrounding the Revenue Administration Management Information System (RAMIS), which was established by the Inland Revenue Department for tax collection. The president revealed that he had addressed this issue during his tenure as Prime Minister back in 1993, emphasizing the need for swift progress in the matter.

During his speech, President Wickremesinghe stressed the importance of avoiding any delays in the digitalization process and highlighted the potential benefits that can be achieved through a faster implementation. The president formally inaugurated the Daraz Headquarters by illuminating the digital plaque, following traditional customs of lighting the oil lamp and cutting the ribbon at the entrance.

Furthermore, President Wickremesinghe commended the success of Daraz in Sri Lanka and recognized the platform’s significant contribution to the country’s e-commerce potential. He expressed gratitude towards Alibaba for establishing Daraz in Sri Lanka and acknowledged the company’s role in inspiring other businesses. The president also took the opportunity to tour the Daraz Headquarters and engage in a discussion with the company’s Board of Directors.

In his remarks, President Wickremesinghe acknowledged the slow progress of e-commerce adoption in Sri Lanka and outlined the government’s efforts to accelerate the digitalization process. He highlighted the potential collaboration with Tamil Nadu in India, suggesting that Sri Lanka could benefit from utilizing a similar system already in place in Tamil Nadu. The president called for discussions with Indian authorities to explore the possibility of leveraging their expertise in digitalization.

President Wickremesinghe emphasized the need for legislation that would establish a framework and allocate responsibilities to government organizations and selected private entities. He proposed benchmarking and imposing penalties for non-compliance to ensure progress in the digitalization efforts. The president cited the example of the long-standing discussions on the Revenue Administration Management Information System (RAMIS) as an illustration of the need for expediency.

Additionally, President Wickremesinghe expressed his ambition to align Sri Lanka’s digital economy with the green economy, highlighting the potential business opportunities worth $5 trillion in Asia’s green economy sector. He called for concerted efforts in both sectors and pledged government support for the digitalization initiative starting from the next year.

The event was attended by Speaker Mahinda Yapa Abeywardena, State Minister of Technology Kanaka Herath, Managing Director of Daraz Rakhil Fernando, President Director of International Relations Mr. Dinouk Colombage, as well as other officials and employees from Daraz Head Office.

With President Wickremesinghe’s strong directive and commitment to advancing the digital economy, Sri Lanka is poised to make significant strides in embracing the opportunities presented by the digital age and positioning itself as a leading player in the region.