State Minister of Finance Ranjith Siyambalapitya says the Govt will announce its debt restructuring strategy in May: laments the debt to GDP has risen to 128%, but will be brought down to 95% in 5 years, after imposing massive haircuts: according to the CBSL Annual Report 2022, “Debt to GDP” was 91% in 2005 and brought down to 69% by 2014, but jumped again to 81% by 2019.
IMF Asia & Pacific Dept Director Krishna Srinivasan says debt in Sri Lanka was assessed to be “unsustainable” by the IMF and that’s why there had to be a path towards restoring debt sustainability before the IMF programme could be approved: confirms that includes restructuring debt to all creditors – private, official, and to some extent, domestic: however, CB Governor Nandalal Weerasinghe had been consistently insisting that local debt will not be re-structured.
Agriculture Minister Mahinda Amaraweera expresses regret that only 2 MPs have submitted ideas and proposals in relation to the proposed Agriculture Policy: laments over the MPs’ lack of interest in the Policy.
Director of Primary Health Services of the Ministry of Health Dr Priyantha Atapattu says 350 doctors have left the country over the past 9 months, without Ministry approval: also says 2,837 specialist doctors and 23,000 doctors are required for the country.
Vietnamese Buddhist monks residing in Sri Lanka bring down decorations from Vietnam to showcase at the Vesak zone 2023 organized by the Gangarama Temple, Hunupitiya.
Public Health Inspectors’ Union Chairman Upul Rohana says at least 7,160 “dansal” have been registered in view of the Vesak festival: also says all dansal, registered and unregistered, will be monitored by PHIs on Vesak Day and the following day to ensure hygiene and public safety for which 3,000 Inspectors will be deployed.
CB says its Official Reserve Assets increased by USD 61 mn (2.2%) to USD 2,755 mn in April’23 from USD 2,694 million in March’23: also says the reserve includes SWAP from People’s Bank of China of USD 1.4 bn, which had been previously ignored by former Finance Minister Sabry when announcing the Reserves level in Parliament.
Ceylon Teachers’ Union General Secretary Joseph Stalin says even though the Federation of University Teachers’ Associations had requested the President for a discussion regarding the issues relating to the scrutiny of GCE A/L answer scripts, the President has left the country without giving them an appointment: also says the issues relating to the scrutiny of A/L answer scripts have gone from bad to worse.
Colombo Stock Market makes a modest gain from its 3-month low, but turnover slumps to an abysmal low of Rs.252 mn.
Former NZ star Scott Styris says Sri Lanka’s pacer with the slinging action Matheesha Pathirana has the ability to bowl at quicker speeds than the legendary Lasith Malinga: because of Pathirana’s pin-point yorkers and accuracy in the death overs, the 20-year-old pacer has emerged as a rising star for Chennai Super Kings in the IPL and has drawn attention from all over the world.
As Sri Lanka celebrates the Vesak festival on a grand scale this year, the Sri Lanka Police have announced a special traffic plan in the city of Colombo. The festival, which marks the birth, enlightenment, and Parinirvana of Gautama Buddha, is being celebrated with renewed enthusiasm after subdued celebrations for the past four years due to the 2019 Easter Sunday attacks, the Covid-19 pandemic, and the economic crisis.
To facilitate the people visiting the Vesak zones established in many parts of Colombo, including Bauddhaloka Mawatha and Gangaramaya Temple, the police have designated specific areas for parking vehicles. However, the members of the public are advised not to park their vehicles on the main roads, byroads, or pavements that block the movement of traffic. Those who do so will face fines and their vehicles may be removed.
With this traffic plan in place, the Sri Lanka Police aim to ensure the safety and convenience of the public during the Vesak festival celebrations in Colombo.
Parking space for Gangarama Budddha Rashmi Vesak Zone: • Union Place – from Kompannaveediya Junction to Ibbanwala Junction • Dharmapala Mawatha – from Hunupitiya Crossroad to F.R. Senanayake Mawatha • F.R. Senanayake Mawatha – from Dharmapala Mawatha to Kannangara Mawatha • Vauxaull Street
Parking space near Bauddhaloka Mawatha Vesak Zone: • Maitland Place car park • Independence Mawatha • Vidya Mawatha • Sarana Road • R.G. Senanayake Mawatha
Parking space near Galle Face Green: • Car park where the old Defence Ministry building
The Department of Meteorology has issued a warning to the public about severe weather conditions in several areas of Sri Lanka. According to the department, parts of Eastern, Central, and Uva provinces and Mullaitivu and Polonnaruwa districts may experience showers or thundershowers, particularly in the afternoon or at night.
In addition, Western, Sabaragamuwa, and Southern provinces, as well as Jaffna and Puttalam districts, are expected to see several spells of showers. Strong winds of about 40-50 kmph can also be expected at times over western and southern coastal areas.
The public is urged to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers. The department has also issued a warning to fishing and naval communities to be attentive to future forecasts, as a low-level atmospheric disturbance is likely to develop over the southeast Bay of Bengal area from May 06 onwards.
In sea areas around the island, showers or thundershowers are expected to occur at several places, with south-westerly winds of (25-35) kmph. The wind speed may increase up to 40-50 kmph at times in the sea areas off the coast extending from Beruwala to Hambantota via Galle and Matara. The sea areas off the coast extending from Beruwala to Hambantota via Galle and Matara will be fairly rough at times, while the other sea areas around the island will be slight to moderate.
The department has warned that temporarily strong gusty winds and very rough seas can be expected during thundershowers. The public is advised to stay updated on the weather conditions and take necessary precautions to ensure their safety and minimize damage to property.
The Sri Lankan film industry is mourning the loss of veteran actor Gnananga Gunawardena, who passed away on May 04 at the age of 78. According to sources, the actor was undergoing treatment at the Colombo National Hospital when he breathed his last.
With a career spanning several decades, Gunawardena had made a significant contribution to the Sri Lankan film industry. He kickstarted his acting journey with the movie ‘Hewanali Ada Minissu’ in 1980, directed by Parakrama de Silva. He went on to act in many popular movies, including ‘Saptha Kanya’ (1993), ‘Seilama’ (1995), ‘Tharanaya’ (1997), and ‘Maharaja Ajasath’ (2015), among others.
The funeral arrangements for Gunawardena have been announced. His body will be kept at a private funeral parlour in Borella from 8.30 a.m. tomorrow, after which the final rites will be performed at 3.00 p.m. on Saturday (May 06).
As news of his passing spread, fans and fellow actors took to social media to express their condolences and pay their respects to the veteran actor. His demise is a great loss to the Sri Lankan film industry, and his contributions to the art form will be remembered for years to come.
Colombo (LNW): In a bid to lead the promotion of the Tourism Industry in Sri Lanka amidst the dire need for economic revival against the worst recession suffered by the island nation since independence, Emirates has joined hands with the Sri Lanka Tourism Promotion Bureau (SLTPB), renewing the friendship that has existed for decades.
A Memorandum of Understanding (MoU) that outlines a host of initiatives designed to promote Tourism and trade industries within Sri Lanka was signed between Emirates and the SLTPB recently, reminiscing the airline’s long-standing commitment to the island nation spanning more than three decades.
The signing of the MoU has taken place between Ahmed Khoory, Emirates Senior Vice President Commercial West Asia and Indian Ocean and K.P.P. Siriwardena, Managing Director of the SLTPB, at Arabian Travel Market 2023.
The unfolding of a fruiting collaboration between the two parties comes in to attract more tourists to Sri Lanka, deepening a strategic cooperation between Emirates and the island nation’s tourism forged in the previous year, and paving the way for each party to enhance their marketing and promotional efforts to expand tourism.
The collaboration will aid Emirates in developing programmes to boost tourism in Sri Lanka by showcasing it to customers across its global network, engaging in efforts to promote Sri Lanka through its network of agents in key strategic markets, and developing special packages designed to appeal to various customer segments, in addition to collaborating on joint familiarisation trips to raise awareness of the destination’s offerings to audiences in key feeder markets.
Addressing the occasion, Ahmed Khoory, Emirates Senior Vice President Commercial West Asia and Indian Ocean said this partnership is a testament to their commitment to Sri Lanka’s tourism and trade industries and in playing a key role in the revival of these vital sectors. Sri Lanka will be promoted as a key leisure destination in the networks of Emirates, whilst the airline will also be looking forward to serving demand with their services, he added.
Emirates has played a major role in the revival of the country’s tourism sector and the new collaboration will make a positive impact in Sri Lanka, K.P.P. Siriwardena, Managing Director of the SLTPB said.
The signing event was also graced by Sri Lanka’s Tourism Minister Harin Fernando, Sri Lankan Ambassador to the United Arab Emirates Udaya Indraratna, Emirates Chief Commercial Officer Adnan Kazim, and Emirates Manager Sri Lanka and the Maldives Chandana De Silva.
Colombo (LNW): Adventure tourism is playing a key role in helping Sri Lanka rebuild its economy after a turbulent few years for the South Asian nation.
The country’s tourism sector was particularly affected in recent years due to a foreign currency crisis resulting from the impact of the Covid-19 pandemic which led to months of food and fuel shortages, along with runaway inflation and prolonged blackouts.
A year on, leading Sri Lankan figures, speaking at a Dubai conference, were optimistic about tourism helping the country’s recovery.One of the main strategies is to diversify their offerings and target those seeking adventure holidays.
“We are not going to try and make Sri Lanka expensive but we want to make it the destination of choice when it comes to affordable luxury”, said Harin Fernando, Sri Lankan Minister of Tourism and Lands.
“We have just launched the Pekoe Trail, a 23-day hike through the mountains — that’s just one of the adventures we are offering,” Harin Fernando, Sri Lankan Minister of Tourism and Lands, told a conference on the second day of the Arabian Travel Market at Dubai World Trade Centre.
“We’re also investing in marine diving, mountain climbing and hiking.“Another activity we are looking to bring to Sri Lanka is ski diving.”
Visitors from the GCC will play a key role in ensuring Sri Lanka continues to rebound from its troubles in recent years, the minister added.“The Middle Eastern market is going to be crucial for Sri Lanka,” he said.
He added“We were desperate to get tourists back to Sri Lanka but that was the short-term goal. Now we need to move to a long-term strategy.”
It means attracting tourists who were likely to spend more on their holidays.“The average spending of tourists in Sri Lanka] is $200-250, which is not enough,” said Mr Fernando.“The target is to move that number to $400-500 by next year.
“It has been a bumpy ride for Sri Lanka in the last 11 to 12 months but I am delighted to say we have bounced back from where we were a year ago,” said Mr Fernando.
Sri Lanka’s ambassador to the UAE said being a year-round destination makes it attractive to a visitor from the Middle East, where temperatures tend to soar during the summer months.
“The country is a biodiversity hotspot with large forest coverage and a rich wildlife. It also boasts a unique cultural heritage.“It’s the best of Asia in one compact island.”
Hoteliers at the event believe that Sri Lanka is resurgent because of the diversification it offers tourists.
“The complexion of tourism in Sri Lanka is changing,” said Suresh Rajendra, president of leisure for the John Keells Group, the parent company of Cinnamon Hotels.
“The typical tourism in Sri Lanka has been beach stays and tours based on the culture and the hill country.
“That’s changing and we are seeing Colombo starting to attract the conference market which is bringing in more visitors from India and China.”Cinnamon Hotels unveiled plans for a new Colombo-based resort in Dubai on Tuesday.
Colombo (LNW): The present government is to take prompt action to set up a safari sanctuary in the Northern Province soon while focusing attention on five national parks, nine wildlife sanctuaries (four existing and five new) and five jungle corridors.
This will be Sri Lanka’s largest wildlife destination, promising sea and land experience. Declaring these proposed wildlife sanctuaries in the North will bring about, not only conservation, but many other sociol-cultural, political, economic and environmental benefits, official sources said.
It is believed that some important archeological sites are also located in the proposed areas. Some wetlands Chundikulam and Jaffna lagoon can be declared wetlands of international importance under the Ramsar Convention.
After the war’s end, the Department of Wildlife Conservation (DWC) with the support of United Nations Development Project (UNDP) and United Nations Environment Project (UNEP) did an ‘Integrated Strategic Environmental Assessment’ (ISEA) for the districts of Jaffna, Mullaitivu, Kilinochchi and Mannar.
The report suggested that three wildlife sanctuaries be upgraded to national park status. It also recommended two new national parks, five jungle corridors and five wildlife sanctuaries. It said the Vavunikulam wildlife sanctuary needed to be expanded by adding adjoining forest areas and removing human settlements.
President Ranil Wickremesinghe has instructed the Agriculture, Wildlife and Forest Resources Conservation, Minister Mahinda Amaraweera to look for suitable land for setting up a 1000-acre safari sanctuary in the Northern Province.
At present, no separate safari sanctuary has been established in the Northern Province .Most of the sanctuaries and zoos are located in other parts of the country. So the people of the 05 districts of the Northern Province have to come to visit the zoos in the south.
Minister Amaraweera in turn has directed the Ministry Secretary as well as the Wildlife Director General and the Forest Resources Department Director General to look into suitable land for the new safari sanctuary to be established in the Northern Province.
The Minister also informed that the possibility of introducing certain species of animals that are present in the national zoos as well as the species that are currently spread in urban areas and are harmful to people’s gardens to this park should also be investigated.
The Northern Province of Sri Lanka has a rich biodiversity of fauna and flora. Its various fauna species include elephant, leopard, bear and crocodile. Some varieties of flora are exclusive to the Province. Famous for birds, the region is the main entry point for migratory species.
The Province has a number of coastal and offshore habitats such as mangroves, sea grass beds, lagoons and estuaries, salt marshes, sand dunes and beaches, coral reefs, mud flats and isolated islands that function as critical habitats for marine mammals, birds and sea birds.
In the Northern seas, whales, including blue whales, turtles, dolphins, dugongs, sharks and other sea species can be found.
However, the region is yet to be fully explored in terms of conservation or tourism. The Government must declare its proposed wildlife reserves soon before these get exploited for commercial gain by unscrupulous business interests or other human interventions.
Since the Fauna and Flora Protection Ordinance No. 2 of 1937 was enacted, the Department of Wildlife Conservation (DWC) has been declaring wildlife reserves (as national parks, wildlife sanctuaries, jungle corridors) under its mandatory power. This Ordinance was amended several times, lastly in 2009.
The only seven wildlife sanctuaries declared in the Northern Province are the Madhu Road (1968), Chundikulam (1938), Giant Tank (1954), Vankalai (2008), Vavunikulam Tank (in 1963), Paraithivu (1973), and Kokkilai (1951) wildlife sanctuaries.
Colombo (LNW): Arab Republic of Egypt is now keen to spearhead a campaign to form an Arab Sri Lanka Business Council to promote trade, tourism and investments
This was disclosed by Arab Republic of Egypt Ambassador Maged Mosleh when he last week paid a courtesy call on Prime Minister Dinesh Gunawardena and discussed matters of mutual interest.
Ambassador Mosleh said Egypt is pursuing the Arab Ambassadors Forum to establish an Arab Sri Lanka Business Council to promote trade, tourism and investments.
The groundwork has been prepared for this through discussions with relevant authorities and the Chambers of Commerce, he said.
The Prime Minister requested the Ambassador to explore potential investments in the hospitality industry as well as setting up export industries in export industrial zones in Sri Lanka as many incentives have been offered to foreign investors.
The Prime Minister briefed the Ambassador on the steps taken by the Government to overcome the economic crisis.
The Egyptian Ambassador congratulated the Government on the rapid success made to restore the economy in a short span of time and added that Sri Lanka has given a valuable example for other countries faced with similar crises to emulate.
It was also agreed to revive the Egypt-Sri Lanka Business Council originally founded in 2004, and to reconvene the Joint Commission on Trade and Economic Cooperation which last met in 2002.
Opportunities for Sri Lanka to benefit from Egyptian Technical Support in cultivating Citrus, pomegranate, mango, dates and expanding agricultural training opportunities from the Egyptian International Centre for Agriculture (EICA) was reviewed, while Egypt showed interest to obtain plant materials of Pineapple, red banana, custard apple.
Egypt has requested Sri Lankan investors to invest in the field of Agriculture, Tourism, textile and garment industries, Communication & Information Technologies, Oil refinement, while Sri Lanka welcomed Egyptian investors to the Colombo Port City.
Egypt is the 50th export destination for Sri Lanka. Total export value from Sri Lanka to Egypt was USD 31.27 Mn in 2022 and total imports from Egypt to Sri Lanka for the same period were USD 13.34 Mn. Egypt is the 52nd import origin for Sri Lanka in 2022.
Sri Lanka’s exports to Egypt has decreased by 13.41% in 2022 when compared to the year 2021. Imports from Egypt has also decreased by 69.44% in 2022 when compared to 2021.
Sri Lanka’s main export products to Egypt in 2022 were Desiccated Coconut, Tea, Pneumatic & Retreated Rubber Tyres & Tubes, Knitted Fabrics, Woven Fabrics, Men’s Outerwear, Transport Equipment, Defatted Coconut and Cartons, Boxes & Bags.
Colombo (LNW): A Month after the start of Q2 2023 in May, entrepreneurial confidence increased to 12 month high from s negative to positive following International Monetary Fund)IMF) US$ 3billion bailout loan.
The sentiment indicator rose across all sectors, except for real estate activities. In addition, expectations about the economic climate for the next three months were predominantly positive in early 2023.
The IMF’s US$ 3 billion Extended Fund Facility (EFF), which was approved on 20 March, has surely been instrumental in bolstering business confidence.
And efforts to restructure Sri Lanka’s mountain of debt has since taken a positive turn with three key sovereign creditors – India, Japan and the Paris Club of nations – announcing on 13 April that formal talks are underway.
So the only spoke in the wheel in the context of the debt restructuring process at the time of going to press is China’s reluctance to fall in line with what Sri Lanka is seeking. That China happens to be the island’s largest bilateral creditor cannot be ignored, it has to be said.
Nevertheless, the hype surrounding the long awaited IMF facility – in business circles at least – has translated into sending the LMD-NielsenIQ Business Confidence Index (BCI) skywards, even if the barometer has yet to reach its point of a year ago (116 basis points) as well as the all-time average of 124.
In the first week of April, NielsenIQ’s pollsters reported that the unique index had risen to a 12 month high.
As for the icing on the cake, it comes in the form of the 36 basis point spike in the BCI – the highest increase since January 2021, following news that Sri Lanka was to receive its first consignment of COVID-19 vaccines.
At the top of the list of sensitivities may well be the outcome of debt restructuring negotiations – and most importantly, whether local debt will also come into the equation as this could undermine confidence not only among the business community but the people as well.
The never ending uncertainly that surrounds the local government (LG) polls – not to mention what the political landscape portends in the months ahead – will also hold sway as far as more gains on the biz confidence front are concerned.
LMD-Nielsen noterd ,While we revel in the knowledge of a notable uptick in business sentiment, it would be prudent to keep an eye on the watch list – for example, whether the brain drain will gradually subside and fuel quotes be relaxed further; and crucially, where any relief will come from, to ease the big squeeze on disposable incomes.
As it reports in this edition of LMD, consumer confidence is eroding because of shrinking disposable incomes.
“An improvement in consumer confidence will depend on how the pockets of consumers are going to be affected by the fluctuating prices of essentials and other goods,” asserts NielsenIQ’s Director – Consumer Insights Therica Miyanadeniya.
That said, Miyanadeniya expects business confidence to remain strong: “With the country slowly beginning to pick up once again and as socioeconomic indicators continue to improve, it is expected that the BCI will continue to gain ground.”
She claims If we were to bet on the future direction of the index, the confidence boost from the EFF and news that as many as seven major state owned entities (SOEs) are under consideration for divestiture may have the gumption that is needed to maintain the momentum of the last two months.
