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EX CB chief underscores CB’s guess on debt restructure timing

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EX CB chief underscores CB’s guess on debt restructure timing

By: Staff Writer

Colombo (LNW): Underscoring what the Central Bank Governor Dr. Nandalal Weerasinghe said on an early finish to the debt restructuring, the former Central Bank Governor and economist Dr. Indrajith Coomaraswamy said Sri Lanka could wrap-up its debt restructuring talks by end June, three months before the first International Monetary Fund (IMF) programme review comes up in September.

Speaking at a podcast conducted by NDB Securities last week, the former Governor expressed confidence that the parties would be able to come to a broader agreement on how both domestic and foreign debt is restructured.

“Hopefully by the end of June, both the domestic and external debt will be restructured and there will be an agreement across the board on how that is done,” Dr. Coomaraswamy said.

On domestic debt restructuring, the Central Bank reiterated that they wouldn’t agree on anything which would destabilize the local banking system.

In an investor presentation made a week ago the Central Bank said the Treasury bills held by it would be subjected to restructuring and the bonds would be restructured on a voluntary basis.

The Central Bank holds little over 60 percent of the total outstanding Treasury bill stock.

Sri Lanka government is now facing the audacious task of fulfilling several structural bench marks including domestic debt optimization (DDO) operation aimed at liquidity relief while preserving financial stability to avoid further eroding of Sri Lanka’s repayment capacity, finance ministry sources divulged.

The part of the domestic debt or US $11.4 billion Treasury bill restructuring process is set to begin this month with the aim of finalizing it in May this year Central Bank stated.

A voluntary domestic debt operation was expected for the holders of $24 billion of T-bonds. Sri Lanka’s total local currency debt is equivalent to $36.6 billion,

Dr. Coomaraswamy said such a process wouldn’t have any negative implications on either the Central Bank balance sheet or the broader economy.

“I don’t think there would be any systemic consequences of that development. I see no problem of taking this course of action”, he added.

However, he said that could entail the Treasury bills held by the Central Bank being converted into long term bonds.

He further said that for the bond restructuring to be effective there has to be a wider participation in the restructuring process by the domestic bond holders as it is voluntary. Therefore, the government may have to provide some incentives for the bond holders to take part.

Sri Lanka’s economy is now on a path to recovery, earlier than most pundits predicted and Bloomberg Economics last week forecasted the Sri Lankan economy to register a growth of about 2.0 percent for 2023 as tourism is on course for faster recovery and the country is growing from an extremely lower base last year.

Sri Lanka embarks on a novel sustainable plan for Nuwara Eliya

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Sri Lanka embarks on a novel sustainable plan for Nuwara Eliya

By: Staff Writer

Colombo (LNW):Sri Lanka government will be devising a novel sustainable plan for envisaged integrated development of the Nuwara Eliya District giving priority to transform the Municipal Council area and part the Pradeshiya Sabha areas.

The previous development plans introduced in 2019 by the former Megapolis & Western Development Patali Champika Ranawaka and 2021 development project plan introduced under ousted President Gotabaya Rajapaksa will be reviewed when formulating the new plan.

The development plan for the Greater Nuwara Eliya Area prepared for the period 2022 – 2032, using modern planning tools and methodologies devised under Minister Prsanna Ranatunge will be revised under this new initiative.

However only the sustainable proposals in these plans will be taken up for consideration when preparing the present novel plan, informed official sources said.

The ongoing Health System Enhancement Project in Nuwara Eliya will be continued with Asian Development Bank assistance.

President Ranil Wickremesinghe directed officials to devise the novel formal plan aimed at maximizing the contribution of the Nuwara Eliya District, a major tourist city, to the Sri Lankan Government’s program to establish a stable economy within a four-year timeframe.

This directive was issued by the President during a discussion held at the Nuwara Eliya District Secretariat yesterday morning, the President’s Media Division reported.

The discussion also included the unveiling of the Nuwara Eliya New Town Development Plan and the Nuwara Eliya Tourism Plan, which were attended by political authority and government officials from the Nuwara Eliya District.

The President emphasized the importance of developing the Nuwara Eliya District as a striking city that can attract tourists throughout the year, targeting both local and foreign tourists.

He explained that the plans should prioritize creating a pleasant environment for tourists to relax, rather than focusing on constructing large buildings.

He also pointed out that the absence of a formal system for rainwater drainage in Nuwara Eliya City is a longstanding issue, and he urged officials to implement an urgent program to address this problem. Additionally, he directed special attention to solving the problem of drinking water in the area.

Mr. Wickremesinghe further explained that new buildings in the Nuwara Eliya City should be built according to a proper plan limiting the number of floors only to four, rather than constructing buildings haphazardly.

He emphasized that the city has suffered due to the construction of large buildings and that officials should consider whether to turn it into a bustling metropolis like New York or maintain its identity as Nuwara Eliya.

The President highlighted the likelihood of an increase in tourist arrivals to Nuwara Eliya with the completion of the Central Expressway and stressed the importance of developing facilities in accordance with a proper plan.

He also emphasized that no party or investor should be allowed to damage the resources of the Nuwara Eliya District, and that all development should be environmentally friendly and well-planned.

Delimitation Committee chaired by ex EC Chief submits report to PM

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Delimitation Committee chaired by ex EC Chief submits report to PM

By: Isuru Parakrama

Colombo (LNW): The National Delimitation Committee chaired by ex Election Commission Chairman Mahinda Deshapriya has submitted a report to Prime Minister Dinesh Gunawardena today (11), Prime Minister’s Office announced.

The report was handed over to the Prime Minister at his Office this morning.

The National Delimitation Committee was formed by the Prime Minister last year to ensure that the number of Local Government members are slashed from 8,000 to 4,000.

Finance State Minister meets with IMF, WB teams in Washington, DC

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Finance State Minister meets with IMF, WB teams in Washington, DC

By: Isuru Parakrama

Colombo (LNW): Finance State Minister Shehan Semasinghe has met with the delegations from the International Monetary Fund (IMF) and the World Bank in Washington DC, at the 2023 IMF – World Bank Spring meetings.

The delegations are prepared to discuss with their partners to enhance Sri Lanka’s economic recovery towards long term stability.

The Minister said he held a positive discussion with Anne Bjerde, the Managing Director for Operations at the WB on Sri Lanka’s reform agenda, and how the global body will support the island nation for its economic recovery.

Semasinghe also met with Dr. Krishnamurthy Subramanian, the Executive Director of the IMF, to discuss Sri Lanka’s ambitious reform agenda and commitment to the successful implementation of the IMF’s Extended Fund Facility programme.

Meanwhile, Sri Lanka’s Finance State Minister also met with the WB team specialised in social safety net interventions, cash transfer initiatives and developing effective delivery systems.

Animal Production and Health Dept grants approval for eggs imported from India

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Animal Production and Health Dept grants approval for eggs imported from India

By: Isuru Parakrama

Colombo (LNW): The Department of Animal Production and Health has granted approval for the consignment of eggs recently imported from India.

Accordingly, a consignment of 01 million eggs has been approved by the Dept, which is in due course to be distributed to the market.

This is the second consignment of eggs imported from India.

Subject to quality testing, these egg consignments will be released by the Sri Lanka Customs to the Sri Lanka State Trading (General) Corporation for further processing.

Meanwhile, samples from a third consignment of imported eggs from India are reportedly being tested for quality.

Earlier, a consignment of 02 million eggs was imported from India and was distributed to restaurants and bakeries upon approval.

Today’s exchange rates at commercial banks

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Today’s exchange rates at commercial banks

By: Isuru Parakrama

Colombo (LNW): The Sri Lankan Rupee indicates a steady position against the US Dollar as revealed by a number of leading commercial banks in the island today (11).

Accordingly, Peoples Bank reveals the buy rate and the sell rate of the US Dollar remain unchanged at Rs. 309.66 and Rs. 331.96 respectively, in comparison with yesterday’s exchange rates.

Meanwhile, the Commercial Bank PLC reveals the buy rate and the sell rate of the US Dollar remain unchanged at Rs. 310.05 and Rs. 327.50.

At Sampath Bank, the buy rate and the sell rate of the US Dollar, unchanged, at Rs. 310 and Rs. 325.

Election Commission to make final decision on LG Polls

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Election Commission to make final decision on LG Polls

By: Isuru Parakrama

Colombo (LNW): The Election Commission is set to meet today (11) to make a final decision on the holding of the Local Government Election.

Earlier, the Commission met with Prime Minister Dinesh Gunawardena at his Office in Colombo in this regard, following weeks of speculation on the LG Polls not being held anytime soon.

According to local reports, a decision on whether the Polls will be held will be reached at today’s meeting.

Meanwhile, State Minister of Provincial Councils and Local Government Janaka Wakkumbura said that the LG Polls will most likely not be held on April 25, 2023.

Nonetheless, the Commission may announce the date of the Election before April 25, he added.

President instructs to adopt streamlined programme to obtain maximum support from Nuwara Eliya to build SL’s economy

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President instructs to adopt streamlined programme to obtain maximum support from Nuwara Eliya to build SL’s economy

Colombo (LNW): President Ranil Wickremesinghe directed officials to develop a formal plan aimed at maximising the contribution of the Nuwara Eliya District, a major tourist city, to the Sri Lankan Government’s programme to establish a stable economy within a four-year timeframe.

During a discussion held at the Nuwara Eliya District Secretariat yesterday morning (10), the President instructed officials to work on a formal plan to maximise the contribution of the Nuwara Eliya District.

The discussion also included the unveiling of the Nuwara Eliya New Town Development Plan and the Nuwara Eliya Tourism Plan, which were attended by political authority and government officials from the Nuwara Eliya District.

President Ranil Wickremesinghe, who spoke at the occasion, highlighted that despite the belief of many that the country’s economy could not be rebuilt, the agreement reached by the International Monetary Fund and the Government, provides an opportunity for fresh hope on the country’s economy.

The President emphasised the importance of developing the Nuwara Eliya District as a striking city that can attract tourists throughout the year, targeting both local and foreign tourists.

The President stressed the importance of preparing the development plans while considering the needs of tourists. He explained that the plans should prioritise creating a pleasant environment for tourists to relax, rather than focusing on constructing large buildings.

He also pointed out that the absence of a formal system for rainwater drainage in Nuwara Eliya City is a longstanding issue, and he urged officials to implement an urgent programme to address this problem. Additionally, he directed special attention to solving the problem of drinking water in the area.

Mr. Wickremesinghe further explained that buildings in the Nuwara Eliya City should be done according to a proper plan, rather than constructing buildings haphazardly. He emphasised that the city has suffered due to the construction of large buildings and that officials should consider whether to turn it into a bustling metropolis like New York or maintain its identity as Nuwara Eliya.

The President highlighted the likelihood of an increase in tourist arrivals to Nuwara Eliya with the completion of the Central Expressway and stressed the importance of developing facilities in accordance with a proper plan.

He also emphasised that no party or investor should be allowed to damage the resources of the Nuwara Eliya District, and that all development should be environmentally friendly and well-planned.

Furthermore, Mr. Wickremesinghe called for government officials and political authorities to work in a well-coordinated manner in these matters. He encouraged everyone to think beyond the traditional framework and align themselves with the new programme needed by the country.

Following the Sinhala and Tamil New Year, President Ranil Wickremesinghe expressed his intention to meet with all the secretaries of ministries, chairpersons of authorities and commissions, as well as heads of departments in order to obtain their contribution to realise the targeted 2025 development plan.

During the discussion, there was a widespread focus on developing the Nuwara Eliya District through sustainable and environmentally friendly practices.

There was a detailed conversation regarding the development activities to be carried out in the city under the Nuwara Eliya City Development Plan, as well as the development of Nanu Oya as a sub-city.

Plans were also made to develop Nuwara Eliya as a green city by preserving forest conservation areas, and five suburbs were earmarked for development with Nuwara Eliya as the central hub. Additionally, the establishment of a university in Nuwara Eliya and the construction of a Ramayana Center were also discussed during the meeting.

The President issued instructions to modernise the Nanu-Oya Railway Station and establish a high-quality economic centre nearby. The aim is to enable farmers to pack their vegetables and transport them safely and conveniently to Colombo.

The development of the racecourse and the lake, improvement of parking facilities, and speedy implementation of a formal water management programme in Nuwara Eliya were given special attention during the discussions.

In addition, a programme to increase the income of local residents and improve their lives was discussed at length.

The event was attended by Minister Jeevan Thondaman, Nuwara Eliya District Members of Parliament S.B. Dissanayake, C.B. Ratnayake, V.S. Radhakrishnan and M. Rameswaran, President’s Secretary Saman Ekanayake, Nuwara Eliya District Secretary Nandana Galabada, and other government officials.

SL Embassy in Ankara donates to earthquake survivors for Ramadan

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SL Embassy in Ankara donates to earthquake survivors for Ramadan

This year, the Embassy of Sri Lanka in Ankara decided to make the customary Ramadan donation for some of the survivors of the Earthquake who arrived in Ankara.

The devastating earthquakes on 6 February followed by over 6,000 after shocks and flooding that occurred in the south eastern part of Turkiye, resulted in destroying over 50,000 lives and infrastructure spread in 10 provinces with over 110,000 sqm area. According to offıcial estimate over 300,000 have migrated to Ankara, with most living in with relatives, friends and in dormitories.

The Embassy decided to provide the donation boxes to people living in Alacaatlı Neighborhood of Cankaya District of the Ankara Province. The support for this group is extended by the local Neighborhood Muhtar who is the elected village head. Muhtars and their village councils are elected during local elections for five (05) years. Political parties are not permitted to nominate candidates for these posts.

The head of Muhtar, Hülya Erdoğan of Alacaatlı Neighborhood and her all-female volunteer team invited a group of survivors to gather at their office to receive the donation. The volunteer team along with Embassy staff and members of the Sri Lankan community distributed the donation boxes. Ambassador also interacted with the group, who shared their horrific experiences, and how they are trying their best to be resilient.

Ambassador also had discussions with Hülya Erdoğan and her team on their mandate which includes extending physical and mental support with counselling for survivors and funding. Ambassador assured her support in their efforts.

Ambassador thanked the Embassy staff and some of the members of the Sri Lankan community who contributed in making the Ramadan donation packs and added that as the disaster occurred on the day that the formal reception of Sri Lanka’s 75th Anniversary of Independence was to take place, it was decided to add a special gift, in commemoration of the same.

Embassy of Sri Lanka

Ankara

10 April 2023 

Showers, thundershowers continue, Sun overhead over several areas

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Showers, thundershowers continue, Sun overhead over several areas

By: Isuru Parakrama

Colombo (LNW): Showers or thundershowers will occur at a few places in Western, Sabaragamuwa, Central, Southern and North-Western provinces during the afternoon or night, and a few Showers may occur in the Batticaloa and Trincomalee districts, announced the Department of Meteorology in a statement today (10).

General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.

The statement adds: On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka during 05th to 15th of April in this year. The nearest areas of Sri Lanka over which the sun is overhead today (11th) are Kalpitiya, Dunupotagama , Nikawewa, Somawathi Temple and Verugal at about 12:11 noon.

Marine Weather:

Condition of Rain:
Showers or thunder showers will occur at a few places in the sea areas off the coast extending from Puttalam to Hambantota via Colombo, Galle and Matara during the afternoon or night. 
Winds:
Winds will be easterly or variable in direction and wind speed will be (20-30) kmph. Wind speed may increase up to 45 kmph at times in the sea areas off the coast extending from Kankasanthurai to Kalpitiya and in Galle to Hambanthota via Matara.
State of Sea:
The sea areas off the coast extending from Kankasanthurai to Kalpitiya and in Galle to Hambanthota via Matara will be moderate at times. Other sea areas around the island will be slight. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
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