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Pathfinder Foundation urges Sri Lanka to adhere Indo-Japanese collaboration

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Pathfinder Foundation urges Sri Lanka to adhere Indo-Japanese collaboration

By: Staff Writer

Colombo (LNW):The report has suggested a strategic response to transforming the economy, focusing on four priority sectors in which Indo-Japanese collaboration is sought to put the country on a sustainable growth trajectory for a structural shift.

In his welcome remarks at the launching ceremony of the report, Pathfinder Foundation Chairman Bernard Goonetilleke, highlighted that two countries – India and Japan as very close development partners of Sri Lanka, who have much to contribute to reviving Sri Lanka’s economy.

He added, “India’s interest in the welfare of the country and its people was evident in the granting of generous credit and other facilities amounting to almost $ 4 billion in the recent past to overcome the economic crisis.

Likewise, Japan has been a country which has generously provided economic support going back many decades.”

The Official Launch of the Report on “A Medium and Long-term Strategy for Indo-Japanese Collaboration to Support the Economic Transformation of Sri Lanka”, prepared by the Pathfinder Foundation with the assistance of a panel of experts, was held in Colombo.

Foreign Affairs Minister Ali Sabri was the event›s Chief Guest, with High Commissioner of India Gopal Bagley, and Ambassador of Japan Mizukoshi Hideaki gracing the occasion.

The event was organised in collaboration with the International Trade Centre (ITC), Geneva and attended by representatives from several government and private sector agencies. Bernard Goonetilleke. Chairman, Pathfinder Foundation; handed over the Report to Foreign Affairs Minister Ali Sabri.

The report has suggested a strategic response to transforming the economy, focusing on four priority sectors in which Indo-Japanese collaboration is sought to put the country on a sustainable growth trajectory for a structural shift

In his address, Foreign Affairs Minister Ali Sabry, highlighted some important points for consideration.

He urged all think tanks, such as the Pathfinder Foundation, to look into areas a typical politician would not comprehend and push for necessary changes.

He also reiterated that a politician should have the humility to listen and learn from experts on the subject, encouraging think tanks to engage with the public and share populist policies.

Ambassador Gopal Bagley pointed out that Sri Lanka occupies a unique place in India’s foreign policy mainly due to the neighbourhood-first policy of India. He added that India stands ready to assist Sri Lanka in overcoming the current economic crisis.

Ambassador Mizukoshi Hideaki expressed his hope that this year will be the beginning of an economic revival providing a springboard for future development for Sri Lanka.

He also mentioned that Japan had been a long-standing partner in Sri Lanka’s socioeconomic development.

SL Treasury Secretary calls on every one strive to rebuild the economy

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SL Treasury Secretary calls on every one strive to rebuild the economy

By: Staff Writer

Colombo (LNW):Treasury Secretary Mahinda Siriwardene has made a clarion call to every citizen to strive diligently to rebuild and put the economy on a stable trajectory beyond the International Monetary Fund (IMF) program.

Noting that Sri Lanka has progressed substantially from last year, with the implementation of corrective measures and monetary tightening, the Treasury Secretary emphasized staying the course to achieve sustainable economic development beyond the IMF program.

Siriwardena also said the tight expenditure controls and inflation helped Sri Lanka over-perform its primary deficit target for 2022 in an interim budget created ahead of the IMF program.

“Sri Lanka was asked to maintain a 4% primary deficit, but we ended with a 3.8% of gross domestic product (GDP) for 2022. However, this included lending to the Ceylon Petroleum Corporation of $ 700 million and had it not been there we could have ended about 2.7% of the GDP,” he added.

Sri Lanka’s recovery from the crisis now hinges on timely progress on debt relief and implementation of economic reforms.

The needed reforms include enhancing domestic resource mobilization, improving the performance of state-owned enterprises, strengthening public financial management, encouraging private sector activities, strengthening anti corruption legislation, building strong institutions, and increasing transparency.

However, he said cash flow management remains a very tedious and challenging task without sufficient State revenue inflows.

In 2022, Sri Lanka’s economy contracted by 7.8% and is further expected to shrink by 3% in 2023 as it continues to grapple with the challenge of debt restructuring and balance of payments difficulties.

“We receive around Rs. 160 to 170 billion each month as tax revenue, but the State expenditure is around Rs. 193 billion. The State sector salaries are the biggest, which is about Rs.93 to 94 billion.

Then another Rs. 30 to 35 billion is for pensions and social welfare Samurdhi payments. For services particularly for the health sector to import medicines we need about Rs. 7 to 10 billion,” he explained.

Despite the significant adjustments made to meet the revenue target, he said last year the Treasury saw a considerable tax revenue increase which was about 20% of the total revenue, amidst a very high nominal GDP.

“We did not see a significant increase in tax revenue as a percentage of the GDP in 2022, but this year we have seen a considerable improvement especially indirect taxes like VAT,” he said.

The Treasury Secretary, however, was concerned if Sri Lanka would be able to make the annual revenue target, adding that it remains the main concern of the Government.

He also said steps are being taken to introduce the Public Finance Management Bill, whilst noting that the Policy Framework of the Government will be announced by the end of the month.

On the Cabinet decisions to file a case in a Singapore Court against the X-Press Pearl vessel owners, Attorney-at-Law/Legal Counsel, an expert in Law of the Sea and Maritime Law Dr. Dan Malika Gunasekera said, going to Singapore has its disadvantages for Sri Lanka as there are many International Conventions that apply in Singapore, as opposed to Sri Lanka.

China proposes setting up of a radar base in Sri Lanka: Report

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China proposes setting up of a radar base in Sri Lanka: Report

By: Staff Writer

Colombo (LNW): China has proposed setting up a radar base in Sri Lanka, aiming to counter India’s naval presence and strategic oversight in the Indian Ocean region, a report has claimed.

The proposed radar base will focus on monitoring the activities of the Indian Navy while also evaluating New Delhi’s strategic assets in the region, Economic Times reported.

The paper reported that Aerospace Information Research of the Chinese Academy of Sciences is the likely agency which is steering this project in the forests of Dondra Bay, Sri Lanka, about 155 km southeast of Colombo.

The proposed radar will have the capability to track US military movements at its military base in Diego Garcia, an island of the British Indian Ocean Territory, an overseas territory of the United Kingdom, located over 1700 km southwest of Dondra Bay.

The report, while citing people familiar with the developments related to the Chinese proposal, said that the radar set-up, if successfully established by Beijing, would be detrimental to Indian military installations as they will be in the range of the proposed radar.

The proposed Chinese oversight installation in Sri Lanka is likely to have the range as far as the Andaman and Nicobar Islands to its east.

Sri Lanka remains vulnerable to Chinese designs in the region because of the Chinese debt owed to the country. Dondra Bay is located at the southernmost tip of Sri Lanka. It forms a significant part of Sri Lanka’s history.

The report, while citing people familiar with the developments related to the Chinese proposal, said that the radar set-up, if successfully established by Beijing, would be detrimental to Indian military installations as they will be in the range of the proposed radar.

The proposed Chinese oversight installation in Sri Lanka is likely to have the range as far as the Andaman and Nicobar Islands to its east.

Sri Lanka remains vulnerable to Chinese designs in the region because of the Chinese debt owed to the country.

Dondra Bay is located at the southernmost tip of Sri Lanka. It forms a significant part of Sri Lanka’s history.

Last year, Chinese surveillance vessel Yuan Wang 5 docked at the Hambantota Port after the Sri Lankan government conceded to the Chinese request despite Indian warnings.

Sri Lanka allowed the vessel to dock at Hambantota and remain for six days for refueling and logistics supplies.

Trade Ministry kills chicken and egg with importation of Indian eggs

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Trade Ministry kills chicken and egg with importation of Indian eggs

By: Staff Writer

Colombo (LNW):Sri Lanka’s Government has failed to settle the massive egg shortage and its unbearable price of around Rs: 55-60 for consumers even after the continuation of egg imports from India with the intention of compelling local producers to bring down prices and increase supply.

On the other hand, the State Trading Corporation (STC) (Government) is making a clear cut profit of Rs 13 -15 per egg from the egg imports from India, All-Island Poultry Farmers’ Association chairman Ajith Gunasekara said.

The real benefits of importing these eggs have not been felt by the people, he claimed, adding that most shops still do not have eggs despite imports.The State Trading Corporation said that imported Indian eggs will be sold to bakeries and confectioneries at Rs 35 rupees each.

The All-Island Poultry Farmers’ Association chairman said that the government could have sold an imported Indian egg at 25 rupees.

According to LNW fact check the value of an Indian egg is Rs. 17.46 and its CFI value is around Rs 3.50 and the export cost is in the region of .Rs.20.96 around Rs21 and the the tax on those eggs is Rs 1 per egg.

According to the National Egg Coordination Committee (NECC) Egg Price report, the wholesale price of an egg in the Namakkal area in South India has increased from INR 4 to INR 4.40 and a little more from mid-February to March 2.

If so, even if two million eggs are bought at 4.40 Indian rupees, the value of one egg is 0.051USD at the rate of Rs 365.65 per US Dollar. According to the State Ministry of Finance internal sources, an Indian egg costs Rs.28 rupees when it arrives in Sri Lanka. .

Even under this scenario The STC /Government is getting profit by this deal and it is not becoming for the present administration to allow the consumers suffering at the expense of taxpayers money by allowing the trade ministry to kill the egg importers and consumers by this type of transactions.

“The plan of the government was to destroy the local poultry industry. Gunasekera said that the government should help the local poultry farmers boost their production.

“Gunasekara said the production of eggs and chicken had dropped drastically because of high costs. He added that the daily production of eggs, which was around 800,000 per day, had dropped to about 400,000..

Sri Lanka’s cabinet of ministers have given the go ahead to import eggs Trade Minister Nalin Fernando said as domestic prices rose steeply after price controls disrupted farming on top of a currency collapse.

Finance Ministry noted that that eggs can be imported from India for about 35 rupees. Sri Lanka’s eggs were around 20 to 25 rupees before the rupee collapsed from 200 to 360 to the US dollar.

Spearhead-Class Expeditionary Fast Transport vessel USNS Brunswick arrives in SL

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Spearhead-Class Expeditionary Fast Transport vessel USNS Brunswick arrives in SL

Colombo (LNW): USNS Brunswick (T – EPF 6), a Spearhead-Class Expeditionary Fast Transport ship of the U.S. Navy arrived at the port of Trincomalee yesterday (08).

The U.S. Navy ship which arrived in Trincomalee for replenishment, is expected to depart the island on 12th April.

Source: SL Navy

Naval personnel donate blood to replenish blood bank supplies

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Naval personnel donate blood to replenish blood bank supplies

Colombo (LNW): In a move to replenish blood bank supplies, Naval personnel have come forward for the donation of blood, as part of the celebration of the 72nd Anniversary of the Sri Lanka Navy.

Another blood donation campaign, organised in view of the 72nd Anniversary of the Sri Lanka Navy, was successfully held at the Command Naval Hospital (North Central) at SLNS Pandukabhaya in Poonewa on three days ago (06).

Sri Lanka Navy celebrated its 72nd Anniversary, giving pride of place to religious and social responsibility initiatives. This blood donation programme served as another step of the series of social responsibility initiatives that were run concurrently.

At the directives of Commander of the Navy Vice Admiral Priyantha Perera and under the supervision of Commander North Central Naval Command Rear Admiral Janaka Nissanka, the campaign was set in motion to replenish the blood stocks at the Blood Transfusion Centre, Anuradhapura Teaching Hospital. The medical staffs of the Anuradhapura Teaching Hospital and Command Naval Hospital worked tirelessly to make the campaign a success.

Also, the event was a great success as a result of the generous contribution of a large group of naval personnel of the North Central Naval Command who voluntarily donated blood.

Source: SL Navy

Sri Lanka Original Narrative Summary: 09/04

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Sri Lanka Original Narrative Summary: 09/04

  1. US District Court Judge of the Southern District of New York Denise Cote rejects Sri Lanka’s attempt to dismiss Hamilton Reserve Bank’s claim for the repayment of USD 250 million plus interest out of the ISB that was due to be paid on 25th July 2022: analysts say this US Federal Court order would be a huge setback in Sri Lanka’s debt re-structuring exercise.
  2. IMF says there is a significant financial risk to Sri Lanka’s capacity to repay its loan to the IMF: expresses concern that social unrest and tension could pose operational risks to its staff missions and its local field office: warns the public may view the Program as being too tight.
  3. All-Island Poultry Farmers’ Association Chairman Ajith Gunasekara says the Govt makes Rs.13 from each egg imported from India: claims the real benefit of importing these eggs have not been felt by the people: also says most shops still do not have eggs despite imports.
  4. USNS Brunswick, a Spearhead-Class Expeditionary Fast Transport ship of the US Navy arrives at the Port of Trincomalee: it is a Military Sealift Command expeditionary fast-transport vessel capable of providing rapid intra-theater transport of troops and military equipment: it is expected to depart on 12th April.
  5. Sun expected to be directly over Sri Lanka from April 5 to 15.
  6. Expert in Law of the Sea and Maritime Law Dr Dan Malika Gunasekera says the Cabinet decision to file a case in a Singapore Court against the MV X-Press Pearl vessel owners has disadvantages for Sri Lanka as there are many International Conventions that apply in Singapore, as opposed to litigating in Sri Lanka.
  7. Ports, Shipping, and Aviation Minister Nimal Siripala de Silva says his Ministry is awaiting a report from the int’l financial advisory firm Lazard to determine the best way to re-structure SriLankan Airlines: also says it will take at least another 3 months to finalise the report.
  8. Govt includes trousers and skirts as legally accepted dress codes in courts for women Judges and Attorneys-at-Laws: initially permitted frocks removed from the list: accordingly, lawyers and judges are now permitted to wear a saree and jacket in white, black, off-white, grey or mauve, black trouser or skirt with white blouse, black coat and shoes.
  9. Professor Emerita of Paediatrics at the University of Colombo, Professor Priyani Soysa, 97, passes away: from 1966-1991, she served as the Professor of Paediatrics, becoming the first woman in Sri Lanka to be appointed to a Professorial chair.
  10. New Zealand wins 3rd Cricket T20I against Sri Lanka by 4 wickets: SL 182/6 (20 overs) & NZ 183/6 (19.5 overs): NZ win series 2-1.

CBSL suspends rule on dollar conversion

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CBSL suspends rule on dollar conversion

By: Isuru Parakrama

Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has reportedly decided to suspend its rule previously imposed on the conversion of US Dollars into Sri Lankan Rupees, affecting Sri Lankan expatriates.

Accordingly, the rule by which a certain amount of Dollars ought to be converted into Sri Lankan Rupees from Sri Lankans living abroad and those receiving export income from this month has been suspended, local agencies reported.

CBSL Chief Nandalal Weerasinghe said there is no need to convert a mandatory part of the export earnings into Sri Lankan Rupees due to the income received from the expatriates, according to Daily News.

The CBSL’s move comes in in consideration of the rising trend of dollar inflows via the remittances, export earnings ad well as the tourism sector, the newspaper added citing the CBSL Governor.

Colombo residents to experience water supply breakdown

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Colombo residents to experience water supply breakdown

By: Isuru Parakrama

Colombo (LNW): Due to emergency maintenance, water supply will be under low pressure in several zones of Colombo today (09), announced the National Water Supply and Drainage Board (NWSDB).

The emergency maintenance is required for a transmission breakdown in a pump running water from Ambatale treatment plant in Kolonnawa, and therefore, high elevated areas may experience no water till noon (12 pm) today, the Board said.

Residents of Colombo 01, 02, 03, 04, 07, 08, 09, 10 and 11 will be facing this supply breakdown, NWSDB added.

President’s Easter Sunday Message

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President’s Easter Sunday Message

Colombo (LNW): May the Easter celebration bless the country, with wisdom, positivity and spiritual strength to overcome all its challenges, President Ranil Wickremesinghe said in his message for Easter Sunday today (09).

Full statement:

Easter Sunday celebrates the ability of Lord Jesus Christ, as the Son of God, to transform lives by dispelling darkness in people’s minds and bringing hope to the world.

With Easter commemorating the resurrection of Jesus, it is an occasion for us to reflect on the values of love, peace, and forgiveness as espoused by Him, which are at the core of Sri Lankan culture, and we must come together with family, friends and communities, to solemnize the blessings life has to offer.

We are presently seeking to overcome an era of unprecedented hardship, uncertainty and disappointment and are looking forward to a better tomorrow. The Government is dedicated to realizing the aspirations of all Sri Lankans regardless of race, religion, party or color. I strongly believe that we can overcome these challenges in the near future.

However, it is crucial that we all unite on a common agenda that elevates us beyond narrow political objectives and regressive trends, and instead paving the way for the country toward progress. Let us all unite and work for a brighter future for Sri Lanka.

I am very much aware of the extreme pain caused by the Easter Sunday attack being still fresh in your minds, and I share that pain. I wish to reassure you that the legal proceedings related to this tragic incident are being processed independently and impartially, without any influence. The necessary groundwork towards this end has been laid, to ensure justice for all the victims. I pledge my unwavering commitment to ensuring the security of our country, by preventing any recurrence of such heinous acts.

As we continue to face these challenges, let us draw strength from the spirit of Easter, and its message of hope and renewal.

May the Easter celebration bless the country, with wisdom, positivity and spiritual strength to overcome all its challenges. I extend my heartfelt wishes to all those who are celebrating the resurrection of Lord Jesus Christ, a meaningful and peaceful Easter.

Ranil Wickremesinghe
President
Democratic Socialist Republic of Sri Lanka.

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