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Electric motor boats to be introduced from next year for fishermen

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Electric motor boats will be introduced from next year for fishermen, said Fisheries Minister Douglas Devananda at the Ministerial Consultative Committee recently (29).

Due to the fuel problem, steps will be taken to introduce electric motor boats for fishermen from next year, the Minister noted.

Devananda pointed out that it is expected to introduce electric motor boats that can travel 100 kilometers using batteries and the cost is only 86 rupees per day to fishermen engaged in small fishing.

Minister also mentioned that attention has also been paid for providing electricity generation facilities through solar panels and wind turbines for boats using kerosene and diesel.

State Minister of Fisheries Piyal Nishantha, mentioned that a special mobile service is being implemented successfully by the ministry to solve the problems faced by the fishermen and through it many problems of the fishermen can be solved.

Meanwhile, the members drew the committee’s attention to the import of canned fish from foreign countries. The officials pointed out that no one has been allowed to import canned fish without a licence.

Meanwhile, the need to encourage freshwater fishing to provide the protein needs of the people was also discussed at the committee. For this purpose, the MPs requested to expand the program of releasing fish fry into the reservoirs. Minister informed that next year, a program will be implemented to release fish fry to 2500 selected fresh water reservoirs.

Also, the members drew the attention of the committee to the problems faced by fishermen in different parts of the island.

Deputy Speaker Ajith Rajapaksa, State Ministers of Shantha Bandara, Sivanesathurai Chandrakanthan, MPs Vijitha Herath, Chandima Weerakkodi, Dilip Vedaarachchi, Upul Mahendra Rajapaksa, (Major) Sudarshan Denipitiya, Rajika
Wickremasingha, Sahan Pradeep Withana, S.M.M. Musharraf, Kulasingam
Dhileeban and officials of the Ministry of Fisheries were also present at the occasion.

New crop cultivation drive to avert food crisis gains momentum 

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Sri Lanka is now moving on correct path after its organic farming and back firing chemical fertiliser ban of former President Gotabaya Rajapaksa towards averting the food crisis through its massive cultivation drive presidential secretariat sources revealed.

The initiative to encourage crop planting as part of boosting local produce has been launched, whilst promoting cultivation in state owned baron lands.

The utilisation of 5,000 hectares of land in Moneragala, Kotiyagala and Kabilitta for farming was discussed on Wednesday, as a precautionary measure for the food crisis Sri Lanka is expected to face in the future.

The discussion was held at the Presidential Secretariat under the patronage of the President’s Senior Adviser on National Security and Chief of Presidential Staff Sagala Rathnayake.

Although nearly 8,000 hectares of land in these areas were owned by the Forest Department for reforestation, it has been decided to commence afforestation activities in only 3,000 hectares of land in which saplings have already been planted.

The temporary distribution of the remaining 5,000 hectares of land amongst farmers for cultivation until the necessary facilities for reforestation were prepared was also discussed at length.

It was also focused, during the discussion on the possibilities of releasing a certain extent of land for cattle rearing on a temporary basis.

The Forest Conservation Department and Heads of other related institutions were also advised to seek counsel from the Attorney General’s Department regarding the legal issues that may arise in carrying out these activities.

Meanwhile the Government is initially planning to harvest paddy only in 248,000 hectares, but the farmers expressed confidence in the cultivation of 275,000 hectares and by the end of the Yala season a record 512,000 hectares of paddy was cultivated.

“As 512,000 hectares of was cultivated over two million tonnes of paddy would be harvested and after milling, we can get around 1.5 million tonnes of rice, enough to feed the country for over six months,” Minister Mahinda Amaraweera said.  

Last year, maize production was 90,000 tons. Farmers have worked to cultivate 111,000 hectares of maize this year,” he said.

The Minister also said the country can achieve a dry chilli yield of 4 million kilos per acre by giving priority to cultivation, adding that a program has been initiated targeting youth communities to adopt modern technology and hybrid cultivation methods at present. Minister Amaraweera also said the country is almost self-sufficient in green grams, kurakkan, cowpea, and peanut production, whilst noting that the type of peanuts imported to cultivate jumbo peanuts is now being done locally.

Army-designed Presidential Dispatch Bag handed over to President!

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The ‘Attaché Case’, Presidential Dispatch Bag of international standard designed by the Directorate of Electrical and Mechanical Engineers of the Sri Lanka Army, was handed over to President Ranil Wickremesinghe, by Lieutenant General Vikum Liyanage, Commander of the Army at the Presidential Secretariat this morning (02).

This Attaché Case was designed on a special direction by the President. It is a renowned tradition to accompany world leaders with a sophisticated briefcase with international standard, commonly called an ‘Attaché case’ that carries important and secret documents wherever they travel.

Introducing this world-famous tradition to our country, the President tasked the Sri Lanka Army to fabricate the Presidential Dispatch Bag in line with international standards.

Under the guidance and direct supervision of the Commander of the Army, a group of experts in the field headed by the Director General Electrical and Mechanical Engineers designed the Dispatch Bag as a unique creation incorporating high-end technology, as per specifications given by the Presidential Secretariat.

Addressing the event, the President said that this initiative could contribute to cutting down on filing costs and would be introduced to all ministries as well. On a daily basis, piles of files are sent to the Presidential Secretariat by the ministries to obtain the signature of the President. Hence, the President said that these dispatch bags could be used by the ministries for this purpose cutting down on the cost of files. He said that the Army could produce these bags for the relevant ministries.

The bag offers a combination of well-thought-out features for keeping the bag’s content safe and organized and it is made of premium leather which ensures its durability as it is expected by the President to hand over the Dispatch Bag from one President to the next in line.

The President, after accepting and inspecting the high quality and neatly finished Presidential Dispatch Bag, commended the Commander of the Army, the Director of Electrical and Mechanical Engineers and particularly, the skilful and versatile craftsmen of the Sri Lanka Army.

PMD

Showers or thundershowers to continue in several provinces: Met Dept

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Showers or thundershowers will occur in Northern, Eastern and North-central provinces and in Hambanthota district, and showers or thundershowers will occur elsewhere during the afternoon or night, said the Department of Meteorology in a statement today (03).

Heavy showers above 100mm are likely at some places in Western, Sabaragamuwa and Central provinces and in Galle and Matara districts.

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

Marine Weather

Condition of Rain:
Showers or thundershowers will occur in several places in the sea areas off the coast extending from Kankasanturai to Hambanthota via Trincomalee, Batticaloa and Pottuvil. Showers or thundershowers will occur in the other sea areas around the island during the afternoon or night.
Winds:
Winds will be north-easterly and speed will be (20-30) kmph. 
State of Sea:
The sea areas around the island will be slight.  Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

MIAP

Central Bank applies breaks on money printing : CB governor

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Sri Lanka’s parliament has no authority over the whole money in the country although it has the power and responsibility on public money and the Central Bank is the monetary authority with the power over the country’s finance to determine the interest rates and control inflation, CB Governor Nandalal Weerasinghe, claimed.

Clearing the misconceptions on Central Bank affairs, at the media conference on monetary policy review held in Colombo on Thursday 24, Weerasinghe noted that the Central Bank is the independent monetary authority and the treasury is the independent fiscal authority

He categorically stated “I also don’t like, as an independent Central Bank, the fiscal authority dominating my policy making.” The two institutions should work in hand in glove, he added.

At the question and answer session at the media conference, he rejected the reports claiming that he drawing a pension from the International Monetary and a salary of Rs2.5million from the Central Bank making public his salary of around Rs. 400,000.

He disclosed that the salary of the CB Governor has been increased by his predecessor to this amount from. Rs.150, 000.

Briefing the present status of the country’s major persistent issue of negotiations with the IMF, he said Sri Lanka is expecting is expecting to get International Monetary Fund (IMF ) Board approval for the country’s economic reform program by January 2023 after getting debt re-structuring assurances from bi-lateral creditors..

He expressed the belief that they will be able to get the assurance from bilateral creditors in the next couple of weeks after the conclusion of discussions with them. .

Outlining the present economic situation, he said the current monetary base expansion or money printing has been slowing down and it is now stabilized as a result of the tightened monetary policy, he opined.

According to Weerasinghe, the Central Bank has printed money amounting Rs. 341 billion in 2021. However, from January to October this year, it has come down to Rs. 47 billion. In 2020, the monetary base expanded by Rs. 31.6 billion, he revealed.

The Central Bank is borrowing more from Treasury bills with short term maturity which is now in demand among investors , he said adding that their aim is to ensure the higher borrowing cost will decline in the near future with inflation has started to decelerate.

Sri Lanka’s T-bill yields are around double of the key monetary policy rates and the investor demand on Long term maturity T-bills due to fears of domestic debt restructuring.

Central Bank is now policing forex earnings since July this year using the newly introduced monitoring mechanism and it has been observed that exporters are still holding onto their dollar earnings without fully conversion into rupees. .

Sri Lanka is receiving around US$1.45 billion of export earnings with $ 1199 million from hard goods and $ 251 million from services, a month and only $ 326 million has been converted which was less than 23 percent , Deputy Governor Yvette Fernando disclosed.

New agency takes up BOI ,EDB & SLEIC to accelerate foreign investment

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High regulatory powered investment promotion agency (authority) will take up the task of expediting the attraction of foreign direct investment (FDI) in to the country efficiently and expeditiously, State Minister of Finance Shehan Semasinghe disclosed

Special committee appointed by President Ranil Wickremasinghe has already made a recommendation to set up this new agency by bringing the Board of Investment (BOI), the Export Development Board (EDB) and the Sri Lanka Export Credit Insurance Corporation (SLECIC) together onto one platform, he said.

National Enterprise Development Authority (NEDA) and other entities that support exports and investments will also come under the purview of the new agency.

The budget 2023 has allocated Rs 100 million to implement the investment and export sector reforms expeditiously.

These institutions connected to investment and exports will function under the proposed new agency following the re-enacting of 1978 Greater Colombo Economic Commission (GCEC) laws making it compatible with modern day needs.

The government has taken this decision after evaluating the performance of the these institutions during the recent past.

On average, it takes around 170 days to approve an investment project in Sri Lanka as these processes involve over 40 line agencies, it has been observed.

At present there are 73 project proposals are still to get approval at around 10 different agencies. The delay in approving the projects is not auger well for investors.

The aim is to expedite and stream line the investment approval process to cater to the needs of investors within four or five days under one roof on the directions of the President.

President Wickremasinghe has also instructed to introduce efficient system replacing present slow and lethargic investment promotion and approval processes with the using of modern IT and digital technology.

The EDB and the BOI will hve to work together as there is a very strong economic connection between investments and exports of the country, he said.

The new agency will bring these to entities together in the successful attraction of FDI into the country which will result in enhancing the country’s export earnings via the export earning enterprises.

This in turn leads to wealth creation and employment generation which is a common goal of both entities, he added.

Minister Semasighe said that the presidential committee is continuing discussions to devise a methodology to bring these four institutions and other line agencies under one platform of the new agency and recommend necessary reforms required to overhaul the whole structure and the relevant investment authorities.

He pointed out that the President and the government are fully determined to introduce new laws and reforms to facilitate small and medium scale enterprises (SME sector) to enter the export market.

Special Committee discussions are underway on preferential interest rates and insurance premium discounts for exporting SMEs, credit line privileges, product development exclusive to SMEs, etc.

SLEDB may consider reinforcing overseas market investigation to help promoting export and FDI for SMEs develop overseas markets, he added.

Sri Lanka’s Special Economic Zone (SEZ) policy will also undergo major reform.along with the rearrange and reposition the existing industrial promotion zones and export promotion zones. (EPZs), a high ranking treasury official disclosed.

The President has also instructed to explore the possibility of the setting up of thousand-acre industrial zones and initiating them from Bingiriya, then Hambantota and Trincomalee’ he revealed.

Colombo ranked amongst 10 cheapest cities in the world

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Colombo (Sri Lanka) has been ranked amongst the 10 cheapest cities in the world in this year’s Worldwide Cost of Living survey (WCOL), run by the Economist Intelligence Unit (EIU).

The city was ranked at 161, tying with Bangalore (India) and Algiers (Algeria), while Damascus (Syria), Tripoli (Libya) and Tehran (Iran) were ranked the lowest at 172, 171 and 170, respectively, reflecting their weak economies and currencies.

The EIU noted, however, that this year’s WCOL survey was severely affected by the soaring inflation rates, with Caracas, Venezuela having recorded the highest inflation rates.

Evidently, the product most affected is petrol, prices, the survey indicated, attributing the 22% increase to currency weakness, as oil is seen priced in US dollars.

While the citizens of not only Colombo but across Sri Lanka, staged several protests demanding that fuel prices be reduced, the WCOL survey stated that such protests were seen from Sri Lanka to Spain owing to this dramatic rise in local petrol prices.

They noted, however, that in Istanbul (Turkey) and Colombo, where currency crashes have made imported oil very expensive, petrol prices have soared by an eye-watering 148% and 189%, respectively, in local-currency terms.

Every year, EIU prepares a list of the world’s most affordable and most expensive cities to live in. To compile the ranking, it compares over 400 individual prices of over 200 essential commodities.

The essential commodities include food, drinks, clothing, household supplies, personal care items, and home rent, along with transport, utility bills, education, and recreational costs.

The US city, New York, acts as the survey’s base city, with an index of 100, and the other cities are ranked comparatively for the Worldwide Cost of Living report.

Furthermore, the study helps HR and finance managers assess cost-of-living allowances and develop compensation packages for expatriates and business travelers. It is carried out in supermarkets, mid-range retailers, and specialized stores.

US says political reforms need to accompany economic reforms in Sri Lanka.

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USAID Administrator Samantha Power met with Sri Lanka’s Foreign Minister Ali Sabry to further USAID’s understanding of the Government of Sri Lanka’s priorities and reforms to address the country’s economic crisis.

The two discussed how USAID can support a viable path forward for Sri Lanka’s recovery and growth.

Administrator Power, who visited Sri Lanka in September, reiterated the U.S. commitment to supporting Sri Lanka to help resolve its complex crisis, including addressing the urgent needs of Sri Lanka’s most vulnerable and marginalized communities.

She underscored that political reforms need to accompany economic reforms in Sri Lanka.

USAID remains committed to further cultivating its longstanding partnership with Sri Lanka to help secure peace and prosperity.

China must cooperate with Sri Lanka in its debt restructure process, said Samantha Power, Administrator of the United States Agency for International Development (USAID), on Sunday, while assuring Colombo of the US’s support.

She expressed this view during her vist to Sri Lanka some times back . Sri Lanka, which opted for a pre-emptive sovereign default in April amid a rapid downturn, must negotiate with its diverse creditors — International Sovereign Bond holders, multilateral agencies, bilateral creditors such as China, Japan, and India — and restructure its outstanding debt to them, in order to qualify for a $2.9 billion-package from the International Monetary Fund (IMF).

“The United States as a creditor, and as a member of the Paris Club, stands ready to participate in the restructuring of Sri Lanka’s debt. It is imperative that all of Sri Lanka’s creditors, most notably the People’s Republic of China, cooperate in this process openly and on comparable terms with each other.”

The observation appeared in line with her remarks in New Delhi in July that opaque Chinese loans financing “headline-grabbing” infrastructure projects in Sri Lanka had contributed to the island nation’s crisis.

It also echoed India’s statement after Sri Lanka reached a staff-level agreement with the IMF that “creditor equitability and transparency are important”. Creditors, she said, had the chance to make “a very positive difference and relieve Sri Lanka of some of its acute debt distress”.

Further, Power said her delegation underscored to the Sri Lankan leadership that political reform and accountability must go “hand in hand” with economic recovery.

“What we stressed is, given the demands and the aspirations of the Sri Lankan people, the importance of being transparent about that roadmap about those intentions, and making sure that the political reform is not somehow portrayed, as it is by some, [as being] in tension with economic stability.”

Changes necessary for debt restructuring – IMF Chief

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IMF chief Kristalina Georgieva told Reuters Next on Friday (2) that changes to the G20 Common Framework on debt restructuring were needed to speed up debt treatments, freeze debt service payments once a country requested help, and open the process to middle-income countries like Sri Lanka.

“We are concerned that there is a risk for confidence in debt resolution to be eroded at a time when the level of debt is very high,” Georgieva said.

“We don’t see at this point … a risk of a systemic debt crisis,” she said, adding that countries in debt distress were not large enough to trigger a crisis that would threaten financial stability.

Rashika Hennayake
02nd December 2022

PRESIDENT AND PRIME MINISTER PRAISE ROLE MALAYS PLAYED IN NATION BUILDING OF SRI LANKA

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PRESS RELEASE

01st December, Thursday, 2022: President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena have applauded the role the Malays have played and continue to perform in the country as part of their congratulatory messages in the ‘Malays of Sri Lanka’.

The ‘Malays of Sri Lanka’ coffee table book, which was launched on November 29, 2022 at the Shangri-La Hotel, Colombo, contained laudatory messages from the President and Prime Minister of Sri Lanka, acclaiming the role of the small Malay community.

“The Sri Lankan Malays are an important segment of this country’s social fabric and have played a vital role in both the history and culture of Sri Lanka,” wrote President Wickremesinghe in his message.

“Despite being one of the smallest communities in Sri Lanka, the Malays have contributed towards the nation building of Sri Lanka as an equal partner in the multi-ethnic mosaic of the country,” President Wickremesinghe noted.

Prime Minister Gunawardena recalled: “Sri Lankan Malays have from pre-colonial to post-colonial times made a colossal impact on the fabric of Sri Lankan society through their invaluable services and sacrifices in the Armed Forces and Police.”

The Prime Minister acknowledged the role statesman and visionary Dr. T.B. Jayah – one of the many prominent Malays highlighted in the 224-page book – had played in the Independence of the island nation from British colonialism.

“Dr. T.B. Jayah is acknowledged as a leader who put his country before community, and I urge the leaders of the Malay community to continue to enrich the noble traditions of Malays through enduring harmony as Sri Lankans,” Prime Minister Gunawardena added.

The book which marked the 150th Anniversary of the Colombo Malay Cricket Club and the 100th Anniversary of the Sri Lanka Malay Association, both in 2022, was written with the aim to tell the story of the Malays to the wider community as well as to serve as an inspiration to the younger generation of Malays.

The first copy was handed over to Chief Guest, Her Excellency Dewi Gustina Tobing. The Ambassador of the Republic of Indonesia to Sri Lanka by Deshabandu M.R. Latiff, Senior DIG (retired), Chair of the Book Committee of the Colombo Malay Cricket Club.

In her address, the Indonesian Ambassador said: “When I first heard of this project, soon after I arrived to take up my post in December, last year, my first thought was how appropriate that a book of this nature should be written on the 70th anniversary of diplomatic relations between our two countries, Indonesia and Sri Lanka, in 2022.”

“The Malays, though a small community, continue to play a key role in all facets of life in this beautiful island-nation of Sri Lanka. Over the centuries they have integrated into the dynamic fabric of this nation and underlined their status as respected members of the public,” she added.

Invited guests at the launch were treated to a colourful and warm traditional ceremony comprising Malay dances and songs from a number of leading Malay artistes including Umara Sinhawansa, Naushad Rassool of Flame, and international disc jockey DJ Mass of the famous hit Pem Kekula. This event was supported by a number of sponsors with Cargills Ceylon PLC being the Platinum Sponsor.

The book is priced at Rs. 10,000 and can be ordered via email to: [email protected] or WhatsApp +94 77 737 9995.

All proceeds from this sale will be utilized for the maintenance of the Colombo Malay Cricket Club (CMCC) clubhouse and grounds.

ENDS

Images

    

 

Caption:

First copy of the book presented to Her Excellency Dewi Gustina Tobing, The Ambassador of the Republic of Indonesia to Sri Lanka by Deshabandu M.R. Latiff, Senior DIG (retired), Chair of the Book Committee of the Colombo Malay Cricket Club.

Caption:

Her Excellency Dewi Gustina Tobing, The Ambassador of the Republic of Indonesia to Sri Lanka addressing the gathering

Caption :

Popular Malay songstress Umara Sinhawansa

Caption 4 :

A special recognition to author Alvin Sallay