Colombo (LNW): One person injured during the repression launched by the Police over the protest march organised by the National People’s Power (NPP) in Colombo yesterday (26) is in critical condition, sources closer to the Colombo National Hospital disclosed.
The injured is currently being treated at the Intensive Care Unit (ICU), according to sources.
The Police launched tear gas and water cannons on two occasions against the protest march organised by the NPP and 28 people injured during the attack were hospitalised.
Colombo (LNW): The mandatory sale of export proceeds / receipts and inward workers’ remittances of commercial banks will be slashed with effect from Monday (27), in a move to encourage market-driven forex activities in the domestic forex market, announced the Central Bank of Sri Lanka (CBSL).
Accordingly, commercial banks will sell only 15 per cent of such proceeds / receipts weekly to the CBSL, down from 25 per cent, which was implemented in December two years ago.
As per a decision by the Monetary Board of the CBSL, the new instructions will be applicable to converted inward workers’ remittances, converted services sector export proceeds / receipts, and the residual value of mandatorily converted export proceeds of goods.
The International Monetary Fund (IMF) on Saturday called for ‘timely and orderly processes’ under a common framework with regards to Sri Lanka’s debt resolution. The island nation faced a severe economic crisis which resulted in high debt.
During 2020, in order to strengthen debt architecture, the G20 initiated Debt Service Suspension Initiative (DSSI) and established the Common Framework (CF) for debt resolution.
“It is now critical to complete Zambia’s debt restructuring, establish a Creditor Committee for Ghana and advance work with Ethiopia.
Nonetheless, more predictable, timely and orderly processes are needed both for countries under the CF and for those not covered by it, including Sri Lanka and Suriname,”
This was disclosed by IMF Managing Director Kristalina Georgieva in a statement issued after conclusion of G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Bengaluru, under India’s presidency,
Sri Lanka has already fulfilled filled around 15 commitments made to IMF and put forward a debt treatment from work with proposal of immediately restructuring bilateral debt of US, India ,China ,Japan,and Paris club member and non member countries amounting to US$10.81 billion to gain $2.9 billion IMF bail out loan soon.
The G20 Finance Ministers and Central Bank Governors who met in Bengaluru, India from February 24-25, 2023 said that they look forward to a swift resolution to Sri Lanka’s debt situation.
India’s Minister of Finance Nirmala Sitharaman, reading the Chair Summary and Outcome Document of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, said that they recognize the urgency to address debt vulnerabilities in low and middle-income countries.
World Bank President David Malpass said that Sri Lanka and other middle-income countries were in need of quick debt restructuring.
“We should work together to achieve solutions – Zambia MoU, Ghana official creditors’ committee, Ethiopia rescheduling, and Sri Lanka financial assurances.
All of which can be done in the next few months if there is agreement at the table,” he said adding that “they look forward to a swift resolution to Sri Lanka’s debt situation.
Meanwhile the United States fears China may use loans to Sri Lanka and Pakistan as leverage for coercion.
US Assistant Secretary for South and Central Asian Affairs Donald Lu said that the US is extremely worried about the possibility that Chinese loans to nations in India’s near neighbourhood will be used as leverage for coercion.
President Ranil Wickremesinghe had this week revealed China’s refusal to agree to the same conditions placed by India and the Paris Club when restructuring Sri Lanka’s debt.
Wickremesinghe said that while the Paris Club agreed to India’s conditions, China refused to do so. Instead China wanted to place its own conditions.
During 2020, in order to strengthen debt architecture, the G20 initiated Debt Service Suspension Initiative (DSSI) and established the Common Framework (CF) for debt resolution.
It is now critical to complete Zambia’s debt restructuring, establish a Creditor Committee for Ghana and advance work with Ethiopia.
Nonetheless, more predictable, timely and orderly processes are needed both for countries under the CF and for those not covered by it, including Sri Lanka and Suriname.
Colombo (LNW): Several spells of showers may occur in Eastern, Uva and North-Central provinces and in Mullaitivu district, and showers or thundershowers may occur at a few places in Western and Sabaragamuwa provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts during the afternoon or night, the Department of Meteorology said in a statement today (27).
Mainly fair weather will prevail elsewhere over the Island.
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:
Several spells of showers will occur in the sea area off the coast extending from Pottuvil to Kankasanthurai via Batticaloa and Trincomalee. Showers or thundershowers will occur at a few places over the sea areas off the coast extending from Colombo to Matara via Galle during the evening or night.
Winds:
Winds will be north-easterly and wind speed will be (25-35) kmph. Wind speed may increase up to (45-50) kmph at times in the sea areas off the coast extending from Mannar to Colombo via Puttalam and Matara to Trincomalee via Hambantota and Pottuvil.
State of Sea:
The sea areas off the coast extending from Mannar to Colombo via Puttalam and Matara to Trincomalee via Hambantota and Pottuvil will be rough at times. Other sea areas around the island will be moderate. Temporarily strong gusty winds and very rough seas can be expected during thundershowers
Colombo (LNW): Trade Unions responding to the Ceylon Electricity Board (CEB) today (27) have decided to go on sick leave as an island-wide trade union action in objection to what they call as unfair tax conditions imposed on their salaries and the recent electricity tariff hike.
Meanwhile, a demonstration will also be held in Colombo as part of their trade union action, said Ceylon Electrical Trade Unions’ Association Chief Malaka Wickramasinghe.
Colombo (LNW): Addressing the Annual General Meeting (AGM) of the Royal College Lawyers’ Association held at the Blue Ballroom of the Hilton Hotel Colombo two days ago (25) where President Ranil Wickremesinghe attended as the Chief Guest, he suggested the development of the new Port City as a financial centre with an offshore economy law. Hence, he proposed the forming of a committee of lawyers, especially young ones who want to specialise in this area, to learn and get a head-start on the new laws being contemplated.
The President also reflected on his time at Royal College and how it helped shape his character and sense of responsibility.
He also discussed his commitment to making tough decisions for the good of the economy and the country, even if they are unpopular. President Wickremesinghe highlighted the important role that the Royal College has played in shaping the law and legal system in Sri Lanka and suggested new areas of law that may emerge in the future. He encouraged young lawyers to get a head-start on the legal areas in relation to making the Port City into a financial centre and emphasised the importance of taking on responsibility and leadership roles.
In a lighter vein, the President joked that he cannot make all the lawyers President’s Counsels but is happy to make them all Royal Counsels.
Meanwhile, the Welcome Speech was delivered by the President of Royal College Lawyers’ Association Rohan Sahabandu (PC) while outgoing Secretary of the Royal College Lawyers’ Association Harshana Matharaarachchi presented the report.
Rohan Sahabandu (PC) was re-elected as the President of the Royal College Lawyers’ Association. Newly elected secretary Lasitha Kanuwanaarachchi delivered the vote of thanks.
Attorney General Sanjay Rajaratnam, and Principal of the Royal College R. M. Ratnayake were also present at the occasion.
Special Board of Inquiry into the 9th May 2022 events, says orders given by former Commander in Chief cum President Gotabaya Rajapaksa and subsequent supporting orders given by Defence Secretary Kamal Gunaratne were not conveyed by former Actg. CDS cum Army Commander General Shavendra Silva to the Field Commanders on time to quell violence: concludes such action amounts to willful neglect of duty: also concludes ground troops could not prevent damage to public properties and harm to persons, as a result.
PM’s Office says there’s no truth to the rumors that PM Dinesh Gunawardene is to resign: also says there isn’t any request or pressure from any party to do so.
Police use water cannons and tear gas to disperse protestors near the Town Hall, Colombo, during the protest march organised by the NPP: 28 persons who sustained injuries during the protest march taken to the hospital.
IMF Managing Director Kristalina Georgieva calls for “timely and orderly processes” under a “common” framework with regard to Sri Lanka’s debt resolution: analysts point out that the IMF, World Bank and ADB have conveniently left themselves out of any “common” re-structuring of debt of debt-distressed countries.
Finance Ministry sources say they are confident of gaining assurances from bi-lateral creditors for their debt restructuring to obtain IMF board approval towards unlocking the USD 2.9 bn bail-out package by mid-April: the present debt restructuring due to cover only bilateral loans and not long term multi-lateral loans: it’s now 50 weeks since Sri Lanka sought an IMF facility.
SJB General Secretary Ranjith Madduma Bandara says SJB MP Mayantha Dissanayake has informed him that Dissanayake will step down as the Committee on Public Finance Chairman: Deputy Speaker Ajith Rajapaksha says MP Mayantha Dissanayake has not yet informed Parliament of such an intention.
President Ranil Wickremesinghe turns down a tax-relief request by 40 trade unions representing professionals: explains IMF negotiations are currently underway and hence no decision could be taken to provide tax relief: Treasury Secretary Mahinda Siriwardena and CB Governor Nandalal Weerasinghe also make interventions.
Road Development Authority struggles to secure investors for the Central Expressway Project despite a directive from the Presidential Secretariat to expedite the project: say the challenge is to find investors due to the drastically-weakened investor confidence in bankrupt Sri Lanka.
TNA MP M A Sumanthiran says it is the height of absurdity for the President to claim that the LG election has not been officially declared: cites that all legal steps have been taken and nominations filed, Treasury has released up to Rs.100 mn for the initial expenses, and even the UNP has filed nominations and engaged in widespread campaign.
President Ranil Wickremasinghe says Govt is making more Forex available to the medical sector on an urgent basis: also says the Govt will use the Indian Credit Line to address the shortage of medicine.
The 7th Annual Defence Dialogue (ADD) between India and Sri Lanka was held in New Delhi from 23-25 February 2023. Defence Secretary, Gen (Retd) Kamal Gunaratne and Air Marshal SK Pathirana, Commander of Sri Lanka Air Force along with delegation comprising senior officers from the Sri Lanka Army and Navy attended the event. Various ongoing defence cooperation initiatives were jointly reviewed and new avenues for engagement were identified during the ADD.
2. Defence Secretary, Gen (Retd) Kamal Gunaratne delivered a talk at the prestigious National Defence College (NDC), New Delhi. It may be recalled that both Defence Secretary and Air Marshal SK Pathirana are Alumni of the NDC. The visiting delegation from Sri Lanka visited the sacred Tirupati Temple on 24 February 2023. They also called on Flag Officer Commanding-in-Chief, Western Naval Command of Indian Navy at the Naval Dockyard at Mumbai.
3. ADD is the yearly apex level Defence engagement between the two countries to discuss regional security situation, common security challenges and avenues for closer defence cooperation towards ensuring ‘Security and Growth for All in the Region’(SAGAR).
Acting High Commissioner Chamari Rodrigo paid a courtesy call on the Speaker of the House of Representatives Milton Dick at the Federal Parliament recently. While thanking the Australian government for their invaluable assistance to Sri Lanka to meet urgent food and healthcare needs, the Actg. High Commissioner apprised the Speaker on the progress made and the steps being taken by the government to address the economic challenges in the country.
The particular focus of discussion was the proposed re-launching of Australia – Sri Lanka Parliamentary Friendship Group (ASPFG). The Speaker who was a member of the previous Australia – Sri Lanka Parliamentary Friendship Group (ASPFG) supported this idea which would enhance relations between Sri Lanka and the Australian Parliament and was keen to have the re-launching event in the Federal Parliament.
Speaker with the Acting High Commissioner of Sri Lanka
Following the meeting with the Speaker, the Actg. High Commissioner paid a separate call on the Deputy Speaker of Australian Parliament Sharon Claydon, Labour MP who became the third woman to occupy the role of Deputy Speaker of the Australian Parliament. The proposed re-launching event of the Friendship Group was also discussed in detail with the Deputy Speaker who encouraged for more female representation in the new friendship group.
The new friends of Sri Lanka Group consist of 45 MPs from the Labour and Liberal Party of the Australian Federal Parliament which includes Deputy Speaker Claydon. The new Chairperson of the group is a Sri Lankan origin Labour MP from Victoria Cassandra Fernando and the Vice-Chair is Senator Wendy Askew, Liberal MP from Tasmania.
The re-launching of the Friendship Group is scheduled during the next Parliamentary sittings in Canberra.
Colombo (LNW): Nelum Yaya Foundation today (26) organised an event to donate 100 school bags for children of low income families at Mathumagala Roman Catholic School in Wattala area, as part of its corporate social responsibility initiatives undertaken amidst the economic crisis facing Sri Lanka.
The project was funded by Mersk Shipping Line and Dinesh Weerakkody Foundation.
