Sri Lanka’s High Commissioner to India Milinda Moragoda met with the Minister of Finance and Corporate Affairs of India Smt. Nirmala Sitharaman in New Delhi (March 21).
Minister Sitharaman and High Commissioner Moragoda also discussed the way forward in bilateral economic cooperation.
The ways and means to attract Indian investments to Sri Lanka, enhance bilateral trade, particularly through Indian Rupee trade expansion and increase the inflow of Indian tourists to Sri Lanka were explored and discussed.
This was the latest of a series of meetings High Commissioner Moragoda has had with Minister Sitharaman since November 2021 on Indian economic cooperation and assistance to Sri Lanka in the context of the present economic crisis.
At the outset, High Commissioner Moragoda thanked Minister Sitharaman for the leadership that the government of India took towards the realization of the International Monetary Fund’s Extended Fund Facility (EFF) Arrangement for Sri Lanka.
He particularly thanked Minister Sitharaman for her personal involvement in taking up Sri Lanka’s case with bilateral development partners as well as multilateral financial agencies including the IMF in this context.
The Minister and the High Commissioner agreed that these measures could form part of Sri Lanka’s economic recovery.
High Commissioner Moragoda also presented Minister Sitharaman with a copy of the publication “Geoffrey Bawa; Drawing from the Archives”, which contains the drawings of Sri Lanka’s iconic architect the late Geoffrey Bawa.
The publication was presented to her as a memento to mark the opening of the two month- long exhibition “Geoffrey Bawa: It Is Essential To Be There” which was inaugurated by the External Affairs Minister of India Dr. S. Jaishankar on 17 March 2023 at the National Gallery of Modern Art in New Delhi.
Meanwhile India and Sri Lanka agreed to increase intensity of bilateral military exercises and vowed to avail maximum benefits from each other’s experience and capacities, a move that came amid China’s attempts to expand its influence in the Indian Ocean region.
The two sides reviewed their defence and security cooperation at the seventh India-Sri Lanka annual defence dialogue that took place in Delhi.
“During the meeting, the ongoing defence cooperation activities between the two countries were reviewed, with both sides agreeing to increase the complexity of bilateral exercises,” the defence ministry said.
The annual defence dialogue is the highest institutionalized interactive mechanism between both the countries.
“Its significance in chartering the future course of the relations between the armed forces of India and Sri Lanka was highlighted by the importance given to the talks by both sides,” the ministry said.
The defence ties between India and Sri Lanka have witnessed steady expansion.In August last, India handed the island nation a Dornier maritime surveillance aircraft.
The aircraft was given to Sri Lanka from the inventory of the Indian Navy to help the country meet its immediate security requirement.
The Indian Navy has been supporting various capacity building measures of the Sri Lankan Navy including providing indigenously constructed Offshore Patrol Vessels (OPVs).
Sri Lanka and India discuss way forward in bilateral economic cooperation
Sri Lankan Rupee further appreciated today
According to the foreign exchange rate notes issued by the commercial banks today (22), the price of the American dollar is further down compared to yesterday.
In the Bank of Ceylon yesterday (21), the buying rate of an American dollar was Rs. 315 and the selling rate is Rs. 333.54 and today those values are decreased to Rs. 311 and Rs. 329.54.
Yesterday (21) in Commercial Bank, the buying rate of an American dollar was Rs. 314.76 and the selling rate was Rs. 336 and today the values are Rs. 311.69 and Rs. 330.
The rate of an American dollar in several other commercial banks today is as follows.
Sri Lanka to assume the Chair of the Indian Ocean Rim Association in 3Q 2022
Sri Lanka will assume the Chairmanship of the Indian Ocean Rim Association (IORA) in the latter half of this year for the period from 2023 – 2025. In this role, Sri Lanka will build on the important work done by Bangladesh as the current Chair and the UAE as the past Chair.
Sri Lanka remained confident that collaboration among IORA Member States would lead towards a safe, secure, prosperous and sustainable Indian Ocean for the prosperity of its member states and beyond.
This was disclosed by Sri Lanka foreign secretary Aruni Wijewardena when she addressed the third Meeting of the Indian Ocean Rim Association’s (IORA) Working Group on Maritime Safety and Security (WGMSS).
It was chaired by Sri Lanka in Colombo on Monday (March 20) with the participation of the 23 IORA member states.
Inaugurating the meeting, Foreign Secretary Aruni Wijewardane highlighted the importance of the IORA as a forum for enhancing maritime cooperation in the Indian Ocean region.
In the area of Maritime Safety and Security, the topic under discussion at the Colombo Working Group, Foreign Secretary Wijewardane noted that the growing importance of the Indian Ocean requires awareness among IORA member states on related issues as well as of agreed principles and regulatory frameworks.
In the area of Maritime Safety and Security, the topic under discussion at the Colombo Working Group, Foreign Secretary Wijewardane noted that the growing importance of the Indian Ocean requires awareness among IORA member states on related issues as well as of agreed principles and regulatory frameworks.
The Indian Ocean rim region faces many traditional and non-traditional safety and security challenges including piracy, armed robberies at sea, transnational organized crimes such as human smuggling, human trafficking and drug trafficking, as well as illicit trafficking in wildlife, IUU fishing, ocean pollution, over-exploitation of marine resources, and illegal transport of hazardous material.
Climate change and the destruction of ocean biodiversity also challenge the safety and security of the Indian Ocean. Critical infrastructure connected to the ocean which is physically, digitally and environmentally vulnerable needs to be protected.
The Secretary General of IORA Secretariat Salman Al Farisi and representatives of the Secretariat participated in virtual mode from the IORA Secretariat in Mauritius.
Secretary General of IORA Salman Al Farisi, connecting in virtual mode highlighted that it is important for Member States to continue strengthening their dialogue and efforts to seek solutions to address common safety and security challenges in the region since Maritime Security and Safety is a key development issue in the region.
Heads of Mission of IORA member states and dialogue partner countries based in Colombo; Commander of Sri Lanka Navy; senior officials of relevant ministries and government agencies including Ministry of Fisheries, Sri Lanka Navy, Sri Lanka Coast Guard, Sri Lanka Ports Authority (SLPA), Merchant Shipping Secretariat, Disaster Management Center (DMC) and Marine Environment Protection Authority (MEPA), the Global Maritime Crime Programme (GMCP) of United Nations Office on Drugs and Crimes; and officials of the Max Planck Foundation, as well as representatives of the GIZ, attended the inauguration event.
Representatives of the following IORA Member States from Australia, Bangladesh, Comoros, France, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Maldives, Mauritius, Mozambique, Oman, Seychelles, Singapore, Somalia, South Africa, Sri Lanka, Tanzania, Thailand, United Arab Emirates and Yemen were present.
A three-day workshop “Cooperation for Maritime Security” jointly organized by the Ministry of Foreign Affairs and the Max Planck Foundation for International Peace and the Rule of Law is being held from 21 to 23 March, on the sideline of the WGMSS meeting.
India promotes institutional linkages between the Armed Forces of two countries
India is now promoting institutional linkages between the Armed Forces of India and Sri Lanka arranging study tours help strengthen the existing bonds of camaraderie and enhance people to people connect to achieve regional peace, security and stability.
This was one of the major outcomes of India’s ‘Neighbourhood First’ Policy seeks to further strengthen bilateral economic defense cooperation bet ween the two countries in the South Asian region.
A delegation of 19 Indian Armed Forces officers led by Group Captain Yunus Syed Muzaffar from the 46th Indian Higher Air Command Course conducted at College of Air Warfare, Secunderabad arrived in Sri Lanka as part of Strategic Study Tour from 20-24 March 2023.
The visit is focused on interactions with senior defence hierarchy as well as visits to military establishments and industrial organizations to broaden the vision of the trainees.
The delegation started their visit by paying homage to the martyrs of Indian Peace Keeping Force at the memorial in Battaramulla followed by interactions with High Commissioner of India, Gopal Baglay, Chief of Defence Staff, General Shavendra Silva and Air Marshal S.K Pathirana, Commander of Sri Lanka Air Force.
The delegation is also scheduled to visit Galle, Hambantota, Diyatalawa, Kandy and Katunayake and interact with various agencies to get deeper insights about Sri Lanka.
The longest ongoing struggle in Sri Lanka marks 2222 days
Today, 2,222 days have passed since the struggle started by the relatives of those who were forced to disappear in the North East.
The mothers, fathers and relatives of the disappeared people have been continuing this struggle for 2222 consecutive days by protesting, satyagraha, agitations, demonstrations etc., demanding to find their missing loved ones, to reveal the truth about these disappearances and to do justice to them.
This is considered to be the longest ongoing struggle in Sri Lanka.
Sri Lanka Original Narrative Summary: 22/03
- IMF to release the first tranche of the 4-year loan of USD 2.9 bn amounting to about USD 332 mn in the next couple of days.
- IMF reveals Sri Lanka will search for options to “restructure” domestic debt: says the authorities and their financial advisors will weigh options and associated legal procedures to optimise the design of a local debt treatment: authorities expected to announce parameters of such external & domestic debt operations before end-April: previously, CB Governor Nandalal Weerasinghe asserted there would not be any local debt restructure.
- IMF to start “in-depth governance diagnostic exercise” on Sri Lanka, a first in Asia: wealth transfer tax & inheritance tax also to be introduced in Sri Lanka from 2025: Ceylon Chamber of Commerce congratulates Govt on securing IMF Programme.
- Mission Chief for Sri Lanka and Asia Pacific, IMF Masahiro Nozaki says the Central Bank must purchase USD 1.4 bn from the market in 2023 to rebuild the reserve: says a period of 4-10 years granted to repay the new loan from the IMF.
- Moody’s Analytics says Sri Lanka has a difficult road ahead irrespective of how much funding it receives from multilateral and global financial agencies: asserts “the IMF support is definitely not like the silver bullet they think”: also says the exuberance will fade unless there are some significant improvements from the Govt.
- SJB General Secretary Ranjith Madduma Bandara files a contempt of court charge before Supreme Court against Treasury Secretary Mahinda Siriwardene for not complying with a court order not to withhold allocated funds through the Budget to hold LG polls.
- NCPI rate of Inflation almost flat at 53.6% in Feb’23 from 53.2% in Jan’23: food inflation decreases to 49% from 53.6% in Jan’23: non-food Inflation increases to 57.4% in Feb’23 from 52.9% in Jan’23.
- Justice Minister Dr Wijeyadasa Rajapakshe and Foreign Affairs Minister Ali Sabry to visit South Africa to further study on establishing a “Truth and Reconciliation Commission” in Sri Lanka.
- Colombo University Economics Professor Sirimal Abeyrratne says he has not seen the IMF conditions for the loan as yet: asserts however that the programme will improve Sri Lanka’s credit worthiness enabling it to borrow from other financial institutions: also says there will be multi-lateral and bi-lateral lenders willing to provide funds to Sri Lanka, while the Govt could also access commercial borrowings.
- Energy Minister Kanchana Wijesekara says fuel prices would be reduced by a considerable margin at the routine fuel price revision according to the fuel price formula next month: also says the Govt would be able to procure fuel shipments at a lower and competitive bidding after the IMF bailout.
A special meeting between Milinda Moragoda and the Indian Finance Minister
A special meeting was held yesterday (21) between the High Commissioner of Sri Lanka to India Milinda Moragoda and the Indian Finance Minister S. Nirmala Sitharaman.
It is in New Delhi, India.
Since November 2021, several rounds of discussions were held between Milinda Moragoda and the Indian Finance Minister regarding India’s support to Sri Lanka and assistance to Sri Lanka.
The meeting was held yesterday as another step in the series of discussions and the High Commissioner expressed the gratitude of the Sri Lankan people to India for the crucial support given by the Indian government to Sri Lanka in obtaining the extended credit facility of the International Monetary Fund.
Also, in view of the current situation, High Commissioner Milind Moragoda has expressed special thanks for Sitharaman’s personal intervention to solve the problem in Sri Lanka with bilateral development partners and multilateral financial institutions including the International Monetary Fund.
Also, in this meeting, special attention has been paid to the issues of bilateral economic cooperation between the two countries, attracting Indian investors for investment opportunities in Sri Lanka and increasing the number of Indian tourists coming to Sri Lanka.
Sri Lanka’s Approval of IMF Credit Facility Signals End of Bankruptcy Status, Says President Wickremesinghe
In a special statement following the approval of the extended credit facility by the Executive Board of the International Monetary Fund (IMF), President Ranil Wickremesinghe emphasized that Sri Lanka is no longer deemed bankrupt by the world.
The President further stated that the loan facility serves as an assurance from the international community that Sri Lanka has the capacity to restructure its debt and resume normal transactions.
Additionally, the President noted that the government is working to gradually lift import restrictions on essential goods, medicines, and tourism-related goods, as the foreign exchange situation improves. He expressed gratitude to all countries that supported the International Monetary Fund agreement, as well as the heads of the International Monetary Fund and the World Bank.
The President plans to present a full statement on the matter in Parliament tomorrow (22), and the agreement with the International Monetary Fund will also be tabled in Parliament.
President’s Media Division (PMD)
Ceylinco Life retains market leadership for 19th consecutive year in 2022
By: Staff writer
Colombo (LNW): Ceylinco Life policyholders received a mammoth Rs. 18.9 billion in net claims and benefits in 2022, as the company achieved its 19th consecutive year of market leadership in Sri Lanka’s life insurance sector with gross written premium income of Rs. 29.16 billion for the 12 months ending 31 December.
Premium income grew by a healthy 14% despite the unprecedented challenges of the year, and the figure of Rs. 18.9 billion for net claims and benefits represented a growth of 48.9% over the Rs. 12.7 billion paid in respect of 2021, and was the highest net claims and benefits paid in Ceylinco Life’s history, the company said.
Total revenue for the year grew by 21% to Rs. 49.2 billion, with investment and other income improving by an impressive 33% to Rs. 20 billion, an announcement by Ceylinco Life said.
The company’s Life Fund grew by 12.7% to Rs. 134.9 billion as of 31 December 2022, after a transfer of Rs. 4.8 billion to the Shareholders Fund in respect of the year under review.
Ceylinco Life’s total assets grew by Rs. 17.8 billion or 10.2% to stand at Rs. 191.5 billion at the end 2022, while its investment portfolio recorded an increase of 7.4% in value over the 12 months to reach Rs. 165.9 billion as of 31 December 2022.
“Our performance in a year that saw disposable incomes contract alarmingly due to the additional financial burdens placed on the populace, reflects the value of the trust and confidence we have built over more than three decades, and the importance of our unrelenting focus on business fundamentals,” Ceylinco Life Managing Director/CEO Thushara Ranasinghe commented.
Ceylinco Life’s basic earnings per share for the year amounted to Rs. 152.64, an improvement of 12.7% while net assets value per share stood at Rs. 987.98 as of 31 December 2022. Return on assets for the year was 3.98% and return on equity 15.45%.
Adjudged Sri Lanka’s ‘Brand of the Year’ and ‘Service Brand of the Year’ by the Sri Lanka Institute of Marketing (SLIM) and ‘Best Life Insurer in Sri Lanka’ by World Finance for the ninth consecutive year in 2022, Ceylinco Life has been the country’s leading life insurer for more than half of the 35 years it has been in existence.
The company was also ranked the ‘Most Valuable Life Insurance Brand in Sri Lanka’ by Brand Finance and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022.
Ceylinco Life has close to a million lives covered by active policies and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the company’s policyholders.
Final decision on date of LG Polls on Thursday
By: Isuru Parakrama
Colombo (LNW): A Final decision on whether the Local Government Election will be held on April 25, 2023 will be made on Thursday (23), the Election Commission said.
Accordingly, secretaries of all political parties will be called in to the Commission in making this decision, Commission Chief Nimal Punchihewa said.