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Speaker adjourns Parliament amidst protest by Opposition

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Speaker adjourns Parliament amidst protest by Opposition

By: Isuru Parakrama

Colombo (LNW): Speaker Mahinda Yapa Abeywardena adjourned today’s (20) Parliament sitting till tomorrow (22) 9.30 am following the growing protest staged by the Samagi Jana Balawegaya (SJB) MPs inside the Chambers demanding the holding of the Local Government Election, which the government supposedly seeks for postponement.

During today’s Parliament sitting, Chief Opposition Whip and SJB MP Lakshman Kiriella demanded that a Party Leaders’ meeting be convened to address the proposed postponement of the LG Polls, to which Speaker Abeywardena responded saying that a Party Leaders’ meeting will be convened today at 2 pm.

Despite the Speaker’s response, MPs of all Opposition parties stood up and demanded that the LG Polls be held as declared, hence the heat being uncontrollable compelling Abeywardena to adjourn the sitting.

Kandy to be upgraded to a ‘fully developed’ city

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Kandy to be upgraded to a ‘fully developed’ city

Colombo (LNW): President Ranil Wickremesinghe’s proposal to transform the historic city of Kandy into a well-planned, organised and developed city has received unanimous approval from the Cabinet of Ministers.

To this end, the government intends to take measures to accelerate the Central Expressway project that will connect Kandy with Katugastota.

A special committee will be established, consisting of the Urban Development Authority, the Kandy District Development Committee, parliamentarians and ministers representing the district, and experts in the field of city planning. This committee will prepare a comprehensive development plan for the Katugastota, Kandy and Kundasale areas, with a particular focus on improving infrastructure, amenities, and services.

To ensure that the project remains on track, the committee will meet every two months to review progress and make necessary adjustments.

The Cabinet meeting, where the proposal was approved, was held at the President’s Official Residence in Kandy, following the Janaraja Perahara (Procession) which paraded through the streets of Kandy on the previous night (19).

President vested with power to dissolve Parliament

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President vested with power to dissolve Parliament

By: Isuru Parakrama

Colombo (LNW): President Ranil Wickremesinghe has been vested with the power to dissolve Parliament at any given moment from midnight yesterday (20).

The President, if he chooses to, will be eligible to dissolve Parliament pending an election at the end of two years and six months after its first sitting, in compliance with Article 70 (a) of the Constitution of Sri Lanka.

The debut sitting of the ninth Parliament of Sri Lanka was convened by ex President Gotabaya Rajapaksa on August 20, 2020, and following his resignation, Wickremesinghe, as his successor, will be constitutionally powered to dissolve it from midnight yesterday.

Special Army and Police security deployed for Govt Press

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Special Army and Police security deployed for Govt Press

By: Isuru Parakrama

Colombo (LNW): Special Army and Police security has been deployed for the Government Press in Borella, Colombo.

Accordingly, about 100 army personnel and about 50 Police personnel have been deployed to secure the premises.

Ballot papers pending printing and other stationery required for the holding of the upcoming Local Government Election are currently stored in the Department of Government Printing, and the printing has been stalled due to the non-reception of the funds.

Sri Lanka Original Narrative Summary: 21/02

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Sri Lanka Original Narrative Summary: 21/02

  1. Justice Minister Wijeyadasa Rajapakshe says if the Govt wanted to postpone the election, it could have done so by making the Elections Commission inactive without appointing new members to replace the members who left: asserts the Ministry of Finance has not been able to afford the election expenses due to the current situation in the country.
  2. Central Bank data shows it has disregarded IMF’s reported stipulations by continuing to “print money”: in the week ending 17th February 2023, Central Bank’s TB holdings jumped Rs.33 bn to Rs.2,584 bn from Rs.2,551 bn a week earlier: nevertheless, Treasury Secretary Mahinda Siriwardene says the Govt is unable to provide Rs.10 bn to conduct the LG Election.
  3. SJB MP Eran Wickramaratne alleges UNP leader and President Ranil Wickremesinghe would not hold LG elections and would protect the Rajapaksas during the rest of his term: also says this is the first time that an election has been obstructed by deviating from the Constitution and the law: asserts Rs.10 bn was allocated for the election to be held in 2023, and the talk that there is no money now, is a blatant lie.
  4. UN World Food Progamme Acting Country Director Gerard Rebello says Sri Lanka continues to experience significantly high levels of food insecurity, affecting 30% of the population, most notably, the poor.
  5. President Ranil Wickremesinghe says a new Economic Commission will be established to facilitate quick approval of investment opportunities for local and foreign investors: expects the move to significantly contribute to the country’s economy.
  6. Cabinet approves President Ranil Wickremesinghe’s proposal to implement a “special plan” to develop the historic Kandy city into a “fully developed city”.
  7. Top Govt official says the Ceylon Petroleum Corp is preparing to transfer the CPC’s accumulated Govt-guaranteed debt of about USD 2.6 bn owed to the 2 State Banks to the Treasury, as per a Cabinet direction: CPC reportedly owes over USD 1.5 bn to the Bank of Ceylon and over USD 1.1 bn to the People’s Bank.
  8. Colombo Stock Exchange’s ASPI jumps by 234 points (2.64%) to finish at 9,082 points.
  9. Major political parties come together to discuss the rights of LGBTQ Sri Lankans: CWC Leader & Minister Jeevan Thondaman, SLPP MP Premnath C Dolawatte, SJB MP Mayantha Dissanayake and Freedom People’s Congress MP Professor Charitha Herath share views during a discussion jointly hosted by NextGenSL.
  10. Sri Lanka Institute of Taxation analysis reveals the recent Inland Revenue Dept circular dated 07/02/2023 is merely containing alternative methodologies in quantification of non-cash benefits, and therefore, no non-cash benefit has been exempted for Income Tax purposes: however, State Minister of Finance Ranjith Siyambalapitiya has asserted that the changes will bring significant relief to the concerned parties.

BREAKING! Police throw tear gas and water cannons at SJB protest

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BREAKING! Police throw tear gas and water cannons at SJB protest

By: Isuru Parakrama

Colombo (LNW): Police have launched tear gas and water cannon attacks to disperse a protest organised by the main Opposition Samagi Jana Balawegaya (SJB) near the Technical Junction, Colombo this afternoon (20).

The protest march was organised against the Ranil Wickremesinghe-led government’s alleged attempts to postpone the upcoming Local Government Election and demanding the people’s franchise.

Earlier, the Colombo Fort Magistrate had issued an order barring several SJB MPs from holding demonstrations whilst causing inconvenience to pedestrians or vehicular traffic, shutting their way off to the President’s Office, the President’s House, the Finance Ministry premises or the Galle Face area.

The order was issued following a request made by the Fort Police.

Cargills inaugurates centralized distribution centre to strengthen economic activity

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Cargills inaugurates centralized distribution centre to strengthen economic activity

Cargills (Ceylon) PLC opened its new centralized distribution centre on 8th February 2023, marking yet another milestone.

Over the past 40 years Cargills has evolved to become Sri Lanka’s largest food company with its main focus on building markets and supporting the farming community as well as the local entrepreneurs.

Cargills philosophy has always been focused on community development and contributing towards a better Sri Lanka.

Located at Katana, the facility has been built with an investment of Rs. 4 billion and spans a 28-acre expanse – a symbol of the company’s continuous commitment to enhance supply chain logistics and improve productivity and efficiency to drive economic activity at the grassroots.

This facility has the capacity to distribute 50 000 CBF per day on average. Deploying the latest in technology across 325,000 sq. this space is dedicated to developing local businesses, from demand planning to cost reduction, the benefit of which will be directly passed on to the consumers.

The distribution centre will also enable Cargills to serve small and medium scale entrepreneurs better and offer them easy access to markets while delivering affordable nutrition across the nation. Cargills also has an extensive fleet which covers approximately 45 rounds across Sri Lanka every day, linking all its suppliers across the Island.

Commenting on the opening, Arjuna Kumarasinghe, Chief Operating Officer of Cargills Group, said, “Our newest investment is more than a landmark of excellence in operations and technology, it reaffirms our commitment towards developing the nation while uplifting small and medium entrepreneurs and farmers across our island nation through greater integration of our supply chain.

This is located centrally, in proximity to the airport and the port to ensure smooth logistics. We believe that our distribution centre will become yet another building block of our journey towards building a sustainable business whilst contributing towards the progress of our nation.”

Reaffirming its commitment to the environment this facility is equipped with 1 megawatt solar power and a rainwater harvesting system.

This distribution centre will implement Cargills’ commitment to develop small and medium entrepreneurs, while allowing Sri Lanka to focus on home grown products without relying on imports.

Cargills believes that the value created for entrepreneurs and consumers through the centre will reduce the burden at a time when food inflation has reached its highest in the country.

At present Cargills has more than 900 suppliers out of which around 320 are small and medium entrepreneurs.

The company has a base of 20,000 farmers who will also benefit from the enhanced infrastructure as the distribution centre has been designed with the intention of expanding in the future to help local food producers and create export opportunities.

President opens first migratory bird park stepping into avitourism

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President opens first migratory bird park stepping into avitourism

The country’s first migratory bird park and eco-tourism zone established in Hanthane, Kandy will be opened by President Ranil Wickramasinghe today as a major step towards promoting Avitourism based on bird watching.

Sri Lanka Tourist Development Authority (SLTDA) in its strategic plan has identified avitourism as a target for development. Sri Lanka has 70 internationally recognized important bird and biodiversity areas (IBAs)

The Hanthana International Bird Park and Recreation Center will be declared open by President Ranil Wickramasinghe on the 20th Monday at 03.00 pm. The park will be open to the public from the 23rd.

Located adjacent to the Hanthane Tea Museum premises, this 27-acre exotic bird park and eco-tourism zone is home to over a hundred species of migratory birds.

The chairman of the migratory bird park and eco-tourism zone Nishantha Kottegoda said that the park, which consists of birds endemic to foreign countries, migratory birds, etc., also has a unit to treat and release injured birds.

Established at a cost of Rs 490 million, foreign birds are housed in large cages in the bird park, and animals are taken care of by a staff of nearly one hundred.

This park has been established based on a study of non-endemic birds to Sri Lanka over a period of 40 years. It is also special that many foreign birds can be bred in this country.

The first phase of the bird park and eco-tourism zone, which will be opened by President Ranil Wickramasinghe, has facilities for local and foreign tourists to watch migratory birds, an educational training center for animal science students, a bird orphanage, a bird shelter and a quarantine unit.

Nishantha Kottegoda, chairman of Hanthane Foreign Bird Park and Ecotourism Zone, further stated that this park also has a unit for breeding and exporting foreign birds, an educational and recreational center for school students, and a natural bird study center.

Officials said that the bird park will be similar to those seen in Indonesia and Singapore.The park also has added attractions so visitors can spend an entire day inside the park.

Initially the park will have 100 birds but it will be expanded in the months and years to come.

While most birds are currently caged, officials said that the future plans include having the birds in large cages for people to walk through.A ferris wheel, aquarium and other attractions will also be included in the park in future.

While a vast number of tourists visit the island, they come here for sun, beach, sand, and culture and wildlife tourism.

As such there is untapped potential to develop this niche market due to abundance of rare birdlife in the country.

A research study revealed that international birding tour organizers to Sri Lanka and even local bird tourism organizers do not take their visitors to the majority of the internationally designated birdlife areas.

As such the potential to expand this niche is very high. Sri Lanka tourism development authorities are to undertake carefully targeted promotions to create awareness in the international markets and also educate the hotel trade, the local tour organizers and tour guides about the potential to develop this lucrative niche

IMF chief wants Pakistan to tax the rich not poor

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IMF chief wants Pakistan to tax the rich not poor

  • IMF says resources should be diverted towards poor.
  • Georgieva says wealthy shouldn’t benefit from subsidies.
  • IMF could help Pakistan overcome its looming BoP crisis: sources.

ISLAMABAD: The International Monetary Fund (IMF) wants Pakistan to provide subsidies only to the people who need them, saying that the resources should be diverted from the rich and wealthy towards the poor segments of society, The News reported Monday

The comments came from the Fund’s Managing Director Kristalina Georgieva while speaking in an interview with an international broadcaster on Sunday. 

Georgieva said that the global lender asks Pakistan to take steps to be able to function as a country and not to get into a dangerous place where it needs debt restructuring.

“My heart goes to the people of Pakistan. They have been devastated by the floods that affected one-third of the population of the country,” said the managing director.

“We are emphasising two things: one raising tax revenues, as those who are making good money in public or private sectors need to contribute to the economy. Number two is to have a fairer distribution of precious resources by moving subsidies only towards the people who really need them. It shouldn’t be that the wealthy benefit from subsidies. It should be the poor [who] benefit from them,” she said.

“And there the Fund is very clear. We want the poor people of Pakistan to be protected.”

Sources told The News in background discussions that the IMF could help Islamabad overcome its looming balance of payment (BoP) crisis only by ensuring that the country remains able to pay its debt obligations without plunging into default.

“It would be a call of the Government of Pakistan to seek debt restructuring from its Paris or non-Paris Club countries when the need arises,” said the sources.

The revival of the IMF programme will be a pre-requisite step for seeking any debt restructuring, so the government is focusing on it at the moment, said the sources. When the stage would come across after the revival of the programme, then debt restructuring — especially from non-Paris Club countries — might be considered for moving towards the desired objectives, they added. 

Pakistan will require external debt servicing both in the shape of principal and mark-up amounts to the tune of $27 billion in the next financial year. The ongoing IMF programme of $6.5 billion under the Extended Fund Facility (EFF) will expire on June 30, 2023, and there is no possibility of any further extension in the ongoing EFF arrangement.

Pakistan will have to seek a fresh loan from the Washington-based lender after the expiry of existing EFF programme, keeping in view the massive external debt servicing requirements and the possibility of lower foreign exchange reserves.

However, at the moment, the IMF’s review mission has made it clear that the government will have to undertake tax revenues from all those who possess income to contribute to the national kitty.

There are only around 3.5 million return filers out of over 200 million population, so there is a need for broadening the narrow tax base.

Under the IMF’s prescriptions, the government unveiled the mini-budget, slapping additional taxes of Rs170 billion and it was expected that it would be passed by the National Assembly on Monday (today).

Secondly, the lender has underscored the need for removing untargeted subsidies and diverting the resources towards the poor so that they can benefit from them. 

Under the IMF programme, the government abolished the power sector subsidy for export-oriented sectors and did away with the Kissan package.

The government has requested the IMF for providing an adjuster on the flood-related expenditures to the tune of Rs472 billion and the Fund mission agreed to it.

For the Benazir Income Support Programme (BISP), the government has jacked up allocation from Rs360 billion to Rs400 billion for protecting the poorest of the poor from inflationary pressures, which are expected to witness a surge and could cross the 35 percentage mark by June 2023 from the existing CPI-based inflation standing at 27.6% for January 2023.

Source: GEO News

Port City to launch Financial Centre Phase1,Villa Plot and Marina Hotel

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Port City to launch Financial Centre Phase1,Villa Plot and Marina Hotel

The Port City is slated to break ground on the Colombo International Financial Centre (CIFC ) Phase One 3 towers, Villa plot and the Marina hotel in the third quarter.

The Duty Free complex within the Port City is set to open in May 2023 as well, Colombo Port Commission Chairman Dinesh Weerakkody said dismissing a recent article which alleged that the Port City stirs white elephant fears.

“The Portcity Colombo’s basic infrastructure is scheduled to be completed by the year end,” Weerakoddy added.

A Price waterhouse Coopers (PwC) study shows that Port City Colombo can significantly impact GDP, FDI inflows, and improve our BOP and create over half a million new jobs.

A realised master plan for the Port City provides 5.7 million square meters of built-up area valued at US$ 15 billion.

Given the shifting external global environment, the challenges are obvious and they need to be managed going forward by hiring the right skills, meeting new international investment demand profiles and ensuring policy consistency.

The overall country environment will certainly play its part. Therefore economic stability is key. Playing down these challenges in favour of negative sound bites will be counterproductive and defeatist at best, Weerakkody added

All set for the opening of Colombo Port City US $ 7 million Duty-Free (DF) shopping Mall in May this year after the completion of the interior design work to offer duty free shopping to tourists as well as Sri Lankans and expatriates returning from overseas giving them more choices of shopping,investment promotion ministry sources said.

It will first open as an “IKEA Style Warehouse Model” shopping mall and will develop into a competitive shopping complex in the coming five years. It will also be the first Downtown Duty-Free Mall in Sri Lanka and in the region.

Colombo Port City Duty-Free Regulations have been drafted and are awaiting Cabinet approval for the determination of the duty free allowance and other limitations in purchasing products and luxury items at the shops of the mall, a high official of the ministry opined..

Further these products can be purchased by all passengers who arrive and leave the country via Colombo Port , Colombo or Katunayake Airports with the valid passport and boarding pass as the proof of travel.

The government is now looking at the possibility of offering a revised, enhanced Duty-Free allowance and limitations for Sri Lanka passport holders who return back to the country, he added.

The facility will be managed by two of the world’s leading DF operators, transforming Colombo Port City as a regional shopping destination.

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