The price of a domestic LP gas cylinder will be slashed effective from midnight Wednesday (05) said Muditha Peiris, Chief of the state-run LITRO Gas Company.
Accordingly, the revised prices will be made public soon, he added.
MIAP
Cambridge Assessment International Education assists SL to transform learning
Cambridge Assessment International Education steps in to assist Sri Lanka for the transformation in learning.
Part of the Cambridge University Press and Assessment and the University of Cambridge, Cambridge Assessment International Education prepares school students for life by helping them develop an informed curiosity and a lasting passion for learning.
In Sri Lanka, the organisation helps schools shape a Cambridge curriculum around how they want students to learn across a wide range of subjects.
Curricula are offered from the Primary school level, all the way to the Cambridge I GCSEs or A Levels, and even beyond to Pre-University education. GCSE is an internationally accepted equivalent to the UK GCSE standard, and is taught in over 10,000 schools in 160 countries.
The unique feature of Cambridge programs is that they help students aged 5 to 19 develop the skills the need for life and to achieve throughout school, university and work.
The Cambridge curricula are developed as international curricula that stretch, challenge and inspire students of all abilities to develop an informed curiosity and passion for learning, ultimately equipping students with the skills they need to succeed in academia and the workplace.
Cambridge Assessment International Education also supports the development of learners and teachers who are confident, responsible, reflective, innovative and engaged. Professional development for teachers is also a focus area for the Institute.
Explaining how a Cambridge education stands apart from the crowd, and how that can help students rise above the rest, Cambridge International Education Global Director – International Network Dr. Ben Schmidt, an esteemed and world-renowned educator in his own right, explained: “There is a crucial need to move away from archaic and outdated systems of learning and teaching, particularly memorising textbooks and rote learning.
“There needs to be a constant evolution in learning to keep up with the times, and we are providing this, not just for students but also for teachers, because teaching techniques too need to change and adapt to the students of the day. In terms of Sri Lanka, we see huge potential and are optimistic about the future here.
“An international education can unlock opportunities for Sri Lankan students and we want to be able to facilitate this. We are very much committed to Sri Lanka and supporting education in the country with an international perspective and emerging techniques.”
In its endeavour to inspire curious and analytical learners who are able to think for themselves and use and apply their knowledge across subjects and skillsets, Cambridge Assessment International Education provides a range of services to schools, students and teachers in Sri Lanka.
Those interested in learning more about the Cambridge curricula and programs as an educational institute, student, or teacher could visit cambridgeinternational.org/. Special one-on-one meetings and assessments can be arranged on request to further the journey in education.
Japan imposes preconditions to support Sri Lanka’s debt restructure
Japan has placed preconditions in order to support Sri Lanka’s debt issue. Finance Minister Shunichi Suzuki said that Japan is prepared to “do its part” over Sri Lanka’s debt issue.
Japan holds around US $3.5 billion of Sri Lanka’s total bilateral debt of about $10 billion, amounting to 4.4% of the island’s GDP, according to government and IMF data. Japan is also a major trading partner.
However, he said that other creditors, such as China and India, should also be involved in efforts to resolve it.Suzuki made the remarks after meeting with President Ranil Wickremesinghe, the Kyodo news service reported.
The Japanese Finance Minister said that he urged Sri Lanka to provide the necessary information, make its own efforts to get China, India and other creditors involved and boost transparency.
“Japan will do its part if such preconditions are met,” Suzuki told reporters without elaborating in the Philippine capital Manila, where he attended a meeting of the Asian Development Bank.
Japan, one of Sri Lanka’s main creditors, will back the South Asian nation after fulfill ment of some preconditions as it seeks to restructure about $30 billion of its foreign debt and find a way out of a crippling economic crisis,
During his visit to Japan, the Sri Lankan President met Wednesday with Japanese Prime Minister Fumio Kishida and discussed the debt issue. The leaders recognized the importance of “fair and transparent” debt restructuring that involves all creditor nations, according to the Japanese Foreign Ministry.
Sri Lanka defaulted on its debt earlier this year. The COVID-19 pandemic added to the woes of the Asian nation, already struggling financially after taking out loans from countries such as China to develop its infrastructure.
In a speech at the annual meeting of the ADB’s board of governors, Suzuki said the COVID-19 pandemic and surging energy prices caused by Russia’s war in Ukraine have “heightened the risk of debt vulnerabilities.”
“All creditors should cooperate in providing support in a coordinated manner, while debtor countries undertake reform efforts towards achieving a sound level of debt,” Suzuki said, in an apparent reference to Sri Lanka.
Bond restructuring has become inevitable for Sri Lanka as IMF’s EFF arrangement is contingent on “making a good faith effort to reach a collaborative agreement with private creditors.”
As mentioned, commercial borrowing in the form of ISBs accounts for the most significant component of Sri Lanka’s diversified debt profile. It accounts US$ 11.5 million predominantly owed to Western sovereign bondholders who largely include US and European institutional investors.
In addition, Sri Lanka’s bondholders may consist of retail investors (or individual creditors). Compared to the former category, it would be challenging for Sri Lanka to recognise and organise such retail investors, leaving creditor coordination difficult.
Although there are different types of bond holder representations aimed at ensuring “better results” for themselves, one possible way for Sri Lanka to overcome this creditor coordination problem is relying on collective action clauses (CACs), included in sovereign-bond contracts, albeit those clauses are not an ideal solution.
CACs afford bondholders an “ex-post coordination mechanism allowing the majority of creditors to modify the monetary terms of bonds, such as maturity dates or interest rates.
Therefore, CACs are significant in providing the issuing government with the flexibility to modify the original terms of sovereign-bond contracts, thereby easing the handling of an economic crisis.
Colombo Port City management in a mission impossible to attract investors
Colombo Port City management is making valiant efforts to attract foreign investors to lease out 74 blocks as no investor is willing to take a risk in the country’s severe economic crisis coupled with preemptive debt default, official sources said.
Sri Lanka’s economic and political crisis is overshadowing grand plans to build a new international city on a 269-hectare sandy plot of reclaimed land off the coast of its commercial capital, Colombo.
“It is difficult to convince investors and establish a financial centre in a country effectively in default,” says Aritha Wickramasinghe, a Colombo-based financial lawyer who has advised on the development of Port City Colombo’s financial centre
However CHEC Port City Colombo has entered into lease agreements with investors, leasing six land slots out of the 74 land slots available for lease at the Port City,
Port City Colombo officials said that these investors are both locals and foreigners and they are hoping to lease the rest of the land slots within the next 15-20 years.
“The entire project will be completed in 25 years including the construction. We are looking to lease out the lands within the first 15-20 years, so the construction for the last slot of land after completing the deal would be done in time,” they stated.
They noted that their estimate is to lease at least three to four plots of lands each year for the next 15-20 years and added that so far, they have kept up with this annual target.
According to him, Port City is hoping to attract investors from South Asia, particularly from India.
The CIFC Mixed Development Project comprising a total land area of 6.8 hectares (ha) is expected to require a total investment of $ 1 billion and will involve the incorporation of a special purpose vehicle (SPV) company, jointly managed by Browns Investments, the strategic investment arm of the LOLC Group, and China Harbour Engineering Co. Ltd. (CHEC).
Phase One of the CIFC Mixed Development Project, which will comprise a land area of 3.06 ha, will involve an investment of $ 450 million and according to Jayaratne, the estimated timeline for the completion of Phase One of the CIFC project is by 2025/26.
In terms of residents and employment opportunities, Colombo Port City is expected to accommodate over 70,000 residents and 200,000 workers.
Port City is also gearing up to establish its own Stock Exchange, but the regulators are yet to decide on how it will operate and the regulations that will govern the exchange.
Colombo Port City is expected to give its own tax breaks running up to 40 years and exempt businesses from a number of laws including an exchange control law in its area of authority.
European Commission commends SL on efforts to overcome crisis, says freedom of expression essential
President of the European Commission commends the government of Sri Lanka on the efforts taken to overcome the crisis successfully.
Ms. Ursula von der Leyen, President of the European Commission congratulating Honourable Ranil Wickremesinghe on his election as the President of the Democratic of Socialist Republic of Sri Lanka has assured its support to the government of Sri Lanka for the efforts to overcome the crisis successfully.
Issuing a statement, Ms. Ursula noted that at a time of unprecedented challenges faced by the people of Sri Lanka, the European Union remains committed to support Sri Lanka’s efforts to overcome the crisis successfully, including the necessary reforms that will bring the country back to a path of inclusive prosperity and lasting national reconciliation.
Ms. Ursula further stated that in this process, freedom of expression and assembly, dialogue among all stakeholders, as well as respect for the rule of law and fundamental rights will remain essential.
She has also made a reference to the assessment by the European Union on the progress made by Sri Lanka on GSP+ commitments. Accordingly, the European Union will assess the progress made on Sri Lanka’s GSP+ commitments very soon.
The report is scheduled to be released towards the latter part of this year or early 2023.
She also commended the success in the efforts to introduce and steer policies that will ensure the short and long-term interests of all Sri Lankans and address the devastating efforts of the unprecedented economic downturn as well as the negotiations with international financial institutions and creditors.
Ms. Ursula von der Leyen expressed her interest in working closely to strengthen further the ties and cooperation, based on commitments to shared values and common interests.
President’s Media Division
CB Governor demands tea traders to repatriate all of their foreign earnings
Central Bank Governor Dr Nandalal Weerasinghe has strongly demanded tea exporters bring their total export income into the country within a month in view of the current economic crisis in the country.
The scale of the unsavoury practice of not converting a chunk of forex earnings was once again came under scatching attack of the Central Bank Governor Nandalal when he addressed the Annual General Meeting of the Colombo Tea Traders Association recently.
He made this demand at a time Sri Lanka’s tea industry is going through tumultuous times in terms of production with crop levels plunging to near three-decades low as a result of arrogant and ill conceived decision of shifting to organic farming overnight.
The August crop of 18.27 million kilos is the lowest in 28 years and the first eight months production at 171.37 million kilos is lowest since 1996 according to Forbes and Walker Tea Brokers.
The Industry has been dragged into this situation by the disastrous policy decision of banning chemical fertilizer of forcibly ousted President Gotabaya Rajapaksa on the advice of stooge officials surrounding him, and other activists including a monk,claimed by speakers at the meeting.
However CB Governor Nandalal said that 180 days time will be given to bring income to the country while carrying out a business related to exports.
Even so, the Central Bank governor sternly stated that it does not mean that they will be given a loan for a period of 180 days for purchases abroad in the event of a balance of payments crisis in the country.
The Governor of the Central Bank further stated that if the exports are carried out, the money should be brought within a month and he personally does not want to submit administrative measures for this and he only wants to motivate for this.
He noted that it was a great problem somewhere, if the tea exporters used to extend the fullest benefit for foreign suppliers for a period of six months at a time where there was a difficulty in opening a letter of credit without paying an advance for the banking system.
From tea export earnings of an average US$ 100 million a month, at least $50 million is not being brought back to Sri Lanka.
Under the Repatriation of Export Proceeds into Sri Lanka Rules No. 5 of 2021, published by a gazette notice, the Central Bank made it mandatory for exporters to bring back foreign exchange earnings and convert to rupees.
Although forex reserves began to evaporate, exporters lobbied and the rules were tweaked, he said adding that the rule is that they (exporters) must bring their dollar earnings into the country.
India continues to extend support to SL: High Commissioner
India always stands cordially with the people of Sri Lanka and will continue to extend support, said Indian High Commission to Sri Lanka Gopal Baglay, speaking to media during the distribution of dry food items to 200 low-income families in Trincomalee district under Indian Aid yesterday (02).
Referring to the current event, the High Commissioner also pointed out that the event itself proves India’s willingness to further support Sri Lanka, adding that the people of India will always be ready to support the people of Sri Lanka.
MIAP
Negotiations with IMF and Creditors should focus programme affordable to people: Harsha
Any negotiation with the International Monetary Fund (IMF) and the Creditors should focus the saving of the people who are of lowest economic capacity, said Samagi Jana Balawegaya (SJB) MP Dr. Harsha De Silva, speaking to a briefing held at the Opposition Leader’s Office yesterday (02).
“We do not say that the IMF is not needed. But any negotiation with the IMF and the Creditors should be affordable to the people our country. We see what is about to happen next. We foresaw the economic catastrophe. We also see what is about to happen next. It will end in a social-political explosion, had it been implemented without having any accountability, a committee appointed by the President, or any programme implemented by Parliament,” Silva said.
The MP added: “Therefore, please listen to us. We are messengers. Do not shoot us. We as an Opposition are ready to support the government’s programme for economic reforms. We are not 100 per cent against it. But we have to be certain, whether this programme secures the people of the lowest layer of Society. This cannot be done by force.”
MIAP
CoPE and CoPA members announced!
The members of the Parliamentary Committee on Public Enterprises (CoPE) and the Parliamentary Committee on Public Accounts (CoPA) have been announced by Speaker Mahinda Yapa Abeywardena today (03).
Each committee comprises of 27 members, he said.
CoPE Members:
- MP Jagath Pushpakumara
- MP Janaka Wakkumbura
- MP Lohan Ratwatte
- MP Indika Anuruddha Herath
- MP D.V. Chanaka
- MP Shantha Bandara
- MP Anura Dissanayake
- MP Rauf Hakeem
- MP Patali Champika Ranawaka
- MP Mahindananda Aluthgamage
- MP Rohitha Abeygunawardena
- MP Dr. Harsha De Silva
- MP Eran Wickremaratne
- MP Nimal Lanza
- MP S.M.M. Musharaf
- MP Nalin Bandara Jayamaha
- MP S.M. Marikkar
- MP Mujibur Rahuman
- MP Rohini Kumari Wijeratne
- MP Sanjeewa Edirimanna
- MP Jagath Kumara Sumithraarachchi
- MP Premnath C. Dolawatte
- MP Upul Mahendra Rajapaksa
- MP Shanakiyan Rajaputhiran Rasamanickam
- MP Rajika Wickramasinghe
- MP Madhura Withanage
- MP Prof. Ranjith Bandara
CoPA Members:
- MP Mohan Priyadarshana De Silva
- MP Lasantha Alagiyawanna
- MP Dr. Suren Raghavan
- MP Diana Gamage
- MP S.B. Dissanayake
- MP Tissa Attanayake
- MP Kabir Hashim
- MP Dr. Sarath Weerasekara
- MP Wimalaweera Dissanayake
- MP Niroshan Perera
- MP Dr. Sudarshani Fernandopulle
- MP J.C. Alawathuwala
- MP Ashok Abeysinghe
- MP Buddhika Pathirana
- MP Jayantha Samaraweera
- MP Hector Appuhamy
- MP Hesha Withanage
- MP Dr. Major Pradeep Undugoda
- MP Isuru Dodangoda
- MP Wasantha Yapabandara
- MP Shanakiyan Rajaputhiran Rasamanickam
- MP M.W.D. Sahan Paradeep Withana
- MP D. Weerasinghe
- MP Weerasumana Weerasinghe
- MP Prof. Charitha Herath
- MP Dr. Harini Amarasuriya
MIAP
10 more MPs to enter Cabinet today?
Unconfirmed reports claimed that ten more Sri Lanka Podujana Peramuna (SLPP) MPs will be sworn in as Cabinet Ministers of the government, a claim that neither the President’s Media Division nor the Ruling Party has confirmed.
The swearing in is set to take place prior to the Cabinet Meeting this (03) afternoon, according to claims.
Earlier, it was reported that 12 MPs including those of the SLPP, were to be sworn in as Cabinet Minister, but the event was dragged in due to a number of circumstances, such as the President’s objection to certain names included in the list of MPs proposed by the Ruling Party.
The Ruling Party MPs’ meeting is set to take place after the Cabinet meeting today, and a two-day debate on the proposed 22nd Amendment to the Constitution will also take place this week.
Accordingly, this week’s parliamentary affairs, including the debate, is said will be discussed at the parliament MP group meeting, according to reports.
MIAP