Public protests demanding the dismissal of President Gotabaya Rajapaksa and the government continue for a fifth day today (04).
People of Ja Ela area took to the streets early in the morning demanding the government and the President to resign.
MIAP
Public protest 2022 continues – thousands to swarm in streets against government
A number of anti-government protests are due to continue in many parts of the country today (04).
Islandwide curfew was imposed for two consecutive days in prevention of these anti-government protests, but people were seen taking to the streets avoiding the curfew, demonstrating their exhaustion against the regime.
In the midst of these growing public protests, the entire Cabinet of Ministers decided to step back, last night’s media reports claimed.
However, these protestors have been demanding from the beginning that it was President Gotabaya Rajapaksa himself who should resign. The demonstrations against the government intensified due to the non-application of any solid solution to the ongoing fuel shortages and power cuts, whilst making it clear that they do not agree with a caretaker government reinstating the corrupt ministers in the current regime either.
The protests, therefore, are likely to continue and grow, notably without any leadership of a political party.
MIAP
Police ask public to find man who set bus on fire during unrest
Police are seeking the public’s help to arrest two suspects in connection with arson attack on a bus and other vehicles during the protests near the President’s private residence in Mirihana Nugegoda on Thursday (March 31), in complete contradiction with the President’s Media Unit’s statement on the incident, claiming it to be committed by a group of ‘extremists’ looking for an ‘Arab Spring’ in Sri Lanka.
MIAP
Curfew lifted – public transport resumed
The islandwide curfew has been lifted at 6 am today (04).
Accordingly, the public transport services which came to a halt since 6 pm last Saturday have resumed.
All train operations will also continue from 6 am this morning, said the Railway Department.
Private buses will also be operating as usual today, said President of the Ceylon Private Bus Owners’ Association, Gemunu Wijeratne.
MIAP
Central Bank to raise more dollars via Development Bond issuance
The Government is back in the debt market with the issuance of US dollar denominated Development Bonds (SLDBs) at high interest rates for investors soon as it desperately seeks more dollars, Finance Ministry sources confirmed.
The Central Bank has already announced the latest Development Bond issue notifying investors’, exporters of goods and services, expat workers and US dollar holders and these notices will be applicable till the auction of such securities. It has introduced various measures to encourage investments in SLDBs.
A wide publicity campaign is now being implemented to woo prospective investors and buyers of development bonds with a repayment period of 7 to 57 months, a top Treasury official said.
The expected amount to be raised by issuing these SLDB’s has not been stipulated as all those securities will be short term bonds with maturity periods of 7, 10, 13, 22, 25, 34, 46, 52 and 57 months, he added.
The interest rates range from 8.5 per cent to 8.95 per cent and the repayment will be made within a short period. “In collaboration with certain Sri Lankan overseas missions, the Central Bank has also made contact with eligible investors in those jurisdictions to further popularise investments in SLDBs,” he disclosed.
According to Central Bank sources, an issuance window for SLDBs will be opened with the announcement of the auction results until close of business of the business day prior to settlement at a first-come-first-served basis. But the date of issuance of these bonds and the expected minimum amount is yet to be announced.
As a result of the previous publicity campaign and the effectiveness of the measures introduced by the Central Bank, a sum of US$ 111.5 million has been raised through direct issuance of SLDBs from January 1 to February 15, 2022.
The Central Bank raised $152.54 million via the issuance of six-month SLDBs on March 14 this year, a bank statement revealed. The SLDB auction was for $50 million at fixed rate with a possible upsizing by an additional three times based on favourable market response.
The 6-month tenor of SLDBs received bids worth $ 162.54 million of which $152.54 million was accepted at the Weighted Average Fixed Rate of 9.48 per cent. In the January auction five months tenor rate was 7.70 per cent.
The one year instrument received bids worth only $2.50 million and the rest of the tenor (One year 10 months, two years 10 months and four years nine months) didn’t receive any bids.
Today’s power cut schedule revealed
The power cuts planned for today (04) will be limited to a maximum period of five hours, said the Public Utilities Commission of Sri Lanka (PUCSL).
Accordingly;
A – L and P – W zones – 3 and a half hour power cut from 10 am to 5 pm and 1 and a half hour power cut from 6 pm to 9 pm.
Areas of Colombo city limits – 4 hour power cut from 6 am to 10 am.
MIAP
Dayasiri confirms resignation in a lengthy letter to President
State Minister of Batik, Handloom, Textiles and Local Apparel Productions Dayasiri Jayasekara has confirmed his resignation in a lengthy letter addressed to President Gotabaya Rajapaksa last (03) night.
MIAP
SL joins hands with USAID to establish its first ‘Biotechnology Innovation Park’
The Sri Lanka Institute of Biotechnology (SLIBTEC) will collaborate with the US Government’s development arm — the US Agency for International Development (USAID), to boost innovation in the biotechnology sector by establishing Sri Lanka’s first Biotechnology Innovation Park.
By unleashing change through bio-innovation, SLIBTEC expects to increase Sri Lanka’s hi-tech exports by at least 1%.
Following the signing of a Letter of Cooperation with USAID’s PARTNER project, Treasury Secretary and Chairman of SLIBTEC S.R. Attygalle said: “SLIBTEC Park and SLIBTEC Research Facility will open doors in Sri Lanka and internationally for multidisciplinary research and hi-end biotech development.
This will facilitate and promote innovation in all spheres of biotechnology, including medical, agricultural, and industrial sectors. This will also usher in a new era for sustainability, as well as facilitate the creation of a more technologically advanced nation.”
To support the development of the park, the Finance Ministry worked closely with USAID to secure technical expertise through USAID’s PARTNER project for the next two years. SLIBTEC will use this support to develop the operational framework that will help it to develop a modern business model based on international best practices.
PARTNER will also provide support in areas such as the park design, research management policy and training opportunities.
“As one of Sri Lanka’s longstanding development partners, USAID has provided development and humanitarian assistance to Sri Lanka for over six decades, making substantial investments in almost every sector.
Today, we are proud to extend our support to ensure the country’s potential in biotechnology is pursued, promoted and developed,” USAID Mission Director for Sri Lanka and Maldives Reed Aeschliman said.
“The socio-economic impact of this investment to Sri Lanka will be significant as it creates jobs, increases innovation, and promotes entrepreneurship,” he added. The SLIBTEC Biotechnology Innovation Park will be a 13.2-acre facility in Pitipana, Homogama that will house high-end biotechnology innovation and manufacturing firms.
An on-site research facility will provide a centralised multidisciplinary research and service facility, with initial areas of research in Biopharma, Biofuel, Agro Biotech, and other emerging fields.
The park will become a centre point of innovation in biotechnology in Sri Lanka and will attract investments and partnerships from local and international firms
Namal the first to step back from portfolio!
Minister of Sports and Youth Affairs, Digital Technology and Enterprise Development and Project Supervision Namal Rajapaksa has resigned from all of his posts.
In a tweet, he confirmed his resignation stating that his resignation has been informed to the President’s Secretary.
I have informed the sec. to the President of my resignation from all portfolios with immediate effect, in hope that it may assist HE & PMs decision to establish stability for the people & the govt of #LKA. I remain committed to my voters, my party & the people of #Hambanthota.
— Namal Rajapaksa (@RajapaksaNamal) April 3, 2022
Media reports claimed that Rajapaksa’s wife and in-laws had left the country yesterday (03) morning.
MIAP
CEB to reduce power cut duration this week with Indian aid
Instigating a sigh of relief for hudgreads of thousands of people waiting in queues at petrol stations countrywide and those hit by 13-hour-long power cuts,the Ceylon Electricity Board announced a reduction of power cut duration commencing this week
As 40,000 MT of diesel under the Indian Line of Credit of $500 million arrived at the Colombo harbour on Saturday the Ceylon Electricity Board (CEB) said that 13-hour power cuts would now be reduced to nearly 2 hours from Sunday 02.
CEB Chairman M.C. Ferdinando told journalists at a special media briefing that the CEB expects power cuts to be reduced to less than four hours, he said, adding that Indian Oil Company (IOC) has pledged support to provide 6,000 tons of diesel for power generation purposes.
“If the CEB receives a continuous supply of furnace oil and diesel, power cuts can be brought to an end,” Ferdinando expressed optimism.The CEB Chairman admitted that they were unable to meet the power demand at present.
He said majority of power generation at present is being met through coal power generation.
“CEB has called for eight tenders via a term contract for four tenders and others are via spot tenders. Of that four shipments are due this month, for which CEB needs to pay US$ 6 billion. However, we will ensure that we make those payments within the day,” Ferdinando explained.
He also said only 300 MW can be generated through hydro power plants, whilst 800 MW is required in the night time peak hours between 6:30 p.m. and to 10.00 p.m., which he claimed cannot be met.
Ferdinando also stressed that the thermal power plants generates 1,100 MW to the national grid at present, noting that this too is affected due to the shortage of fuel.
Sri Lanka’s power generation mainly depends on fuel and all except two plants have been shut down due to lack of diesel. For days, the country’s economy has been suffering due to lack of transportation of goods, while mechanised farming and fishing have come to a standstill with no diesel in the petrol stations.
The fourth consignment under the fuel Line of Credit from India followed three previous deliveries on March 16, 20 and 23. Over the last 50 days, India has supplied Sri Lanka nearly 200,000 MT including a consignment of 40,000 MT by Indian Oil Corporation outside the line of credit facility in February 2022.
“In view of the urgent nature of Sri Lanka’s requirement, India worked overtime to expeditiously finalise and implement both the lines of credit within weeks,” the Indian High Commission said.
Indian High Commissioner Gopal Baglay, who visited the Colombo harbour, observed that the fuel deliveries is a concrete manifestation of India’s commitment to the people of Sri Lanka in the current circumstances in line with its ‘Neighbourhood First’ policy.
Sri Lanka’s Energy Minister Gamini Lokuge, who visited the harbour to welcome the shipment, thanked India for helping at a critical moment.
Earlier, the Export Import Bank of India and the Government of Sri Lanka signed a $500 million Line of Credit Agreement for the purchase of petroleum products on February 2.
“In response to a separate and urgent request from the Government of Sri Lanka, extension of a credit facility of $1 billion for supply of essential items, including food and medicines, has been finalised and the first shipments of rice under this facility is expected to reach Sri Lanka soon,” the Indian High Commission in Colombo stated.
Earlier in January this year, India had provided financial assistance to Sri Lanka that included a credit swap of $400 million and deferment of an Asian Clearing Union payment of over $515 million.
In cumulative terms, Indian support to the people of Sri Lanka in the first quarter of 2022 is in excess of $2.5 billion, the High Commission added.
The High Commission also noted that the Government of India continues to encourage the efforts towards medium to long-term capacity creation through enhanced Indian investment in Sri Lanka in key sectors that include ports, renewable energy, manufacturing etc.