People of Kohuwala continued its protest against the government for the 09th consecutive day last (09) night.
Lighting candles and displaying posters, the protest was organised by the residents of the area focusing the economic and political issues that have affected the citizens of Sri Lanka, including the current fuel and power crisis.
The demonstrators called on the people not to tolerate the matters that oppress them anymore and stand against the misrule of the country.
MIAP
The sell price of the US Dollar has surged up to Rs. 260 as declared by some of the commercial banks of Sri Lanka today (10).
Accordingly, the foreign exchange of the Sampath Bank reveals the buy price of the US Dollar to be Rs. 250 and the sell price, Rs. 260.
The Commercial Bank also marks the same rate for the US Dollar.
Meanwhile, the foreign exchange of the Seylan Bank reveals the buy price of the US Dollar to be Rs. 240 and the sell price, Rs. 265. The NDB Bank reveals the buy price to be Rs. 236 and the sell price, Rs. 265.
MIAP
Lohan Ratwatte has been appointed as the new Minister of State for Warehousing, Containers, Yards, Port Supplies and Boat and Shipping Development. The new Minister of State was sworn in before the President at the Presidential Secretariat this morning (10).
Secretary to the President Gamini Senarath was also present on the occasion.
Sri Lankan exporters explored the possibility of expanding its tea market in Iran and neighbouring countries following the Russian invasion of Ukraine that has hit the local tea exports in that region.
Under this set up Sri Lanka Embassy in Tehran in collaboration with Tea Association of Iran, Tea Exporters Association of Sri Lanka and Sri Lanka Tea Board organised a discussion on “Expanding Ceylon Tea Market in Iran and neighbouring countries” at the Chancery premises recently.
More than 30 invitees including representatives from tea associations, union of food wholesalers, top tea importers and prominent businessmen were in attendance. Objectives of the discussion were to brief participants on the Sri Lankan tea industry and secure the Ceylon tea market in the West Asia region.
Opening the discussion, Ambassador of Sri Lanka to Iran Vipulatheja Wishwanath Aponsu stated that tea remains one of Sri Lanka’s exports that had not declined during the Covid-19 pandemic.
Highlighting the increased demand for Ceylon tea due to its taste and numerous health benefits, he requested the tea stakeholders to re launch the product enabling Sri Lankan tea to retain its popularity in the Islamic Republic of Iran and secure a place in the neighbouring countries.
The Ambassador also stressed that Iran is an important market as the country is the fourth largest export destination for Ceylon tea.
Chairman of Sri Lanka Tea Exporters Association Sanjaya Herath presented the overall outlook of the Ceylon tea industry, the stringent quality measures implemented by the Sri Lanka Tea Board, current trends of the Sri Lanka tea export market and ongoing and future marketing campaigns in Iran and neighbouring countries.
Further, he emphasised that under the implementation of the green agriculture plantation economy, the Sri Lanka tea industry has given priority to both sustainable and wellness factors.
On behalf of the Iran Tea Association, CEO of Fan Company Alireza Bardai explained the tea market in the Islamic Republic of Iran and stated that the Ceylon tea market in Iran has shown a declining trend due to Covid-19 pandemic situation and spoke of issues which included high prices and supply chain.
CEO Bardai pointed out available opportunities for Sri Lankan tea exporters in the West Asia region and assured his fullest support in retaining the Ceylon tea market in Iran.
In response, Ambassador Aponsu stated that under the humanitarian trade mechanism, the Sri Lanka Embassy continues to meet the demands of the Iranian tea market in cooperation with the concerned authorities of Sri Lanka and the Islamic Republic of Iran.
The event created a platform for the Iranian tea importers to exchange their contacts with the Chairman of the Sri Lanka Tea Exporters Association with a view to establish a strong link. It also gave an opportunity for Ceylon tea importers in Iran to sort out any issues.
Sri Lanka is facing medicinal drug shortages due to unfavourable internal price controls and a worsening forex crisis making it difficult for pharmacies countrywide to purchase pharmaceuticals.
This crisis has led to acute scarcity of 5 percent of medicines registered with the National Medicines Regulatory Authority which includes paracetamol and drugs for diabetes, high blood pressure and cholesterol.
The Sri Lanka Chamber of Pharmaceuticals industry (SLCPI) revealed that banks are reluctant to open letters of credit to import drugs.
“There are around 7300 medicines registered with National Medicines Regulatory Authority and according to the retailers currently there is a shortage about 5 percent of those medicines in the market,” Sanjiva Wijesekera President of the Sri Lanka Chamber of Pharmaceuticals Industry said.
“Paracetamol, drugs for diabetes, high blood pressure, cholesterol are some of the medicines that are short in the market currently.” he added.
The SLCPI said that private sector importers need USD $25-$30 million dollars a month to import the necessary medicines to the country. A
Adrian Basnayake, the Past President and Council member of the SLCPI said, the commercial banks are refusing to issue letters of credit for the importers and asks the importers to buy dollar from exporters through at much higher rate.
In the wake of the decision by the Central Bank of Sri Lanka (CBSL) to devalue the rupee against the US dollar to Rs. 230, the mainline medicine manufacturing companies and importers, have stopped supplying medicine to pharmacies from yesterday, All-Island Private Pharmacy Owners’ Association (ACPPOA) President Chandika Gankanda said.
He noted that the pharmaceutical companies and importers have already stopped supplying even from their existing stocks to pharmacies.
He said most of the medicinal drugs were imported on credit. Therefore, the manufacturers or importers will incur a huge loss when selling them in the local market at a low cost, Gankanda said.
“With the current dollar crunch in the country, the manufacturers and importers are unable to manufacture or import the required medicines as they are higher in price.
If some of the drugs they import are subject to price control, they cannot sell them in the local market. Most of the drugs are sold at controlled prices, “he said.
A decision will be taken to increase the selling prices of medicine through the local pharmacies. However, the mainline pharmaceutical manufacturing companies and importers have stopped the distribution of medicinal drugs until the final decision of increasing the selling price of medicines or until the official gazette notification is published, “ACPPOA President said.
Therefore, the ACPPOA requested all pharmacy owners to issue their existing stock of medicines sparingly while explaining the situation to their consumers.
Gankanda added that if the country run out of medicines, it would be another major issue other than the fuel and milk powder shortages in the country.
Political sources say that the latest report released by the International Monetary Fund on Sri Lanka will be the basis for discussions on the forthcoming national government.
Sources said that this was not based solely on whether or not to go for a program with the International Monetary Fund, but on the basis of reaching an agreement on the steps to be taken in line with the findings and recommendations of the report.
The nature of the current economic crisis, especially in Sri Lanka, has necessitated drastic economic reforms. Many leading parties in the government, as well as the opposition, have already publicly stated that they want to go on a program with the IMF. But in practice, in order to implement such drastic economic reforms in a country, it is imperative that a political consensus be reached within that country without party affiliation.
President Gotabhaya Rajapaksa is convening an all-party conference in line with this basic need. The Leader of the United National Party Ranil Wickremesinghe requested in Parliament yesterday (09) that the IMF report be handed over to the party leaders before the All Party Conference.
The future of the country will depend on the extent to which the political parties realize that the crisis itself has created a situation in which all political parties have to come to an agreement to face this economic crisis as a country instead of fighting on the streets for power or seizure of power.
Going beyond the long-standing anti-IMF protests in our country, this IMF report needs to be seriously discussed as it has been prepared by world-class economic analysts on the situation we face as a country, and they make their recommendations with experience from other countries around the world.
The verdict in the case filed against former Minister Wimal Weerawansa’s wife Shashi Weerawansa alias Ranasinghe Randunu Mudiyansela’s Sirsha Udayanthi for obtaining a diplomatic passport by presenting false information is due to be announced today (10).
Shashi Weerawansa’s ordinary passport stated that her date of birth was 1967, but the CID has filed a case against her for obtaining a diplomatic passport by submitting forged documents stating that her date of birth was 1971.
It was revealed at the trial that she had prepared two national identity cards and fake birth certificates for both the birthdays and that the then Minister Wimal Weerawansa had telephoned the then Controller of Immigration and Emigration to press for the immediate issuance of this diplomatic passport.
Accordingly, today will be a crucial day for MP Wimal Weerawansa and his family, as well as for Maithripala Sirisena and his new political allies.
Although Wimal Weerawansa and Udaya Gammanpila are currently engaged in a conflict with the government, some in the political arena allege that it is just a drama and that there is a deal with Wimal and others under the heads of the government.
Although the cases filed against some politicians during the period of Yahapalana Government are known as political revenge, this case cannot be categorized as it is based on the offense of forging documents, abusing state power for childish, stupid purposes such as forging one’s age.
New York-based gas-to-power developer New Fortress Energy says it will continue with the plans for the Sri Lanka LNG project after the country’s court discharged the opposing development.
New Fortress Energy Inc. today issued a statement following a favourable ruling on Friday (March 4) by the Supreme Court of Sri Lanka.
Having considered the merits of all the fundamental rights petitions filed seeking to halt NFE’s development of natural gas power solutions in Sri Lanka, the Court fully dismissed the petitions without further hearing.
NFE and The Government of Sri Lanka executed a definitive agreement in September 2021 whereby NFE will invest in energy infrastructure in Sri Lanka and develop a new LNG Terminal off the coast of Colombo.
NFE said will have gas supply rights to the Kerawalapitya Power Complex and will initially provide GOSL an estimated 1.2 million gallons per day of LNG (~ 35,000 MMBtu) to supply both the currently operational 310 MW Yugadanavi Power Plant and an additional 350 MW (the Sobadanavi Power Plant) which is expected to commence operations in 2023.
The definitive agreement is subject to customary conditions, the statement said.
“We are pleased that the Court has dismissed these petitions, as NFE can now proceed with our plans to deliver cleaner fuels and more reliable, affordable power to Sri Lanka,” said Wes Edens, Chairman and CEO of New Fortress Energy.
“We look forward to partnering with the Government of Sri Lanka by investing in modern energy infrastructure that paves the way for a sustainable and prosperous future for all Sri Lankans.”
New Fortress Energy Inc. is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
The Central Bank is still looking at the crisis as a liquidity short term one and it is getting a swap here and there, postponing the ACU payments etc as opposed to liquidity plus a solvency issue that also requires analysis of the sustainability of the foreign debt and a restructure.
This was disclosed by SJB MP Dr. Harsha de Silva following meeting with Central Bank Governor Ajith Nivard Cabraal.
Central Bank Governor Ajith Nivard Cabraal had talks today with a group of Samagi Jana Balawegaya (SJB) MPs and discussed the state of the economy.
Cabraal said that he had a cordial and interesting meeting with MPs Dr. Harsha de Silva, Kabir Hashim and Eran Wickramaratne.
Dr. Harsha de Silva said that they discussed the ability to pay for imports and foreign debt in exchange rates, soaring inflation and financial system stability.
He also said that the Government does not seem to be considering an IMF supported debt restructuring program.
Meanwhile Central Bank has received a two-month deferral for $900 million in payments due this week to the Asian Clearing Union, multiple sources said, helping ease pressure on its meager reserves amid its worst financial crisis in years, reuter news agency reported.
One payment of $509 million was deferred by the Reserve Bank of India (RBI) in mid-January, the Indian High Commission in Colombo said, as part of a $900 million package of financial assistance that included a $400 million swap.
The RBI extended that deferral by another two months following a request by Sri Lanka’s central bank.
A second payment of about $400 million to $450 million for imports purchased during the last two months was also due but a two-month deferral was given by the ACU Secretariat based in Teheran, three sources at the central bank confirmed to Reuters.
The ACU is made up of nine countries including India, Sri Lanka, Bangladesh and Myanmar. The monetary authorities use the ACU as an intermediary to make foreign exchange payments for imports between member countries, usually every three months.
“The deferral gives temporary breathing space for Sri Lanka,” former central bank deputy governor W.A. Wijewardena told Reuters.
“Eventually, when the payments come due, if we don’t have foreign exchange with us at that time we will be in trouble.”
Sri Lanka’s reserves dipped to $2.36 billion at the end of January but the country has to repay about $4 billion in debt repayments this year including a $1 billion international sovereign bond maturing in July.
As the dollar shortage has worsened, the island has been struggling to pay for essential imports including food, medicine, cooking gas and fuel.
On Monday the central bank also relaxed and unofficial peg allowing the exchange rate to move down from 200-203 rupees and set the upper limit at 230 rupees to attract remittances to top up reserves.
The Consulate General of Sri Lanka in Melbournein collaboration with the Committee for Sri Lanka (CFSL), the South Asian Australia Alliance and the Australia Sri Lanka Business Council organised a photoshoot of Sri Lankan Batiks coinciding with International Women’s Day on 08 March 2022. The objective of this first of its kind event was to promote Sri Lankan Batiks among Australians through second generation Sri Lankans and South Asians born in Australia, with a view to reach out to the younger Australians who are keen on new fashion trends.
This photoshoot featured winners of Miss & Mrs South Asia Australia and Miss & Mrs Sri Lanka Australia pageants 2019 & 2020, who wore Sri Lankan Batik sarees. Fabulous modern Sri Lankan Batik outfits created by the young entrepreneur “Mrs. South Asia Australia runner up 2020” Thara Dias were also featured in the photo shoot. The designer later met Consul General Kapila Fonseka to discuss the promotion of Sri Lankan Batiks in the Australian market.
The photographs were widely circulated in social media by the Consulate General, organizers as well as the models who have a large following in media. They were also circulated through the Sri Lankan and South Asian community media in Australia.
Melbourne being a multicultural city, is one of the best places to showcase Sri Lanka’s cultural identity and its unique products such as Sri Lankan Batiks. Hometo a large Sri Lankanand South Asiancommunities, Melbourne has the potential to become an important market for Sri Lankan Batiks.
Consul of the Consulate General of Sri Lanka in Melbourne Diana Perera, President CFSL Mimi Leonard, pageant director &the President of the Australia Sri Lanka Business Council Dilkie Perera and executive member of the CFSL Savindhi Perera Jainudeen coordinated the event.
Consulate General of Sri Lanka
Melbourne
09 March 2022
