A low-level atmospheric disturbance is developing in the vicinity of Sri Lanka and therefore, showery condition over the island is expected to be enhanced for next few days from today, said the Department of Meteorology in a statement today (30).
Showers or thundershowers will occur at times in Northern, Eastern and North-central provinces. Showers or thundershowers will occur elsewhere during the afternoon or night.
Fairly heavy showers above 50mm are likely at some places in Northern, Eastern, Western, Sabaragamuwa and Central provinces.
General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Condition of Rain:
Showers or thundershowers will occur at times in the sea areas off the coast extending from Mannar to Batticaloa via Kankasanturai, Mullaitivu and Trincomalee. Showers or thundershowers will occur at several places in the other sea areas during the evening or night.
Winds:
Winds will be north-easterly or variable in direction. Wind speed will be (20-30) kmph. Wind speed may increase up to 50 kmph at times in the sea areas off the coast extending from Puttalam to Trincomalee via Kankasanturai and Mullaitivu.
State of Sea:
The sea areas off the coast extending from Kankasanturai to Trincomalee via Mullaitivu will be fairly rough at times. The other sea areas around the island will be slight. There is a higher chance of the occurrence of thundershowers in the sea areas off the coast extending from Batticaloa to Colombo via Trincomalee, Kankasanturai, and Puttalam due to the development of low-level atmospheric disturbance in the vicinity of Sri Lanka. Therefore, naval and fishing communities are requested to be vigilant during the activities in the aforementioned sea areas since there can be temporarily strong gusty winds and very rough seas during thundershowers.
The Government will soon set up a Sri Lanka Islands Development Authority to harness maximum benefits of more than 60 small islands around the country developing these as tourist destinations to generate much needed foreign exchange, Urban Development Minister Prasanna Ranatunga said . A cabinet paper for this purpose will be submitted to the cabinet of ministers soon.
He noted that the country has missed opportunities on a number of occasions due to inappropriate economic policies, continuous political violence including insurgency, North East war, Easter Sunday bomb attacks and, the recent economic upheaval and wars. The present administration has to leapfrog from the present mismatch of development strategies in terms of tourism, although the country had potential to attract a record number of tourists, he said.
The construction of hotels such as water bungalows in island countries similar to the Maldives would increase the potential to attract local and foreign tourists, he added.
The Urban Development and Housing Ministry plans to develop physical and social infrastructure of those islands in accordance with a proper project plan under the purview of the new authority.
As an initial step measures will be taken to attract investors develop several selected islets forming public private partnership ventures or leasing out these islands under the strict guidance of the proposed Sri Lanka Islands Development Authority.
Proper official procedure including Environment Impact Assessment will be followed by the authority in vesting these lands with investors on long term lease basis without causing damage to sensitive ecosystem and environment, a senior official of the ministry said.
The Sri Lanka Tourism Development Authority (SLTDA) has already signed an agreement to lease out Uchchamunai island to a Swiss investor allowing him to obtain approval from the relevant authorities.
This US$417.5 million project will be implemented under the Kalpitiya Tourism Development Master Plan (KTDMP) of the SLTDA.
However leading environmentalists noted that the project’s overall environmental impact on the highly sensitive eco-system around the Kalpitiya peninsula was highly damaging.
However the new authority will look into such complaints before giving the green light for development projects.
When considering the northern islands locations like Pungudutivu, Iranativu, Kachchatheevu, Neduntheevu (Delft), etc have been identified for potential development, in addition to a number of islands in northwest Mannar and in Puttalam
The Sri Lanka Rupavahini Corporation, (SLRC) the country’s Premier State Media organisation lurched towards financial crisis prompting government authorities to lease out the corporation assets and immovable property to meet recurrent expenditure, Media Minister Bandula Gunawardena said.
With the aim of covering basic expenses including loans it has been proposed to lease a land belonging to the corporation for a sum of over Rs.1 billion to a state university to construct a building , he disclosed
He noted that the private sector will not be involved in this land transaction what so ever.According to treasury sources , SLRC had been losing close to Rs.300 Million annually.
in May 2019 , a sum of Rs. 450 Mn was requested by SLRC from the treasury to pay salaries but had been rejected at a Pre-cabinet meeting as the corporation had not shown promising results.
A senior official of the treasury said that the SLRC required Rs. 200 Mn a month to break-even. But the corporation has been making only Rs. 120 to Rs 140 Mn per month and had been facing an average loss of Rs. 60 to Rs 80 Mn monthly.
He said immediate payables to suppliers were over Rs 100 Mn. And the corporation was currently running on advertisement income
“According to financial statements SLRC’s financial crisis began in 2014 and had worsened in 2017 mainly due to mismanagement.
In June 2022 for the first time in 37 years staff salaries were not paid on time and financials are in dire straits since up to now, informed internal sources revealed. SLRC Ratings are down and the corporation is grossly overstaffed.
It has been revealed that the Treasury has been requested to provide Rs. 240 million for a period of six months to cover the salaries and other essential expenses of the Sri Lanka Rupavahini Corporation. It is stated that the Corporation had to request the favour due to the financial crisis.
This amount has been requested to cover the salaries and essential expenses of the employees during the period from October 2022 to April 2023 .
The Corporation has informed the Treasury that the revenue has decreased to the extent that it has not been able to pay the salaries and cover the essential expenses, SLRC official sources said.
It is stated that the gap between the revenue and expenditure of the Corporation is around Rs. 65 million.
The Rupavahini Corporation employs about 862 people and spends around Rs. 90 million a month to pay their salaries.
Sri Lanka is exploring its potential in emerging as a leading destination for wellness tourism, especially with the growing interest in Ayurveda and wellness products and services among health-conscious explorers.
Under the National Export Strategy, the wellness tourism sector is one of the key sectors for development, and the sector should receive more international recognition, tourism ministry sources said.
Sri Lanka has all the ingredients to successfully cater to this segment and looking at global wellness tourism trends, the authentic culinary concept is becoming popular, especially among those in the West with increasing demand for organic, vegan, and vegetarian food.
A tourism ministry official emphasized that Sri Lanka has the ability and necessary ingredients to cater to this segment. Additionally, areas such as family wellness and emotional healing are rapidly growing throughout the world.
A discussion on the acquisition of land for a“wellness village” hospital to be constructed adjacent to the Biyagama Hospital was held at the Presidential Secretariat under the patronage of Presidential Adviser on Climate Change, Ruwan Wijewardene.
Based on a concept of President Ranil Wickremesinghe, the wellness village will be implemented for the first time in Sri Lanka to promote “medical tourism”
This fully equipped hospital with all facilities on par with international standards is to be constructed mainly targeting foreign tourists.
Having looked into the plans of the hospital, Ruwan Wijewardene instructed the officials to expedite the land acquisition process.
Supporting the speedy revival of the tourism industry in Sri Lanka, the European Union (EU) Delegation to Sri Lanka, has allocated funds to help strengthen the local wellness tourism capacity for Sri Lanka to transform into an attractive destination for wellness tourism.
This will be carried out under the guidance of Sri Lanka Tourism. The resulting ‘Sri Lanka Wellness Tourism Stakeholder Project’ will be officially launched recently
Sri Lanka Tourism said the launch will involve key stakeholders of the project where details of the project will be shared, followed by a group discussion on wellness tourism capacity development.
The EU Delegation has contracted IBF International Consulting to undertake a technical assistance assignment to develop short term course curricula for Ayurveda therapists and wellness facility management in Sri Lanka in order to provide an authentic experience to tourists to grow the wellness tourism component for the country
Sri Lanka Tourism said with the wellness traveler generating at least five times more earnings than the standard tourist, it is strategically working with key stakeholders to position the destination to cater to the demands of this high yielding segment.
“With the assistance of external experts, the authorities are focusing on product and infrastructure development, training and guidance to the SME sector and the larger industry, targeted marketing and promoting investor opportunities,” Sri Lanka Tourism added.
With its Ayurveda and yoga traditions, rich heritage and culture, authentic and distinctive cuisine, warm and hospitable people, abundant flora and fauna and a multitude of water-based activities the island is ideally positioned to welcome the wellness traveler.
Sri Lanka will have to compete with regional wellness destinations such as Kerala and Bali, destinations that have been focusing on health and treatment-based experiences for many years.
The island can however, elevate its offering above health to holistic wellness enabling the differentiation of product to appeal to the various segments of travellers within the sphere of Wellness Tourism.
The so called economic super star Dr Jayasundara in March last year told a news paper 2021 . One year later we don’t even have money pay for even the essentials? Where is Dr PB Jayasundara and Prof Lakshman, SR Attygalle the economic assassins of Sri Lanka led by Gotabaya Rajapakse ? Happily spending their retirement at the expense of the taxpayers.
Reveals external debt declined by $ 500 m in 2020
Says home-grown measures taken to service debt successfully
Expects exchange rate to be realistic, taking strength from improving economic and macro fundamentals
Secretary to the President and former longstanding Treasury Secretary Dr. P.B. Jayasundera
Secretary to the President and former longstanding Treasury
Secretary Dr. P.B. Jayasundera yesterday described Sri Lanka’s debt as the “most dramatised” story, asserting it was unwarranted given the country’s unblemished track record of repayment.
Speaking at the ‘Colombo Development Symposium’ organised by Biznomics, Dr. Jayasundera said that as a responsible Government it had approached debt servicing and management responsibly amidst multiple challenges.
“If a country or a company is in debt, the first thing you do is stop borrowing. Companies get people to invest or reinvest. Postelection we started looking at the debt issue more seriously in the same way as the IMF. As a result the Government has recognised the Treasury Secretary is the best positioned and responsible to manage this task in a politically-sensitive economy and a democratic environment,” Dr. Jayasundera said.
He said that President Gotabaya Rajapaksa via the policy document ‘Vistas of Prosperity’ committed to reduce the budget deficit as a percentage of GDP to 4% in the medium term from 10% at present. This will be done by not reinforcing a higher VAT but assuring to maintain the status quo of the new tax regime introduced.
For the next five years, income tax will remain at gazetted rates, while VAT will be 8%. There will be no other new taxes. Customs taxes will be rationalised whilst a more efficient, transparent and compliance friendly tax regime will be maintained by the Government.
Dr. Jayasundera disclosed that in 2020 total external debt had declined by $ 500 million, which he said was a unique achievement whilst even in rupee terms foreign debt had seen a drop. It was pointed out that the Government’s aim was to reduce the foreign component in overall public debt from 45% to 24% in the medium term. This will give more space for private sector borrow from overseas, he added.
Focusing on the financing of the debt, Dr. Jayasundera said innovative home grown strategies had been pursued by the Government.
He said that annually Sri Lanka had a debt servicing of $ 5 billion due to multilateral donors and investors of International Sovereign Bonds, etc. “We are talking to World Bank and Asian Development on the better management and maximisation of debt from multilateral donor agencies,” he said.
“State banks have been mobilised to raise borrowing from abroad as well. The private sector banks too should go for same,” Dr. Jayasundera said. During his presentation he also articulated the issues involved in seeking support from the IMF but assured that the Government had managed the debt servicing challenge well and continued to honour all liabilities.
He also said that the forex market was irrational, leading to a spike in exchange rate, which had an adverse impact on foreign debt servicing. However he expressed confidence of the market being orderly and the exchange rate being realistic, taking strength from improving economic and macro fundamentals.
“By April the rupee will strengthen as we continue to improve the management of foreign exchange reserves with robust exports and other inflows and checking outflows with curbs on unnecessary imports via the policy of import substation,” he added.
Dr. Jayasundera also recalled that for the first time in history the country’s finances were governed sans a proper budget but via four successive Vote on Accounts whilst nearly Rs. 250 billion worth of unpaid bills on the previous Government’s contracts were settled. In parallel the public investment drive wasn’t compromised either, he added. For the current Plight of all Sri Lankans – PB Jayasundara and Team must answer. The President must press for action against them through the court system . That is what the Public want .
Prime Minister Dinesh Gunawardena says that the success of the rural economic revival and food security program requires the direct contribution of governors and provincial council officers and former public representatives.
The Prime Minister emphasized this in a discussion held with the provincial governors through Zoom at Temple House recently regarding the rural economic revival and food security program.
The Prime Minister also emphasized here that the country has already entered into an economic process that can win the trust of the international community by implementing programs to boost the economy at the national level.
Provincial Governors and Provincial Secretaries as well as Chief Secretary Anura Dissanayake and Secretary of Public Administration Ministry MMPK Mayadunne also joined the event.
The Gazette notification stipulating the laws and regulation pertaining to the Colombo Port City Development Project will be issued in a couple of days, said Investment Promotion State Minister Dilum Amunugma. He made these remarks during a site visit to the Port City on Thursday 27.
But public interest activists and town planning experts have raised concerns on the compatibility of this UDA draft document with outdated physical model and regulations for the Port City of world class proportions and functionality to be completed in 2023-2025.
Numerous concerns have been raised over irregularities and unlawfulness of outdated physical model (town planning/ urbanization) and the Colombo Port City Development Control Regulations.(DCR) unveiled recently.
In a lengthy letter dated 08-06-2022 sent to President Goatabaya Rajapaksa by Archt. Nalaka C. Jayaweera, leading public interest activist and a member of several Presidential and public Commissions, he has highlighted and analysed shortcomings in these 2018 refined regulations for Port City to be completed in 25 years.
Addressing the media, the State Minister said “Sri Lanka is benchmarking with global standards and in the process of promoting ease of doing business and thereby, make Port City another Dubai and Singapore,”
He said “In this context, the completion of drafting the Gazette is a huge achievement, which will help the investors get a clearer picture about the laws and regulations so as to commence operation at the Port City and accelerate ongoing projects,”
Responding to a query posed by media personnel whether as to why the investors show reluctance in investing in the Port City Project, the State Minister said “It is imperative that we as the Government set the tone and create a conducive environment for the investors to invest in the project, which is the largest ongoing project in Sri Lanka,”
“That’s the very reason why we considered this as a priority and thus, decided to finalize drafting the Gazette,” he stressed.
The Acting Director General of Colombo Port City Economic Commission Dr. Priyath Bandu Wickrama said that the DCR was further modified and evaluated by international consultants and Urban Development Authority.
He noted that if there is any irregularity then it could be rectified and amended and the DCR is being reviewed at the moment although it was launched recently.
In a lengthy letter dated 08-06-2022 sent to President Goatabaya Rajapaksa by Archt. Nalaka C. Jayaweera, leading public interest activist and a member of several Presidential and public Commissions noted that these DCR cannot ensure the proper and effective development of a modern city, as well as the general welfare of the public.
He added that these regulations prepared to suite the legislation, guide lines and conditions four to five years ago will become archaic at the time of opening the Port City as construction of the complete project is estimated to be realized in 2041.
Much serious issue is that some of the clauses provided in the regulation are contrary to the Port City Act itself, clearly indicating the drafting persons are ignorant of the provision provided in the Act and had attempted to bring back the UDA Draft under the Port City Commission, despite UDA Act has been listed as non-applicable Act in the Port City Act.
It is reported that the prices of dhal and sugar have further decreased in the wholesale Pettah market.
Accordingly, it is said that the wholesale price of one kilogram of dal, which was about 375 rupees in the past few days, has now decreased to 350 rupees.
Also, the wholesale price of one kilogram of white sugar, which was around 290 rupees in the past few days, has been reduced to 225 rupees, the Importers of Essential Materials Association stated.
Another crucial discussion between the International Monetary Fund and Sri Lanka’s creditors is scheduled to be held on November 3rd.
Debt restructuring in Sri Lanka is to be discussed at length.
Sagala Ratnayake, President’s Senior Adviser on National Security and Chief of Staff to the President, and Sarwat Jahan, the new Resident Representative of the International Monetary Fund for Sri Lanka, Tubugas Feridhanusetyawan, the Resident Representative of the International Monetary Fund who is leaving Sri Lanka after completing his term of service. Tubagus Feridhanusetyawan) was held yesterday (27) afternoon at the President’s office and this was mentioned.
Special attention was paid to debt restructuring measures as well as creditor’s conference.
Sagala Ratnayake told the representatives of the International Monetary Fund that he expected to inform President Ranil Wickramasinghe about the matters that were focused on in this discussion and to inform the President’s response promptly.
RHS Samaratunga, Senior Advisor to the President on Economic Affairs, was also present in this discussion.
