Srilankan Airlines has warned about its capability to make a coupon payment on a Singapore-listed bond, citing the deterioration in Sri Lanka’s economy. The payment relates to a $175 million bond with a 7% coupon listed in Singapore, according to a filing with the Singapore stock exchange. The bonds term is to complete in 2024.

This is the Company and Board that wanted to lease 25 new Aircraft. Where was the money coming from? Shows their commitment. The airline was given a hand out of $500 million by the President using the tax payers USD reserves. As usual he had no clue what was happening. The board must held responsible for the mismanagement . Time for the public to sue the board for running down the airline to the ground . Hans Wijesuriya is a top executive of Dialog, an aide of the President, Malik Fernando has foreign income from Tea exports. His wife Kirmali ruined the tourism industry.

Jayantha Perera buys tickets from the airline for sale. Ashok Pathirege owes billions to banks. So this is the A team put by Gotabaya. They obviously are hanging according Airline staff for the tickets. Looks pathetic for an Airline Board. The President’s track record is so pathetic, but remains defiant including the cronies round him. COPE over to you.

Adolf

Winds will be westerly to south-westerly and wind speed will be (30-40) kmph, while the wind speed can increase up to (60-70) kmph in the sea areas off the coast extending from Colomboto Pottuvil via Galle and Hambantota and increase up to (50-60) kmph in the sea areas off the coast extending from Puttalam to Colombo, the Department of Meteorology warned.

The sea areas off the coast extending from Colomboto Pottuvil via Galle and Hambantota will be very rough. The sea areas off the coast extending from Puttalam to Colombo will be rough. The other sea areas around the island will be moderate.

There is a possibility to increase swell waves (about 2.5 – 3.5 m) in the sea areas off the coast extending from Puttalam to Pottuvil via Colombo, Galle and Hambantota. There is a possibility that near shore sea areas off the coast extending from Puttalam to Matara via Colombo and Galle, may experience surges due to swell waves.

It is advised not to venture in fishing and naval activities in the sea areas off the coast extending from Colombo to Hambantota via Galle within the next 24 hours.

MIAP

Prime Minister Ranil Wickremesinghe is soon to be removed from his post as the Finance Minister, mainly due to his failure to hold successful talks with the International Monetary Fund (IMF), internal government sources said.

Accordingly, Mohammed Ali Sabry who had held discussions with the IMF last April is believed to be reinstated in the position, according to sources.

MIAP

Japanese Ambassador to Sri Lanka Mizukoshi Hideaki said that Japan is ready to provide continuous support to Sri Lanka while strengthening relations between the two countries, for Sri Lanka’s economic program with the International Monetary Fund (IMF) and for the development activities of the country.

In a statement, the President’s Media Division said that during discussions between President Gotabaya Rajapaksa and the Japanese Ambassador at the President’s House in Colombo, today, Ambassador Mizukoshi Hideaki said that continuous efforts will be made to further strengthen the economic, social and cultural relations with Sri Lanka.

President Rajapaksa had during the discussions expressed his deep appreciation to Japan for their support to Sri Lanka.

Meanwhile, the Japanese Embassy in a statement on their FaceBook page said that Japan is closely paying attention to the current difficult economic situation in Sri Lanka and the severe humanitarian situation accompanied.

“Considering such a situation, the Government of Japan has decided to provide Emergency Grant Aid of USD three (3) million through UNICEF and WFP in order to provide medicine and food in a manner that would directly benefit the Sri Lankan people.

Japan sincerely hopes that this assistance will be of help to overcome the hardship faced by the people of Sri Lanka, Japan’s long-standing friends,” the Embassy said.

The statement added that the government of Japan would like to consider its further contribution to Sri Lanka in consultation with the Government of Sri Lanka and other developing partners, while giving attention to the situation of Sri Lanka and the negotiation progress between Sri Lanka and IMF.

The Embassy of Japan in Colombo today categorically denied a media report which stated that Japan would not support Sri Lanka at the moment due to mismanagement of funds.

“Japan is closely paying attention to the current difficult economic situation in Sri Lanka and severe humanitarian situation accompanied,” the statement noted.

The embassy also said: “Considering such situation, the Government of Japan has decided to provide Emergency Grant Aid of USD 3 million through UNICEF and WFP in order to provide medicine and food in a manner that would directly benefit the Sri Lankan people.

Japan sincerely hopes that this assistance will be of help to overcoming the hardship faced by the people of Sri Lanka, Japan’s long-standing friends.

“The Government of Japan would like to consider its further contribution to Sri Lanka in consultation with the Government of Sri Lanka and other developing partners, while giving attention to the situation of Sri Lanka and the negotiation progress between Sri Lanka and IMF.

“Japan, a time-tested partner in Sri Lanka’s socio-economic development, has been supporting Sri Lanka and will continue to do its part in combining its efforts with the people and Government of Sri Lanka.”

The United States remains a friend and partner for Sri Lanka’s prosperity, and it  looks forward to a shared future and success in overcoming the present-day challenges.

This was stated  by United States Ambassador to Sri Lanka Julie Chung  when she addressed 183^rd Annual General Meeting of the  Ceylon Chamber of Commerce as the Chief Guest on Thursday 30.  

 She stressed the need of taking a step further not only to survive but to thrive, to become stronger and better through this economic crisis. 

Now is the time to redouble our joint efforts to get Sri Lanka back on the path to economic stability.  Now more than ever the private sector can make a difference in creating a more inclusive and sustainable economy, she claimed.  

The United States remains Sri Lanka’s largest single country export market, so Americans contributions to Sri Lankan prosperity are, in this regard, unparalleled.  

US- Sri Lanka bilateral trade relationship amounts to about three percent of Sri Lanka’s GDP.   Sri Lankan exporters to the United States provide direct employment for at least 180,000 people here.  

This is the type of economic partnership we should all be looking to expand.  Investment in the United States is another opportunity for the Sri Lankan private sector she said adding that .  Businesses investing in the United States, regardless of industry, gain competitive advantages from one of the most open markets on the planet. 

The United States offers the largest consumer market on earth with a GDP of $20 trillion and 325 million people.  Companies of all sizes help make innovation in the United States a global enterprise, benefiting from – and contributing to – a flourishing ecosystem for invention and inspiration.

. The United States continues to stand by Sri Lanka during these challenging times. Over the last few weeks, we have announced $120 million in financing for Sri Lankan small and medium-sized businesses, $27 million for the Sri Lankan dairy industry, and over $30 million in new humanitarian, technical and food security assistance to benefit Sri Lanka’s most vulnerable communities.  

She disclosed that the US  looks forward to building on that assistance in the months to come.  The United States remains a friend and partner for Sri Lanka’s prosperity,

In 2020, U.S. foreign direct investment in Sri Lanka was $13 million, bringing total active U.S. investment in the country at the time to $274 million.  If you compare this to the $17 million invested five years earlier in 2015.

The US Ambassador noted that concerns about consistency and transparency in government decision-making, and above all, a lack of predictability, are the primary reasons FDI hasn’t grown faster.  

What US  companies want is a level playing field.  A good regulatory framework.  Trust that their arbitration and their contracts will be honored.  

China held talks with Investment Promotion Minister Dhammika Perera today on promoting Chinese projects in Sri Lanka.

Ambassador Qi Zhenhong met with Perera and exchanged views on enhancing economic and trade cooperation, promoting Chinese invested projects in Sri Lanka as well as other topics of mutual interests, the Chinese Embassy in Colombo said.

A gazette notice was issued this week bringing a number of institutions, including some Chinese funded projects under Investment Promotion Minister Dhammika Perera.

The gazette notice issued by President Gotabaya Rajapaksa brought the Board of Investment of Sri Lanka, Colombo Port City Economic Commission, Projects related to Colombo Port City, Department of Immigration and Emigration, Colombo Lotus Tower Management Company (Pvt.) Limited, Techno Park Development Company (Pvt.) Limited and Information Technology Parks under the Minister of Investment Promotion Dhammika Perera.

The new Minister has been tasked with promoting foreign direct investment and private sector investments in Sri Lanka.

Other duties entrusted to the new Minister includes formulation of policies, strategies, programmes and projects to enhance regional trade and investment cooperation, promotion, regulation and monitoring of economic development zones.

He has also been given the task to develop the Colombo Port City Special Economic Zone as an international business and services hub with specialized infrastructure and other facilities aimed at national interest and economic advancement.

Dhammika Perera also has the responsibility of establishing the Colombo Lotus Tower as a business model and promoting it as a tourist centre.

The business tycoon took oaths recently as a Member of Parliament replacing Basil Rajapaksa as a National List MP

The Board of Investment (BOI) yesterday launched the five-year residence visa program dedicated to investors, stakeholders and BOI enterprises.

Issuing long-term visas for investors has been the practice as per the international standards. On par with matching the international benchmark in respect of ease of doing business, the BOI has decided to launch this program to attract more investors to the country.

The long-term visa program, a long-felt need, primarily aims to facilitate the investors who wish to embark on a journey with the BOI.

The BOI annually issues 7500-8000 visa recommendations for investors, employees and dependents.

The BOI has granted visas for foreign nationals from 109 countries such as India, the United Kingdom, Japan, Korea, Malaysia and Pakistan which represent the most applicants based on last year’s statistics.

Addressing the gathering, Investment Promotion Minister Dhammika Perera said “The happiness on the faces of those investors present at the occasion, implies that the newly launched visa residence scheme is a success,”