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Reasonable doubt whether CBSL Governor deliberately announced ‘debt default’ in a bid to bend before IMF: AKD

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There is a reasonable doubt whether the Governor of the Central Bank of Sri Lanka (CBSL) Nandalal Weerasinghe has deliberately announced Sri Lanka’s resorting to debt default on April 12, 2022 in a bid to seek the International Monetary Fund (IMF), said Leader of the National People’s Power (NPP) and the Janatha Vimukthi Peramuna (JVP) MP Anura Kumara Dissanayake, speaking to the Party’s Maharagama Electorate Assembly held yesterday (23).

Reminding that Sri Lanka is in debt to many world powers including the United Kingdom, China, the United States, India and even countries like Bangladesh and monetary bodies such as the Asian Development Bank (ADB), the World Bank (WB) and the International Monetary Fund (IMF), Dissanayake emphasised that the CBSL Chief Weerasinghe has no power to take a decision of this nature.

“Selling the international sovereign bonds (ISBs), we obtained about US $ 15.5 billion, and is yet to settle US $ 13 billion, and selling the bonds in the London market we obtained about US $ 12 billion, but the CBSL announced that they won’t be repaid,” the NPP Leader noted, warning that despite every future research paper, scholar article, review or analysis written on Sri Lanka’s economy, the April 12, 2022 declaration of the country resorting to debt default will always be among the remarks.

Every leader ever came to rule the country in many faces followed the same economic policy leading to which the country is suffering the consequences, MP Dissanayake stressed, adding that Sri Lanka has now been officially recognised as a nation that does not pay its debts before the eye of the world.

MIAP

Opposition Leader challenges BR to contest from Colombo and win (VIDEO)

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With the passing of the 22nd Amendment to the Constitution, the plans of former Minister Basil Rajapaksa were scattered away, but there are reports of his return to Sri Lanka with his dual citizenship being renunciated, revealed Leader of the Opposition Sajith Premadasa, addressing the public on a recent occasion.

The Opposition Leader challenged Rajapaksa to contest from Colombo, should he decide to return to Sri Lanka having his dual citizenship renunciated, thereby proposing that the Rajapaksa supremacy should be wiped out step by step by the power of the people.

Nevertheless, the President has to understand that the 22A was passed in Parliament not because of the Rajapaksas, but because of the Samagi Jana Balawegaya (SJB), he added.

MIAP

President’s Deepavali Wish!

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It is indeed a pleasure to extend my warm felicitation for Deepavali, being a colorful religious festival of lights celebrated with much reverence by Hindu devotees.

For Deepavali, Hindus illuminate their temples and homes, be it mansions or huts, with light bulbs and lamps symbolizing the expelling of the darkness of ignorance and creating the radiance of knowledge.

Only light can dispel darkness. Therefore, in the spirit of Deepavali let us all cast aside all differences and come together to collectively dispel the darkness that is currently shrouding our Motherland, with unprecedented challenges.

Peace, brotherhood and unity are of significance in the celebration of Deepavali and I request all Sri Lankans irrespective of race, religion or political affiliation to unite around the light of Deepavali to rebuild the country.

I am hopeful that this Deepavali celebration will be the beginning of a better future that will fulfill everyone’s wishes and make Sri Lanka a prosperous nation. I wish all Hindu Devotees a very Happy Deepavali festival.

Ranil Wickremesinghe

Sri Lanka Original Narrative Summary: 24/10

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  1. Finance Ministry said to be weighing proposals to enforce a tax on 3 main export crops – tea, coconut and rubber in line with commitments made to the IMF: key reforms of SOEs also under consideration.
  2. More tax increases expected in Budget 2023: IRD to collect over Rs.1 trillion in tax next year: more expected from Customs, Excise and BOI: vehicle import ban to continue.
  3. Government’s tax revenue target for 2023 to be increased to Rs.3,500 bn from Rs.2,056 bn in 2022: an increase of over 70%: IMF prescription likely to lead to Wealth tax, Land & Property tax and Death Duty as well.
  4. TNA MP M A Sumanthiran accuses the highest judiciary of “swinging like a pendulum”: says Supreme Court Justices appear to be unable to read and understand their own determinations of a few years earlier.
  5. Cardinal Ranjith says that there’s no need to seek int’l assistance to probe Easter Sunday attacks: says what’s needed is to “depoliticize” the local investigation process.
  6. Norochcholai Coal Power Plant likely to run out of coal soon: future supplies for the Plant that generates 40% of demand, uncertain: sources indicate 4 coal shipments have been ordered, but only one has been paid for: the entire coal used from April to October was paid prior to 31st March 2022.
  7. President Ranil Wickremasinghe pardons 8 former LTTE cadres who were convicted by Courts.
  8. Secretary, Ministry of Energy Mapa Pathirana says fuel procurement process may have to be changed if forex shortage persists: laments making oil purchases in the dollar-strapped environment is “problematic”.
  9. Ceramic and Glass Industry Council Member Aravinda Perera says Sri Lanka will reach self-sufficiency in the mainly import-based tile & bathware industry by next year: reason attributed is the Government’s import ban on those products.
  10. Sri Lanka beats Ireland by 9 wickets in the ICC World Cup T20 Group match: Ireland 128/8 (20 overs): Sri Lanka 133/1 (15 overs).

Red Bull co-founder and billionaire Dietrich Mateschitz dies aged 78

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Considered to be the richest man in Austria, the entrepreneur built a global empire around the energy drink Red Bull.

Dietrich Mateschitz, the Austrian billionaire co-founder and owner of Red Bull, has died aged 78 after a serious illness with cancer.

Considered to be the richest man in Austria, the entrepreneur built a global empire around the energy drink.

Mr Mateschitz’s fortune is estimated at around €25bn (£21.8bn), putting him 51st on Forbes’ list of the world’s richest people.

Formula 1 praised his “unforgettable contribution” to the sport and said he leaves behind a “lasting legacy”.

Little is known about Mr Mateschitz’s private life – he was publicity shy and rarely gave interviews.

He lived in Salzburg with his long-term girlfriend and once said years ago that he drank 10 to 12 cans of Red Bull a day.

After graduating from the University of World Trade in Vienna, he worked as a marketing specialist for various companies in the 1970s.

On his business trips to Asia, he got to know the market of energy and stimulant drinks, which at the time were still completely unknown in Europe and the US.

In 1984, together with Thai entrepreneurs, he founded Red Bull GmbH, in which he held a 49% stake.

After modifying the recipe of a Thai energy drink and developing a marketing concept, Red Bull was introduced to the market in 1987.

The bubbly, carbonated, sweet drink, whose taste is described as similar to that of gummy bears, rose to become the global market leader after a difficult market entry.

The group achieved a turnover of €7.8bn (£6.8bn) in 2021 and sold 9.8 billion Red Bull cans worldwide.

Red Bull’s other co-founder, Chaleo Yoovidhya, died in 2012 at the age of 88.

Mateschitz was the founder and owner of Red Bull Racing, a Formula 1 racing team based in Milton Keynes.

News of his death emerged just before qualifying at the United States Grand Prix, and Red Bull team principal Christian Horner told Sky Sports News they were determined to “do our best for him” during this weekend’s races.

He added: “It is very, very sad. What a great man. We are just incredibly grateful for him and everything he has done, everything he has supported us with over the years and so many drivers, so many team members, so many people in this pitlane owe him so much.

“It is important that we celebrate and recognise the contribution that he has made. Quite a remarkable man, an inspiration, and one that we owe a huge amount.”

Sky News

Report proposing the restructuring of CEB to be tabled soon

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The report issued by the Committee appointed to tender recommendations on the restructuring of the Ceylon Electricity Board (CEB) has been received by the Power and Energy Ministry and will be handed over to the President and the Cabinet soon, Subject Minister Kanchana Wijesekara said.

The Minister further revealed that the recommendations will be tabled in Parliament in November.

The Committee comprised of 08 members appointed to tender recommendations on the restructuring of the CEB was appointed on August 05, 2022.

The said Committee during the previous period had engaged in its affair of preparing the report and had even collected the opinions of former Power Ministers and political party members at the Parliamentary complex on September 08, 2022, Wijesekara added.

MIAP

Sub-Committee on National Policy advises to prepare system to utilise digital technology to attract investors

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National Council Sub-Committee on identifying short and medium-term programmes related to National Policy looks into the future plans of the Board of Investment (BOI) of Sri Lanka to promote investments in the country.

National Council sub-committee on identifying short and medium-term programmes related to National Policy to into discussion the future plans prepared by the BOI to popularise Sri Lanka as a suitable country for investments and to promote entrepreneurship and investments in Sri Lanka.

This was taken into discussion at the Sub-Committee meeting held three day ago (20) chaired by Ruling Party MP Namal Rajapaksa.

Thus, in order to encourage entrepreneurship and investment, the short-term, medium- term and long-term plans of the Board of Investment of Sri Lanka were discussed.

Furthermore, proposals and views of the board were obtained pertaining to labour law and other laws.

Also, the sub-committee advised the BOI on preparing a system to obtain the approvals to be obtained by the investors and interested parties from one place using digital technology.

The Committee Chief Rajapaksa said that a series of long-term policies prepared for the promotion of investments in Sri Lanka will be presented to the National Council after obtaining the views of the BOI and related stakeholders.

MPs Johnston Fernando and Sagara Kariyawasam, and BOI officials were also present at this sub-committee.

MIAP

Police seize group attempted to illegally migrate to Australia

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Habaraduwa Police this (23) morning have seized about 45 people who were allegedly attempting to migrate to Australia via sea, while staying in a hotel in Unawatuna.

With the help of the Sri Lanka Navy, the group accused of illegal migration were sized by the Police, and among them are 33 men, seven women and three children. All of them are said to be residents of Jaffna.

The group had stayed in different places for about a month and later travelled to Unawatuna, Galle, on a five day trip waiting for migration.

Earlier, Australia sent back 183 people of Sri Lankan nationality who had been seeking asylum.

MIAP

Independent Commissions end term!

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With the passing of the 21st Amendment to the Constitution, the independent commissions operated up to that point end their official term, said Minister of Justice, Prisons Affairs and Constitutional Reforms Wijedasa Rajapaksa.

Accordingly, new members will be appointed to the Constitutional Board within the next two weeks, and new members will be appointed to the independent commissions within the two weeks after, he added.

MIAP

SJB wins Hinidumpaththuwa Cooperative Election overthrowing a 20-year-old SLFP/SLPP rule

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The Samagi Jana Balawegaya (SJB) has won the election at the Cooperative Society of Hinidumpaththuwa, Galle – Hiniduma, overthrowing a 20 year old rule of either the Sri Lanka Freedom Party (SLFP) or the Sri Lanka Podujana Peramuna (SLPP).

Out of 99 member seats, the SJB has secured 52 seats and it has gained 31 divisions out of 36 of the area.

As of now, about 98 per cent of Cooperative Society Elections across the country has been won by the SJB.

MIAP