Home Blog Page 2044

The basis of the national government resolution is the IMF report

0

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.

http://128.199.126.103/archives/6105/ranil-requests-to-submit-the-imf-report-before-the-all-party-conference/
http://128.199.126.103/archives/6102/president-agrees-to-convene-an-all-party-conference/
http://128.199.126.103/archives/6095/not-a-single-member-of-the-sjb-will-join-the-national-government-sajith/
http://128.199.126.103/archives/6064/mahindananda-confirms-formation-of-national-government-with-ranils-leadership-video/
http://128.199.126.103/archives/6048/a-national-government-to-be-formed-before-the-sinhala-tamil-new-year/

The verdict in the case filed against Shashi Weerawansa due today

0

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 Fortress continues with LNG power project in Sri Lanka

0

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.

CB to settle liquidity crisis with swaps and ACU payment postponement

0

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.

Sri Lankan Batik promoted in Melbourne coinciding with International Women’s Day 2022

0

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

Power cuts for Thursday announced

0

The Public Utilities Commission of Sri Lanka (PUCSL) has announced the plan for power cuts tomorrow (10).

Accordingly, a power cut of one hour will occur from 5 pm to 9 pm in P, Q, R, S, T, U, V, and W zones.

A power cut of two and a half hours will occur from 8 am to 6 pm and another of one hour and fifteen minutes from 6 pm to 11 pm in A, B, C, D, E, F, G, H, I, J, K and L areas.

UK: Having Covid-19 linked to risk of economic hardship, study suggests

0

Exclusive: Research finds that disease is associated with 39% rise in odds of people in UK having inadequate income for basic needs

People living in the UK’s most deprived areas are more likely to be infected with Covid-19, but new research suggests this relationship is a two-way street: becoming infected also increases people’s risk of economic hardship, particularly if they develop long Covid.

“We’ve shown that Covid has an impact on people’s ability to meet their basic household requirements – something that is only going to be exacerbated by the cost of living crisis which is happening at the same time,” said Adrian Martineau, a professor of respiratory infection and immunity at Queen Mary University of London (QMUL), who supervised the research.

The findings have boosted calls for ministers to do more to support the growing number of working-age adults affected by the condition, which is also known as post-acute Covid syndrome (Pacs).

“Many long-haulers have lost their jobs, and in some instances their partners have Pacs, so two salaries have been lost,” said Louise Barnes, founder of the PACS19 support group. “Whilst many have been able to get PIP [personal independence] payments, some haven’t, and are no longer being supported by their employers. They are facing a financial nightmare and need financial support.”

According to the Office for National Statistics, about 1.3 million people, or 2% of the UK population, are living with long Covid. Those between 35 and 69 years of age are at greatest risk, and experts have expressed concerns about the impact of so many working-age people suffering from long-term symptoms and disability.

To investigate the economic consequences of the illness, Martineau and colleagues analysed data from 16,910 Britons aged 16 years or over who completed monthly questionnaires about their health and household income between May 2020 and October 2021.

The study, which has not yet been peer reviewed, found that testing positive for Covid was associated with a 39% increase in the odds of people reporting inadequate income to meet their basic needs, and a fivefold increase in the number of people reporting long-term term sickness absence from work, compared with those who didn’t become infected.

The associations were strongest where catching Covid led to hospitalisation or the development of persistent symptoms, supporting the idea that Covid was the cause of people’s financial hardship.

Anne Williamson, a health economist at QMUL’s Blizard Institute who led the research, said: “The vicious cycle of poor health and poverty that we identify should lead policymakers to consider early, decisive interventions to break this downward spiral – including employment advice and other economic support, as well as healthcare follow-up.”Advertisement

In January, MPs on the all-party parliamentary group on coronavirus called on the government to recognise Covid-19 as an occupational disease – a move that could help to standardise support and care for those affected, and improve data collection on the problem across the country. The MPs also urged ministers to set up a compensation scheme for key workers who have suffered financially through loss of work.

Lib Dem MP Layla Moran , who is also chair of theall-party parliamentary group on coronavirus said: “As has been the case throughout this pandemic, the greatest burdens have fallen disproportionately on lower income and front line workers, and we’ve heard first hand how the debilitating symptoms of Long Covid can impact a person’s ability to work.

“The ONS estimates that Long Covid is impacting almost 1.3 million people in the UK and yet, the government have their heads firmly in the sand about the impact this will have on our economy and essential services.

“They must urgently increase resources for research into treatment and provide compensation to the frontline workers who have sacrificed their health and wealth protecting this country.”

The Guardian

Import restrictions imposed under three systems

0

In view of managing the current economic situation of the country, import restrictions will be imposed for a limited period of time, disclosed the Department of Government Information in a statement today (09).

Accordingly, these import restrictions will be imposed under three systems, based on recommendations tabled by the Central Bank of Sri Lanka (CBSL).

Under the first system are certain selected imported goods subject to taxes and are items subject to mandatory licences for importation.

Under the second system are certain imported goods subject to both mandatory taxes and licences for importation.

Under the new regulations are 367 non-essential imported items subject to import restrictions. These include apples, grapes, oranges and fruits, as well as cheese, water, foreign liquor and beer, footwear, musical instruments, sporting goods, home appliances and cosmetics.

The Controller of Imports and Exports will be issuing these licences and the recommendation of the Finance Secretary should be obtained prior to receiving one, the statement added.

MIAP

New book on Lady Sirimavo Bandaranaike reveals unseen chapters of SL Administration

0

‘SIRIMAVO: Steering the Destiny of a Nation’ which presents a pictorial biography of the late Sirimavo Bandaranaike was released on March 8 to coincide with International Women’s Day.

The book’s coordinator Dr. Ranjith Cabral presented the first copy to Sunethra Bandaranaike, Secretary of the Bandaranaike Museum Committee, at the Sirimavo Bandaranaike Museum at BMICH premises yesterday (08).

Dharmasiri Pieris, retired civil servant who served as Secretary to the Prime Minister during Mrs Bandaranaike’s second term, spoke briefly on the occasion.

Former President Chandrika Bandaranaike Kumaratunga also graced the event.

Photo: NewsWire
Photo: The Leader
Photo: The Leader

The Leader

MPs to receive duty-free vehicle permits again

0

Members representing Parliament are to be given vehicle permits again, as promised during a discussion held between the Ruling Party backbenchers and a powerful figure of the government, sources said.

The provision of vehicle permits to MPs had been suspended due to the forex crisis and the Covid-19 pandemic.

But the Ruling Party backbenchers on several had insisted that the provision be restored.

MIAP