In what is seen as the latest move to extend relief to the pandemic-affected borrowers, the Central Bank has asked the banks to extend the pause on the recovery actions on loans and leases till March 31, 2022.
In a fresh circular issued last week, the Central Bank requested the banks “to suspend all types of recovery actions, including parate execution and forced repossessions of leased assets”.The moratorium was set to expire on December 31, 2021.
The tourism sector borrowers have already received an extension to their debt freeze till June 30, 2022.
The Central Bank in its six-month road map on October 01 announced that it had no intention to extend the moratoria beyond the already stipulated time frames, considering the undue pressure that could inflict on the health and stability of the financial system of the country.
The broader businesses and individuals are under payment holiday now for 21 months while the tourism sector has been under the relief scheme from as way back as in April 2019.
In the road map, the Central Bank said it would replace the moratoria with a liquidity support scheme worth of Rs.15 billion to facilitate financing of the interest accrued in loans that have been under moratoria to enable financial institutions to deal with the effect of the moratoria in a sustainable manner.
Further, the Central Bank said it would put in place an ‘Emergency Lending Facility Framework’.
The decision to extend the suspension on the recovery efforts may have been prompted by the hardships still being faced by the borrowers and particularly those in the travel and tourism sector.
The pause on recovery efforts would also allow more time for banks and borrowers to come into arrangements agreeable for both parties in servicing the loan facilities.
As per the Central Bank estimates the ongoing debt moratoria by banks and non-bank financial institutions amounts to Rs.780 billion.
This is in addition to Rs.165.5 billion by way of concessionary working capital under the COVID-19 Saubagya Refinance Scheme.
Archbishop Desmond Tutu who passed away this week will be counted among the great human beings who have contributed on the one hand for the great political transformation of his own country, and a person who has revolutionized the idea of achieving equality even under the most difficult circumstances. His great achievement together with his colleagues is linked to his ability to revive the moral universe as against the prevailing materialistic world outlook. He revived the idea of universality among human beings irrespective of color, creed or gender. Born and bred in one of the most repressive countries of his time, South Africa under the most brutal and dehumanized system of apartheid, he was among those who gave leadership to a great struggle to end such a discriminatory regime which ruled with the use of enormous violence. However, in that struggle and after the victory against apartheid, Desmond Tutu showed the capacity for embracing the enemy forces, developing the spaces for reconciliation, while at the same time restoring the dignity of the much humiliated people who were his own. The breadth of his vision was shown in the many roles he played during this time in his involvement in dealing with one of the most difficult problems which if not for interventions by him and his colleagues, would have led to one of the worst bloodbaths in the world. He and his colleagues managed such an enormous crisis with the depth of wisdom and courage, at the same time, with compassion and forgiveness.
Desmond Tutu is not just a South African figure. He brought his message to the global stage. A man gifted with enormous humor and oratorical skills, he brought the message of the universal values of humanity, transcending the limitations of color, creed, gender and all other forms of distinctions. His contribution to a practical understanding of the way to struggle for equality, liberty and fraternity within the modern global context will remain an example worthy of emulation of all those who resist the great deviance that besets the world at the moment. Desmond Tutu is not a mere figure reminding about the past. He is a man for the present and also for the future. Truly, he is a man for all times.
Desmond Tutu, by his own example, showed that human dignity does not belong to any particular race or color. By his own example, he showed that he could stand with any company, asserting his dignity and showing the capacity of his people to be no less than anyone else.
Among his many contributions, one of the greatest is the conceptualizing and the practice of the Truth and Reconciliation Commission of South Africa. While the righteous were justly demanding vengeance against the vanquished white minority for their unimaginable cruelties, he, supported by his colleagues, was able to demonstrate enormous wisdom in dealing with the vanquished enemy. To bring the vanquished also into the community of the nation and to ensure that they play their role within the nation while they express genuine regret for their despicable behavior in the past was an achievement that is quite unique to the world. Making that South African experience possible, Desmond Tutu played a great role.
In the last years of his life, he devoted his time to pursuing the cause of equality and the furtherance of understanding among people by way of him being seriously involved in promoting human rights throughout the world. He was the elder among the community of elders who constantly made interventions by expressing their views on world affairs.
The total impact of his life can be summed up through his intervention to revive the moral universe which is under threat everywhere. He brought his religious vision to the world not in a sectarian way but in a way that embraces all humanity and transcends all human weaknesses and limitations. As the world is today searching for solutions to problems that are normally perceived as beyond the human capacity, the example given by Desmond Tutu in resorting to the revival of the moral universe could be a guiding principle for everyone who pursues peace and a better future for humanity as a whole.
The bus fares are set to soar from January 05, 2022. Accordingly, the fare revision will be effective to both the Private Bus and SLTB services.
The current minimum fare of Rs. 14 has been soared to Rs. 17, while other bus fares by 17.4 per cent.
The decision comes in following the discussion held between State Minister of Transport Services Dilum Amunugama and Bus Owners Associations today (29).
The tour in Dubai scheduled for Prime Minister Mahinda Rajapaksa next year has been cancelled due to the ongoing economic crisis, the Prime Minister’s Chief of Staff Rohitha Rajapaksa told media.
Prime Minister Rajapaksa was scheduled to visit Dubai as the Chief Guest at the Dubai Expo at the invitation of Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai. After leaving Dubai on January 02, 2022, the Prime Minister was set to join the exhibition the next day, as January 03, 2022 has been designated as the Day of Sri Lanka at the Dubai Expo.
The Prime Minister, however, has decided to cancel the visit as it would be more important to focus on the problems in the country, according to his Chief of Staff.
The people of this country have inherited malnutrition, said Leader of the Opposition Sajith Premadasa.
Speaking on the Day 04 of the “Manushyathwaye Charikawa” initiative undertaken by the Samagi Jana Balawegaya (SJB) to address the hassles faced by the general public at Suriyawewa town today (29), the Opposition Leader pointed out that in a country where malnutrition has become prevalent the record of low weight babies at birth has grown bigger.
The opening of the Samagi Tharuna Balawegaya office at Suriyawewa inaugurated by Subhaka Pradeep, Leader of the Opposition of the Suriyawewa Pradeshiya Sabha and Member of the Working Committee of the Samagi Tharuna Balawegaya, was carried out under the patronage of Mr. Premadasa.
The current regime had secured its victory through religionism, nationalism and lies, the Opposition Leader pointed out, adding that it continues to promote such ideologies dismissing the true values of Buddhism.
In a matter of two years, the government on one hand has turned the country into a pool of tears and on the other, a land of darkness, Premadasa noted. He also stressed that today the country is suffering from famine and the national resources are being sold.
The Opposition Leader talked to the traders and the town folk and distributed the leaflet distributed mentioning “Family Governance – Destruction of the Country.”
The price of milk powder may have to be increased from tomorrow (30), said the Milk Powder Importers Association said. Accordingly, the increased prices will be announced tomorrow, said Union Spokesman Ashoka Bandara.
Following the last revision of the milk powder price, a 400 gram packet of milk powder was sold for Rs. 470 and a 01 kilogram packet for Rs. 1170.
The Public Sector has dramatically lost control over the prices of many commodities, including milk powder now. As of now, the price of milk powder is determined by the importers.
The spontaneous surge of the foreign reserve position to US$3.1 billion claimed by the CBSL Governor is merely a media showoff resembling the ‘Cobra appeared out of the Kelani River,’ said Samagi Jana Balawegaya (SJB) MP Dr. Harsha De Silva speaking to a briefing today (29).
The SJB MP emphasised that a responsible institution like the Central Bank of Sri Lanka (CBSL) has deliberately refrained from disclosing the modes by which such a spontaneous surge has occurred.
At a time when the public image of the current regime is being tarnished on a daily basis, the CBSL and its Governor are concealing the truth thereby picturing a false image, Dr. Silva pointed out.
Stressing that the country is suffering from a severe forex crisis, the SJB economist added that there are no dollars to import essential commodities including gas, milk powder and medicines.
Despite many experts’ advice on seeking the support of the International Monetary Fund (IMF) to resolve the ongoing forex crisis, the government did not heed such an option, Dr. Silva claimed.
In the backdrop, the CBSL Chief is behaving a like a ‘Superman,’ demonstrating an increased reserve position without disclosing the modes, he went on, questioning whether all the problems will be solved from tomorrow.
The SJB MP citing sources further noted that the reserve position was supposedly increased via 10 billion yuan obtained from China subjugated to certain restrictions.
Suggesting that the country has been driven into an abyss in this manner due to the politicians’ conduct of concealing the truth about the country for a long time satisfying the people for political purposes, Dr. Silva added that the abyss is being dug deeper by concealing the real forex crisis via the government’s media showoff.
High Commissioner H.E. Gopal Baglay felicitated several Sri Lankan nationals working at High Commission of India in recognition of their longstanding and dedicated services at a special event organized at the High Commission. Two of the longest serving personnel – Mrs.Mala Gamage and Mr. Neil Joseph Regis- with a service of more than 30 years each, were offered return air tickets to India and special cash support for visiting India. Mrs.Shirani Sritharan, Mrs.Sujatha Hettiarachchi, Mrs.Niranjala Manori Joseph and Mrs.Lakshi Samarawickrema were accorded promotions for their services recently.
The High Commissioner thanked the Sri Lankan staff for their outstanding work at the High Commission. He stressed that their contribution to the High Commission helped the objective of strengthening India-Sri Lanka relations, especially in aspects directly related to the people, such as development cooperation in Sri Lanka, travel, trade & commerce.
Around 50% of the High Commission’s staff comprises Sri Lankan nationals. Similarly, a considerable proportion of personnel in India’s Consulate Generals in Hambantota and Jaffna and Assistant High Commission in Kandy are also recruited locally. They come from diverse social, linguistic and cultural backgrounds, reflecting pluralistic nature of both India and Sri Lanka.
The Mass Media Ministry has reportedly informed the heads of the Independent Television Network (ITN) and the Selacine Television Institute to resign from their posts.
Sudath Rohana, the ITN Chairman, has already left his chair as the announcement was being made, according to sources.
Amila Muremada serves as the Chairman of the Selacine Television Institute.
Meanwhile, top posts of a number of other state media bodies are to be reshuffled, sources further added.
25 per cent of dollar reserves possessed by commercial banks in Sri Lanka must be transferred to the Central Bank of Sri Lanka (CBSL), said CBSL Governor Ajith Nivard Cabraal.
The CBSL Governor’s order comes in effect from December 27, 2021 and all commercial banks in Sri Lanka will be able to possess only 75 per cent of their dollar reserves.
The commercial banks in Sri Lanka have restricted the issuance of dollars for imported goods leading to a serious problem suffered by the importers.
Last week it was reported that over 1,500 containers of imported items were stalled in Port warehouses. Following the latest directive by the CBSL, further restrictions will be imposed on the issuance of dollars, driving the importers deeper into the abyss, according to analysts.
