India says it was aware of reports about the planned visit of a Chinese vessel to a Sri Lankan port built with funds from Beijing.
Shipping data from Refinitiv Eikon showed research and survey vessel Yuan Wang 5 was en route to the southern Sri Lankan port of Hambantota and was expected to arrive on August 11.
“The government carefully monitors any developments having a bearing on India’s security and economic interests, and takes all necessary measures to safeguard them,” foreign ministry spokesperson Arindam Bagchi told a weekly media briefing.
“I think that should be a clear message.”He did not say what measures India was taking and who the message was addressed to.
China’s foreign ministry did not immediately respond to a request for comment. Sri Lankan officials could not immediately be reached for comment.
A Sri Lankan government official said on condition of anonymity that Indian diplomats in Colombo had lodged a verbal protest with the Sri Lankan foreign ministry on Monday.
A Sri Lankan consulting firm, the Belt & Road Initiative Sri Lanka, says on its website that Yuan Wang 5 would be in Hambantota for a week.
“The vessel will conduct space tracking, satellite control and research tracking in the north-western part of the Indian Ocean region through August and September,” it says, without citing a source.
Sri Lanka formally handed over commercial activities in its main southern port to a Chinese company in 2017 on a 99-year lease after struggling to repay its debt. The port is near the main shipping route from Asia to Europe.
US and Indian officials have been concerned that the $1.5 billion port could become a Chinese military base.
A Sri Lankan official said Monday Beijing was welcome to pour more money into vast China-backed projects in Hambantota and Colombo.
China is one of Sri Lanka’s biggest lenders and has also funded airports, roads and railways, unsettling India.
As Sri Lanka now battles its worst economic crisis in seven decades, India this year alone has provided it support of nearly $4 billion.
Responding to a tweet on the proposed Hambantota visit, Indian security analyst Nitin A. Gokhale invoked Sri Lanka’s decision to allow a Chinese submarine and a warship to dock in Colombo in 2014, a move that angered India at the time.
“2014 redux?,” Gokhale said on Twitter. “Harmless port call or deliberate provocation?”
India’s concerns over Chinese influence in Sri Lanka come as US President Joe Biden and China’s Xi Jinping held their fifth call as leaders on Thursday amid tensions over a possible visit to Chinese-claimed Taiwan by U.S. House Speaker Nancy Pelosi.
Also on Thursday, Taiwan’s military fired flares to warn away a drone that “glanced by” a strategically-located and heavily fortified island close to the Chinese coast that was possibly probing its defences, the Taiwanese Defence Ministry said.
India vows to “Safeguard Interests” as China Vessel heads to Sri Lanka
CB urges all stakeholders to join hands in tackling economic crisis
In the best interest of the nation, the Central Bank will be taking all to strictly monitor and ensure compliance with all regulations on foreign exchange transactions, including repatriation requirements of export proceeds, conversions, and mandatory sales to the monetary authority.
Any instances of non-compliance will be dealt with stern action within the provisions of all applicable laws.
The Central Bank has strengthened its capacity in relation to monitoring of foreign exchange transactions through the implementation of the Export Proceeds Monitoring System (EPMS) and the International Transactions Reporting System (ITRS), which is a comprehensive monitoring system of cross-border transactions and domestic foreign currency transactions.
These systems facilitate regular monitoring of foreign exchange inflows and outflows. Further, assistance from independent professional bodies, including audit firms, is also being sought for the timely identification of any malpractices.
Hence, Licensed Banks and the trading community are urged to comply with the existing regulations and complement the efforts of the Government and the CB to provide much-needed assistance to all stakeholders of the economy under these extremely challenging circumstances.
The export trading community is urged to continue to repatriate all export proceeds within the stipulated timeframe and surrender the residual earnings in accordance with the regulations.
The banking community is requested to ensure strict adherence to all regulations in relation to foreign exchange transactions.
The Government and the Central Bank are relentlessly pursuing efforts to secure bridging finance to reduce and alleviate economic stresses in the near term.
A notable progress has been made in the ongoing negotiations for an economic adjustment programme with the International Monetary Fund.
The debt restructuring process is also underway, capably assisted with the Legal and Financial Advisers. The Government and the CBSL remain committed to implementing much needed reforms to overcome long-standing structural issues in the economy
To ensure adequate foreign exchange liquidity in the banking system, the CB had to impose surrender requirements on export earnings.
Further, measures were taken by the Government and the CB to discourage foreign exchange outflows, such as imposing restrictions on certain imports and payment terms and introducing margin requirements, while encouraging foreign inflows through the banking system, rather than those being channelled through the grey market.
The success of these regulatory measures and the ability to achieve the intended outcomes depend on the support and cooperation from the trading community and the banking system.
However, it has been brought to the notice of the CBSL that certain market players are not being fully compliant with these regulations.
Such practice, if continued, would deprive the people of the support expected from the Government in difficult times, while undermining the moral obligation of ‘equal burden sharing’ that is expected of all stakeholders under difficult and extraordinary circumstances.
Against this backdrop, and. The Central Bank reiterated that overcoming current economic woes and distresses requires substantial and concerted efforts from all stakeholders of the economy.
Foul play on the part of any group of stakeholders would inevitably result in the worsening of the crisis, thereby having widespread detrimental effects.
It is the duty of everybody to act conscientiously and responsibly, and extend their unhindered support during this hour of need, for the nation to recover rapidly and emerge stronger from this crisis, the Central Bank emphasised.
China defends loans offered to Sri Lanka following US concerns on debt trap
China has defended the loans it has offered to Sri Lanka following concerns raised by the United States on unproductive development projects funded by China countrywide. .
Chinese Foreign Ministry spokesman Zhao Lijian said that the cooperation between Sri Lanka and China has always followed the principle of being Sri Lanka-led.
“All cooperation projects have gone through scientific planning and thorough assessment and are never attached with any political strings. The cooperation has contributed to Sri Lanka’s economy and brought tangible benefits to the Sri Lankan people,” he said.
The Chinese Foreign Ministry spokesman said that Sri Lanka’s foreign debt is made up of multiple components.
He said the share of China-related debts is far lower than that of the international capital market and multilateral development banks.
Besides, he says China mostly extends to Sri Lanka preferential loans with low interest rates and long-term maturity, which have helped improve Sri Lanka’s infrastructure and livelihood.
“Shortly after Sri Lanka’s announcement to suspend international debt payments, Chinese financial institutions reached out to the Sri Lankan side and shown full readiness to find a proper way to handle the matured debts concerning China and help Sri Lanka to overcome the difficulties,” the spokesman said.
The Chinese spokesman also said that the global economic and financial markets have suffered enormously as a result of the US’s recent sudden interest rate hike and balance sheet reduction.
He says this has rapidly siphoned off dollars on top of the US’s long-running quantitative easing policy and irresponsible massive stimulus.
“The US’s wayward unilateral sanctions and tariff barriers have undermined the security of global supply and industrial chains, and worsened the price surge of energy, food and other bulk commodities.
This has further aggravated the economic and financial condition of developing countries including Sri Lanka. US and other Western capital speculation in Sri Lanka and manipulation of the credit rating of the country seriously undermined Sri Lanka’s financing credibility and channels,” he added.
The Chinese official said that the US should ask itself what it has done for the sustainable development of developing countries like Sri Lanka.
“We hope the US will genuinely help Sri Lanka overcome the current difficulties, ease debt burden and realize sustainable development, instead of unscrupulously latching onto every opportunity to shift the blame, smear other countries and advance geopolitical contests,” he added.
Sri Lanka hopes to conclude discussions with China “soon” on a $4 billion aid package, the country’s ambassador to Beijing told Nikkei Asia.
Ambassador Palitha Kohona said in an email that talks were progressing. “We hope that these discussions could be concluded soon, as a positive outcome would definitely assist Sri Lanka to reestablish confidence in the financial markets and recover from its unprecedented and dire financial circumstances.”
China has been a major creditor of Sri Lanka, though it remains a burning question exactly how much the latter owes the former.
Since Sri Lanka plunged into a severe foreign exchange crisis this year and defaulted for the first time in May, Beijing has reportedly been reluctant to go along with debt restructuring.
But new Sri Lankan President Ranil Wickremesinghe, who was elected by parliament on July 20 after the resignation of much-criticized Gotabaya Rajapaksa, is looking to China again as he attempts to cement his grip and quell unrest.
SL’s first home-grown fully electric car to hit the streets soon
Sri Lanka’s first home-grown fully electric car ‘Moksha’ was launched today as the most practical solution in the current technology transition phase towards a sustainable, carbon-neutral future.
The unveiling ceremony was held at the JAIC Hilton hotel Colombo by Ideal Motors while drawing inspiration from the iconic Austin Mini Moke that took the world by storm.
The four-wheeled electric quadricycle with a weight of just 870 kg is fitted with a 22.46 kWh Lithium battery that provides a range of up to 200 km on a single charge by plugging into a 15-amp domestic charger overnight.
The interior of the car packs a spacious cabin offering comfortable seating for the driver and three passengers.
Furthermore, Ideal Moksha offers complete peace of mind with a 2-year warranty on the electric motor as a standard benefit to the customer.
The warranty available on the battery will be 5 years from the date of purchase. Our island-wide aftermarket network will ensure an unmatched level of service.
The car is offered in matching two-tone exterior colours. The customer can access information, favourite music, and maps using the 7-inch multimedia touchscreen display that comes with Apple CarPlay and Android Auto compatibility. The fully air-conditioned car includes, push start, and alloy wheels.
Furthermore, Ideal Moksha offers complete peace of mind with a 2-year warranty on the electric motor as a standard benefit to the customer.
The warranty available on the battery will be 5 years from the date of purchase. Our island-wide aftermarket network will ensure an unmatched level of service.
The vehicle is the ideal for every household in the country, especially for the 1.5 million three-wheelers and 4.5 million two-wheelers registered on the island, driving holistic change by empowering drivers with a cost effective solution to upgrade to a safe and smarter vehicle.
The fully automatic car offers 100% torque from start with no gear changes, facilitating ease of learning and a relaxed driving experience.
With these innovations, the Moksha is set to transform the very nature of commuting and travel in the country and it is the ideal vehicle for everyone and anyone, from the corporate executive looking to conserve and the two-wheeler owner looking to upgrade.
This package is particularly aimed at 5.5 million households that use less than 100 and 200 Kw of electricity units per month.
The package includes the installation of up to 4 Kw of rooftop solar energy, where an average household will be able to meet their daily requirements of energy and completely do away with paying electricity bills.
Ronald Chithranjan Perera PC new SLIC Chief
Ronald Chithranjan Perera PC has been appointed as a Non-Executive Director of the Sri Lanka Insurance Corporation (SLIC) Ltd., following the resignation of predecessor Eng. H.M. Vijitha Herath.
In accordance with the provisions of the Companies Act No. 7 of 2007 and as approved by the Finance Minister, Mr. Perera has been appointed as a Non-Executive Director of the state-run insurance body, with effect from 01.08.2022.
Further, Perera PC has also been nominated to be appointed as the Chairman of the SLIC.
MIAP
An open letter to US Ambassador Julie J. Chung
You are mindful no doubt that there are no office hours for arrests of wrongdoers and the Police and armed forces have the legal right enforce the law night or day
Dear Madam Ambassador,
On April 2, 2022 you tweeted “Sri Lankans have a right to protest peacefully–essential for democratic expression. I am watching the situation closely, and hope the coming days bring restraint from all sides, as well as much needed economic stability and relief for those suffering”
Salutary words Madam. Neither the then incumbent President, the opposition, the Aragalaya or anti Aragalaya forces nor the members of the ordinary general public to which I belong, tweeted, face booked, instagrammed any objection to this rational and admirable point of view and justifiably so.
When you declared that Sri Lankans have a right to protest peacefully we presume that right to peaceful protests you condone are those that are truly peaceful, held in a manner where no laws are flouted. We presume you would not condone any protests, where protesters occupy state property and refuse to vacate the premises forthwith, when court orders are issued, directing them to do so. A protest, based on the upholding of democracy and eradication of corruption, must practice what they preach and violate no laws themselves. A protest engaged in defacing public and private property in the name of democracy, a protest with slogans violating the constitution of our country cannot be defined as a peaceful protest by any means!
As you were watching the situation closely in Sri Lanka, you would have no doubt observed the repeated requests from the government, the police and court orders to vacate state owned property, that were being scorned by the protesters. They in fact treated the police with jest and ordered them to leave the area occupied by them when the police visited the area to deliver notice of court orders and advice them on the offences, as seen in the video clips circulating on social media. The “peaceful protesters” did not vacate the Presidential Secretariat premises on the 20th July 2022; which they were unlawfully and illegally occupying from 09th July 2022 – committing the offence of criminal trespass, an offence recognised by the Penal Code. No law enforcement authority is obliged to consent to the protesters’ stance that they will vacate in the near future. You will appreciate that they could not have awaited for auspicious times to vacate a premises illegally occupied and must do so forthwith when they are duly noticed to vacate, as every moment they occupied state property is considered as acting in violation of the law of this land. The law should be applied equally to all. The definition of criminal trespass cannot vary exclusively for aragalaya protesters. If Aragalaya protesters are exempted from the charge of criminal trespass, then the same exemption should apply to all accused presently prosecuted for criminal trespass throughout the country.
You are mindful no doubt that there are no office hours for arrests of wrongdoers and the Police and armed forces have the legal right enforce the law night or day.
In your wisdom you would have drawn parallels with the law and order in your own country and assessed how your own law enforcement agencies would have handled a similar situation where protesters are trespassing on state property. You would have recalled the manner in which your own forces treated those who stormed the haloed capital building of the land of the free and home of the brave. There are many clips on You Tube for you to watch how the US law enforcement reactz to protesters be it, storming the capitol building or engaging in street protests. Did they handle the protesters with kid gloves? Did you issue statements and criticise your own government for using force on protesters by your own forces? I wonder whether there is a single country on earth, which had not exercised minimum force when evicting trespassers from state property? A country where those illegally occupying state property are given red carpet royal treatment to vacate!
No one in Sri Lanka will condone violence. Our multi religious society does not propagate violence. However, at times for the greater good of the nation, the exercise of minimum force becomes the need of the hour. The clearing of the Presidential Secretariat of the Aragalaya Protesters must be assessed against the detrimental impact their behaviour was having on the stability of the country both economic and social, and you will agree it cannot be equated to unsolicited, illegal use of excessive force.
Madam Ambassador, you must be aware, on that fateful day of 9th July 2022, when the Aragalaya protesters stormed the President’s House, the Prime Minister’s official residence was destroyed. The private residence of the Prime Minister of the country was trespassed and destructed. Acts of hooliganism were shown repeatedly in the global media; resulting in irreparable loss and damage to the Sri Lankan economy. We are a country predominantly based on an export market and we are at present losing a large number of overseas orders and investors due to our inability to maintain law and order. Who would give orders to a country which cannot guarantee secure delivery? Who would invest in a country where the safety of their investment is in doubt! The State must protect and secure their own state property first in order to guarantee safety and security to its investors and its citizens.
As a person who wished for much needed economic stability and relief for those suffering, you should applaud that the State took right royal steps to clear the Presidential Secretariat of trespassers, which was the need of the hour to bring stability. You would have noted that the GotagoGama on Galle Face which is a recreational area for the public is very much in tact and the law enforcement agencies confined their operations to clearing the premises of the Presidential Secretariat. Having visited your country and observing the level of high security, surrounding the public areas near the white house and the state buildings, it is apparent your own country does not risk or tolerate any invasion of state property.
As such as a ordinary citizen of Sri Lanka, I implore you to be circumspect and fair in your tweets, by assessing all facets of the issue and refrain from unfairly demonising the necessary action the State implemented on July 9, 2022 to clear the all important Presidential Secretariat of trespassers !
Citizen Jane
DAILY MIRROR
Invitation from the President to form an all-party government
President Ranil Wickremesinghe is requesting the parliamentarians to form an all-party government separately.
Wickramasinghe requests that the agreement of the MPs and parties be given as soon as possible as he intends to build a broad dialogue on the next steps including the 19th constitutional amendment and the re-introduction of the parliamentary oversight committee system.
Rasamanikkam requests to investigate the reasons for the collapse of the economy, instead of arresting youths
Parliament Member Shanakian Rasamanikkam says that instead of looking for the reasons why the economy has fallen into a dire situation, the general public is being arrested under the emergency law.
The member states that this situation is completely condemned.
He states that there is no investigation regarding the leader Ajith Nivard Cabral and the Mahinda Rajapaksa, Basil Rajapaksa, and Ali Sabri, who served as finance ministers, have not fulfilled their responsibilities properly, so now the prices of goods have increased.
The MP made these comments at a press conference held in Batticaloa.
Japan begins providing life-saving medicines to SL under US$1.5 billion aid
The Japanese government came forward to help Sri Lanka by providing US$ 1.5 million for essential medicines through UNICEF to meet the urgent needs of the population.
The contribution of $1.5 million will help UNICEF to procure the medicines for over 1.2 million people including 53,000 pregnant mothers and nearly 122,000 children in immediate need.
Deputy Ambassador of Japan in Sri Lanka, Katsuki Kotaro said that Japan will be providing $1.5 million emergency grant assistance to the people of Sri Lanka to procure the most urgently needed 25 types of medicines within the next two months through UNICEF.
In response to the ongoing economic crisis in the country, the Government of Japan handed over the first consignment of a total donation of USD 1.5 million value of medicines being procured through UNICEF to address the severe shortage of medicines in hospitals and clinics in the country on Thursday 28.
The vital assistance will be used to provide much-needed healthcare for children, pregnant mothers, and their families, especially in some of the most vulnerable regions.
The supply of medicines was handed over by the Japanese Ambassador Mizukoshi Hideaki and the UNICEF Sri Lanka Representative, Emma Brigham to the Minister of Health, Keheliya Rambukwella.
Ambassador of Japan, MIZUKOSHI Hideaki said, “that the Government of Japan has provided the first batch of essential medicines in a timely manner at this critical moment through the support of UNICEF to meet the urgent requirement for life-saving medicines in Sri Lanka.
He expressed the hope that this assistance will reach millions of vulnerable individuals to help overcome the challenges faced at this economic crisis.”
The Medical Supplies Division (MSD) of the MOH will be distributing the medicines targeting the most vulnerable and high-risk areas, based on depleting stocks of medicines in each district.
“We thank the Government and the people of Japan for responding to UNICEF’s appeal for Sri Lanka by providing crucial life-saving support for children and families during this very challenging time in the country,” said Emma Brigham, UNICEF Sri Lanka Representative, “The current crisis is stretching vital social services including health care to its limits and assistance such as this, can help bring some relief,” she said.
Nearly 5.7 million people including 2.3 million children are being impacted by the combined burden of poverty, the pandemic, and the economic crisis, UNICEF said.
UNICEF recently launched a global appeal calling for urgent assistance for Sri Lanka. Development partners including the Government of Japan have responded with much-needed support.
US extends US $180 million to Sri Lanka in emergency financing
Opaque (not transparent) loans for “headline-grabbing” infrastructure projects, were among the factors behind the current crisis that has engulfed Sri Lanka, said Samantha Power, Administrator, United States Agency for International Development (USAID), on Wednesday.
Delivering a speech at the IIT-Delhi, Ms. Power praised India’s “swift” action in response to the emergency in Sri Lanka and argued that India’s strength especially in the field of tackling food security threats, was nurtured over the past seven decades in partnership with the United States.
She said the United States extended $180 million to Sri Lanka in emergency financing in 2022 and praised India for coming to Colombo’s help.
“The Government of India has already supplied $16 million in humanitarian aid to Sri Lanka, it has exported 100,000 tons of organic fertilizer to try to help farmers stave off future food shortages, and it has supplied $3.5 billion in Lines of Credits to the Government of Sri Lanka as it attempts to steer its economy out of default and further collapse she added.
Ms. Power painted a broad canvas of possible partnership between India and the United States based upon Cold War era instances of American support to Delhi, leading up to the launch of the Green Revolution. Ms. Power said India had proved itself capable of helping the “Global South” soon after attaining independence.
The American official met with External Affairs Minister S. Jaishankar and Foreign Secretary Vinay Mohan Kwatra, on Tuesday. She announced that the U.S. will invest $ 25 million in a new partnership with India for promoting agroforestry. “Across these past 75 years, India has always shown itself to be a friend to the world’s poor. Now, when the stakes have rarely been higher, India stands able to be an incredibly impactful development leader. ,” said Ms. Power.
Power sounded a note of caution about the cascading political effect that global food insecurity can have in the coming months. “Sri Lanka’s government was the first to fall. 17 countries are facing (similar) protests,” said Ms. Power