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Petrol and Diesel prices will increase by Rs. 20, Rs 22 respectively by today or tomorrow – A prediction from Ashok!

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The price of a liter of petrol will increase by Rs. 20 today and the price of diesel by Rs. 22 a liter today or tomorrow, says Samagi Jana Balawega MP Ashok Abeysinghe.

“I predict that today or tomorrow petrol will increase by 20 rupees and diesel by 22 rupees. It may even increase tonight.

Remember when those MPs used to go to Parliament on bicycles when petrol was increased by 2 rupees? It has increased by 20 rupees for months now. Now it is increasing by 20 again.

Yesterday Gammanpila said ‘I have nothing to do now, our country is the lowest country in the world, the Central Bank says they cannot give dollars to bring fuel, there are no rupees either, so this cannot continue for more than a month and a half’ But he is laughing when he is telling all this. Whose fault is it? Who came to power to bring prosperity? Is this the vision of prosperity? ”

Ashok Abeysinghe stated this addressing a meeting of the Samagi Jana Balawega held yesterday (19).

Banks face asset-quality pressure after the end of Covid relief   

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 Sri Lankan banks are likely to face continued asset-quality pressure in 2022 as rising macroeconomic stresses stemming from the sovereign credit profile pose a threat to borrowers’ repayment capacity, alongside the conclusion of most relief measures in 2021, says Fitch Ratings.

Fitch-rated banks’ stage 3 (impaired) loans ratio has remained broadly unchanged since 2019 (9M21: 9.4%, 2019: 9.5%), as relief measures prevented deterioration in lending quality.

 However, asset-quality pressure was evident in elevated loan-impairment charges and a rising share of stage 2 loans in gross loans. The share of loans under moratorium at Fitch-rated banks declined, estimated at 10% of gross loans at end-September 2021 (end-1H20: 26%).

Fitch expects Sri Lanka’s economic performance to weaken in 2022, forecasting growth to slow to 2.0%, although downside risks to forecasts remain. Stage 3 loans are likely to increase in 2022 but a sharp rise in the ratio may not be apparent due to robust loan growth. Credit costs are likely to remain high, although below 2021.

We believe Sri Lankan banks face added asset-quality pressure from their government securities holdings, particularly those denominated in foreign currency which accounted for around 6.5% of Fitch-rated banks’ total assets at end-9M21.

Sri Lanka vehicles go off the roads in spare parts shortage   

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The Ceylon Motor Traders Association (CMTA) raised concerns on the unofficial restrictions made by banks to cripple the country’s vehicle fleet maintenance, which would have a direct impact on goods and people transportation as well as the overall economy. 

The association revealed the plight of opening Letter of Credit (LC) facilities with regards to spare parts orders and difficulties faced by the vehicle users in the country. 

“If the transportation sector grinds to a halt, it would have a severe impact on the main revenue lines of the country such as exports, tourism, which are heavily reliant on the availability of transport,” the CTMA said.

It urged policy makers to pay attention to the plight of the automotive industry and identify spare parts as an essential goods category to keep Sri Lanka’s ageing vehicle fleet functioning. 

Noting that many vehicle owners are resorting to dangerous patch repairs, usage of non-genuine spare parts and used spare parts imported from overseas junkyards, they cautioned that these practices place the safety of vehicle users and the public in great danger. 

In addition to public safety concerns, these restrictions and delays of LC facilities have resulted in the inability for legitimate franchise holders to predict the supply or price of spare parts creating uncertainty and panic across the automotive market.

The franchise holders who have been battered by the import ban of almost two years, are now facing difficulties in managing their after-sales operations, which is the only revenue stream left to sustain their staff and overheads. 

 “Inability to maintain these vehicles according to their manufacturer recommended schedules will result in greater repairs and breakdowns in the future, causing even greater foreign currency drain,” the association warned. 

Founded in 1920, the CMTA is the only Ceylon Chamber of Commerce affiliated trade body that represents vehicle manufacturers through their locally appointed franchise holders (commonly called ‘agents’). It is the most senior automotive trade association in the region. 

The members of the CMTA collectively employ and train thousands of Sri Lankan citizens while bringing in international best practices in engineering and management, developing a talent pool that is trained and employable internationally. 

CMTA members are all audited by the manufacturers they represent, and the vehicles they import are shipped directly from the factory, designed to meet country specific requirements.

The burden of the loss incurred by the CPC will have to be borne by people – Gammanpila

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Udaya Gammanpila, Minister of Energy has stated that the loss incurred by the Ceylon Petroleum Corporation in the sale of fuel will not be covered by the President or his comrades from Medamulana and that the people will have to bear the burden in the end.

Minister Udaya Gammanpila stated this addressing a meeting held yesterday (19).

Udaya Gammanpila, the most failed Minister of Energy in history, is not preparing to provide relief to the people but to increase fuel prices and further oppress the people. At the same time, he wants to be a hero by poking Mahinda Rajapaksa and his family. He is doing all this while imposing the burden of the luxury of his ministry on the people.

Related news:

http://128.199.126.103/archives/4882/i-am-not-even-sure-for-how-long-the-cpc-will-be-able-to-continue-trading-fuel-in-this-manner-gammanpila/

Laksala franchise outlet to be opened in China soon  

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Sri Lanka handicrafts and handloom textiles and ready made garments are to be popularised in China under the government’s special programme of local traditional products in foreign countries. Foreign Ministry announced.

 The Foreign Ministry and the State Ministry of Batik, Handloom and Local Apparel Products will implement this programme to promote Sri Lankan batik, handloom and local apparel products through Sri Lankan Missions worldwide.

Under this initiative `Laksala’ franchise outlets are to be opened in those selected countries and the first such handicrafts and handloom soutlet was set up in in Miami, Florida in the USA in early September last year. 

The Boom Lanka Batik and Gifts LLC, USA (Ceylon Gallery) is the official franchisee of the Franchise Show Room outlet, at 1381, NW45 Street, Miami, FL 33142, USA. 

The sixth Laksala franchise outlet is to be set up in China under this initiative to sell traditional handicraft items including handloom products including batik costumes, gem and jewellery products, Ceylon tea, coffee, local ayurvedic products, organic products and Cosmetic products, produced by Sri Lankan rural craftsmen and also to promote the sale and marketing Sri Lankan handicrafts abroad.

The agreement to establish this shopping centre in Zheejian China was signed ata ceremony held at the State ministry auditorium on Friday 18 between Zhejiang Boswin Technology Private Limited and ‘Laksala –Sri Lanka Handicrafts Board.

State Minister Dayasiri Jayasekera was the Chief Guest at the signing ceremony held in the presence of SLHB, Chairman Attorney at Law Lakmal Wickramaarachchi and senior officials. 

 All Sri Lankan traditional products that are supplied at the franchise outlet are sold under the world-renowned Laksala brand which has been highly recognised among foreign tourists visiting Sri Lanka annually.

Sri Lanka Handicrafts Board’s Laksala will receive foreign exchange revenue  from from the exports of local handicraft and handloom textiles apparel and other items, a percentage from the monthly sales of products and a Royalty Fee for using’ Laksala’  world renowned brand name in China, state minister Dayasiri Jayasekera said.

He added that Laksala is the country’s only State-owned pioneer gifts and souvenir shop and it was established in 1964 during the tenure of former Prime Minister Sirimavo Bandaranaike. Currently, Laksala has a 12-Showroom island-wide network.

Sri Lanka & Russia commemorate 65th anniversary of diplomatic ties 

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February 19 marks the 65th anniversary of the establishment of diplomatic relations between the Russian Federation and the Democratic Socialist Republic of Sri Lanka.

The Russian Embassy, while emphasising that bilateral relations between the two countries has always been developing in an environment of friendship, mutual understanding, amiability, stated that it is based on equality, goodwill, and respect for each other’s interests.

Although the diplomatic relations between the Soviet Union and Ceylon were established in 1957, links between the two countries were existed long before the Sri Lankan Independence.

The time-tested nature of the close Russian–Sri Lankan relations and their current status serve as an indicator that the bilateral political ties, the Embassy states, as the mutually beneficial cooperation in the trade, economic, educational and tourist spheres, as well as people-to-people contacts are expected to grow and intensify in the future.

The Russian-Sri Lankan Intergovernmental Commission for Trade, Economic, Scientific and Technical Cooperation effectively contributes to the strengthening of bilateral business ties. Its next meeting is planned to take place in Colombo this April.

The number of Russian tourists visiting Sri Lanka increased after direct flights between Moscow and Colombo were resumed in July 2021. Since the start of 2022, Russia is the leader of tourist arrivals to the Island.

Thousands of Sri Lankan citizens have got higher education in Russia and USSR throughout the last six decades, many becoming high ranking officials, prominent businessmen and top-level specialists in various fields

First mention of Ceylon is found in the 15th century’s memoirs of Russian merchant and traveler Afanasiy Nikitin.

 In the 18th and the 19th centuries many Russian dignitaries, scientists, geographers, writers, and artists visited the Island. Most notable among them were the great playwright and short story writer Anton Chekhov, novelist and poet Ivan Bunin, and painter Vasiliy Vereshchagin. 

The Russian consulate in Sri Lanka was opened in Colombo at the end of the 19th century. In 1891 Russian Crown Prince, future Emperor Nikolai II himself visited Ceylon and planted a tree in the Peradeniya Botanical Gardens.

In the late 1950s-1980s the Soviet Union and Sri Lanka developed close trade, economic cultural, scientific and technical cooperation.

 In 1958, the first bilateral agreement between the USSR and Ceylon, “On Development of Cultural Cooperation” was concluded. Moscow and Colombo signed agreements on opening air and sea travel routes.

 The Soviet Union assisted Sri Lanka in setting up a metallurgical plant in Oruwella, tyre-producing enterprise in Kelaniya as well as milling and house constructing plants.

Several mutual visits were undertaken by the delegations of the two countries which further expanded our ties. In December 1961 Yury Gagarin, first man in space, came to Ceylon during his world Peace Tour. In 1963 Prime Minister of Ceylon Sirimavo Bandaranaike became the first Sri Lankan leader to travel to the Soviet Union. 

She visited the USSR again in 1974. In April 1982 Minister of Foreign Affairs A.C.S.Hameed went on a working visit to the Soviet Union, marking the first-ever trip by a Sri Lankan chief diplomat to the USSR.

In October 2009 Russian Foreign Minister Sergey Lavrov undertook a working visit to Colombo, first by a Russian chief diplomat, met with then President Mahinda Rajapaksa and held talks with Foreign Minister Rohitha Bogollagama.

The first working visit by a Sri Lankan President, Mahinda Rajapaksa, to Russia took place in 2010. Negotiations were held with then President of Russia Dmitry Medvedev.

 In 2011 the Sri Lankan leader participated in the St. Petersburg International Economic Forum.

In 2017 President of Sri Lanka Maithripala Sirisena was in Moscow on an official visit and met President of Russia Vladimir Putin and Prime Minister Dmitry Medvedev. 

In June 2019 Vladimir Putin and Maithripala Sirisena had a short meeting on the sidelines of the 5th summit of the Conference on Interaction and Confidence-Building Measures in Asia.

In January 2020 Sergey Lavrov paid a working visit to Colombo for the second time and held talks with President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa and Foreign Minister Dinesh Gunawardena.

In 2021 Russian-Sri Lankan relations continued to expand as Russia extended its full support to the Government of Sri Lanka during the 46th session of the UN Human Rights Council, made every effort to oppose the anti-Sri Lankan Resolution and voted against it.

In November Secretary of the Security Council of the Russian Federation Nikolai Patrushev visited Colombo, met with President Gotabaya Rajapaksa, and held consultations on security issues with Defence Secreatry Kamal Gunaratne.

In December the Russian Government took a decision to transfer $5.5 million to World Food Programme to finance the development of sustainable school feeding projects in Sri Lanka.

Russia is an important trading partner of Sri Lanka and one of the main importers of Ceylon tea. Despite the COVID-19 situation the volume of bilateral trade has not dropped significantly and the import from Sri Lanka increased by over 10%. 

Chief Minister Stalin is heralding a new era of pride and optimism among global Tamils

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It has not even been a year since Hon. M. K. Stalin became the Chief Minister of Tamil Nadu, yet the mark that the Dravida Munnetra Kazhagam (DMK) leader has made in his state and among Tamils worldwide is unmistakable.

Whether it was ably handling the second wave of the pandemic, or the progressive social justice agenda that includes economically uplifting the underprivileged while removing caste and gender barriers in many aspects of lives, or the bold vision of making Tamil Nadu ‘a one-trillion economy’ by 2030 – Chief Minister Stalin has become the envy of many leaders across India.

With the theme of ‘let Tamil bind us together’, Chief Minister Stalin has taken many meaningful steps towards promoting the commonalities and cohesiveness of the global Tamil community, arguably more so than any other Tamil leader in recent history. Appointing a dedicated Minister, viz., Hon. K. S. Masthan, whose portfolio includes Welfare and Rehabilitation of Non-Resident Tamils; declaring January 12 as the World Tamil Diaspora Day with Chief Minister Stalin inaugurating the event; taking steps to institute Tamil studies in international universities, including through donations towards the establishment of Tamil Chairs at Harvard University and the University of Toronto – are just a few examples.

The Tamil National Alliance (TNA), the predominant and authentic representatives of the North-East origin Tamil people in Sri Lanka, and the Global Tamil Forum (GTF), an organisation which strives for the interests of the Ilankai Thamizhar through its engagement initiatives in many countries, hold Chief Minister Stalin in high esteem for his inspiring leadership of the global Tamil community.

From the perspective of Tamils from Sri Lanka including those living in Sri Lanka and in the Diaspora – the approach adopted by the present Tamil Nadu government is commendable. They are grateful for the invitations extended to the Member of Parliament from the TNA, M. A. Sumanthiran, and the President of the Canadian Tamil Congress (CTC), Sivan Ilangko for the inaugural World Tamil Diaspora Day event last month. The participation and felicitation by the Tamil Nadu Minister Hon. K. S. Masthan at the annual Thai Pongal Celebrations conducted by the CTC on January 29, 2022 is equally pleasing.

Chief Minister Stalin’s announcement last August regarding Ilankai Thamizhar refugee camps, stating the following was a welcome gesture of notable significance. “They are not orphans; we are there for them and hereafter they will be called Ilankai Thamil rehabilitation camps” This announcement was backed up with a generous allotment of Rs. 317 crores for their welfare schemes, with a promise to improve their living standards further. We also note with gratitude Chief Minister M.K. Stalin’s strong public statements, in his capacity as opposition leader, exerting pressure on India to support the UNHRC resolution on Sri Lanka during the March 2021 session.

Chief Minister Stalin’s supportive approach towards the Tamil struggle in Sri Lanka is consistent with the long tradition of Dravidian political leaders of Tamil Nadu, particularly his illustrious father, late Hon. Kalaignar M. Karunanidhi. Tamil people in Sri Lanka and their political leaders looked upon the leaders of Tamil Nadu for guidance, support and inspiration. Their support – directly, as well as through the Government of India – has always been a great source of comfort for the Tamil people living in Sri Lanka.

We remember with gratitude, the leadership shown by the late Hon. M. Karunanidhi – the initiatives to protect lives, property, and political rights of the Tamil people following the 1983 anti-Tamil riots; the late Chief Minister using his influence to prod different Indian Prime Ministers to find a political solution to address the Tamils’ quest for equality, justice, peace, dignity, and devolution of power; and DMK MPs’ consistently voicing for the Ilankai Thamizhar in the Lok Sabha over decades. We are also conscious that the DMK support for the Tamil cause continued despite many challenges it faced in the Indian Union, including the dismissal of the DMK government in 1991 relating to the Tamil peoples’ problems in Sri Lanka.

We are acutely conscious of the difficulties and degrading treatments encountered by the leaders of the mainstream Dravidian Movements in Tamil Nadu, many of such regrettable actions originating from unrealistic and hardline positions adopted by some from both sides of the Palk Strait. However, the overwhelming majority of the Tamils of Sri Lankan origin have always been appreciative and grateful for the support provided by the leaders of Tamil Nadu, and also recognise their limitations in shaping every event of the past. Such understanding is growing in strength and will help solidify the bonds and mutual respect enjoyed by the people and the leaders of both communities.

Tamils in Sri Lanka are, once again, at a critical point. Twelve years after the end of the war, their economic prospects are dismal. The progress on war related accountability is marginal at best. Tamils face many existential challenges – to protect their land and to preserve their identity in the Northern and Eastern Provinces against rampant militarization and state sponsored initiatives aimed at altering regional demography. It is feared a new constitution under preparation could further weaken the status of the Tamil people, especially by abolishing or weakening the Provincial Councils – the only constitutional power devolution arrangement Tamil people achieved with direct Indian involvement.

It is in such a dire situation that we are looking for guidance and support from India and Tamil Nadu.

Tamil people in Sri Lanka aspire for a degree of self-rule in the areas of their historic habitation (the North-East) and believe this empowerment is fundamental for their equal citizenship in Sri Lanka and to protect their unique identity in the island – a position that always resonated with Tamil Nadu and Indian thinking and policy positions.

India has significant leverage over Sri Lanka and has repeatedly called upon Sri Lanka to address the legitimate aspirations of the Tamil people for equality, justice, peace, dignity, and meaningful political devolution. India has emphasized on many occasions, including during the March 2021 UNHRC sessions, about its two-pillar policy of supporting Sri Lanka’s unity and territorial integrity, and its commitment to Tamils’ aspirations, and that these were not mutually exclusive choices.

Tamil Nadu has always been critical in setting Indian policies towards Sri Lanka, and it is in this context that a path setting and pragmatic approach adopted by Chief Minister Stalin will give us enormous comfort.  A continued focus on this issue at this critical time is crucial for the long-term peace and prosperity of the Tamil people in Sri Lanka. It is also intrinsically linked with the interests of Tamils on both sides of the Palk Strait, and the greater India.

The TNA and the GTF, as organisations that have always adopted a sensible, pragmatic, and consensus building approach to settle the Tamil national question in Sri Lanka, look forward to establishing direct engagements with the Tamil Nadu government and to further strengthen the engagement with the Government of India.

No confidence in Government or Attorney General’s Department: Cardinal

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There is no confidence in the government or the Attorney General’s Department, said the Archbishop of Colombo His Eminence Malcolm Cardinal Ranjith, speaking to the launching of “Thitha,” a book complied by the National Catholic Mass Communication Commission after reviewing all commission reports related to the Easter Sunday Massacre, today (19).

“It can be clearly stated that not a single promise made by this government has been fulfilled. The State leaders and senior intelligence officials as well as senior police officers who were well aware of the issue and did nothing to prevent it have so far been protected. We have a feeling that one day we may have to wait for this justice to be served by a government that will come to power without our presence or the presence of the leaders of this government. It is now clear that we have no confidence in the current Government or the current Attorney General’s Department,” the Cardinal said.

He added: “This government and this Attorney General have hidden the evidence revealed by the Presidential Commission. There are letters asking for those volumes. We have told them to inform us about them. Requests have been made. However, without considering those requests, both the previous and the present government have taken measures to conceal evidence. What is happening now is that justice is not being served completely due to the misconduct of the Attorney General and the Attorney General’s Department. We are really sorry about that. The current regime has made the enforcement of law a complete joke. I blame them directly for that.”

MIAP

Non-debt inflows the key factor to being economically stable: CBSL Chief

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While the Stock Market of Sri Lanka is one of the best performing markets of this year, all of the country’s bond-auctions have fully been subscribed and the interest rates are moderated, said Governor of the Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal yesterday (18) commenting on the investor confidence as opposed to the International Monetary Fund (IMF) approach suggested by many parties amidst the ongoing economic crisis.

Speaking to “Bloomberg Markets: Asia,” the CBSL Governor discussed the country’s efforts to avoid a debt default, the outlook for the economy and monetary policy. Most holders of the country’s development bonds maturing in February have agreed to re-invest after being repaid, Cabraal revealed.

Looking at Sri Lanka’s Gross Domestic Product (GDP), Tourism and general conditions of the Banking Sector, they are in good shape promising investor confidence catering to a fairly stable economic condition in the country, the CBSL Chief emphasised.

Nevertheless, Sri Lanka will be having certain changes in economy, particularly in the fuel prices, he added.

Non-debt inflows would be the key to stabilise economy, particularly on the securitisation of Sri Lanka’s remittances, and the sale of certain underutilised assets, which are now on track, Cabraal pointed out.

Sri Lanka’s foreign exchange reserves fell 25% last month, after repaying a $500 million bond on Jan. 18 that helped ease worries of an immediate default. Since the CBSL’s roadmap was announced, Sri Lanka’s overall reserves have been buttressed by several swap arrangements between foreign states like India, China and Bangladesh and those have been helpful in dealing with the current situation, he noted.

No power cuts today, but interruptions may occur: PUCSL

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There will be no power cuts today (19), said Chairman of the Public Utilities Commission of Sri Lanka (PUCSL) Janaka Ratnayake.

The Sapugaskanda Power Plant, which turned inactive yesterday due to running out of fuel oil, has been restored into the national grid and the Ceylon Electricity Board (CEB) is receiving the required amount of fuel at the moment, Ratnayake revealed, pointing out that a power cut, therefore, will not be necessary today.

Nevertheless, power might drop in between 2 pm and 6 pm today in restoration of the grid system, the PUCSL Chairman added.

MIAP