The National Economic Commission appointed by President Gotabaya Rajapaksa comprised of 16 leading business leaders and economists has tendered five recommendations for immediate implementation to troubleshoot the prevailing economic crisis in the country.

• Immediate appointment of a Technical Committee consisting of officials representing the Central Bank of Sri Lanka and the Treasury to propose international financial assistance.
• Immediate appointment of a financial advisor and a legal advisor.
• The Technical Committee should expeditiously come up with a restructuring initiative to propose international financial assistance.
• An expert team to assist the Finance Minister should be identified.
• Building trust should be focused by avoiding supply barriers.

The Commission further recommended that short and long term measures be taken to strengthen financing to stabilise the economy and steer it in the right direction.

Sri Lanka too is experiencing the repercussions of the impact on the economies of many countries around the world and among them is the forex crisis at the forefront. It is the Commission’s observation that the prevailing economic meltdown be avoided in the short term by properly managing the challenges faced.

Sri Lanka has sought a debt facility of US$ 2.5 billion from China in a measure to overcome the prevailing economic crisis befallen it. This has been confirmed by the Chinese Ambassador to Sri Lanka.

The debt facility is sought in two portions of US$ 01 billion and US$ 1.5 billion.

Speaking to media in Colombo today (21), Chinese Ambassador Qi stated that the Chinese government is considering the request made by its Sri Lankan counterpart. The debt facility sought by Sri Lanka may likely to be approved by the Chinese government, he added.

The Chinese government will extend its fullest support to Sri Lanka in overcoming the current crisis and will never take advantage of the situation, the Chinese Ambassador emphasised, recalling the island nation’s assistance provided during the serious crises faced by China nearly 70 years ago and adding that it will never be forgotten for the two states are and always will be close friends.

Since 2020, China has provided a total debt of US$ 2.8 billion. Ambassador Qi went on saying that the projects undertaken in the island have generated more than 11,000 job opportunities.

The Chinese Ambassador went on saying that about US$ 1.05 billion has been invested in the Colombo Port City currently operational and in addition 43 companies have expressed their interest in investing in the proposed Hambantota Industrial Zone, leading to another huge generation of job opportunities.

MIAP

Saudi Aramco in Saudi Arabia stated it will boost spending on oil production to meet rising energy demand.

The world’s biggest oil exporter said years of under-investment in the oil industry was threatening global energy security even as the company cashed in on rising prices, reporting its highest annual earnings since an initial public offering in 2019.

Many countries cut of oil imports from Russia due to the invasion in Ukraine and have called for increased oil production in the Middle East. In response, Saudi Aramco has decided to increase its supply.

Net income of Saudi Aramco has more than doubled in 2021 to $110bn, the company revealed on Sunday, and the oil group maintained its full-year cash dividend — one of the biggest in the world — at $75bn, according to Financial Times.

The price of crude oil in the global market had skyrocketed in recent days due to the stocks being rejected from Russia amid the Ukraine crisis, but the numbers have dropped to a certain level later.

Being the world’s top crude oil producer, Saudi Arabia can have a significant influence on the global crude oil market. Should such an influence be made, the crude oil prices may further drop in the near future via increased production.

MIAP

A senior citizen has reportedly died at a queue near a fuel station in Mirigama. He has fallen unconscious at the queue after which his death was revealed.

The victim, 76 and a resident of Mirigama, was waiting at the queue with cans on his hand to collect fuel and has fallen upon his return. He was admitted to the Mirigama Hospital.

Earlier, two similar deaths were reported at fuel stations in Kadawatha yesterday and in Yatinuwara the day before. Accordingly, three persons total have died on their way to collect fuel amid the crisis.

MIAP

Commercial banks today (21) have declared the value of Sri Lankan Rupee to be Rs. 285 against the US Dollar.

The depreciation of the Sri Lankan Rupee marks a record-breaking fall. Several leading commercial banks in the island declared the sell price of the US Dollar as Rs. 285 and other state banks and commercial banks as Rs. 280.

MIAP

The retired medical officer arrested and remanded over the hand grenade discovered at the All Saints Church Borella has been released on bail.

This was when the bail application seeking the retired medical officer’s release lodged before the Colombo High Court was taken up today.

Accordingly, the suspect has been released on a surety of Rs. 2.5 million, as per the order of Colombo High Court Judge Manjula Thilakaratne.

Other suspects arrested in connection with the event will further be remanded till March 29.

MIAP

The Police have arrested a suspect in connection with the murder committed at a fuel station in Horagolla, Nittambuwa.

The victim was attacked with a sharp weapon during a clash occurred at a queue near the fuel shed.

The suspect, 37, is a three wheeler driver and a resident of Hamuradeniya, Nittambuwa, Police said. The arrest was made this (21) morning.

A packet of drugs believed to be ‘ice’ has been recovered from the suspect’s possession. The Police believe that the suspect may have been under the influence of drugs at the time during which the murder was committed.

Previous report: Clash at fuel shed kills man