All restaurant food prices including that of rice packets will soar effective from this (26) morning, said All Ceylon Restaurant Owners Association said.
Accordingly, all prices will increase by 10 per cent.
MIAP
Discussion between Opposition Leader and GMOA (PHOTOS)
A special discussion was held between the Government Medical Officers’ Association (GMOA) and Leader of the Opposition Sajith Premadasa at the Opposition Leader’s Office yesterday (25).
The discussion paid attention on a number of problems currently facing the health sector and its staff, as well as the citizens of the country.
Attention was also drawn to the health workers who are serving the people in a friendly, dignified and vital manner and the role of the government to provide the necessary support for their duties.
Tanker Truck Owners Association urges people not to queue up for fuel
Queuing up for fuel would be no longer useful, said the Ceylon Petroleum Tanker Truck Owners Association.
Union Secretary D.V. Shantha revealed that the tanker trucks carrying fuel dispatched from the Ceylon Petroleum Corporation (CEYPETCO) will not be transported till tomorrow (27) noon.
MIAP
High level US delegation visits Sri Lanka today
A high-level delegation representing the U.S. Department of the Treasury and the U.S. Department of State will visit Sri Lanka from June 26- 29, the U.S.Embassy in Colombo announced .
Members of the delegation include Deputy Assistant Secretary of Treasury for Asia Robert Kaproth and Ambassador Kelly Keiderling, who is also the Deputy Assistant Secretary of State for South and Central Asia.
The visitors will meet with a wide range of political representatives, economists, and international organizations, the embassy said in a statement.
In all their meetings, they will explore the most effective ways for the U.S. to support Sri Lankans in need, Sri Lankans working to resolve the current economic crisis, and Sri Lankans planning for a sustainable and inclusive economy for the future, the U.S. Embassy said further in its statement.
“This visit underscores our ongoing commitment to the security and prosperity of the Sri Lankan people,” said U.S. Ambassador to Sri Lanka, Julie Chung. “As Sri Lankans endure some of the greatest economic challenges in their history, our efforts to support economic growth and strengthen democratic institutions have never been more critical.”
Over the past two weeks, the U.S. has announced $120 million in new financing for Sri Lankan small and medium-sized businesses, a $27 million contribution to Sri Lanka’s dairy industry and $5.75 million in humanitarian assistance to help those hit hardest by the economic crisis.
The United States also committed $6 million in new grants to provide livelihood assistance to vulnerable populations, and technical assistance on financial reform that will help stabilize the economy.
In the coming months, the U.S. will continue to support Sri Lankans as they revive their economy, combat food insecurity, and promote public health and education.
The United States also strongly supports Sri Lanka’s decision to seek assistance from the International Monetary Fund, which can provide the most durable resolution to the present crisis, the statement added.
Sri Lanka issues first-ever ‘Golden Paradise’ long-term visa to a Chinese investor
The Department of Immigration and Emigration has issued the first-ever ‘Golden Paradise Visa’ to Chai Yin Man from China for five years.
Man, is the Director of Baili Investments Lanka Ltd., a Board of Investment (BOI) approved Chinese company working on a 1,200-unit luxury apartment complex project in Rajagiriya with an investment of $ 60 million (over Rs. 22 billion).
The long-term residence visa issuance initiative was introduced last month in a bid to attract foreign inflows and boost foreign direct investments (FDIs) on a proposal made by newly appointed Investment promotion Minister Dhammika Perera before his appointment to this post.
Golden Paradise Visa scheme enables the issuance of residence visas for 10 years for foreigners who deposit a minimum of $ 100,000 in a commercial bank recognised by the Central Bank of Sri Lanka. The foreigners are eligible to withdraw $ 50,000 after the first year but should maintain a minimum balance of $ 50,000 for the rest of the granted timeline.
“A long-term resident visa program dedicated to investors to enjoy the benefit of the paradise island while contributing and reaping the rewards of the booming economy. Investors and their families will enjoy the lasting benefits of this visa program,” the Department said on its official website.
On 25 April, the Cabinet of Ministers gave its nod to issue five to 10-year residence visas for foreigners and directors, their spouses, and their dependents of foreign companies who invest a minimum of $ 75,000 or above in condominium properties in Sri Lanka. The proposal was tabled by President Gotabaya Rajapaksa in his capacity as the Defence Minister.
The move was to further simplify the issuance of a residence visa for foreign investors under the new methodology, which was endorsed by the Cabinet of Ministers on 7 March.
Cash-strapped Sri Lanka has announced it would sell long-term visas to attract desperately needed foreign currency, says a report, as the island nation runs out of dollar so pay for food and fuel.
Foreigners who deposit a minimum of $100,000 locally will be granted permission to live and work in Sri Lanka for 10 years under the Golden Paradise Visa Programme, the government said.
The money should be locked in a local bank account for the duration of the stay, the government said in a statement.
The government also approved the granting of five-year visas to any foreigner spending a minimum of $75,000 to buy an apartment on the island.
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Sri Lanka Trade Development Council demands Govt. to save SMEs
Lanka Trade Development Council (SLTDC) recently demanded immediate action from the Government to protect the small and medium enterprises (SMEs) with a plan to Cabinet paper, warning they would otherwise bring all engaged in the sector to the streets.
The SME sector has been the worst hit by back-to-back blows since 2019, and the economic crisis has worsened the situation with most unable to operate their businesses or on the verge of bankruptcy.
The key demands of SLTDC include; immediately extending a financial relief package to all SMEs for one year whilst suspending all recovery actions, supporting the SME sector to convert businesses to export-oriented companies by providing special credit facilities and tax reliefs.
“SMEs are the live wire of the economy that helps to at least maintain it in this dire straits. We have been the worst hit with triple blows since 2019. Yet, the resilient SMEs managed to continue despite internal and external challenges.
But now, we have exhausted ourselves with no support whatsoever from the authorities. Hence, we submitted key proposals to the Government to implement immediately to protect the SMEs,” SLTDC Chairman Roshana Waduge said. .
He said the proposals were submitted to Prime Minister Ranil Wickremesinghe, Industries Minister Dr. Ramesh Pathirana, Trade Minister Nalin Fernando, Labour Minister Manusha Nanayakkara, and Justice Minister Wijeyadasa Rajapakshe requesting to table as a Cabinet paper.
“We strongly believe that the Central Bank could have been more proactive in supporting the SMEs, but they have kept mum about it. Therefore, we made the request to the Government and hope they will take immediate steps to put forward a Cabinet paper next Monday before the sector collapses,” he added.
Waduge said it was sad that the gravity of the economic crisis and the urgency to protect local businesses has still not been comprehended by the political authorities.
“In other countries, SMEs are the first to be taken care of as they represent the backbone of an economy. However, in Sri Lanka, the banking and financial sector is killing the already crippled SME sector with recoveries and legal actions, while imposing high-interest rates of 30% on facilities obtained previously at low rates of 7-8% in an unfair manner.
“If the SMEs collapse, it will have an unimaginable adverse impact on the economy which will lead to an increase in unemployment, poverty, and scarcity of products and services,” he explained.
SMEs make up the largest part of the economy, accounting for 80% of all businesses whilst contributing to over 52% of GDP, and 45% of the total workforce accounting for 4.6 million employees engaged in the sector.
SLTDC Vice Chairman Indika Sampath Merenchige said the ignorance by the Government will only lead to economic peril.
“If the political authorities ignore our appeal to protect the backbone of the economy, we assure to take the lead for the next phase of people’s struggle by taking the baton from them. It will mean 4.6 million people in SMEs taking to the streets,” he warned.
Merenchige said the urgency today is a complete system change and not just the 21st Amendment to the Constitution. “We need consistent national policies to ensure economic development, stability, and sustainability,” he pointed out.
He claimed that President Gotabaya Rajapaksa did not appoint representatives from the SME sector for his Economic Council Advisers, adding that all are chosen from large-scale companies.
“They should at least appoint a steering committee with SME participation to protect the local entrepreneurs,” he said.
Merenchige also requested the SMEs not to act like cowards when they know they are being maltreated.
SLTDC Vice Chairman Ajantha Nallapperuma claimed the Government had no plan to protect local industries or SMEs.
“The difficulties people face today have just scratched the surface of the deeper economic crisis. If no immediate actions are not taken now, no one will be able to survive the economic blow within a month or two. Unfortunately, the 225 MPs and senior Government officials responsible are not understanding the gravity of the crisis seriously,” he added.
Winner of money-printing competition: Rs. 40 billion printed last week!
The Central Bank of Sri Lanka (CBSL) last week has printed treasury bills amounting to Rs. 40 billion, in the backdrop where the CBSL Governor Nandalal Weerasinghe himself has repeatedly promised that the country’s money navigator is functioning autonomously.
Since his appointment, Weerasinghe proceeded the printing of treasury bills amounting to Rs. 365 billion within 80 days, estimatedly Rs. 4.45 billion per day, a figure two times greater than those of his two predecessors.
MIAP
Sri Lanka seeks US$ 300 million credit line from Russia with love
Sri Lanka is turning to Russia for overcoming the grave fuel crisis while renewing the bilateral ties at a time where the country has been depending on US , India, China, Japan and even Bangladesh credit lines.
Russia has received an appeal from Sri Lanka for help in overcoming the energy crisis raging in the country and is now considering the next steps to provide assistance, the Russian Foreign Ministry said on Thursday.
Last Thursday, Sri Lankan Energy Minister Kanchana Wijesekera told reporters that Colombo is counting on Moscow to help overcome the energy crisis and acute shortage of energy resources by receiving Russian oil supplies.
“We can confirm that such appeals have indeed been received by the Government of the Russian Federation and the Russian Embassy in Sri Lanka,” the ministry told Sputnik.
The ministry added that the question of how Moscow can help Colombo is still under consideration and that it is too early to talk about concrete steps
Russia has already purchased 90000 MT Russian crude oil shipment through a private procurement deal by paying US $ 72 million to run the Sapugaskanda oil refinery recently and the stock is now exhausted compelling the authorities shout down the refinery.
Sri Lanka’s prime minister Ranil Wickremasinghe said he may be compelled to buy more oil from Russia as he hunts desperately for fuel to keep the country running amid a dire economic crisis
The Sri Lankan envoy in Moscow, Prof. Janitha Liyanage yesterday said that Sri Lanka has sought a US$ 300 million Credit Line from Russia to purchase crude oil, gas and coal.
“We have made a request to the Russian Government through the Sri Lankan Foreign Minister to have a credit line to purchase crude oil, gas and coal from Russia”, she said, adding that the Ambassador said that Russia had earlier offered a US$ 500 million credit line to the country.
An intergovernmental agreement between the two countries on cooperation and mutual assistance in customs matters is being prepared for signing.
The intergovernmental commission noted the prospects for cooperation on the peaceful use of nuclear energy, including the construction of nuclear power plants, as well as the use of nuclear technology in medicine and agriculture.
In the interest of ensuring the energy security of the island, Russia also intends to increase the supply of coal and petroleum products, and cooperation in the hydropower industry is also planned in the future.
There is potential in the civil aviation, construction, chemical and pharmaceutical industries,diplomatic sources said.
US special delegation arrives in SL. Discussions with many parties ready
A high-level US special delegation has arrived in Sri Lanka to explore the most effective ways to assist Sri Lanka in its crisis.
The delegation representing the US State Department and the US Treasury Department has arrived in Sri Lanka this (26) morning on a special flight. Among the delegates are US Deputy Assistant Secretary of the Treasury for Asia Robert Caprott and Deputy Assistant Secretary of State for South and Central Asia Kelly Keiderlin, reports said.
The delegation is expected to stay in the island till July 29 and is set to visit political representatives, economic experts and representatives of international organisations.
MIAP
The country can be built only by a free and independent people’s struggle: Opposition Leader (VIDEO)
The Pohottu-led government has driven the country into a tragic situation making it a one big refugee camp due to their short-sighted, superstitious journey, said Leader of the Opposition Sajith Premadasa, addressing the occasion of appointing District Representatives of the Samagi Jana Balawegaya’s National Council of Intellectuals yesterday (25).
The only option to come out of this situation is a democratic, free and independent people’s struggle, the Opposition Leader noted.
Instead of understanding the actual situation of the country and changing their programme into a people-friendly one, the current rulers of the country have appointed a gatekeeper paving the way for them to enjoy their luxuries for the remaining two years via politics influenced by myths, Premadasa alleged.
There is no use of a government that fails to fulfill the promises made to people and protect them, the Opposition Leader went on, adding that the rulers prioritise the growth of their own dollar deposits instead of the dollar deposits of the country.
He added that a huge sum of money has been defrauded through gas in the second phase of the Central Bank Scam, and the information divulged before the Committee on Public Enterprises (CoPE) have been concealed from the public.
Premadasa emphasised that an era of exploitation of even medicines and gas has now been created and that there are gatekeepers defending the Rajapaksas and opportunists working for narrow interests who are rejected by the entire country.
MIAP