Today (23) the selling price of a US dollar in some commercial banks has risen to 292 – 299 rupees.
SL inflation increases to 17. 5 percent in February
Headline inflation shot up to 17.5% in February up from 16.8% in January, as the National Consumer Price Index (NCPI) went past the Colombo Consumer Price Index (CCPI) which showed inflation at 15.8% for the same month.
Listing contributions to the current inflation rate, the latest release from the Department of Census and Statistics found year-on-year food inflation at 24.7% in February, whilst the non-food group contribution was 11%.
The CCPI measures inflation in urban areas of the Colombo District, whilst the NCPI is measured compiling prices collected from all nine provinces.
Accordingly, the NCPI now sitting higher than the CCPI is telling of the cost of living and price pressures weighing on average citizens around the island.
Core inflation, which reflects underlying inflation excluding volatile items of food, energy and transport increased to 14.1% in February this year, up from 12.9% in January.
Price increases of food items were reported once again for rice, Mysore dhal, milk powder, fresh fruits, coconuts, chilli powder, wheat flour, red onions, coconut oil, fresh fish, dried fish, dried chilies, chicken, curry powder, bread, sugar, and infant milk powder.
Reductions were recorded in index values for vegetables, eggs, limes, green chilies, big onions and potatoes, the Department of Census and Statistics said.
The increases in index values of non-food groups in February over the previous month was mainly due to price increases in items such as alcoholic beverages, tobacco and betel leaves, clothing and footwear, housing, water, electricity, gas and firewood, furnishing, household equipment and maintenance, transport costs, recreation and culture, restaurants and hotels and miscellaneous goods and services.
The price indices for health, communication and education remained unchanged during the month
Would an international bailout save Sri Lanka’s economy?
International rating agencies warn the island nation is on the verge of defaulting on its debt.
Sri Lanka is facing its worst economic crisis since independence in 1948.
International rating agencies have warned that the island nation is on the verge of defaulting on its debt.
Its usable foreign currency reserves have plunged below $1bn, limiting Sri Lanka’s ability to repay loans.
Traders can’t access dollars to buy imports.
So what does this all mean for Sri Lankans?
Presenter: Adrian Finighan
Guests:
Nishan de Mel – Executive director and head of research at Verite Research
Jabin Jacob – Associate professor at the Department of International Relations and Governance Studies at Shiv Nadar University
Bhavani Fonseka – Senior researcher and attorney at law with the Centre for Policy Alternatives
The first step to a national government: All party conference to be held today!
The All-Party Conference convened by President Gotabhaya Rajapaksa is scheduled to be held today (23).
It is being held at the Presidential Secretariat and is aimed at consulting all parties to find a solution to the current economic crisis.
However, the main opposition is Samagi Jana Balawega and its affiliates, as well as the Janatha Vimukthi Peramuna (JVP) and the Janthika Jana Balwegaya (JNP) have stated that they will boycott the Conference.
Although Wimal Weerawansa and Udaya Gammanpila’s government coalition parties have criticized the convention, two or three of them have decided to attend.
It is noteworthy that the TNA has decided to participate in the conference while the main opposition political parties in the South are boycotting the conference. Political analysts point out that the decision of the Tamil National Alliance (TNA) to attend the summit, which has been out of politics in the South for decades, is a positive sign for the country’s future politics.
Meanwhile, UNP leader Ranil Wickremesinghe has also stated that he will definitely attend the conference.
Lanka News Web has made several revelations in the past about a forthcoming national government and the establishment of a mechanism such as an interim government will be a top priority if the proposals and agreements of the All-Party Conference are to be implemented in the same manner. As we mentioned there, while the main sections of the opposition are avoiding this, it shows that the UNP and the TNA have already come forward for a national consensus.
None of the Rajapaksas called me and thanked me after I retired – P.B. Jayasundara
As soon as Gotabhaya Rajapaksa became President in November 2019, he appointed P.B. Jayasundara as the Secretary to the President.
He was also the Secretary to the Ministry of Finance for some time and was already a controversial figure in the country.
However, two years later, P.B. Jayasundera resigned due to various problems and finally retired from his post in January.
Jayasundara, who was a regular news creator in the media until then, has been forgotten by everyone since then.
Meanwhile, shortly after his retirement, a top government official had met him and it was reported that he had told a wonderful story.
“I have worked for the Rajapaksas for most of my 40 years of service. But after I retired, neither of them gave me a call and thanked me – no one spoke to me, ”he had told the officer in frustration.
A special meeting of the ruling party – Basil explains the solution to the crisis (VIDEO)
A special meeting of the ruling party parliamentary group was held under the patronage of President Gotabhaya Rajapaksa last night (22).
MP Sanjeewa Edirimanne stated that the Minister of Finance Basil Rajapaksa made a specific statement regarding the program to resolve the current economic crisis in the country.
He said that the Minister of Finance had given a very clear step-by-step explanation regarding the program, adding that the current shortage of essential commodities, the problem of queues and the problem of power cuts would definitely be resolved in the future.
Minister of State Shehan Semasinghe stated that an agreement was reached to work together as the ruling party to resolve the issues of the people.
They made these comments while answering questions raised by journalists on their way out of the special meeting.
Lasantha Alagiyawanna says he will intervene to supply gas to the market after next Monday
State Minister of Consumer Protection Lasantha Alagiyawanna says that he will intervene to supply gas to the market after next Monday (27).
“Do not worry about running out of gas in the next three or four months. After Monday, we will continue to work with the relevant government agencies to ensure that gas cylinders continue to be supplied to the market.”
Question: As the Minister in charge of the subject, you came only today to look into this issue. Did the President blame you?
“No. I was not blamed or told to do anything. We must humbly admit that such a situation in history has not happened to the people due to the shortage of gas. ”
Minister of State Lasantha Alagiyawanna addressing the media after an inspection tour of the Kerawalapitiya Litro Gas Yard yesterday (22).
The government is trying to bring the MCC Agreement back – Wimal
Parliamentarian Wimal Weerawansa says that the present government is preparing to bring back the American MCC agreement in another way and that this government formed by him and the progressive and benevolent people is being bankrupted by an American today.
“Today members of the Pohottu party in the government are resigning from their posts against the current power-greed and against the pro-American colonization of this country. So we hope to take very strong action in the future. The situation in the country is deplorable. Today this country has been dragged into a state of extreme instability without leadership. We discussed the steps to be taken to change that situation”
Q: Several embassies have been closed due to the dollar issue?
“Now the government is saying that there will be power cuts, gas shortages and all those queues will disappear after next week. If anyone thinks that they can solve this problem by bringing in some money from India, it will not happen. By next year, the problem will be even more serious. What should be done is not what’s happening here. Cabinet approval comes only after three agreements are signed. Next, they are trying to give a large amount of state property in this country to foreigners. Also, several people, including a key representative of the US State Department, are coming to Sri Lanka to restart MCC in a different way. This is a government formed by the progressive and benevolent people of this country, and today an ugly American is dragging it in that direction. That should not be allowed. The country has to go bankrupt economically to be dragged into it.”
MP Wimal Weerawansa stated this while expressing his views to the media after a meeting of the government’s small party alliance held yesterday (22).
CEAT breaks new ground with locally made high-performance 17-inch tyre
CEAT Kelani Holdings has taken its radial tyre manufacture to a new paradigm with the launch of the first of a range of high-performance 17-inch tyres for medium-sized SUVs like the Honda Vezel, a popular vehicle on Sri Lankan roads.
Designed, engineered and built for Sri Lankan conditions at the CEAT Kelani manufacturing complex in Kelaniya, the CEAT Secura Drive SUV 215/55 R17 tyre takes Sri Lanka’s highest-selling tyre brand up the value chain and responds to the national effort to conserve foreign exchange by providing a locally-manufactured product that matches leading international brands.
Designed for better grip, precise steering control, wet handling and enhanced drive comfort, the new tyre is the first 17-inch tyre to be manufactured in Sri Lanka by CEAT, and is benchmarked against the 17-inch tyres sourced from CEAT India and introduced to the market in 2017, the Company said.
“Two decades of knowledge of local conditions and driver expectations and the vast technological expertise of CEAT India are represented in this new radial tyre which will be the first of many locally-manufactured variants and sizes for SUVs and larger European and Japanese cars,” CEAT Kelani Managing Director Mr Ravi Dadlani said
The new tyre has connected shoulder blocks, high block stiffness patterns and draws from low-strain cavity technology and high-pressure resin technology-based new cap compounding that provide cornering stability and grip. Its straight centre rib with z-stroke sipes, fine-edged sipes with variable depth and high-pressure tread base compound combine to deliver fluid manoeuvrability.
CEAT Secura Drive SUV is resistant to aquaplaning, thanks to its fluidic sipe design, super-blended high performance-silane technology, 3D groove-wall technology and straight circumferential groove channels with long and narrow shoulder grooves, the Company said.
The tyre’s variable block stiffness in the shoulder and intermediate ribs, broad tread contact, easy flex cavity design and Dura-Core Cap-strip technology construction for better impact absorption ensure a comfortable drive.
The tyre’s CACTUS algorithm used for tread pitch design and long and narrow grooves result in reduced in-cabin noise. Additionally, the sidewall and tread pattern complement the looks of the vehicles the tyres are fitted to.
The manufacturer of half of the country’s pneumatic tyre requirements, CEAT Kelani Holdings is considered one of the most successful India – Sri Lanka joint ventures.
The joint venture’s cumulative investment in Sri Lanka to date exceeds Rs 8 billion, and another Rs 3.2 billion has been committed in 2022 for expansion of volumes, technology upgrades and new product development.
The company’s manufacturing operations in Sri Lanka encompass tyres in the radial (passenger cars, vans and SUVs), commercial (nylon and radial), motorcycle, three-wheeler and agricultural vehicle segments.
Sri Lanka to enter into maritime security agreement with India
In a farsighted move to secure its strategic interests in the Southern Indian Ocean region amid China’s growing inroads, the Indian Government is to enter into a maritime security agreement with Sri Lanka that will strengthen India’s interests, particularly around the eastern Trincomalee harbor, informed sources said. .
This mechanism includes the supply of Donier surveillance aircraft for the Sri Lanka Air Force, a ship repair dock for the Sri Lanka Navy in Trincomalee.
It has been suggested to post a Sri Lankan Navy officer at the Intelligence Fu Fusion Centre, a Bahrain-based intelligence sharing office which is a US Navy initiative to combat international terrorism, the narcotics trade and ensure safe maritime passage for commercial vessels in the region,
The two sides are close to finalising three defence-related agreements and arrangements that will bolster the capabilities of Sri Lanka’s armed forces and boost cooperation for maritime security, Indian media reports revealed.
“In addition to agreements for the purchase of two Dornier aircraft and the acquisition of a 4,000-tonne naval floating dock by Sri Lanka, Colombo has agreed to post a naval liaison officer at the Indian Navy’s Information Fusion Centre-Indian Ocean Region (IFC-IOR) in Gurugram, a senior official familiar with the matter said.
“The centre tracks merchant shipping and monitors threats such as maritime terrorism and piracy in regional waters.
The Sri Lankan liaison officer will join counterparts from 10 of India’s partner nations, including Australia, France, Japan, the Maldives, Singapore, the UK and the US.
“The naval floating dock is a facility equipped with automated systems for the quality and swift repairs of warships.
Such docks have the capability to lift large ships such as frigates and destroyers, and are designed to be berthed alongside a jetty or moored in calm waters to carry out planned or emergency repairs of ships.
The people cited above said another potential area for defence cooperation is the expansion of training for Sri Lankan military personnel in Indian facilities and institutions.
Along with the erstwhile Afghan national security forces, Sri Lanka has been one of the biggest beneficiaries of military training programmes offered by India.
Meanwhile the Cabinet of Ministers has given the go-ahead to establish a Maritime Rescue Coordination Centre in Sri Lanka with a grant of USD 6 million from India.
In a statement, the government said India has agreed to provide the required financial assistance for this Maritime Rescue Coordination Centre.
The relevant proposal was tabled by President Gotabaya in his capacity as the Minister of Defence.
Thereby, a Memorandum of Understanding (MoU) with the government of India and an agreement with Bharath Electronics of India will be signed for the establishment of the said centre.
Bharat Electronics Limited is an Indian government-owned aerospace and defence electronics company, which primarily manufactures advanced electronic products for ground and aerospace application.