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US Under Secretary for Political Affairs to visit Sri Lanka soon 

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US Under Secretary for Political Affairs to visit Sri Lanka soon 

The US Under Secretary for Political Affairs Victoria Nuland will travel March 19-23 to Bangladesh, India, and Sri Lanka with an inter agency delegation to underscore U.S. commitment to, and cooperation with, Indo-Pacific partners , US State Department,announced  

Accordingly, Under Secretary Nuland will hold Partnership Dialogues in Bangladesh and Sri Lanka and Foreign Office Consultations in New Delhi. 

On each stop, Under Secretary Nuland and the delegation will meet with civil society and business leaders to strengthen economic partnerships and deepen ties in the pursuit of peace, prosperity, and security in the Indo-Pacific region.

Other senior members of the delegation include Assistant Secretary for South and Central Asian Affairs Donald Lu and Deputy Under Secretary of Defense for Policy Amanda Dory.

ADB steps into assist Sri Lanka amidst forex crisis

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ADB steps into assist Sri Lanka amidst forex crisis

The Asian Development Bank (ADB) is ready to assist Sri Lanka in “relevant policy areas” to enhance foreign currency earnings, in particular tourism and trade and investment, according to ADB President Masatsugu Asakawa.

He also said some of the macroeconomic issues the government is facing particularly fiscal and balance of payment deficits are challenging and need to be addressed in due course.

“ADB sees 2022 as a year where the government would be able to lay the foundations of more robust growth, backed by efforts towards greater diversification of Sri Lanka’s production structure and exports and an investment climate conducive for both SMEs as well as large enterprises with close linkages to the global economy,” he said.

ADB has supported SL Covid-19 response efforts in 2021 with US $460 million in new assistance to procure 12 million doses of COVID-19 vaccines, strengthen health care services in some underserved provinces, and improve rural road connectivity to boost access to jobs, incomes, and social services.

Complementing this sovereign assistance, ADB’s private sector window committed an equity investment of up to $80 million in John Keells Holdings PLC to boost the country’s food value chain and promote economic growth and job creation.

Sri Lanka is also very active in ADB’s Trade and Supply Chain Finance Program, which fills market gaps by providing guarantees and loans through partner banks in support of trade.

In 2021, along with financing 6 per cent of Sri Lanka’s import, this programme supported the import of $160 million worth of COVID-19 vaccines.

Our 2021 disbursements totaled $684 million. These funds supported ongoing projects in hydro, solar, and wind power generation; rural connectivity; building small and medium-sized enterprises (SMEs); education; irrigation; and primary health care, including for the COVID-19 response.

ADB’s priorities for this year include further support for rural connectivity, building vocational skills, and projects in water supply, renewable energy, and SMEs. Before the pandemic, ADB’s annual lending commitment was around $800 million.

More broadly, ADB will continue to support the country’s evolving development needs. It is now developing a new country partnership strategy for Sri Lanka, which will guide our programme from 2023 to 2027. We intend to focus on three priority areas.

First is sound macroeconomic management and private sector development as the basis of rapid and inclusive economic transformation.

Second is to promote balanced, green, and resilient rural–urban development. And third, is to enhance human capital. Across our work, ADB will continue to address broader issues such as climate change, gender equality, digitization, governance, capacity development, and regional cooperation and integration.

During the past two years just over $650 million was mobilised or repurposed from ongoing projects to support the government’s health, education, economic, and SME response.

ADB support started immediately after the onset of pandemic, with the provision of $4 million to procure medical supplies and materials to increase screening and testing capacity across the country.

He noted that ADB is very grateful for Sri Lanka’s offer to host the 55th Annual Meeting of the ADB Board of Governors this year.

In view of the ongoing challenges posed by COVID-19, the government and ADB have decided to hold this year’s annual meeting in two stages.

The first stage will comprise a virtual, reduced-scale meeting of the Board of Governors on May 5 to conduct several matters of official business required by the institution.

The second stage in September will include a series of seminars and knowledge sharing events under the theme “Positioning Climate Resilient Green Recovery for the Post-COVID-19 World.” These sessions will focus on ways to safely reopen and stimulate economies after COVID-19, while ensuring that future growth is both green and sustainable.

The programme will discuss tourism, digital transformation, blue economy and finance, gender equality and greening of the economy, including the region’s response to climate change, among others.

The landing cost along is Rs. 4462.25. Gas prices should be increased immediately – Litro Surakeeme National Unity

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The landing cost along is Rs. 4462.25. Gas prices should be increased immediately – Litro Surakeeme National Unity

Litro Surakeeme National Unity says that in order to save Litro Gas, immediate action must be taken to increase the price of a gas cylinder, otherwise, the company will have to be closed in the next three months.

“The international LPG price in February was $ 880 per metric ton. We have incurred a loss of Rs. 200 million from this ship alone when we unloaded the ship’s gas quantity which is currently being prepared for unloading based on the February price and delivered it to the customer at the current price. The amount of money we bore as a state-owned company for the people last year alone was 1100 crore. On this financial basis, this company will have to close down in the next three months. We are not talking about price increases. This must be managed ”

Q. We never borrowed cylinders. Now you are asking for a price increase to manage the issue, aren’t you?

“If the only way to manage this is to increase prices, we must do it.”

Q. How much more are you proposing to increase this time?

“We have to cost Rs. 4462.25 as the landing cost ”

Litro Surakeeme National Unity stated this addressing a media briefing held in Colombo yesterday (18).

Everything cannot be fulfilled at once. We need people’s support – PM

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Everything cannot be fulfilled at once. We need people’s support – PM

Prime Minister Mahinda Rajapaksa says that he has a good understanding of the problems of the people of the country and will take steps to solve them one by one.

“This is a time when the country is in a very difficult situation. On the one hand, we have to deal with the corona epidemic, I think we faced it very successfully. And we live in an age of other economic pressures. However, as a government we are ready to take it as the responsibility of the government to provide all possible relief to the people. Highways, electricity and water facilities need to be provided as it is really important for the development of a village or an area. Our objective is to develop one by one systematically. We have an understanding of your problems. Today the country is ruled by a group that has identified the needs of the people. It is not possible to do everything in one hour, one month or one year. But we are taking steps to do it one by one. We need to remind you that we need your support for that. ”

Prime Minister Mahinda Rajapaksa said this addressing a religious ceremony held in Kolonna.

Power Cuts scheduled for Today

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Power Cuts scheduled for Today

The Public Utilities Commission of Sri Lanka (PUCSL) says it has approved the Ceylon Electricity Board’s request for scheduled power cuts today (March 19).

Accordingly,

Groups PQRSTUVW:

1 hour and 30 minutes from 10 AM to 4 PM

30 minutes from 4 PM to 10 PM

Groups ABCDEFGHIJKL:

2 hours and 30 minutes from 8 AM to 6 PM

1 hour 15 minutes from 6 PM to 11 PM

Minister Namal promotes water sports in Maldives (VIDEO)

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Minister Namal promotes water sports in Maldives (VIDEO)

The Minister of Sports Namal Rajapaksa, who was on a visit to the Maldives, had participated in a water sports promotion program in the Maldives on the 17th.

He also attended the 2022 Sports Development Awards in the country and returned to Sri Lanka yesterday.

The country exists even in this manner because the present government came to power – Prasanna

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The country exists even in this manner because the present government came to power – Prasanna

Minister Prasanna Ranatunga says that the country exists in this manner because the present government came to power and if it had not been so, the country could have been completely destroyed.

“Today we have to pay for what the previous government did. However, as the President said, we will not give up when challenges arise, we will face these challenges and provide solutions to the problems of the people. This is nothing new to us. The Opposition behaved in the same manner during the war and is still doing so. So we do not blame it. We have shortcomings, there are mistakes. We will take action to rectify them ”

Minister Prasanna Ranatunga stated this while answering several questions raised by journalists yesterday (18).

Oman explores trade and investment avenues in Sri Lanka 

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Oman explores trade and investment avenues in Sri Lanka 

The first-ever visit of a 17 member high-level Omani business delegation to Sri Lanka from the Oman Chamber of Commerce and Industry (OCCI), organized by the Sri Lanka Embassy in Oman from 5 to 9 March 2022, has successfully concluded.

 The purpose of the visit was to explore opportunities available in trade and investment between Sri Lanka and the Sultanate of Oman and to establish business links between the private sectors of the two countries.

The high-level business delegation was led by the Chairman of the OCCI,Eng. Redha Bin Juma Al Saleh, who is the sole representative of the entire private sector of Oman. Ambassador of Sri Lanka to the Sultanate of Oman Ameer Ajwad received the delegation at the Bandaranaike International Airport (BIA) in Sri Lanka and accompanied the delegation on their visit.

The delegation paid a courtesy call on Prime Minister Mahinda Rajapaksa, briefed him on the progress made during their visit and expressed their keen interest in closer economic engagement with Sri Lanka. Governor of the Central Bank of Sri Lanka Ajith Nivard Gabral and Secretary to the Prime Minister AnuraDissanayake were also present during the meeting.

The delegation also had productive meetings with the Finance Minister Basil Rajapaksa, Trade Minister BandulaGunawardena, Labour Minister NimalSiripala de Silva together with State Minister of Foreign Employment Promotionand Market Diversification PriyankaraJayaratneas well as State Minister of Regional Cooperation Tharaka Balasuriya during the visit. 

A range of areas of mutual interest including promotion of trade, investment, tourism, employment opportunities were discussed. The Ambassador of the Sultanate of Oman to Sri Lanka Sheikh Juma Hamdan Al Shehhi also participated in the meetings

Members of the Omani delegation who represented Omani manpower recruitment agencies met with the Chairman of the Sri Lanka Bureau of Foreign Employment ( SLBFE) and discussed issues relating to Sri Lankan labour recruitment in Oman and agreed to increase employment opportunities under Government-regulated   arrangements.

One of the highlights of the visit was the Business Forum followed by B2B meetings held between the visiting Omani delegation and their Sri Lankan counterparts, organized by the National Chamber of Commerce of Sri Lanka (NCCSL ) at the Chamber Auditorium in Colombo. 

The Omani business delegation had a fruitful meeting with the Sri Lanka State Trading Corporation (STC) and discussed ways and means for trading between Sri Lanka’s State sector and Oman’s private sector. 

During the meeting with the Director General of Sri Lanka Tourism Development Authority (SLTDA), the Omani business delegation was briefed on different investment opportunities in the tourism sector in Sri Lanka and it was proposed to organize joint programmes for tourism promotion between the two countries.  

BOI Executive Director of Katunayake Export Processing Zone made a presentation to the visiting Omani business delegation on the BOI operations and opportunities available for investment in Sri Lanka.

The Omani business delegation also met with the President of Sri Lanka Association for Software and Services Companies (SLASSCOM) and explored opportunities for collaboration in the ICT & BPM sectors. 

The delegation also interacted with the Chairman of Securities and Exchange Commission of Sri Lanka and both sides exchanged information about doing business in both countries. The members of the delegation also met with the Chairman of the Coconut Research Board as well as representatives from the Sri Lanka Gem and Jewellry Association.

During the visit, the Omani delegation also undertook field visits to the factories of companies of popular Sri Lankan brands such Akbar Brother’s Tea Packing Centre, SMAK Food Processing Factory, Isabella Apparel Factory at Katunayake Free Trade Zone and Siddhalepa Ayurveda Hospital at Dehiwala -Mount Lavinia. The delegation also visited the Colombo Port City project, Sri Lanka’s new special economic zone reclaimed from the sea.

No strings attached to US$1 billion Indian loan : Finance Minister  

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No strings attached to US$1 billion Indian loan : Finance Minister  

No strings attached to US$1 billion Indian loan : Finance Minister  

India has not  imposed any  conditions for the US$ 1 billion loan given  to Sri Lanka  India, which will have to be paid back in installments after three years, Finance Minister Basil Rajapaksa disclosed.

The President is acting on a very prudent and a long-term plan, says Finance Minister Basil Rajapaksa on repaying the country’s loans after his entourage returned from India on Friday 18 . 

The Finance Minister returned to the country after signing agreements for a US $ 1 billion financial assistance from India. 

In addition to this $ 1 billion, India has already provided a $ 400 million loan, a $ 500 million loan to purchase petroleum and another $ 500 million via the Asian Clearing Union.

Accordingly, the value of loans and relief facilities provided by India to overcome the current economic crisis is about US $ 2.4 billion in total. 

The Minister of Finance, speaking to media stated that Sri Lanka’s neighbor India has proven that it stands by Sri Lanka with this action, especially with Prime Minister Modi mentioning that all the support that Sri Lanka needs is being provided directly, both economically and socially.

The Finance Minister said that Prime Minister Modi has learned of the organic farming and the interest shown by the President with regard to it, and although a shortage of nano fertilizer exists in India, they agreed to provide Sri Lanka with the required quantity.

Rajapaksa also stated that India gave Sri Lanka a loan of US $ 1 billion to purchase food and other necessities for the people, especially for the upcoming Sinhala Tanil New Year, and the relevant loan has been in operation since Thursady (17).

He urged all business communities to make it very transparent, giving priority to things which have so far been imported into this country by the Minister of Trade and giving it to the public at a reasonable price as soon as possible.

When inquired about the conditions of the loan, the Finance Minister mentioned that no conditions were underlined, however Sri Lanka will have to repay the loan back after three years in installments. 

Moreover, when asked whether the people’s problems will be solved with this credit line, the Finance Minister said that this is the reason as to why the people, people’s representatives and the business community must all come together and make an effort to solve current issues.

The Ministers and the officials in charge of the relevant subject should take action to provide the benefits of this credit line to the people, he added.

He also said that as it has been observed that the oil queues and the gas queues are not yet over, and it was clear that the people are undergoing hardships.

Therefore, although there was a delay in ordering certain commodities, the Ministers will order the goods quickly and as the Finance Minister, he will provide the necessary support.

India has not  imposed any  conditions for the US$ 1 billion loan given  to Sri Lanka  India, which will have to be paid back in installments after three years, Finance Minister Basil Rajapaksa disclosed.

The President is acting on a very prudent and a long-term plan, says Finance Minister Basil Rajapaksa on repaying the country’s loans after his entourage returned from India on Friday 18 . 

The Finance Minister returned to the country after signing agreements for a US $ 1 billion financial assistance from India. 

In addition to this $ 1 billion, India has already provided a $ 400 million loan, a $ 500 million loan to purchase petroleum and another $ 500 million via the Asian Clearing Union.

Accordingly, the value of loans and relief facilities provided by India to overcome the current economic crisis is about US $ 2.4 billion in total. 

The Minister of Finance, speaking to media stated that Sri Lanka’s neighbor India has proven that it stands by Sri Lanka with this action, especially with Prime Minister Modi mentioning that all the support that Sri Lanka needs is being provided directly, both economically and socially.

The Finance Minister said that Prime Minister Modi has learned of the organic farming and the interest shown by the President with regard to it, and although a shortage of nano fertilizer exists in India, they agreed to provide Sri Lanka with the required quantity.

Rajapaksa also stated that India gave Sri Lanka a loan of US $ 1 billion to purchase food and other necessities for the people, especially for the upcoming Sinhala Tanil New Year, and the relevant loan has been in operation since Thursady (17).

He urged all business communities to make it very transparent, giving priority to things which have so far been imported into this country by the Minister of Trade and giving it to the public at a reasonable price as soon as possible.

When inquired about the conditions of the loan, the Finance Minister mentioned that no conditions were underlined, however Sri Lanka will have to repay the loan back after three years in installments. 

Moreover, when asked whether the people’s problems will be solved with this credit line, the Finance Minister said that this is the reason as to why the people, people’s representatives and the business community must all come together and make an effort to solve current issues.

The Ministers and the officials in charge of the relevant subject should take action to provide the benefits of this credit line to the people, he added.

He also said that as it has been observed that the oil queues and the gas queues are not yet over, and it was clear that the people are undergoing hardships.

Therefore, although there was a delay in ordering certain commodities, the Ministers will order the goods quickly and as the Finance Minister, he will provide the necessary support.

Apparel buyers worried over Colombo’s economic woes

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Apparel buyers worried over Colombo’s economic woes

By Sunimalee Dias

Foreign apparel buyers visited Sri Lanka last week to assess the ground situation following the news of the economic crisis; clearly sending warning signs of a possible drop in future orders.

Two major buyers were in the country last week to understand the ground situation and whether they can continue operations here or would be compelled to shift their orders elsewhere, Joint Apparel Joint Apparel Association Forum (JAAF) Deputy Chairman and Omega Line Group Director Felix Fernando told the Business Times. Omega Line is an associate of one of the largest retailers in Europe, Calzedonia.

He pointed out that they have been giving their assurance from JAAF that they will be able to deliver the orders on time, however, “we can’t do it one hundred per cent.”

Mr. Fernando explained that at present although the impact on big industries are lesser, the small ones have a big impact due to electricity interruptions and diesel shortages. “It’s a vicious cycle.”

In fact, he noted that other buyers were also expressing concern and were repeatedly calling or inquiring daily. “I don’t know how long we are able to go on like this.”

Sri Lanka’s factories have been facing a crisis following the electricity interruptions and the shortage of fuel in the country that has contributed to industries facing a host of issues in addition to their inability to obtain required fuel for their generators.

Mr. Fernando asserted that even if electricity was restored in three to four months, buyers will not wait that long, since they don’t have that assurance.

He also noted it is important to see that all macro issues are addressed and commence debt restructuring soon for which if we go to the International Monetary Fund it will be advantageous.

Meanwhile, the crisis at the factories have aggravated to such an extent that workers are told due to the shortage of gas, tea and meals cannot be served to staff, said FTZ Union General Secretary Anton Marcus.

In some factories workers have also been told that they will be offered work for four days but pay will be given for six days; however, the attendance bonus paid every month will be deducted.

Staff at factories is paid an attendance bonus for reporting to work however; it is only deducted if they obtain no pay leave. Under the current circumstances where workers are asked to report to work only four days a week, unions claim it is unfair to deduct this bonus pay.

Mr. Marcus explained that employers have now taken the law into their own hands since the relevant authorities are not providing any remedial measures to overcome the current crisis.   He pointed out that in future the employers might even resort to non- payment of bonus and festival advance as the April holidays come around.

In this respect, the trade unions want to call for a discussion among the National Labour Advisory Committee (NLAC) unions and thereafter take up the matter with the Labour Minister.

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