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Power Minister Lokuge says a timetable for controlled power cuts will be issued (VIDEO)

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In the events that the discussion to obtain fuel from the Indian Oil Corporation (IOC) today (18) met a dead end and the fuel oil stocks possessed by the Ceylon Electricity Board (CEB) ran out, any necessity to cut power from tomorrow will be administered via a time table, revealed Power Minister Gamini Lokuge, speaking to media today (18).

Nevertheless, a ship carrying fuel imported by the Ceylon Petroleum Corporation (CPC) is in the Colombo Port and the Governor of the Central Bank of Sri Lanka (CBSL) has asked for it to be released by this evening, Lokuge revealed.

Will the oil stock be released from the Port, the power can be supplied without any interruption, the Power Minister went on, reiterating the necessity to cut power via a time table, which, according to Lokuge, will be informed to the public in advance.

MIAP

IOC confesses it too suffers from fuel crisis

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Lanka Indian Oil stated that the company itself is facing a serious fuel crisis, same as the Ceylon Petroleum Corporation, due to the letters of credit (LCs) not being opened amidst the dollar deficit. As a result, the issuance of fuel to the companies operating under the IOC has also gone into crisis, it added.

The company made this observation in response to the statement made by the Power Minister that the Ceylon Electricity Board (CEB), which is suffering from a fuel crisis, was hoping to obtain fuel for power generation through the IOC.

The IOC further noted that the company’s priority at the moment is to supply oil stocks for gas stations operating under it and that it has no capacity at present to supply oil for power generation.

We have to accept the fact that the government has failed: Amaraweera

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The Sri Lankan Rupee is continuously being depreciated against the US Dollar and the government has failed to control the situation, said Environment Minister Mahinda Amaraweera.

Pointing out that many ongoing crises in the country are due to the Rupee’s depreciation and the dollar deficit, Amaraweera added that the government, despite any defensive speech, has failed to solve the matter. This fact alone should be embraced, he said in a controversial statement.

There are approximately Rs. 17,200 billion in foreign debt, Amaraweera went on, adding that the amount of debts obtained in the past and the debts due to be obtained will contribute to a soaring figure in the future.

Accordingly, the per capita debt of the people of this country could be close to over Rs. 800,000, he warned.

The Environment Minister further added that all the leaders who were in power since 1977 should be responsible for this debt crisis, for they continued to mortgage the people and obtain debts instead of strengthening the country’s economy.

MIAP

CEB Electrical Engineers stage protest against GM (PHOTOS)

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The Electrical Engineers Association of the Ceylon Electricity Board (CEB) who were on sick leave today (18) staged a protest in objection to the newly appointed General Manager and the Chairman.

The protesters demanded the immediate dismissal of the two CEB heads and urged that the dismissal of the General Manager shall be performed today itself.

Failure to meet the demand, a work-to-rule action will be carried out from tomorrow, they added.

Photos: Ajith Senevirathne

Click Here to view full photos.

Those attended vacation during long weekend should be cautious, says DDGHS

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Deputy Director General of Health Services Dr. Hemantha Herath urged everyone who had attended trips during the long weekend to be extra careful.

The Deputy Director General of Health Services advised that if any member of the family who has been on vacation develops respiratory problems or symptoms similar to those of Covid-19, they should immediately appear for tests.

During the long weekend, there were many gatherings as well as large-scale excursions, Dr. Herath revealed, warning that in the backdrop, the infection’s prevalence could mount. Anyone suspicious of possible infection, therefore, should test, he added.

MIAP

US$ 500 million sovereign bond settled

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The US$500 million sovereign bond that matured today (18) has been paid, revealed Governor of the Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal, in a Social Media remark.

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Kumudesh divulges corporate violations involving PCR Laboratory backed by ADB-debt

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President of the Academy of Health Professionals Ravi Kumudesh divulged a number of irregularities and corporate violations surrounding the PCR Laboratory established in Mulleriyawa by the debts obtained from the Asian Development Bank (ADB) in a statement today (18).

Laying down the discoveries the Academy of Health Professionals urged the government to conduct an immediate probe into the matter and penalise everyone responsible for destabilising the country.

A. Nearly Rs. 100 million out of Rs. 250 million the expressed funds has been spent for the building of the Mulleriyawa Laboratory itself, in contradiction to the standards, whereas less than Rs. 10 million is required to such a construction. Up to Rs. 140 million thus has been spent on the supply of equipment and reagents, while Rs. 90 million has been spent on PCR kits, with an equipment cost of about Rs. 50 million. 

B. Beijing Genomic Institute, the Parent Company that supplied the equipment, is a global leader in molecular genetics. Following much deliberation by a local agent, appointed by HSEP upon the completion of direct purchases and selected upon the Ministry of Health’s failure to deliver engineers from the Parent Company to set up the HSEP laboratory, the price of PCR kits has been slashed by more than 50 per cent. By doing so, the ADB Agent and the Director HSEP have lost the ability to receive commissions. 

C. The Local Agent has emphasised the need to meet the requirements of the laboratory building infrastructure as per the recommendations of the Parent Company, as well as the poor sanitary and rest facilities provided to the laboratory staff who had been put under intense pressure to handle a large number of ‘high-risk’ samples. It should be specifically noted that these staff members have been performing an extremely difficult task by handling such high-risk samples wearing full personal protective equipment (PPE) for lengthy periods.

D. HSEP has left a substandard building in the hands of the Director and staff of the Mulleriyawa PCR Laboratory, forcing them to perform 4,000 tests in a laboratory originally designed for only 500 tests (noteworthy that the contract is signed for a 500 test capacity only) as if a miracle could be performed with limited resources.

E. The Director HSEP has invited top ADB officials from Japan to visit the laboratory and take smiling photos with the ‘threatened’ staff, forcing them not to spit a word about how they were being treated to the visiting delegation, in what can only be defined as rather a malicious and criminal act.

F. These events indicate how cunningly and blindly even the professionals, who pretend to be ADB’s so-called transparent activists, are working, disgracing the name of the ADB, which advocates so much for human rights and social well-being.

G. In the event that the Local Agent pointed out all the above shortcomings and anomalies to the HSEP, the angered Director HSEP, in collaboration with the ADB designated engineer in charge of the laboratory building infrastructure, has created faulty circuits and furniture and sabotaged the process, making the Local Agent vulnerable to perform any smooth action and leaving him no option but to bow to the HSEP’s bidding

H. Through the actions of the Director HSEP, it is clear that his intention was that they pay all the dues to the main supplier at the time of the initial purchase and reduce the price of the PCR kit by more than half the original price, punishing the Local Agent for failing to meet their required commissions and saving the national wealth by not paying their freight costs.

I. In the event that the HSEP failed to meet its commission, the Director HSEP who signed the “Negotiation Minute” and appointed the Local Agent has threatened to forcibly remove the Local Agent by the HSEP itself.

J. The Local Agent Company, which is a leading consulting firm registered in Sri Lanka, has completed a number of projects with other countries despite its limited experience in Sri Lanka.

The local agency, which is primarily a consulting firm registered in Sri Lanka, has completed a number of projects with other countries despite its limited experience in Sri Lanka. The Parent Company had fully supported the work in Mulleriyawa, along with the poor laboratory infrastructure provided by and the valuable training sessions (offered by the Parent Company) discarded by the HSEP.

The Director HSEP’s selfish and vengeful conduct against the local agent and the Health Secretary’s failure to avert such corporate violations have driven the laboratory professionals and their affiliations in Sri Lanka to lose many opportunities in the field.

MIAP

President vows no human rights will be violated!

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President Gotabaya Rajapaksa making his throne speech at the second sitting of the 09th Parliament of Sri Lanka today (18) vowed that no human rights will be violated nor any influence will be made to have them violated in the country.

As a country that respects and abides by international covenants and laws, Sri Lanka needs to rectify certain misconceptions laid before the International Community about the country, the President noted.

“I say with responsibility that the government will not endorse any kind of human rights violation during my tenure. We will also not allow such acts to take place in the future. We do not condone such acts either. Almost every community in this country has been affected by terrorism for nearly three decades. We were able to end this situation in 2009 by defeating terrorism and bringing peace back to the country. However, now we want to erase the dark memories of history and build a secure country where all people can live in peace and harmony. For that, we must all unite, regardless of race, religion or political affiliation. We have invested heavily in normalising the lives of the people in the war-torn North and East. During my tenure as Secretary of Defence, I liberated more than 90 per cent of the military-occupied lands in the North and East during the war. We have been able to ensure security in these areas and maintain a peaceful environment, enabling us to liberate the remaining lands in the future. The issue of war disappearances is not unique to one party. We will work to do maximum justice for all of them. We deny racism. The present government wants to protect the dignity and rights of all citizens of this country. Therefore, I urge the politicians who continue to do this to stop inciting the people against each other for narrow political interests,” he said.

Central Bank claims marked improvement in EPF equity portfolio

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Sri Lanka‘s investments in listed equity portfolios have recorded considerable gain and financial returns for Employees Provident Fund (EPF) , Central Bank announced. 

Value of EPF’s Listed Equity Portfolio as at end 2021 records a market value of Rs. 112 billion, against cost of Rs. 84 billion: an increase of Rs. 28 billion, it said. 

The Employees’ Provident Fund (EPF) managed by the Monetary Board is Sri Lanka’s largest superannuation fund. 

It maintains its investment portfolio with the long-term objective of maximizing the returns to its members while preserving the value of the Fund. 

It operates within certain given risk parameters and has invested 94 per cent of its funds in Government securities and the balance in listed and unlisted equities, corporate debentures, trust certificates and other money market instruments. 

Funds are invested in a diversified portfolio, across eligible asset classes as given in the Monetary Board approved Strategic Asset Allocation subject to stipulated limits, the Central Bank claimed.  

The market value of the EPF investment portfolio as at 31.12.2020 stood at Rs. 3,243 billion.

As stated above, in accordance with its Investment Policy, the EPF has invested around 3 percent of its funds in listed and unlisted equities with a long-term perspective to generate adequate real rates of return, Central Bank claimed.  

The performance of individual equities  as well as the overall performance of the equity market and overall macroeconomic conditions of the country fluctuate and these changes impact the market value of the listed equity portfolio compared to the previous year. 

The valuation of the portfolio and the determination of its profitability is carried out as per the Sri Lanka Financial Reporting Standards.

In keeping with the above Financial Reporting Standards, the market value of the listed equity portfolio of the EPF as at end December 2021 recorded a value of Rs.112 billion against its cost ofRs.84 billion, thereby reflecting a substantial unrealized gain of Rs.28 billion in the portfolio. 

In Addition, the EPF also realized Rs. 4.7 billion during the year 2021 by way of scrip and cash dividends as well as capital gains. Further, the dividend income received during the 3-year period 2019 to 2021 was recorded at Rs. 2.5 billion on the unlisted equity investment portfolio of Rs. 9.6 billion.

CBSL is prepared to pay $ 500 million for the Sovereign Bond which is maturing today – Cabraal

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The Central Bank has taken steps to pay $ 500 million for the International Sovereign Bond, which matures today (18), and the necessary documents have been prepared by the Department of Credit and the payments will be made today, Central Bank Governor Ajith Nivard Cabraal said.

The Governor of the Central Bank states that no one should be alarmed about this.

“We have faced some challenges. We have overcome all those challenges. In this case, if at any time the amount of dollars in the banks is less than the required amount, the Central Bank is bound to fill that gap. I discussed this with the President, the Prime Minister and the Minister of Finance. In such cases we will take action to provide that money. Therefore, we do not expect to have any deficit due to lack of funds. ” Cabraal added.