October 16, Colombo (LNW):Heavy rainy weather in the southwestern part of the island is expected to reduced gradually.
Showers or thundershowers will occur at times in Northern province and fairly heavy showers above 50mm are likely at some places.
Several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Galle, Matara, Kandy and Nuwara-eliya districts.
Showers or thundershowers will occur at several places elsewhere during the evening or night.
The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
October 15, Colombo (LNW): In September 2024, remittances from Sri Lankans working abroad remained strong, although they saw a slight decline compared to the previous month.
The total inflow in September reached US$ 555.6 million, down slightly from US$ 577.5 million in August but up 15.2% from the US$ 482.4 million recorded in September 2023.
This minor decline from August’s figures isn’t seen as a significant concern, as month-to-month variations in remittance levels are common.
The cumulative inflows for the first nine months of 2024 amounted to US$ 4,843.8 million, an increase of 11.5% compared to the same period in 2023. Sri Lanka used to receive US$ 7.0 billion annually from those working abroad.
Despite largely a people’s favourite government coming into power at the Presidential election held on September 21, there are still a large number of Sri Lankans who want to leave the country seeking better jobs and greener pastures.
This trend puts Sri Lanka on track to approach the annual remittance levels of US$ 7 billion, which was typical in pre-pandemic times.
As the country heads into the year-end festive season, it’s expected that remittance inflows will increase, driven by higher-than-average contributions from Sri Lankans abroad.
The recent change in political leadership following the Presidential election on September 21 has not significantly deterred the outflow of people seeking better opportunities abroad.
While a new government has come to power with a pledge to tackle corruption, the economy remains significantly smaller than it was before the pandemic, limiting job opportunities for many citizens.
The hyperinflation and shortages of essentials that plagued the country in 2022 and much of 2023 continue to influence people’s decisions to seek greener pastures.
Despite a recent period of deflation in September 2024, the effects of prior inflation, which caused a steep rise in prices, remain a challenge for the economy.
Factors contributing to this inflationary period include supply chain disruptions due to the pandemic and the ongoing Ukraine war, along with increased demand within the country.
During the peak of the pandemic, many Sri Lankans working in the Middle East and other regions returned home, seeking safety.
However, the situation has now reversed, with more people willing to work abroad, which is likely to boost remittance inflows.
The new government’s focus on rooting out corruption might also be encouraging confidence among expatriates to repatriate their earnings, suggesting that Sri Lanka’s remittance outlook for the coming months could remain optimistic.
October 15, Colombo (LNW): The World Food Program (WFP) has reaffirmed its commitment to providing continuous support to Sri Lanka.
This assurance was conveyed by a WFP delegation during a meeting with Dr. Nandika Sanath Kumanayake, Secretary to the President of Sri Lanka.
The representatives confirmed that WFP would sustain its ongoing initiatives in the country without any interruptions, while also expressing readiness to introduce new programs if additional needs emerge, despite a partial easing of the food crisis in Sri Lanka.
The WFP delegation included key figures such as Country Director Abdur Rahim Siddiqui, Government Partnerships Officer Musthafa Nihmath, and Deputy Country Director for Sri Lanka, Gerard Rebello. Also present at the meeting was Additional Secretary to the President, Roshan Gamage.
The WFP Executive Board has approved Sri Lanka’s Country Strategic Plan (CSP) for the period from 2023 to December 2027, with an allocation of USD 74.87 million.
Effective from January 2023, this plan aligns with Sri Lanka’s national policies and the United Nations’ Sustainable Development Cooperation Framework (UNSDCF) for 2023-2027.
The CSP aims to achieve food security and improved nutrition in Sri Lanka by 2030, supporting Sustainable Development Goal (SDG) 2, as well as contributing to SDGs 1, 5, 10, and 13, and strengthening national humanitarian and development efforts in line with SDG 17.
The WFP recognized the Sri Lankan government’s dedication to achieving food security and advancing the 2030
Agenda for Sustainable Development Goals (SDGs). WFP Executive Director David M. Beasley, in correspondence with former President Ranil Wickremesinghe, also highlighted the plan’s role in assisting Sri Lanka’s national food security efforts, providing technical assistance, and offering policy advice to maximize the effectiveness of these initiatives.
The funding for these WFP operations in Sri Lanka will rely on voluntary contributions from donors, making the success of the CSP contingent upon the level of support received.
October 15, Colombo (LNW): In a strategic move to enhance trade relations with Sri Lanka, the United Kingdom has launched a series of initiatives aimed at deepening economic ties between the two nations.
The British government has introduced several programmes and mechanisms to facilitate trade and streamline processes for Sri Lankan exporters.
One of the most significant steps taken is the implementation of the Developing Countries Trading Scheme (DCTS). Minister of State for the Department of Business and Trade, Douglas Alexander, recently highlighted in the UK Parliament that the DCTS aims to reduce tariffs and simplify trading regulations for Sri Lankan businesses.
This initiative is designed to create a more accessible trading environment, enabling Sri Lankan exporters to compete more effectively in the global market.
The UK has also been proactive in its efforts to promote trade, investment, trade policy objectives, and export finance in Sri Lanka.
These activities are being coordinated by His Majesty’s Trade Commissioner (HMTC) for South Asia, who plays a crucial role in advancing UK-Sri Lanka trade relations. By focusing on these areas, the UK aims to boost its economic presence in Sri Lanka while fostering mutually beneficial partnerships.
A key component of the UK’s approach is the emphasis on bilateral discussions. Government officials from both nations engage in regular dialogues through forums such as the annual UK-Sri Lanka Strategic Dialogue.
These meetings serve as a platform to address trade-related issues and identify areas of mutual interest, ultimately aiming to expand business opportunities and strengthen economic cooperation.
Notably, the UK is currently the second-largest export market for Sri Lanka, accounting for approximately USD 1 billion in exports. This statistic underscores the importance of the UK-Sri Lanka trade relationship and highlights the potential for further growth through these new initiatives.
The DCTS, soon to replace the existing Generalized System of Preferences (GSP) framework, represents a tailor-made approach by the UK to help developing countries like Sri Lanka integrate more effectively into the global economy.
This scheme provides zero-duty benefits for over 7,000 eligible product lines from Sri Lanka, offering a significant advantage to its exporters.
The British government’s strategy to boost trade with Sri Lanka involves leveraging a variety of tools, including the DCTS, to cut tariffs and make trading rules more straightforward.
This comprehensive approach is further supported by targeted efforts to promote UK trade and investment in Sri Lanka. By combining these initiatives with ongoing diplomatic engagement, such as the UK-Sri Lanka Strategic Dialogue, the UK aims to build a robust and dynamic trading partnership with Sri Lanka.
October 15, Colombo (LNW): The John Keells Group is set to open doors to Cinnamon Life at City of Dreams Sri Lanka, on 15th October 15, 2024.
Developed at an investment of over USD 1.2 billion by the John Keells Group, this is the largest and most ambitious private investment in the country which will redefine our tourism landscape, catering to a diverse clientele creating South Asia’s most dynamic destination for business, leisure, and entertainment.
This Complex boasts state-of-the-art ballrooms, event spaces, and conference facilities, positioning Colombo as a key destination for global Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism
This ambitious development is expected to transform Sri Lanka’s tourism and entertainment sectors.
Cinnamon Life will feature 687 luxury rooms and Colombo’s largest event venue, capable of accommodating over 5,000 guests. The complex boasts state-of-the-art ballrooms, event spaces, and conference facilities, positioning Colombo as a key destination for global Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism.
With a dedicated staff of over 1,500, including 250 chefs, Cinnamon Life offers an extensive range of dining experiences, from a French bistro to an American grill and a top-tier wine bar. Additional culinary outlets are set to open in the coming months. The resort is also designed as an ideal venue for destination weddings, combining modern elegance with local charm.
While the primary resort opens tomorrow, other elements of the project—including a luxury shopping mall, entertainment spaces, a gaming facility, and the ultra-luxury 113-room Nuwa hotel—will be completed by mid-2025, marking the final phase of this landmark development.
John Keells Chairperson Krishan Balendra called the project “transformational,” adding that it will elevate Colombo as a top destination for leisure and entertainment in the region. Once fully operational, City of Dreams Sri Lanka is expected to generate over 20,000 direct and indirect jobs, boosting both tourism revenue and foreign exchange earnings for the country.
“The Group is confident that the convergence of all elements in the launch of ‘City of Dreams Sri Lanka’ will unlock its full potential as a transformative development in South Asia and be a catalyst in creating tourism demand, foreign exchange earnings for Sri Lanka and generating employment,” said Balendra in a statement to the media.
Located in Colombo’s urban core, Cinnamon Life will also feature over 1,000 museum-grade artworks by Sri Lankan artists, further celebrating the country’s cultural heritage. The development aims to become a vibrant hub for art, music, fashion, and entertainment, offering both locals and visitors a dynamic new experience.
October 15, Colombo (LNW): The Provincial Secretaries have confirmed that schools in the Western and Southern provinces, which were closed on October 14 and 15 due to severe weather conditions, will resume classes tomorrow (16).
This decision comes as the situation in these regions improves following heavy rainfall and adverse weather that forced authorities to temporarily halt educational activities.
The reopening is expected to provide relief for students and families affected by the disruptions, allowing them to return to their normal routines.
In light of the recent flooding, the Provincial Directors of Education have been given the authority to make individual decisions regarding the reopening of schools that have been particularly impacted.
This includes institutions that have served as temporary shelters for those displaced by the floods. The directors will assess the safety and readiness of these schools before making announcements about their reopening.
Meanwhile, parents are encouraged to stay informed through official channels regarding any further developments that may affect their children’s education.
October 15, Colombo (LNW): The Export Development Board (EDB) has announced the appointment of Mangala Wijesinghe as its new Chairman and Chief Executive Officer.
This strategic leadership change aims to enhance the board’s effectiveness in driving Sri Lanka’s export growth and development initiatives.
Prior to his new role at the EDB, Wijesinghe held the position of Chief Operating Officer at Brown and Company PLC, where he gained extensive experience in operational management and strategic planning.
His background in the private sector, coupled with his expertise in trade and commerce, positions him well to spearhead the EDB’s efforts in promoting Sri Lankan exports on a global scale.
Wijesinghe succeeds Dr. Kingsley Jayasinghe, who has served the organisation with distinction and has been instrumental in advancing various initiatives during his tenure.
Under Dr. Jayasinghe’s leadership, the EDB made significant strides in enhancing the country’s export capabilities and fostering partnerships with international markets.
October 15, Colombo (LNW): Ranil Wickremesinghe, the leader of the United National Party (UNP) and former President, has announced that he will deliver a significant public address on Thursday (17).
This forthcoming statement marks Wickremesinghe’s first public engagement since the 2024 Presidential Election.
In this much-anticipated announcement, Wickremesinghe is expected to discuss the current political landscape in Sri Lanka, shedding light on what he describes as the “political behaviour of the country.”
Furthermore, he will outline his future strategies and vision in light of recent electoral developments.
Since the declaration of the General Election, Wickremesinghe has made it clear that he will not be a candidate in the election and has no intentions of entering Parliament through the National List.
This decision has prompted speculation regarding his next steps and the direction he envisions for his party and supporters.
In a noteworthy shift, various political factions that rallied behind Wickremesinghe during the recent Presidential Election have chosen to contest the upcoming General Election under the banner of the New Democratic Front (NDF), adopting the “Gas Cylinder” as their electoral symbol.
This coalition is a strategic move aimed at consolidating support and maximising their chances in the upcoming polls.
Interestingly, Wickremesinghe himself contested the presidential election under the same “Gas Cylinder” symbol, although he ran as an independent candidate.
October 15, Colombo (LNW): The Sri Lankan government is set to strengthen its public debt management framework following the recent implementation of the Public Debt Management Act No. 33 of 2024.
This legislation mandates the creation of a Public Debt Management Office (PDMO), designed to ensure that public debt data is recorded accurately, comprehensively, and in a timely manner through a robust system.
Presently, Sri Lanka relies on the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS) for the management of its foreign debt, a tool overseen by the Department of Foreign Resources.
However, the Commonwealth Secretariat has halted updates and annual licensing for the CS-DRMS, highlighting the urgent need for an upgraded system that meets contemporary requirements.
In light of this situation, the government has engaged in discussions with technical experts from the International Monetary Fund (IMF) and the World Bank to explore the establishment of the PDMO.
Two promising software alternatives have emerged: the Commonwealth Meridian software, provided by the Commonwealth Secretariat, and the Debt Management and Financial Analysis System (DMFAS) from the United Nations Conference on Trade and Development (UNCTAD).
After thorough evaluation, the government has favoured the Commonwealth Meridian software for adoption.
This choice is underpinned by several considerations, including its cost-effectiveness, streamlined data transmission capabilities, assurance of data integrity, and compatibility with existing systems, as detailed by the Cabinet Office.
In a meeting held on Monday, 14 October, the Cabinet of Ministers endorsed the proposal put forth by President Anura Kumara Dissanayake, who serves as the Minister of Finance, to procure the Commonwealth Meridian software.
Furthermore, the Cabinet plans to solicit recommendations from a procurement committee appointed specifically for this purpose to facilitate the acquisition process.
The Cabinet Office has emphasised that this initiative is expected to substantially enhance Sri Lanka’s capacity to manage its public debt more effectively, thereby ensuring increased transparency and accuracy in reporting debt-related information.
As the country faces various economic challenges, these improvements in debt management are seen as essential for maintaining fiscal stability and fostering investor confidence.
By implementing a more efficient system, Sri Lanka aims to better navigate its financial obligations whilst promoting sound economic governance.
October 15, Colombo (LNW): The Sri Lankan Rupee (LKR) further indicates the trend of depreciation against the US Dollar today (15) in comparison to yesterday, maintaining, however, below the Rs. 300 threshold, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has increased to Rs. 289.17 from Rs. 288.50, and the selling price to Rs. 298.17 from Rs. 297.49.
The LKR has also depreciated largely against several other foreign currencies, including Gulf currencies.
