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Government to Increase Mahapola Scholarship and Bursary Premiums from April 2025

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Government to Increase Mahapola Scholarship and Bursary Premiums from April 2025

September 11, Colombo (LNW): The government has announced plans to increase the Mahapola scholarship premium starting in April 2025. Speaking at a press conference at the Government Information Department, Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardhana stated that Cabinet approval has been granted to raise the Mahapola scholarship premium to Rs. 7,500 and the bursary premium to Rs. 6,500.

The Mahapola scholarship and bursary premiums for university students have not been revised since 2015. The Cabinet of Ministers recognized the need for an increase following a joint proposal by the Ministers of Education, Trade, Commerce, and Food Security.

Weather Update: Showers and Strong Winds Expected in Several Provinces

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Weather Update: Showers and Strong Winds Expected in Several Provinces

September 11, Colombo (LNW): Showers or thundershowers are expected at times in the Western, Sabaragamuwa, and North-Western provinces, as well as in the Kandy, Nuwara-Eliya, Galle, and Matara districts. Additionally, showers or thundershowers may occur in a few places in the Uva province and in the Ampara and Batticaloa districts during the evening or night.

Strong winds ranging from 40 to 50 km/h are expected at times over the western slopes of the central hills, as well as in the Northern, North-Central, and North-Western provinces, and in the Hambantota, Monaragala, and Trincomalee districts.

The general public is kindly advised to take necessary precautions to minimize damage caused by temporary localized strong winds and lightning during thundershowers.

Sri Lanka’s Dollar Bonds Fall as Investors React to Political Uncertainty ahead of Elections

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Sri Lanka’s Dollar Bonds Fall as Investors React to Political Uncertainty ahead of Elections

By: Staff Writer

September 10 (LNW):On Monday, September 9, Sri Lanka’s dollar bonds experienced a sharp decline as investors grew increasingly concerned about political instability leading up to the upcoming elections.

The country’s bonds due in 2030 dropped by 3 US cents, hitting 49.9 US cents—the lowest level since February—marking a 15% decrease from their peak earlier this year. Bonds due in 2027 also fell, losing over 1 US cent to reach 49.6 US cents, Bloomberg news agence reported.

The pressure in the market has mounted as the September 21 elections approach, with fears that a change in leadership could disrupt ongoing debt negotiations, which have nearly reached a conclusion.

Opposition leaders have expressed intentions to renegotiate Sri Lanka’s agreement with the International Monetary Fund (IMF).

Eng Tat Low, an emerging-market sovereign analyst at Columbia Threadneedle Investment, noted that Sri Lanka might need to further adjust the terms of its agreement with bondholders, a task that could be challenging before the elections. However, Low also suggested that the recent sharp selloff might attract some bargain hunters.

Anura Kumara Dissanayake, also known as AKD, leads the National People’s Power, a coalition of leftist parties and groups supported by those who protested against the Rajapaksa government in 2022.

 His campaign is focused on clean governance and fighting corruption, with a commitment to renegotiate with the IMF. His party opposes the current debt restructuring framework agreed upon with the IMF.

Dissanayake is emerging as a significant challenger to the current President Ranil Wickremesinghe, who has faced criticism for implementing austerity measures as part of an IMF bailout.

Eric Fang, a fund manager at Eastspring Investments in Singapore, commented that investors seem to be adjusting their positions in anticipation of the elections. Fang believes that any major price corrections could present a buying opportunity, given the sovereign’s recovery trajectory and the fairness of the debt deal for both the issuer and investors

SriLankan Airlines and flydubai Announce New Interline Agreement

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SriLankan Airlines and flydubai Announce New Interline Agreement

By: Staff Writer

September 10 (LNW):SriLankan Airlines and flydubai, the Dubai-based carrier, have announced today an interline agreement commencing from 09 September 2024, introducing more travel opportunities between Sri Lanka, the UAE and beyond on select routes on the carriers’ networks.

This interline agreement will enable passengers travelling with SriLankan Airlines to seamlessly connect via Dubai’s aviation hub to more than 30 destinations that flydubai operates to in Africa, Central Asia, Central and Southeast Europe as well as the Middle East. This includes unique holiday destinations such as Bucharest, Istanbul, Krakow, Mombasa, Naples, Sofia, Tashkent and Zanzibar.

In addition, the interline will offer flydubai passengers access to 16 destinations on SriLankan’s robust network spanning Southern and East Asia, the Middle East and Australia – including Melbourne, Seoul, Singapore and Tokyo.

“We are excited to partner with flydubai to provide our passengers seamless connections and greater convenience. This partnership reinforces our strategy to broaden our network and global reach, presenting customers with more travel choices and flexibility. We look forward to collaborating with flydubai and welcoming their passengers aboard our flights to experience an authentic SriLankan journey,” said Richard Nuttall, Chief Executive Officer of SriLankan Airlines.

SriLankan Airlines and flydubai are committed to delivering convenient and reliable travel options for their valued customers. Passengers can expect the signature hospitality and onboard services that both airlines are renowned for when travelling with SriLankan and flydubai.

Commenting on the interline agreement, Ghaith Al Ghaith, Chief Executive Officer at flydubai, said, “we’re excited about our new interline agreement with SriLankan Airlines that will further strengthen trade and tourism relations between the UAE and Sri Lanka. Since the start of operations to Sri Lanka in 2010, we have seen consistent demand for travel between our two countries over the years. Dubai remains an important thriving aviation hub and through these interline agreements, this will open up new horizons for our passengers, giving them more options to explore the world with ease.”

The new agreement will offer passengers the convenience of single-ticket itineraries, through-checked baggage and coordinated flight schedules for travellers.

Interline flights under the agreement between SriLankan Airlines and flydubai are now available for booking through the respective airline websites, www.srilankan.com and www.flydubai.com, as well as through travel agents and online travel agencies.

Hambantota International Port Sees Surge in Vessel Repairs and Layups

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Hambantota International Port Sees Surge in Vessel Repairs and Layups

By: Staff Writer

September 10 (LNW):Hambantota International Port (HIP) has experienced a significant surge in the number of vessels arriving for repairs and layups this year, signaling impressive growth in its operations.

From January to August 2024, the port welcomed 23 vessels for these services, marking a 53% increase from the 15 vessels it handled during the same period in 2023. Notably, August alone saw the arrival of two vessels, with a third vessel concluding a seven-month layup and repair at the port.

Charaka Rupasinghe, Deputy General Manager – Marine Services and Fleet Management at HIP, emphasized the competitive nature of the port services market.

He highlighted HIP’s capability to accommodate vessels of all sizes for both afloat and underwater repairs, along with the numerous berths available for long-term layups. Rupasinghe anticipates further expansion in this segment in the coming year, attributing HIP’s success to its state-of-the-art facilities and international-standard services.

This particular market in port services is highly competitive and we already have several operators with different expertise offering their services from Hambantota International Port. With our capacity to accommodate vessels of all sizes for afloat and underwater repairs and the numerous berths we have allocated for this business, he added,

Among the vessels serviced, the Floating Production Storage and Offloading (FPSO) vessel “Svetah Venetia” completed a seven-month layup and extensive repairs, departing on August 21, 2024. Additionally, the M.V. ‘Ram Commander’ underwent short-term repairs from August 3 to 22, while the bulk carrier “Archon Gabriel” docked on August 26 for hydraulic system maintenance and departed on September 3.

HIP operates under strict protocols of health and safety.  We constantly monitor our standards which are aligned with CM Port’s global practices operating in 50 terminals across the world.  Therefore, any vessel berthing at HIP can be assured of services that are of international standards.  Our management and staff know what is expected of them and are committed to serve round the clock. 

The added advantage of the port is its location which is easily accessible to vessels plying the east-west shipping routes,” says Capt. Miyuru Gunasekara, General Manager, Hambantota International Port Services (HIPS).

The current increase in vessel activity is a testament to HIP’s growing reputation as a key player in the ship repair and layup sector, reinforcing its role as a critical multipurpose hub in global maritime logistics.

 Capt. Miyuru Gunasekara, General Manager of Hambantota International Port Services (HIPS), assured that HIP operates under strict health and safety protocols, aligned with global standards. He also highlighted the port’s strategic location on the east-west shipping routes, making it an accessible and preferred destination for vessel services.

The recent uptick in vessel activity solidifies HIP’s position as a key player in the ship repair and layup sector, further establishing its role as a vital multipurpose hub in global maritime logistics.

Sri Lanka transforms economy to attract Foreign Investments and boost Growth

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Sri Lanka transforms economy to attract Foreign Investments and boost Growth

By: Staff Writer

September 10 (LNW): Sri Lanka has established a robust regulatory framework to enhance its competitiveness in attracting foreign investments within the Asian region.

The government’s recent enactment of the Economic Transformation Bill marks a significant step toward preventing future economic crises and securing long-term development goals.

 This legislation sets clear targets for the country’s growth, ensuring that Sri Lanka will not face similar economic hardships again, according to Dr. Bandula Gunawardena, the Minister of Transport, Highways, and Mass Media.

The Economic Transformation Bill is designed to facilitate rapid national development through both public and private sector initiatives. It mandates adherence to specific targets, setting the stage for substantial structural changes that will enhance Sri Lanka’s economic competitiveness.

 The act aims to secure a high standard of living for citizens, with continuous improvements in living conditions and greater access to leisure and cultural opportunities.

A key component of this legislation is its focus on transforming Sri Lanka into a highly competitive, export-driven digital economy. This transformation involves deep structural reforms that are expected to elevate the nation’s economic standing on the global stage.

The bill introduces a comprehensive national policy to achieve this goal, including the establishment of several key institutions such as the Economic Commission of Sri Lanka, Investment Zones, the Office for International Trade, the National Productivity Commission, and the Sri Lanka Institute of Economics and International Trade.

 Furthermore, it repeals the Board of Investment of Sri Lanka Law No. 4 of 1978 and related statutes to streamline the investment framework.

The government has set ambitious targets to achieve under this legislation, such as reaching net zero emissions by 2050, integrating more closely with the global economy, maintaining stable macroeconomic balances, and ensuring sustainable debt levels.

 Another focus is modernizing agriculture to increase productivity, enhance farmer incomes, and boost agricultural exports, all while promoting inclusive economic growth and social progress.

The Cabinet of Ministers is responsible for ensuring the achievement of these targets, which include a GDP growth rate of 5% annually by 2027, reducing unemployment to below 5% by 2025, and increasing female labor force participation to at least 40% by 2030 and 50% by 2040.

Additionally, the act aims to keep the current account deficit of the Balance of Payments below 1% of GDP annually and increase exports to 25% of GDP by 2025, 40% by 2030, and 60% by 2040.

The government anticipates net Foreign Direct Investment (FDI) to reach at least 5% of GDP by 2030, with 40% of GDP generated from exports of goods and services.

The primary balance of the government is expected to be 2.3% of GDP until 2032, with a target of maintaining at least 2% thereafter. Government revenue is projected to exceed 15% of GDP post-2027, while the multidimensional poverty headcount ratio is targeted to drop below 15% by 2027 and under 10% by 2035.

Minister Gunawardena assured that all necessary economic measures have been taken to transform the fiscal and monetary landscape, indicating that no further reforms are required at this stage. However, there are plans for new legislation and revisions to existing laws, particularly focusing on structural reforms in executive and administrative sectors.

This includes laws on public finance, procurement, public-private partnerships, state enterprises, and offshore economic activities, highlighting the government’s commitment to modernizing governance, transparency, and accountability.

As part of this transformation, three new laws have been enacted to manage finances, debt, and the economy, along with two additional pieces of legislation aimed at combating corruption and streamlining state procurement processes.

These include the Public Financial Management Act, Public Debt Management Act, Economic Transformation Act, Anti-corruption Act, and Public Procurement Act.

Sri Lanka’s legislative transformation is poised to establish the country as a highly competitive, export-oriented digital economy with strong global economic integration, aiming for sustainable development and prosperity in the coming decades.

The Presidential Candidate is More Important than the Team  

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The Presidential Candidate is More Important than the Team  

By Adolf

The SJB campaign focuses on promoting their team, but in doing so, the Presidential Candidate Sajith Premadasa is diluting his value. In addition his team needs to get elected at a general election later in the year or in 2025. In contrast, Anura Kumara Dissanayake and the incumbent President are promoting themselves as the central figures of their campaigns. The President has a track record of accomplishments to highlight, while Anura speaks primarily about corruption, despite having had ample time during the Yahapalana Government to address it—yet he did not. 

Premadasa’s campaign is heavily reliant on Harsha de Silva and Eran Wickramaratne, both of whom were part of the Yahapalana Government and failed to deliver. On the other hand, the President’s results are clear and visible. The one area where the President has fallen short is in taking decisive action against corruption, though he claims to have now put the necessary laws in place. 

The individual who holds the Sri Lankan presidency is critical for several reasons, all rooted in the unique powers and responsibilities of the office. The chaos that ensued when Sirisena and Rajapaksa, two incapable individuals, were elected to high office based on emotion is a stark reminder of this. 

Why is voting for the individual so important?

Voters must remain objective and avoid making irrational, emotionally driven choices. Here’s why:

1. Executive Power: The President has significant control over the executive branch, making decisions that influence everything from foreign policy to domestic regulations. The individual’s judgment, experience, and leadership style greatly affect how these powers are exercised.

2. Commander-in-Chief; As the leader of the armed forces, the President’s decisions regarding war and peace are critical. A President’s temperament, understanding of global affairs, and crisis management skills are essential in these high-stakes situations.

3. Legislative Influence; Although not a lawmaker, the President can shape legislation through veto power, executive orders, and setting the national agenda. The President’s ability to work with Parliament, communicate effectively with the public, and navigate political challenges often determines the success of their policy goals.

4. Public Symbolism; The President is the face of the nation, representing its values, ideals, and direction. The individual’s character, moral standing, and public persona can impact national unity and the country’s global image.

5. Crisis Leadership; In times of national crisis—whether it’s natural disasters, economic downturns, or pandemics—the President’s ability to lead, inspire, and take quick, decisive action is crucial. The effectiveness of the response often depends on the President’s leadership qualities.

6. Judicial Appointments: The President nominates judges to the judiciary, including the Supreme Court. These lifetime appointments can shape the legal landscape for decades, making the President’s judicial philosophy deeply impactful.

7. International Relations: The President plays a key role in diplomacy, building relationships with other nations, and representing Sri Lanka in international organizations. The individual’s diplomatic skills, understanding of global issues, and strategic vision can affect international stability and the country’s global standing.

In essence, while government structures provide checks and balances, the personal attributes of the President—such as integrity, intelligence, decisiveness, and empathy—can significantly influence the country’s direction and its place in the world. As Thomas Jefferson said, “The government you elect is the government you deserve.”

Sri Lanka Original Narrative Summary: 09/09

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Sri Lanka Original Narrative Summary: 09/09

  1. President Ranil Wickremesinghe announces plans to abolish the line room system and provide plantation workers with free land rights, aiming to modernise their living conditions: highlights reforms during his presidency, emphasises the risks of rival candidates’ economic proposals, and outlines a strategy for an export-driven economy to boost foreign reserves.
  2. Sajith Premadasa, the Samagi Jana Balawegaya presidential candidate, pledges impartial judicial appointments, prioritising the rule of law over personal influence: also outlines a comprehensive asset recovery plan to retrieve stolen assets for public benefit: assures that fairness and integrity would guide his decisions if elected.
  3. NPP presidential candidate Anura Kumara Dissanayake responds to President Ranil Wickremesinghe’s allegation of him making ‘racially provocative’ comments at a rally in Jaffna, stating that it is Wickremesinghe who should apologise to the northern people for allegedly inciting racism: criticises Wickremesinghe for attempting to stir racial tensions in the election and thanks TNA MP M.A. Sumanthiran for addressing the issue: asserts that the era of divisive, racially charged politics in Sri Lanka is over.
  4. Former SJB MP Thalatha Athukorala, who recently resigned from Parliament, pledges her support to President Ranil Wickremesinghe in the upcoming Presidential Election: also attends a rally for the President in Welimada: Athukorala, elected in 2020 with 45,105 votes from the Ratnapura District, has been a parliamentarian since 2004, consistently winning re-election.
  5. Election Commission Chairman R.M.A.L. Ratnayake emphasises door-to-door canvassing for presidential candidates is limited to five individuals distributing leaflets: highlights restrictions on political marches during campaigns and clarifies that only candidates’ vehicles may display campaign stickers: Violations of these rules, including unauthorised vehicle displays, are against election laws.
  6. Commissioner General of Examinations Amith Jayasundara requests presidential candidates and supporters to avoid using loudspeakers or holding rallies near examination centres on 15 September, from 9.30 am to 12.15 pm, during the Year 5 Scholarship Examination: The Police Department has been notified, with 323,879 candidates expected to sit the exam at 2,849 centres across Sri Lanka.
  7. Sri Lanka earns over $2 billion from tourism in the first eight months of 2024, a 66.1% increase from 2023, with 1.36 million tourists arriving, up by 50.7%: In August alone, arrivals rose by 20% compared to the previous year: Tourism remains a key revenue source, with 3 million visitors expected in 2025.
  8. Agriculture Minister Mahinda Amaraweera announces the government will provide farmers a 50kg bag of urea fertiliser at Rs. 4,000 for the 2024 Maha season, down from Rs. 42,000 in 2022: details plans to increase fertiliser subsidies and secure 55,000 metric tons of MOP fertiliser through the World Food Program for future seasons.
  9. Sri Lanka’s worker remittances increase by 15.7% in August 2024, reaching $577.5 million, enabling the Central Bank to repay $450 million to the Reserve Bank of India: By the end of August, remittances totalled $4.28 billion, up from $3.86 billion in 2023: Remittances, a key foreign exchange source, have risen since abandoning the parallel exchange rate regime in 2022.
  10. Sri Lanka Customs achieves record revenue of Rs. 1 trillion in the first eight months of 2024, surpassing previous records: This success is attributed to the department’s operational independence and reforms: Director General Sarath Nonis is confident of meeting the IMF’s annual target of Rs. 1.534 trillion, despite a decline in car import revenue due to restrictions.

Litro Gas Lanka supports Sri Lanka’s Ceramics and Glass Industries

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Litro Gas Lanka supports Sri Lanka’s Ceramics and Glass Industries

By: Staff Writer

September 08, Colombo (LNW): Litro Gas Lanka Ltd., the leading LP Gas provider in Sri Lanka, recently highlighted its crucial role in supporting the ceramics and glass industries during a technical session at the 18th Annual General Meeting of the Sri Lanka Ceramics and Glass Council (SLCGC) at The Kingsbury Colombo.

Sponsored by Litro Gas, the session focused on energy efficiency, sustainability, and innovation in these key sectors. Litro’s dedication to ensuring a steady energy supply and its collaborative approach underscores its commitment to the growth of energy-intensive industries, especially during challenging economic times.

The AGM also welcomed Aravinda Perera as the new President for the 2024/2025 term, who brings valuable experience and insight to the role. During the session, Jaisinh Sampat, Chairman of Pune Gas India and Lanka Gastech, stressed the importance of energy conservation for future competitiveness and highlighted the shift towards sustainable energy practices in the industry.

The ceramics and glass sector, a significant contributor to Sri Lanka’s export earnings, has shown remarkable resilience despite economic challenges. Litro Gas has played a vital role in maintaining stability in production operations during financial crises, enabling manufacturers to meet international demand and sustain exports.

Muditha Pieris, CEO-Chairman of Litro Gas Lanka, emphasized the company’s priority in supporting industries like ceramics and glass, recognizing their importance to the national economy. Litro Gas continues to provide a consistent energy supply and technical support to ensure uninterrupted production and growth.

Litro’s participation in the event reaffirms its commitment to large-scale industries and its leadership in promoting innovative and sustainable energy solutions. Through its robust network and strategic industry partnerships, Litro Gas is well-equipped to support businesses with resilient supply chains and advanced energy management strategies, reinforcing its status as a cornerstone of Sri Lanka’s energy sector.

The technical session also explored the future of energy usage within the industry, with discussions centred on long-term trends and emerging technologies. Litro Gas Lanka, with its robust network and extensive industry partnerships, is well-positioned to continue supporting businesses through resilient supply chains and cutting-edge energy management strategies.

Litro’s partnership with the Sri Lanka Ceramics and Glass Council is yet another testament to the company’s vision of powering progress across industries, reaffirming their status as the backbone of Sri Lanka’s energy sector.

FTZMA urges BOI to resolve issuance of business visas for investors

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FTZMA urges BOI to resolve issuance of business visas for investors

By: Staff Writer

September 08, Colombo (LNW): BOI companies will face operational challenges to bring in investors, partners, stakeholders, potentially jeopardising their businesses It asserts move has also caused confusion among tourism industry stakeholders

Free Trade Zone Manufacturers Association (FTZMA) expressed disappointment with the lack of support from the Board of Investment (BOI) in resolving the issuance of business visas for investors and called for immediate action.

In a letter addressed to the BOI Chairman, FTZMA highlighted that following a Supreme Court determination, obtaining a business visa through a VFS service provider has been suspended for an indefinite period.

It is against this backdrop, the Government had earlier decided to ensure international visitors do not face any inconvenience when obtaining relevant business visas through the Sri Lanka missions overseas in the absence of an online visa platform.

“This method has been working perfectly for all BOI enterprises so far. However we note with disappointment as to why this facility has been suspended by the Government,” they added.

The association highlighted that business visas for foreign nationals who visit the country are now forced to obtain tourist visas from a facility available at the immigration counters in the arrivals terminal at the airport, as the prior practice of foreign missions issuing business visas from the origin country has also been halted.

“The BOI must intervene in this matter immediately by liaising with the relevant authorities to resume business visa issuance through the overseas Sri Lankan missions as they have done before,” they stated.

They pointed out that the suspension has also caused confusion among tourism industry stakeholders, who had previously assured travel agents and international partners that both business and tourist visas could be secured before arrival.

FTZMA warned of two potential repercussions if the situation remains unresolved: Foreign nationals who intend to visit Sri Lanka solely for business purposes will be deterred from entering on a tourist visa, and

BOI companies will face operational challenges as they struggle to bring in investors, partners, and stakeholders, potentially jeopardising their businesses.

“We have been approached by many of our member organisations by making complaints about their displeasure with this change thus resulting in a deadlock to those who are genuinely visiting the country for business purposes, particularly shareholders, directors, buyers, vendors and trainers who are coming on a business visa to our member companies.

If they arrive for business on a tourist visa that is a violation of immigration regulations in the country thus creating a dreadful situation for our investors,” they stressed.

Therefore, the FTZMA strongly recommended the BOI being the facilitator, to create a conducive environment for investors to do their business with ease.

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