October 07, Colombo (LNW): The National Building and Research Organisation (NBRO) has issued landslide warnings across multiple regions as heavy rainfall continues to affect several parts of Sri Lanka.
These alerts, covering both Amber and Yellow levels, urge residents to remain vigilant in areas deemed vulnerable to landslides.
An Amber (Level 2) warning has been declared for specific regions within the Galle and Kalutara districts.
In Galle, this includes the Nagoda and Elpitiya Divisional Secretariat Divisions (DSD) and their surrounding areas.
Meanwhile, in Kalutara, the Walallawita DSD and nearby regions have also been identified as high-risk zones for potential landslides.
In addition to the Amber warnings, a Yellow (Level 1) advisory has been issued for several other districts. These include the Niyagama DSD in Galle, Dehiovita DSD in Kegalle, and Pitabeddara DSD in Matara.
Residents in these areas are encouraged to monitor the situation closely and take necessary precautions, as these regions may experience landslide activity due to persistent heavy rains.
The NBRO has urged all individuals in the affected areas to stay alert and follow instructions from local authorities.
Residents in vulnerable zones have been advised to be prepared for possible evacuations and to ensure their safety by avoiding risky locations like hillsides and steep slopes.
Landslides pose a serious threat during periods of intense rainfall, often causing destruction to homes and infrastructure while putting lives at risk.
Authorities have requested the public to remain informed and take precautions to ensure their safety during this period of adverse weather conditions.
October 07, Colombo (LNW): The Intertropical Convergence Zone (where winds from the Northern Hemisphere and Southern Hemisphere converge) is affecting the island’s weather, and showers or thundershowers, therefore, will occur at most places in the island during the afternoon or night, the Department of Meteorology said in its daily weather forecast today (07).
Heavy showers above 100 mm are likely at some places.
Showers or thundershowers will occur in Western, Sabaragamuwa and North-western provinces and in Galle, Matara, Mannar and Mullaittivu districts during the morning too.
The general public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Condition of Rain:
Showers or thundershowers may occur at several places in the sea areas around the island during the afternoon or night. Showers or thundershowers will occur at several places in the sea areas from Trincomalee to Hambantota via Kankasanthurai, Mannar, Colombo and Galle during the morning too.
Winds:
Winds will be South-westerly in direction and wind speed will be (25-35) kmph. Wind speed can increase up to (40-45) kmph at times in the sea areas off the coasts extending from Mannar to Hambanthota via Colombo and Galle.
State of Sea:
The sea areas around the island can be slight to moderate. The sea areas off the coasts extending from Mannar to Hambanthota via Colombo and Galle can be fairly rough at times. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
President Anura Kumara Dissanayake pledges to expedite investigations into the Easter Sunday bomb attacks and ensure justice for the victims: also vows to prevent such tragedies from recurring: The President made these assurances during a discussion with families of those affected at St. Sebastian’s Church, Katuwapitiya, where he laid floral tributes at the victims’ memorial: The President also answered the questions raised by the victims’ families who attended the event, guaranteeing that justice will be served.
The Election Commission declares six political parties’ ineligibility to contest the upcoming General Election due to their failure to resolve issues surrounding party secretaryships: These parties are Eelawar Democratic Front, United Peoples Freedom Alliance, Eksath Lanka Podujana Party, Eksath Lanka Maha Sabha Party, Lanka Peoples Party, and Sri Lanka Progressive Front: The Commission stressed discussions to resolve the aforementioned issues had been undertaken, only to meet dead ends.
Police Spokesman DIG Nihal Thalduwa confirms former President Ranil Wickremesinghe’s security detail, comprising 50 Special Task Force (STF) personnel, will remain unchanged: However, the number of personnel required for his security will be reviewed and adjusted accordingly in the near future.
Former State Minister of Finance Shehan Semasinghe expresses support for the current government’s continuation of the vehicle import resumption policy initiated by the previous administration: clarifies that this policy, aligned with IMF guidelines, was carefully staged to protect foreign reserves and stabilise the economy: criticises false claims about the policy’s origins and praises its responsible implementation for economic recovery.
Sri Lanka’s Department of Census and Statistics will begin collecting personal and housing data for the 15th population census today (07): Director General Anoja Senevirathne says around 50,000 officials will visit households nationwide: The census, typically conducted every 10 years, was delayed due to COVID-19 and the economic crisis, with the last one held in 2012.
Sri Lanka’s Business Process Outsourcing (BPO) industry is set to achieve $3 billion in exports by 2024, driven by high-value services like financial analysis and IT: Supported by government policies, cutting-edge technology, and a skilled workforce, the sector is growing 20% annually: Advanced technologies and a shift to hybrid work models are further boosting Sri Lanka’s global outsourcing leadership.
Acting Inspector General of Police Priyantha Weerasooriya directs all police stations to address pending minor complaints lodged by the public within the next two weeks: Police Spokesman DIG Nihal Thalduwa announced the directive on 6 October, emphasising the need for timely action on unresolved matters.
The Inland Revenue Department (IRD) launches a programme to recover unpaid taxes by visiting defaulters’ premises following the September 30 deadline: Despite collecting 70% of its Rs.2,024 billion target, the IRD aims to recover the remaining dues: Commissioner General Sepalika Chandrasekera confirms legal measures will be pursued for unpaid taxes, emphasising the department’s focus on meeting its highest-ever revenue target.
Police arrest 40 foreigners involved in online financial scams, including 30 Chinese, 4 Indian, and 6 Thai nationals: The arrests took place in a Gampaha hotel and a private institution in Hanwella: Seized items including 499 mobile phones, 25 laptops, and 29 desktop computers have been sent for forensic examination: The group was apprehended yesterday (06) morning.
A team of Sri Lankan students from Dharmapala College, St. Sebastian’s College, and Elizabeth Moir School won the prestigious Zhang Heng Award for Engineering Design at the 6th Global Challenge Robotics Competition 2024 in Athens, Greece: Competing against 193 countries, they placed sixth overall: Their innovation secured first place, followed by Colombia and India: The team was welcomed home recently.
October 06, Colombo (LNW): Sri Lanka’s Business Process Outsourcing (BPO) industry is poised to become a major force in the nation’s economy, setting an ambitious goal of $3 billion in exports by 2024.
The sector has evolved from traditional services to offering high-value solutions such as financial analysis, IT services, and advanced analytics. This growth is fueled by strong investments in skills development, cutting-edge technology, and supportive government policies.
SLASSCOM reports a 20% annual growth in the IT-BPO sector, thanks to a highly educated, multilingual workforce, with over 30,000 graduates entering the job market each year, particularly in IT and business administration. English proficiency is a key asset, ensuring Sri Lanka meets the demands of international clients.
Government initiatives, including tax breaks and investments in infrastructure, have created an ideal environment for BPO growth. Sri Lanka’s modern telecommunications network, including 4G and early adoption of 5G, further boosts its appeal as a global outsourcing hub.
The adoption of advanced technologies like AI, automation, and blockchain is reshaping the industry, increasing efficiency and positioning Sri Lanka as a leader in innovation. BPO firms are expanding into new sectors like healthcare, education, and e-commerce, which is expected to drive future growth.
The COVID-19 pandemic accelerated the shift to remote and hybrid work models, allowing BPO companies to remain agile and responsive to client needs.
With competitive pricing, a skilled workforce, and strategic location, Sri Lanka is emerging as a preferred destination for both near shore and offshore outsourcing, surpassing regional competitors. By focusing on data security and forming global partnerships, the country’s BPO sector aims to strengthen its leadership in the global market.
October 06, Colombo (LNW): The Ceylon Chamber of Commerce has welcomed Sri Lanka’s progress in securing an agreement in principle (AIP) with the International Monetary Fund (IMF) and the Official Creditor Committee (OCC) regarding the restructuring of its external debt.
This agreement includes a key deal with private bondholders and signals an important step towards achieving long-term fiscal stability for the nation.
On Friday, Sri Lanka announced that both the IMF and the OCC had approved the latest adjustments to the proposed debt restructuring plan.
The plan involves issuing two types of bonds: GDP-linked upside/downside bonds and plain vanilla bonds tied to governance indicators, though the specifics of these bonds are still under consideration.
The Ceylon Chamber of Commerce praised this development, emphasizing that the successful restructuring of the country’s external debt is vital for Sri Lanka’s economic recovery.
According to the Chamber, this marks significant progress towards fiscal stability, which aligns with the organization’s recommendations to the new government.
The Chamber noted that external debt restructuring was its top priority out of ten key areas proposed to the current administration.
The statement from the Chamber further highlighted that the completion of the OCC and IMF consultation process is a strong indicator that Sri Lanka is on track for successful reviews under the IMF’s Extended Fund Facility (EFF) arrangement.
These reviews and future disbursements will be crucial to the nation’s journey toward financial recovery and economic transformation.
The Chamber also emphasized the importance of the Comparability of Treatment (CoT) principle, which has guided Sri Lanka’s broader economic reform agenda. The government’s commitment to adhering to the CoT principle has been instrumental in gaining international cooperation and advancing the debt restructuring process.
In its statement, the Chamber expressed appreciation for the swift response from the IMF and the OCC. It acknowledged the efforts of the Sri Lankan government, the Governor of the Central Bank, the Secretary to the Treasury, and other key stakeholders who have been involved in these critical negotiations. Their collective work has helped drive this milestone in the country’s financial recovery.
Looking ahead, the Chamber is optimistic about the completion of the debt restructuring process and the positive implications it will have for Sri Lanka’s economic future. The alignment with IMF’s EFF program is seen as a significant step toward ensuring the country achieves fiscal stability, which is a core component of its ongoing economic reform and transformation efforts.
This development offers hope for the nation, as it continues to navigate its economic challenges with the support of international financial institutions and creditor bodies.
October 06, Colombo (LNW): The International Monetary Fund (IMF) has raised alarms over the potential risks of disputing Sri Lanka’s current debt sustainability assessment (DSA), cautioning that such challenges could jeopardize the country’s bailout program and delay crucial financial support by months or even years.
The IMF requires countries seeking assistance to prove their debt is sustainable. Should Sri Lanka’s debt be deemed unsustainable, the IMF would be unable to proceed with the bailout, highlighting the need for the country’s debt restructuring efforts to adhere to IMF guidelines to secure necessary relief and achieve debt targets.
Sri Lanka has made significant strides under the current IMF program, though its recovery remains fragile. IMF Senior Mission Chief Peter Breuer emphasized the importance of continuing reforms to promote stable, inclusive growth, cautioning that failing to do so could lead to a relapse into crisis.
A major hurdle lies in achieving the primary fiscal balance—excluding interest payments—needed to restore debt sustainability. By 2025, this balance must reach at least 2-3% of GDP based on realistic budget projections, Breuer stated.
However, some economic experts, including a former Treasury Secretary who chose to remain anonymous, have criticized the IMF’s DSA methodology.
They argue that the projected reduction in external debt is insufficient and that restructuring domestic debt places undue burden on the working population by causing pension funds, which hold sovereign debt, to bear losses.
These critics argue that efforts should be directed toward reducing foreign currency-denominated debt to provide the necessary relief.
Recent reports suggested that Sri Lanka had not conducted its own DSA during debt restructuring negotiations. In response, the Finance Ministry clarified that while amendments to IMF agreements have been made in the past, the current situation is different due to the central role of debt restructuring in the ongoing IMF-backed economic reform program.
Sri Lanka is now part of the IMF’s Market Access Sovereign Risk and Debt Sustainability Framework (MAC SRDSF), a model used to assess the debt sustainability of middle-income countries. This framework has stringent debt targets that can only be adjusted in the event of significant changes in circumstances.
Sri Lanka, with the help of debt advisors, has developed its own internal DSA to guide its negotiating strategy, but the IMF’s DSA remains the independent standard to ensure any agreements with creditors meet required debt relief targets.
The opposingof the IMF’s DSA could cause severe delays in obtaining financial support, which would have devastating effects on Sri Lanka’s fragile economy. The Ministry advocates for a pragmatic approach, stressing the importance of timely action to safeguard the country’s economic future.
October 06, Colombo (LNW): India has reiterated its support for Sri Lanka, with both nations expressing their commitment to further strengthening their relationship. This development came during Indian External Affairs Minister (EAM) Dr. S. Jaishankar’s one-day visit to Sri Lanka, where he met President Anura Kumara Dissanayake.
Dr. Jaishankar congratulated President Dissanayake on his election and conveyed best wishes from Indian Prime Minister Narendra Modi. The discussions between the two leaders focused on deepening cooperation in various sectors, including tourism, investment, energy, and the dairy industry. Jaishankar reaffirmed India’s support for Sri Lanka’s economic recovery, encouraging the island nation to leverage India’s vast market.
President Dissanayake expressed gratitude for India’s assistance during Sri Lanka’s recent economic crisis and stressed the importance of continued collaboration. The two also discussed key areas such as fisheries and promoting national unity. An invitation was extended to President Dissanayake to visit India, while the Sri Lankan President invited Prime Minister Modi to visit Sri Lanka.
During his visit, Dr. Jaishankar also met Sri Lankan Prime Minister Dr. Harini Amarasuriya and Foreign Minister Vijitha Herath, along with former President Ranil Wickremesinghe and SJB leader Sajith Premadasa.
Discussions focused on bilateral cooperation under India’s ‘Neighbourhood First’ policy, with India pledging ongoing development support. This includes modernizing the Kankesanthurai port, converting completed Line of Credit projects into grants, and gifting 22 diesel locomotives to Sri Lanka.
Energy cooperation, digital infrastructure, health, and tourism were key topics, with both sides agreeing that these initiatives would support Sri Lanka’s economic stability. India also expressed willingness to assist in Sri Lanka’s debt restructuring efforts.
Security and defence matters were also discussed, with both nations agreeing that their collaboration is vital for regional stability. Dr. Jaishankar addressed concerns over detained Indian fishermen and urged a humanitarian approach to resolving the issue.
The talks also covered Sri Lanka’s reconciliation process, with India emphasizing its support for equality and justice for all communities, including Tamils. Both sides underscored the importance of implementing the 13th Amendment and holding Provincial Council elections.
October 06, Colombo (LNW): The International Monetary Fund (IMF) has reaffirmed its support for Sri Lanka, expressing encouragement over the new Government’s dedication to continuing the country’s reform efforts.
“We are encouraged by the authorities’ commitment to continue the reform efforts. The IMF remains a steadfast partner in supporting Sri Lanka and its people and stands ready to assist the country achieve its economic reform goals,” stated Dr. Krishna Srinivasan, Director of the IMF Asia Pacific Department. This came following the conclusion of a three-day visit by an IMF staff team.
Dr. Srinivasan also mentioned that the IMF team will maintain close collaboration with Sri Lanka’s economic team to determine a date for the third review of the IMF-supported program.
During the visit, the IMF engaged in productive discussions with President Dissanayake and Sri Lanka’s economic team, addressing the economic and financial challenges facing the country. Both parties agreed on the importance of safeguarding and building on the gains made to help Sri Lanka recover from the severe economic crisis it faced in 2022.
In addition to meetings with the President, the IMF team met with key figures such as Prime Minister Dr. Harini Amarasuriya, Minister Vijitha Herath, Central Bank Governor Dr. Nandalal Weerasinghe, and Treasury Secretary Mahinda Siriwardana, along with other stakeholders.
The Sri Lankan Government also announced that consultations with the Official Creditor Committee (OCC) and the IMF had been completed regarding the Agreement in Principle (AIP) terms’ compliance with the Comparability of Treatment (CoT) principle.
This follows the AIP reached on 19 September 2024 with international and local holders of International Sovereign Bonds (ISBs).
In a statement, the Treasury confirmed that the OCC had formally validated that the AIP terms align with the CoT principle.
The IMF also confirmed that the AIP terms meet the program parameters under the Extended Fund Facility (EFF) arrangement’s second review macro framework, particularly when considering the restructuring of official claims in line with the agreement reached with the OCC and China Exim Bank in June 2024.
The Government further reaffirmed its commitment to the AIP and the debt targets announced in September, following the Presidential election on 21 September and the formation of the new Government on 25 September. The authorities also expressed their intention to expedite the restructuring of ISBs in line with the agreed terms.
The Sri Lankan Government thanked all its creditors, as well as the IMF and the OCC, for their ongoing support and engagement throughout the process.
October 06, Colombo (LNW): President Anura Kumara Dissanayake has pledged to accelerate investigations into the tragic Easter Sunday attacks, vowing that justice will be served and measures implemented to prevent such a catastrophe from reoccurring in Sri Lanka.
During a visit to St. Sebastian’s Church in Katuwapitiya, Negombo, he met with the families of victims and laid floral tributes at the memorial in their honour.
Addressing the families of those killed and injured in the 2019 attack, President Dissanayake expressed his determination to uncover the full truth behind the atrocity.
He assured those gathered that the government’s priority is to ensure a transparent and impartial investigation into the bombings that claimed 274 lives and left many others injured.
“The Easter Sunday tragedy will not be allowed to fade with time. We will seek justice for the victims and provide answers to the public,” he stated, underscoring the gravity of the incident.
The President also noted that public sentiment regarding the attacks influenced the outcome of the most recent presidential election, as many sought accountability and justice.
He committed to pursuing this cause, assuring the victims’ families that his administration would leave no stone unturned in their pursuit of fairness.
Emphasising the need for an unbiased approach, the President called for an investigation free from political interference or assumptions. He instructed the Secretary to the Ministry of Public Security to ensure the inquiry remains objective and driven solely by facts.
The President acknowledged suspicions within society that the attacks may have been politically motivated. If such a conspiracy exists, he warned, it would mark a deeply disturbing chapter in the nation’s history.
“We must ensure that politics does not degrade to the point where innocent lives are lost for political advantage,” Dissanayake stressed.
In his remarks, the President also addressed concerns about possible involvement by elements within the previous government, stating that if proven true, it would leave the country in a perilous state.
The investigation, he insisted, must expose any and all wrongdoers, regardless of their positions.
The President paid tribute to the resilience of the victims’ families, many of whom have marched for justice every April 21st since the attacks. Their perseverance, he said, has kept alive the hope for a resolution.
His Eminence Malcolm Cardinal Ranjith, Archbishop of Colombo, who also attended the event, shared his frustrations about the lack of resolution from international human rights bodies, despite appeals on behalf of the victims.
He acknowledged the efforts of the government in supporting the survivors but questioned the real motives behind the attacks.
The Cardinal expressed his confidence in President Dissanayake’s leadership and integrity, believing that the current administration will finally deliver justice to those affected by the Easter Sunday tragedy.
The President concluded by thanking the clergy for their role in maintaining social harmony in the aftermath of the attacks. He stressed that unity and trust must be upheld within the nation and called for continued vigilance to safeguard the well-being of all Sri Lankans.
The event was attended by Rev. Fr. Manjula Niroshan, head of the Katuwapitiya Church mission, and a large gathering of victims, families, and local devotees.
October 06, Colombo (LNW): Sri Lanka’s tourism sector has recorded a notable boost in foreign exchange earnings, with revenue reaching US$ 181 million in September 2024, a significant rise from the US$ 152 million earned during the same month last year.
This growth reflects the sector’s robust recovery as international travel rebounds.
The tourism industry’s performance has been exceptional throughout 2024, with revenue for the first nine months of the year reaching US$ 2.35 billion, marking a substantial 61.2 per cent increase compared to the US$ 1.46 billion accumulated during the corresponding period in 2023, according to the Central Bank of Sri Lanka (CBSL).
This surge in earnings underscores the critical role tourism plays in strengthening Sri Lanka’s foreign exchange reserves.
The Sri Lanka Tourism Development Authority (SLTDA) has also highlighted an encouraging rise in tourist arrivals. In September alone, 122,140 international visitors arrived, reflecting a 9.11 per cent increase compared to the 111,938 arrivals recorded in September 2023.
This uptick contributes to a cumulative total of 1.48 million tourists for the first nine months of 2024, placing the country well on track to achieve its goal of 2.3 million arrivals by year-end.
India remained the top source of tourists in September, contributing 27,884 visitors, while China followed with 9,078 arrivals.
The steady inflow of tourists from these key markets reinforces Sri Lanka’s position as a preferred destination in the region, helping to revive its tourism-dependent economy.
