Home Blog Page 48

Professor Arusha Cooray, Ambassador-Designate of Sri Lanka to the United Arab Emirates Assumes duties

0

Professor Arusha Cooray, the newly appointed Ambassador-designate of Sri Lanka to the United Arab Emirates (UAE), assumed duties at the Embassy of Sri Lanka in Abu Dhabi on 21 May 2025.

In her remarks to the Embassy staff, Ambassador-designate Cooray highlighted the deep-rooted and expanding relations between Sri Lanka and the UAE, underpinned by strong economic, cultural, and people-to-people ties. She emphasized the importance of further advancing cooperation in trade, investment, labour relations, education, renewable energy, and innovation, while continuing to build on the enduring friendship between the two nations.

Ambassador-designate Cooray also underlined her commitment to ensuring a high standard of consular services and community engagement, particularly for the large Sri Lankan expatriate community residing across the Emirates. She reaffirmed the Embassy’s role in promoting Sri Lanka’s interests and fostering greater bilateral collaboration with the UAE.

Professor Cooray is a distinguished economist and senior academic, with a career spanning over two decades in teaching, research, and international development. Prior to her appointment, she served as a Professor of Finance and Head of Discipline at the James Cook University, and held senior advisory roles with international institutions.

She holds a PhD in Economics from the University of New South Wales and has published widely in the fields of development economics, financial markets, governance, and macroeconomic policy.

Embassy of Sri Lanka to the United Arab Emirates

Abu Dhabi

21 May 2025

William: Attenborough was ‘inspiration’ for new show

0

The Prince of Wales has described Sir David Attenborough as a “big inspiration” to him growing up, and the motivation behind his new wildlife documentary highlighting the work of rangers.

In an unexpected appearance at a screening earlier this week, Prince William credited the veteran nature presenter with “being able to present wonderful parts of the world to many of us most of us will never get a chance to visit”.

He said he hoped his new six-part series, called Guardians, “does the same kind of thing”.

The prince and Sir David share a passion for conserving the natural world, and have supported each other’s projects in the field.

The heir to the throne has attended screenings of the broadcaster’s documentaries privately, while Sir David has been a champion of Prince William’s environmentally focused Earthshot Prize since its inception.

Now taking a lead from the 99-year-old host of Ocean and Planet Earth, the prince said his new series “reminds people that there are still wonderful parts of the world and there is still hope, and there’s still amazing work being done”.

He surprised those attending the screening of the series when he walked into a central London hotel and sat with journalists to watch the first three episodes.

Guardians will focus on how the work of rangers – who protect endangered animals – has become significantly more risky. Around 1,400 rangers have died in the past decade.

“This is now one of the most dangerous jobs on the planet,” the prince told reporters.

“It shouldn’t be. Protecting the natural world shouldn’t be that dangerous.

“Being a soldier, a police officer, the emergency services – these jobs are dangerous, people put their lives on the line.

“I don’t think people realise it’s the same for these guys and girls around the world.”

He attributed the increased threat to “community conflicts or civil wars, or illegal fishing, or poaching – whatever it might be is just spreading further and further across the globe”.

A friend said the prince turned up to emphasise the importance of the series to him on a personal level.

“The project was driven by him,” the friend told the BBC. “He wanted to show the incredible work rangers do for people around the world.”

Each episode will feature an on-screen introduction by Prince William, who also appears in a trailer for the project.

The prince also spoke about the challenge of recruiting the next generation of rangers.

He said: “They ask, why would I do that? Why would I go and risk my life to do that? No one seems to notice and no one seems to care. I’m not necessarily paid enough, I’m not valued enough by society.”

Prince William stressed that rangers “do so much more than just protecting wildlife”.

“It’s about the community initiatives they do, it’s the education, it’s the teaching, the scientific research,” he said.

“And if we are to reach our goals, and we do generally as a world care about the natural environment, then we need more of these guys and girls.”

Rangers are tasked with overseeing natural areas and the wildlife within them, but increasingly have to fend off poachers, who seek to traffic or kill animals – such as elephants, tigers and rhinos – that have body parts prized by some.

Poachers can be armed and encounters with rangers can prove fatal. In the year to May 2024, 38 out of 140 deaths were homicides, according to the International Ranger Federation (IRF).

In November, the prince announced a new life insurance scheme to cover 10,000 rangers who safeguard Africa’s wildlife.

The screening was also attended by Rohit Singh, vice-president of the IRF, who described rangers as “essential planetary health workers” and echoed the Prince’s concerns.

He said: “One statistic that always comes to my mind is that 82% of rangers say they don’t want their kids to become rangers – so if we don’t change this, how are we going to get more rangers?

“There are more hairdressers in the UK than there are rangers in the world’s protected areas.”

IMF Ties Approval of Sri Lanka’s Fourth EFF Review to Key Reforms and Financing Assurances

0

The International Monetary Fund (IMF) has announced that the approval of Sri Lanka’s fourth review under the Extended Fund Facility (EFF) is dependent on the government meeting key prior conditions, including the restoration of electricity cost recovery pricing.

Speaking at the IMF’s weekly press briefing, Spokesperson Julie Kozack explained that while a staff-level agreement was reached on April 25 between the IMF and Sri Lankan authorities, the final approval is subject to the IMF Executive Board’s decision, expected in the coming weeks.

However, Kozack emphasized that the exact timing of the board meeting hinges on two critical factors.
“The first is the implementation of prior actions, particularly restoring electricity cost recovery pricing and ensuring the proper functioning of the automatic electricity price adjustment mechanism,” she stated.

The second requirement is the completion of the financing assurances review. This review will evaluate whether Sri Lanka’s multilateral partners have confirmed their financing commitments and whether adequate progress has been made in the country’s debt restructuring efforts.

“In a nutshell,” Kozack said, “completion of the review is subject to board approval, which is contingent on these two matters.”

If approved, the review will unlock access to approximately USD 344 million in financing for Sri Lanka, providing a crucial boost as the country continues its economic recovery and reforms under the IMF-supported programme.

Sri Lanka Steps Boldly into AI with Futurity’s Global Vision

0

Sri Lanka has entered the global artificial intelligence (AI) arena with a dynamic private sector push, marking a new chapter in the island’s tech evolution. Amid a rapidly growing innovation ecosystem, homegrown ventures are stepping forward with world-class ambition—none more so than Futurity, a trailblazing AI-native studio based in Colombo that’s redefining how work gets done in the digital age.

The launch of Futurity signals a powerful shift in Sri Lanka’s technological aspirations—from outsourcing to original innovation. With a vision to deliver globally scalable AI solutions, this startup exemplifies how local expertise and creativity can place Sri Lanka firmly on the global AI map.

Futurity is the country’s first AI-native research and development studio, dedicated exclusively to crafting intelligent workplace solutions that seamlessly integrate into enterprise operations. Built by a multidisciplinary team of engineers, designers, and strategists, Futurity was founded on the belief that technology should be invisible, intelligence should be effortless, and work should simply flow.

“We’re not building AI to replace people,” explains Venuka Wijethunga, Co-Founder and Head of Product Strategy. “We’re building tools that support people—quietly and intuitively. Our goal is to remove everyday workplace friction, from repetitive searches to rewriting the same content or answering the same queries repeatedly.”

Futurity’s AI systems are crafted to blend into workflows, not disrupt them. The studio’s guiding principle—Effortless Intelligence—reflects this ethos. Rather than adding layers of complexity, Futurity designs adaptive solutions that anticipate user needs, understand context, and enhance human performance.

The studio’s offerings span document intelligence, conversational AI interfaces, and AI-generated media, all tailored to eliminate repetitive work and enhance decision-making. Their flagship product, Omni, is an intelligent document orchestration tool built for modern teams. It promises to streamline access to critical information while quietly organizing knowledge behind the scenes.

Futurity is also positioning itself to compete globally. “We’re entering a $638 billion industry projected to surpass $3.6 trillion by 2034,” notes Supun Kaluarachchi, Co-Founder and Head of Business Intelligence. “There’s a clear demand for purpose-built, contextual AI tools. Our focus is on practical innovation—solutions that actually make work easier and more effective.”

While rooted in Sri Lanka’s vibrant tech community, Futurity’s ambitions are international. All products are validated locally but engineered for global scalability, allowing Sri Lankan-born innovations to address challenges in workplaces worldwide.

For Sri Lanka, Futurity is more than just a startup—it’s a signal that the country is ready to compete in the global AI race, driven by private ingenuity and a bold vision for the future of work.

Tea Industry Sees Growth as Emirates Celebrates International Tea Day with Dilmah

0

Sri Lanka’s tea industry showed strong signs of recovery in April 2025, with production reaching 26.39 million kilograms—a 23% increase from 21.46 million kgs in April 2024, according to official data. This boost of 4.93 million kgs reflects renewed momentum across all elevations—High, Mid, and Low Grown—signalling a broad-based sector recovery.

Compared to April 2023’s 25.24 million kgs, the 2025 April output also marks a modest increase of 1.15 million kgs. Cumulatively, tea production for the first four months of 2025 stood at 88.38 million kgs. This is a notable rise of 8.65 million kgs from the 79.73 million recorded during the same period last year and up 3.63 million kgs compared to the January–April 2023 total of 84.75 million.

While High and Mid Grown teas maintained their upward momentum, the Low Grown segment and Green Tea category showed slight declines compared to 2023.

Coinciding with this positive industry performance, Emirates and Sri Lanka’s Dilmah Tea are celebrating International Tea Day on 21 May with a global tribute to tea culture and sustainability. Marking a successful 33-year partnership and over 33 million cups of tea served annually, Emirates will present a complimentary box of luxury Dilmah teas to all customers on flights over 2.5 hours.

The gift box includes a trio of Dilmah’s most celebrated blends: the Emirates Signature Tea—Dombagastalawa FBOP1 scented with rose, almond, and ginger; Moroccan Mint Green Tea, known for its calming properties; and Ceylon Tea with strawberry, embodying joy and refreshment.

In Emirates Lounges around the world, First and Business Class customers will enjoy Dilmah tea cocktails and mocktails paired with artisanal desserts. In Dubai, exclusive offerings include a Dilmah Elixir cocktail alongside coconut vanilla cake, lemon cake, and apple tart.

From 15 to 31 May, passengers flying from Dubai to the UK will also receive tea pairing tips from trained Emirates cabin crew as part of a refined Afternoon Tea service in premium classes.

Emirates’ commitment to tea goes far beyond inflight service. The airline’s cabin crew undergo specialised tea training, learning to brew the perfect cup, understand the sustainable origins of Dilmah tea, and pair teas with food. Green teas are recommended with seafood and sushi, black teas with red meat and desserts, and floral teas with citrus-based dishes like Emirates’ vegan zucchini tart.

International Tea Day, recognized by the UN as part of the 2030 Agenda for Sustainable Development, underscores tea’s global importance for rural development and sustainability. Emirates’ long-standing partnership with Dilmah brings socio-economic benefits to Sri Lanka’s tea industry and plantation communities, while elevating global appreciation for ethical tea sourcing.

As the island’s tea output rises and its global partnerships flourish, Sri Lanka’s tea sector is brewing up a bright future—one cup at a time.

Banking Boost: Sri Lanka Sees Rising Loan Demand and Falling Defaults in 2025

0

Sri Lanka’s banking sector has shown a notable rebound in early 2025, with loan disbursements steadily increasing across key economic segments.

This growth reflects renewed confidence among borrowers and financial institutions amid improving macroeconomic conditions. While lending appetite strengthens, non-performing loans (NPLs) have also demonstrated a downward trend—except in the retail sector—thanks to better business performance, enhanced recoveries, and lower interest rates.

According to the Central Bank of Sri Lanka’s latest survey, lending activity remained strong in the first quarter of 2025 and is expected to continue through the second quarter.

 The demand for loans among Small and Medium Enterprises (SMEs) surged, with the SME Loan Demand Index rising sharply from 65.0 in the fourth quarter of 2024 to 82.2 in the first quarter of 2025. This signals renewed economic momentum within the SME sector.

Corporate loan demand, which stood at a relatively subdued index value of 57.9 in late 2024, is projected to climb significantly to 81.2 in the second quarter of 2025.

The Central Bank attributes this uptick in loan appetite to improving economic activity, declining interest rates, stable inflation, greater political stability, and growing business confidence.

The report further notes that loan demand is likely to continue increasing in the second quarter, supported by anticipated GDP growth and potential easing of vehicle import restrictions, which could further stimulate credit growth.

Sri Lanka’s monetary policy framework has broadly followed a deflationary approach since late 2022, mirroring successful East Asian models.

 However, an episode of monetary expansion during the fourth quarter of 2024, aimed at narrowly meeting credit targets, resulted in reserve losses and a reemergence of a current account deficit. Historically, Sri Lanka’s policy mix—including inflation-targeted rate cuts—has led to currency instability, requiring subsequent rate hikes and credit tightening to restore confidence.

In early 2025, the central bank’s policy rate has been kept slightly above market rates while accumulating foreign reserves. Yet analysts caution that excess unsterilized liquidity—resulting from foreign currency purchases—could pressure the rupee if it fuels unchecked credit growth.

On a positive note, the non-performing loan ratio has improved across most sectors, driven by stronger cash flows, more favorable economic conditions, flexible repayment structures, and sustained recovery efforts. The only exception is the retail sector, where NPLs have increased, likely due to the persistent high cost of living affecting household repayment capacity.

Overall, the findings underscore a cautiously optimistic outlook for Sri Lanka’s banking sector, with strong loan growth and improving credit quality pointing to a recovering economy in 2025.

Health Ministry Assures No Immediate Threat from New COVID-19 Variant in Sri Lanka

0

The Ministry of Health and Mass Media has confirmed that there is currently no threat of the new XEC COVID-19 variant spreading in Sri Lanka and urged the public to avoid unnecessary panic. This assurance was based on the latest data from the Epidemiology Unit, as stated by Health Ministry Secretary Dr. Anil Jasinghe.

The announcement comes amid rising COVID-19 case reports in several Asian countries. While acknowledging these trends, the Ministry attributed them to factors such as declining public immunity and emphasized that no similar pattern has been observed in Sri Lanka thus far.

To ensure national preparedness, the Ministry has reinforced surveillance and public health measures. Dr. Jasinghe noted that clinical testing for COVID-19 continues across selected hospitals through an integrated respiratory surveillance system. “At present, these tests have not shown any significant increase in COVID-19 cases,” he said.

Sri Lanka’s laboratory surveillance system remains fully operational and equipped to detect early signs of any potential outbreaks. The Ministry also clarified that while respiratory illnesses like influenza are circulating from time to time, the risk of the new COVID variant spreading locally remains very low.

Special attention is being directed towards protecting high-risk groups, including the elderly, immunocompromised individuals, and those with chronic conditions. The public is advised to maintain basic health practices such as frequent handwashing and proper respiratory hygiene.

Reaffirming its commitment to transparency, the Health Ministry pledged to provide accurate and timely updates and stated that the country’s hospital system is well-prepared to manage any future developments.

Health authorities are closely monitoring the global and regional COVID-19 situation and urged the public to rely solely on official communications from the Ministry for information.

BASL Condemns Pressure on Lawyers to Disclose Client-Related Information

0

The Bar Association of Sri Lanka (BASL) has strongly criticized recent attempts by law enforcement and prosecuting authorities to compel attorneys-at-law to make statements or disclose information related to their professional duties. In a statement released yesterday (May 22), the BASL described such actions as inappropriate and a direct threat to the independence and integrity of the legal profession.

The BASL warned that these intrusions could breach ethical standards and compromise the legal protections afforded to lawyers under Article 14(1)(g) of the Constitution, which guarantees the freedom to practice one’s profession.

“Interference of this nature threatens the Rule of Law and the Constitutional protections guaranteed to all citizens, including attorneys-at-law,” the BASL stated, emphasizing the crucial role of lawyers in the administration of justice.

The Association reported receiving multiple complaints about law enforcement agencies seeking access to privileged information held by legal practitioners in the course of their professional duties. It stressed that lawyers are bound by confidentiality obligations, firmly grounded in Supreme Court Rules and the Evidence Ordinance, which only allow disclosure with client consent or under explicit legal provisions.

“The BASL reiterates that attorneys must be able to perform their professional responsibilities without fear or undue interference,” the statement read. “Any attempt to limit these responsibilities undermines the fundamental right of citizens to access justice.”

The BASL concluded by affirming its unwavering commitment to defending the rights, freedoms, and professional independence of legal practitioners in Sri Lanka, calling on all authorities to respect the essential role of lawyers in a fair and just legal system.

Election Commission Calls for Immediate Submission of Local Government Member Details and Financial Reports

0

The Election Commission has urged all political parties and independent groups to promptly submit details of members elected to Local Government bodies following the recently concluded Local Government Election.

Speaking at a special media briefing on May 22, Election Commission Chairman R.M.A.L. Ratnayake stated that once the required information is received, the names of the elected members will be published in the Government Gazette. This is to ensure that Local Government institutions are formally constituted by the legal deadline of June 2, 2025.

In addition, Chairman Ratnayake reminded all candidates, political parties, and independent groups that income and expenditure reports related to the Local Government elections must be submitted by May 27, 2025. He emphasized that failure to comply with this requirement will result in legal action.

“The Commission will not hesitate to take legal steps against those who do not meet the deadline,” he warned, stressing the importance of transparency and accountability in the electoral process.deadline of June 2, 2025.

In addition, Chairman Ratnayake reminded all candidates, political parties, and independent groups that income and expenditure reports related to the Local Government elections must be submitted by May 27, 2025. He emphasized that failure to comply with this requirement will result in legal action.

“The Commission will not hesitate to take legal steps against those who do not meet the deadline,” he warned, stressing the importance of transparency and accountability in the electoral process.The Election Commission has urged all political parties and independent groups to promptly submit details of members elected to Local Government bodies following the recently concluded Local Government Election.

Speaking at a special media briefing on May 22, Election Commission Chairman R.M.A.L. Ratnayake stated that once the required information is received, the names of the elected members will be published in the Government Gazette. This is to ensure that Local Government institutions are formally constituted by the legal deadline of June 2, 2025.

In addition, Chairman Ratnayake reminded all candidates, political parties, and independent groups that income and expenditure reports related to the Local Government elections must be submitted by May 27, 2025. He emphasized that failure to comply with this requirement will result in legal action.

“The Commission will not hesitate to take legal steps against those who do not meet the deadline,” he warned, stressing the importance of transparency and accountability in the electoral process.

Government Resolves Salt Shortage Crisis; Minister Denies Opposition Claims

0

Industry and Entrepreneurship Development Minister Sunil Handunnetti announced in Parliament that the recent salt shortage in the country has been effectively resolved. Addressing Parliament on May 22, the Minister dismissed claims made by several Opposition members, asserting that there is no cause for public concern.

Minister Handunnetti explained that, following a Cabinet decision, sufficient salt stocks have now arrived at the port through imports. He assured the public that these stocks will be distributed to the market in the coming days, eliminating any risk of continued shortages.

“The public should not fear a salt shortage to the extent the Opposition suggests. We have taken all necessary steps to address the situation,” he stated, adding that both he and Trade, Commerce, Food Security and Cooperative Development Minister Wasantha Samarasinghe accept full responsibility for resolving the issue.

However, Opposition MP Rauff Hakeem of the Samagi Jana Balawegaya (SJB) raised concerns about the existence of a so-called “salt mafia” in the country. Speaking in Parliament, Hakeem urged the Government to investigate individuals he alleges are manipulating the market.

“Certain individuals with stakes in the Puttalam Salt Company are also serving on its Board of Directors,” he said. “We are concerned whether salt from the Puttalam Saltern is being withheld deliberately to create an artificial shortage and drive up prices.”

Minister Handunnetti did not directly address the alleged monopoly but reiterated that there is no current shortage and warned against panic, suggesting the Opposition might benefit from public unrest.