January 23, Colombo (LNW): Deputy Minister of Ports and Civil Aviation Ruwan Kodituwakku has highlighted the growing issue of uncleared goods accumulating at the Colombo Port, causing significant logistical challenges.
The Deputy Minister explained that this backlog has led to a severe shortage of available space at the busy port, which is crucial for handling the nation’s imports and exports.
He attributed the build-up of goods to a range of factors, including unpaid duties and incomplete documentation.
Some consignments have remained at the port because the required customs fees have not been settled, while others are stuck due to missing or inaccurate paperwork, which has delayed their clearance.
In response to the issue, Deputy Minister Kodituwakku has instructed Sri Lanka Customs and the Ports Authority to provide a detailed report on the matter.
He emphasised the need for urgent action to resolve the situation, as the continued accumulation of goods not only disrupts port operations but also impacts the overall efficiency of Sri Lanka’s trade and transport systems.
January 23, Colombo (LNW): Former Minister Anura Priyadarshana Yapa and his wife were taken into custody by the Criminal Investigation Department (CID) late last night, following allegations of financial misconduct.
According to Senior Superintendent of Police Buddhika Manatunga, the couple’s arrest is linked to accusations of misappropriating Rs. 6.1 million in public funds in 2014.
The charges relate to the alleged diversion of funds that were originally allocated for flood relief efforts in the areas of Bingiriya and Narammala.
Instead of being used for the intended humanitarian purpose, the funds, totalling Rs. 6,146,110, were allegedly redirected to support election campaign activities during the 2015 Presidential Election.
The incident has been classified as a case of criminal misuse of public funds, with the CID conducting an extensive investigation into the matter.
Following consultations with the Attorney General, the decision was made to arrest the former Minister and his wife.
The investigation into this matter is still ongoing, and the couple is expected to be presented before the Colombo Magistrate’s Court later today.
January 23, Colombo (LNW): The government is in the process of preparing a cabinet paper to establish a committee tasked with abolishing the controversial Prevention of Terrorism Act (PTA), Justice Minister Harshana Nanayakkara disclosed.
The new committee will also focus on drafting a replacement piece of legislation – the Anti-Terrorism Act (ATA), which aims to fully align with international human rights standards.
Minister Nanayakkara expressed his confidence that the cabinet paper would be approved in the upcoming parliamentary session, marking a significant step in the government’s efforts to reform the country’s counter-terrorism laws.
“I am hopeful that, during the next parliamentary session, I will be able to confirm that the cabinet has given its approval for the repeal of the PTA and the introduction of a new ATA that is fully compliant with international norms,” he said.
The PTA has long been a contentious issue in Sri Lanka, facing criticism from both local and international human rights organisations.
Concerns over its misuse have been widespread, with accusations that it has been used to violate the rights of individuals, often without adequate legal safeguards.
These concerns have led to calls for a more transparent and human rights-respecting approach to counter-terrorism.
The proposed Anti-Terrorism Act is expected to address these issues by creating a legal framework that balances national security concerns with the protection of fundamental rights.
It is anticipated that the new law will be crafted in a manner that brings Sri Lanka’s counter-terrorism efforts in line with international best practices whilst ensuring that the country’s security needs are met effectively.
January 23, Colombo (LNW): A recent circular from Presidential Secretary Dr. N.S. Kumanayake has been sent to all Ministry Secretaries, outlining the new appointments of advisors to various ministries.
The circular provides specific guidelines regarding the provision of support staff for ministers and deputy ministers, including details about the allocation of vehicles, fuel, telephones, and other necessary facilities to ensure smooth operations.
The notice aims to clarify the administrative arrangements and ensure that ministries are adequately equipped to carry out their duties effectively.
January 23, Colombo (LNW): The Colombo Stock Exchange (CSE) is setting an ambitious target for 2025, aiming to host 20 initial public offerings (IPOs), with five to six already in the pipeline, as announced by its Chairman, Dilshan Wirasekara.
This comes after a record-breaking year for capital mobilisation in 2024, where the CSE saw a substantial rise in funds raised through IPOs, rights issues, and debt issuances, reaching an unprecedented total of approximately Rs.170 billion.
While the exchange had originally aimed for 10 IPOs in 2024, it fell short of this target, managing to complete only four to five offerings.
One notable casualty was the highly anticipated IPO from LTL Holdings, which was set to be the largest on the CSE to date.
The company had planned to raise up to Rs.20 billion by offering 22.3 per cent of its shares, but the listing was delayed due to legal challenges.
The Cabinet is expected to make a final decision regarding the future of the LTL Holdings IPO in the coming months.
Wirasekara explained that the primary challenge facing IPO activity is the relationship between market valuations and the decision of companies to go public.
“Many companies hesitate to list when market valuations are low, as they may not be able to achieve their desired valuations. However, given the recent positive trajectory of market valuations, driven by a process of rerating, we expect more companies to consider listing this year,” he said, highlighting a more optimistic outlook for the IPO market in 2025.
On the subject of the long-awaited demutualisation of the CSE, Wirasekara noted that progress has been made, but the ball is now in the government’s court. All stockbroking firms on the CSE have agreed to the draft bill, which proposes a 60:40 ownership split between member firms and the Capital Market Development Fund.
Once the government gives its approval, the demutualisation process will move forward, opening the door for more modernisation and operational flexibility for the exchange.
The CSE remains hopeful that these developments will encourage a more dynamic and accessible market, attracting both local and international investors.
January 23, Colombo (LNW): Sri Lanka is keen to swiftly resolve land and other related matters concerning the Chinese state-owned energy company Sinopec, according to the country’s Minister of Foreign Affairs, Vijitha Herath.
Speaking on the potential timeline for the development of Sinopec’s oil refinery in Sri Lanka, Minister Herath expressed confidence in fast-tracking the project.
He stated, “We are committed to progressing as quickly as possible. We aim to expedite the development programme and are ready to continue on this fast-track path.”
Regarding the land allocation for the refinery, Minister Herath mentioned that while the precise lease duration had not been finalised, Sinopec initially requested 500 acres, with an additional 200 acres currently under consideration.
“The exact terms are still being worked out. The lease period and additional land request will be determined based on the finalised Memorandum of Understanding (MoU). But as of now, they have expressed interest in an extra 200 acres,” he said.
The development follows a significant agreement signed during Sri Lankan President Anura Kumara Dissanayake’s visit to China in mid-January 2025.
The agreement secured a Foreign Direct Investment (FDI) of $3.7 billion from Sinopec to establish a state-of-the-art oil refinery in Hambantota.
The refinery will not only cater to local demand but is also expected to export a considerable share of its output, as confirmed by the President’s Media Division.
In response to inquiries about the possibility of a fuel pipeline deal with India, Minister Herath clarified that no formal agreement had been made yet.
“Discussions are ongoing, and during our recent visit to India, both sides agreed to continue engaging on this matter. However, no concrete agreement on a pipeline has been signed at this point,” he explained.
Minister Herath also provided an update on the stalled China-Sri Lanka Free Trade Agreement, which has been suspended since 2018. He revealed that both governments had agreed to establish a working group to revisit the terms of the agreement.
“No MoU has been signed yet, but we are moving forward with plans to form a dedicated working group to further explore the trade agreement,” he said.
On the topic of foreign research activities in Sri Lanka, the Minister addressed the Cabinet’s recent decision to form a committee to oversee such initiatives.
“The Cabinet has decided to set up a committee, and I will be leading it. However, we have not yet appointed the committee members,” he added.
Finally, when questioned about the provisions of the Indo-Lanka Pact of 1987, specifically regarding the need to inform India of foreign vessels arriving in Sri Lanka, Minister Herath emphatically stated, “There is no such requirement. There is no clause in the agreement mandating us to notify India about foreign vessels. We can release the Standard Operating Procedures (SOP) to clarify this further.”
January 23, Colombo (LNW): President Anura Kumara Dissanayake has underscored the critical role that traditions play in the development of a nation, emphasising that a country cannot solely progress through laws and regulations.
During a meeting at the Presidential Secretariat, President Dissanayake discussed the upcoming 74th Upasampada Vinaya Karma ceremony of the Sri Lanka Rāmañña Maha Nikāya, where he highlighted the deep-rooted cultural and spiritual significance of such events.
The President reflected on how the teachings of the Lord Buddha have profoundly influenced the social fabric of Sri Lanka, shaping its values and guiding its moral compass.
He stressed that it is the shared responsibility of all citizens to protect and preserve the Buddhist traditions, ensuring that they are passed down to future generations.
In this context, he remarked that tradition is not just a historical artefact but a living, evolving force that continues to play a pivotal role in the country’s identity and unity.
Addressing the significance of the Upasampada Vinaya Karma, a revered Buddhist ordination ceremony, President Dissanayake reminded attendees of the ceremony’s historical importance.
He noted that the ordination of monks, known as Upasampada Bhikkhus, is essential for the survival and vitality of the Buddhist institution in Sri Lanka.
The cessation of this ordination would, according to the President, signal the end of the Buddhist monastic tradition in the country, making it crucial to uphold and celebrate these ancient practices with the utmost respect.
The Upasampada ordination ceremony, set to take place from 30 June to 5 July 2025, will be held at the Vijithapura, Palugaswewa Punyavardhanarama Vihara, with the ordination itself taking place in the Udakukhepa Seema Malaka area.
Over 250 novice monks are expected to participate in the ordination process, which will be conducted under state patronage, marking it as a significant national event.
The biannual Upasampada Vinaya Karma ceremony, organised by the Sri Lanka Rāmañña Maha Nikāya, is viewed as a highly prestigious event by the government, drawing attention not only for its spiritual and religious importance but also for its cultural heritage.
In light of its significance, President Dissanayake has instructed the relevant authorities to ensure that all necessary arrangements are made, with every effort being put into providing the required facilities and support for the successful execution of the ceremony.
By emphasising the importance of tradition and its role in shaping the nation, Dissanayake reaffirmed his commitment to safeguarding the cultural and spiritual legacy of Sri Lanka, ensuring that these traditions continue to thrive for generations to come.
January 23, Colombo (LNW): The World Bank has emphasised the importance of attracting more private sector investment to ensure Sri Lanka maintains its hard-won macroeconomic stability and supports its ongoing recovery efforts.
During his recent two-day visit to the island, Martin Raiser, the World Bank’s Vice President for South Asia, highlighted that Sri Lanka’s future growth hinges on bolstering private sector participation, especially through foreign direct investment (FDI).
According to Raiser, strengthening the country’s economic resilience requires an enhanced focus on creating jobs, increasing incomes, and fostering an environment conducive to business expansion.
“The mobilisation of private investment is key to unlocking Sri Lanka’s growth potential,” Raiser stated, noting that the country must channel efforts into stimulating sectors that drive long-term prosperity.
Sri Lanka, he pointed out, is well-positioned to tap into the burgeoning opportunities across multiple industries, including the digital economy, tourism, logistics, agricultural value chains, and renewable energy.
However, realising the full potential of these sectors will necessitate significant improvements to the current business climate.
“To make these opportunities a reality, Sri Lanka must create a more attractive and efficient environment for businesses to thrive,” he said.
In a demonstration of its commitment to supporting Sri Lanka’s development, Raiser announced that the World Bank will be financing three critical projects, amounting to US $200 million, in the coming months.
These projects will focus on rural development, improving the education sector, and establishing a facility designed to attract private investments specifically in the renewable energy sector.
Additionally, the World Bank outlined several key priorities for Sri Lanka over the medium term.
These include boosting the tourism industry, enhancing public service delivery, providing development support to underserved regions, and equipping the labour force with the skills needed to meet the demands of a rapidly evolving global economy.
These priorities will be integrated into a new Country Partnership Framework, which will guide the World Bank’s support for Sri Lanka in the coming years.
Raiser reaffirmed the World Bank’s commitment to assisting the nation’s development agenda, particularly in areas such as poverty reduction, digital transformation, and sustainable growth.
“We are committed to financing projects that directly impact the livelihoods of the people of Sri Lanka,” Raiser concluded, underscoring the importance of collaboration between the World Bank, the Sri Lankan government, and the private sector in driving the nation’s economic progress.
January 23, Colombo (LNW): Fitch Ratings has recently revised the National Long-Term Ratings of ten major Sri Lankan banks, reflecting the positive shift in the nation’s financial outlook following the recent upgrade of Sri Lanka’s sovereign rating.
The move comes after the global credit rating agency recalibrated its national rating scale, which now reflects the enhanced creditworthiness of local issuers.
The adjustments, which took place following the upgrade of Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) from ‘CCC-’ to ‘CCC+’ on December 20, 2024, have led to significant improvements in the ratings of several prominent banks.
However, Fitch has also affirmed the National Long-Term Ratings of five other banks, which remain unchanged.
Fitch’s recalibration process aims to provide a more accurate risk assessment for investors operating in the Sri Lankan market, helping to distinguish between the relative credit risks of local entities.
As part of this recalibration, the National Long-Term Ratings of the banks have been adjusted, with some enjoying an upgrade to reflect the positive shift in the country’s financial standing.
Among the banks that saw their ratings improve are several of Sri Lanka’s largest financial institutions, which have seen their National Long-Term Ratings raised to ‘AA-(lka)’ from ‘A(lka)’.
These include Bank of Ceylon (BOC), People’s Bank, Commercial Bank of Ceylon, Hatton National Bank (HNB), and Sampath Bank.
Meanwhile, Seylan Bank has received an upgrade to ‘A+(lka)’ from ‘A-(lka)’, and DFCC Bank, National Development Bank (NDB), Nations Trust Bank (NTB), and Pan Asia Banking Corporation (PABC) also experienced upward adjustments in their ratings.
The recalibration also saw some banks maintaining their existing ratings, with no change in outlook, as Fitch affirmed the National Long-Term Ratings of Amana Bank, Union Bank of Colombo, SANASA Development Bank, Housing Development Finance Corporation Bank, and Cargills Bank.
In line with the recalibration, the Outlooks for all the banks have been set as Stable, reflecting the general improvement in the financial environment post-sovereign upgrade.
However, Fitch has made it clear that it will not assign an Outlook to sovereign ratings below ‘CCC+’, as such ratings are typically too uncertain for meaningful projections.
January 23, Colombo (LNW): In an important step to improve the well-being of female students across the country, Prime Minister Dr. Harini Amarasuriya convened a vital meeting yesterday (22) to explore solutions for the hygiene challenges faced by girls in secondary schools.
The gathering, held at the Ministry of Education, brought together a diverse group of stakeholders, including the Director of the Health and Nutrition Branch of the Ministry, key officials from that division, and the Deputy Director of the Sri Lanka Standards Institution.
A number of representatives from four leading companies, all of whom are certified by the Sri Lanka Standards Institution for the production of sanitary napkins, were also present to discuss potential strategies for improving access to sanitary products for female students.
During the session, Dr. Amarasuriya emphasised the importance of addressing this critical issue, noting that many girls above grade 6 in schools across the nation struggle with inadequate hygiene facilities, often leading to missed school days and hindering their education.
The discussion focused on enhancing the quality, availability, and affordability of sanitary products, ensuring that schools are equipped with proper facilities, and raising awareness about menstrual hygiene.
The Minister expressed a strong commitment to tackling these challenges, highlighting that ensuring the health and dignity of young women is key to their educational success.
The collaborative meeting sought to pave the way for practical solutions that will have a positive, lasting impact on the lives of students throughout the country.
Moving forward, the Ministry plans to implement targeted actions based on the recommendations discussed, with the aim of fostering a more supportive and hygienic environment for female students.
