Home Blog Page 520

Prime Minister stresses global significance of Anuradhapura’s preservation

0

April 03, Colombo (LNW): Prime Minister Dr Harini Amarasuriya has underscored the urgent need to safeguard the Sacred City of Anuradhapura, calling it a heritage site of universal value.

Speaking at an international expert conference co-hosted by UNESCO and the Sri Lankan government, she highlighted the importance of conservation efforts in preserving the island’s rich cultural legacy.

In her address, the Prime Minister reflected on Sri Lanka’s ancient civilisations, particularly the kingdoms of Anuradhapura and Polonnaruwa, which she described as extraordinary testaments to an advanced hydraulic society with refined artistic and architectural traditions.

She also acknowledged UNESCO’s pivotal role in preserving the country’s Cultural Triangle since the 1980s, reinforcing the enduring partnership between Sri Lanka and the organisation.

Drawing on historical transformations, she noted how Anuradhapura had been deeply affected by the civil conflict in the 1990s, reshaping the city’s landscape and cultural dynamics.

Today, the challenge lies in maintaining its sacred essence whilst accommodating the needs of its residents and the influx of tourists. “Anuradhapura is more than a national treasure; it belongs to the world,” she stated, emphasising the city’s significance as a UNESCO World Heritage site.

Recent archaeological findings suggest that Anuradhapura’s origins may date as far back as 900 BCE, highlighting its historical depth. The Prime Minister stressed the role of history and archaeology in fostering cultural understanding and promoting shared heritage, but acknowledged the complexities of balancing conservation with urban development.

Looking ahead, she outlined the government’s vision to develop Anuradhapura, Jaffna, and Kandy as heritage cities, each representing distinct facets of Sri Lankan identity.

She called for sustained global collaboration, expertise, and financial support to ensure that conservation strategies remain adaptable and resilient.

In the face of climate change, economic disparities, and shifting geopolitical landscapes, she reaffirmed Sri Lanka’s commitment to working alongside UNESCO to implement innovative yet tradition-conscious policies.

“This is not just about Sri Lanka’s past; it is about securing the future of world heritage,” she concluded.

Sri Lanka moves to amend electricity law, reassessing energy reforms

0

April 03, Colombo (LNW): The government is taking steps to amend the Electricity Act passed in 2024, marking a departure from the previous administration’s IMF-backed energy sector reforms.

The move reflects a shift in policy under the leadership of President Anura Kumara Dissanayake, who has been critical of the economic restructuring measures tied to the country’s debt recovery programme.

The International Monetary Fund (IMF)-supported reform framework was designed to stabilise Sri Lanka’s economy, ensure debt sustainability, and modernise the energy sector.

One of its key components was the gradual privatisation of the state-run Ceylon Electricity Board (CEB) to improve efficiency and financial viability.

However, the new administration has expressed reservations about these plans, leading to a reassessment of the legal framework governing the electricity sector.

In response, the Ministry of Power has formed a specialist committee, subject to Cabinet approval, to review the existing Electricity Act and recommend amendments.

The committee has sought input from a broad spectrum of stakeholders, including industry experts, power sector representatives, and development agencies funding energy projects, according to official documents.

A total of 59 stakeholders have submitted written proposals, with additional consultations being held through knowledge-sharing sessions and discussions with those advocating for restructuring.

Following a thorough review, the committee has presented its final report outlining proposed changes to the legislation. The Cabinet of Ministers has subsequently approved a resolution to draft a bill based on these recommendations.

The anticipated amendments are expected to influence the restructuring of the CEB, affecting its role in power generation, transmission, and distribution.

Whilst the previous government’s reforms aimed at increasing transparency, efficiency, and private sector involvement, the Dissanayake administration appears to be prioritising a different approach, potentially curbing or modifying privatisation efforts.

Sri Lanka remains committed to broader state enterprise reforms under its IMF agreement, but the extent to which the revised Electricity Act will align with these commitments remains to be seen.

Sri Lanka’s apparel stocks drop sharply following Trump’s tariff announcement

0

By: Isuru Parakrama

April 03, Colombo (LNW): Sri Lanka’s apparel sector suffered a sharp decline in stock market trading following the United States’ decision to impose a 44 per cent reciprocal tariff on imports.

The apparel industry, which is the country’s largest export sector, relies heavily on the US market, making the tariff announcement a significant setback for local manufacturers and investors, according to global economic news outlet Economy Next.

Stockbrokers told Economy Next that investor sentiment turned negative immediately after US President Donald Trump’s announcement on Wednesday. By mid-day trading on Thursday, shares of major apparel companies had dropped noticeably, reflecting concerns over the potential impact on export revenue.

Amongst the worst-hit was Hela Apparel Holdings, which fell by 8.11 per cent to Rs. 3.40. Hayleys Fabric also saw a substantial decline of 11.46 per cent, trading at Rs. 42.50, whilst Hayleys Fibre dropped 5.15 per cent to Rs. 46.00. Teejay Lanka, another key player in the industry, saw its stock price fall by 9.06 per cent to Rs. 46.20.

The United States remains Sri Lanka’s largest apparel export destination, generating $1.92 billion in 2024, according to the Export Development Board. The newly announced tariff applies to all countries exporting to the US, raising concerns over the competitiveness of Sri Lankan apparel in global markets.

The broader Colombo Stock Exchange also reflected the impact, with the benchmark index down by 2.06 per cent, shedding 329.91 points to settle at 15,677.53 by mid-day trading on Thursday.

Other exporters outside the apparel sector also experienced losses, with Haycarb falling by 5.31 per cent to Rs. 78.50 and Dipped Products dropping 7.53 per cent to Rs. 52.80.

Industry analysts warn that if the tariff remains in place for an extended period, Sri Lanka’s export sector may struggle to maintain its foothold in the US market, potentially leading to further economic challenges for the country’s manufacturing sector.

Parliament to debate removal of IGP Deshabandu Tennakoon on April 08

0

April 03, Colombo (LNW): The Committee on Parliamentary Business has scheduled a resolution for debate in Parliament on April 08, calling for the appointment of a Committee of Inquiry to assess the removal of Inspector General of Police (IGP) Deshabandu Tennakoon from his position.

The decision, made during a meeting chaired by Speaker Dr Jagath Wickramaratne, marks a significant development in the ongoing scrutiny of the country’s top police official.

The resolution, if approved, will pave the way for a formal investigation into Tennakoon’s conduct and determine whether grounds exist for his dismissal, according to the Communications Department of Parliament.

Whilst specific allegations prompting the move have not been detailed, his tenure has been marred by controversy, with critics accusing him of misconduct and political bias.

In addition to the scheduled debate on Tennakoon’s position, Parliament is set to convene on April 08, 09, and 10 to address other legislative matters.

Road closures in Colombo for Indian Prime Minister Modi’s visit

0

April 03, Colombo (LNW): Sri Lankan authorities have announced temporary road closures in Colombo on April 04 and 05 due to the official visit of Indian Prime Minister Narendra Modi.

The closures, aimed at ensuring security and smooth logistical arrangements, will affect several key routes, including the Colombo-Katunayake Expressway and Baseline Road.

According to police, traffic restrictions will be enforced intermittently between 6 pm and 10 pm on April 04, potentially affecting travel to and from Bandaranaike International Airport.

Travellers are advised to reschedule their journeys or use alternative routes to avoid disruptions.

On April 05, road closures will also be implemented in key areas such as Galle Face, Independence Square, and the Apegama precinct in Battaramulla.

Motorists using these roads will be redirected to alternative routes to minimise congestion and ensure public convenience.

Authorities have urged the public to plan their travel accordingly and cooperate with security personnel to facilitate the smooth execution of diplomatic protocols.

India to review multifaceted Indo-Sri Lanka friendship and discuss newer avenues of cooperation during Modi’s visit

0

April 03, Colombo (LNW): Indian Prime Minister Narendra Modi has announced that he will undertake an official visit to Sri Lanka from April 04 to 06, with a focus on strengthening the longstanding ties between the two nations.

His visit follows the recent high-profile trip of Sri Lankan President Anura Kumara Dissanayake to India, during which both countries reaffirmed their commitment to deepening cooperation across multiple sectors.

In a statement issued ahead of his tour, which also includes a stop in Thailand, Prime Minister Modi emphasised that the visit to Colombo would provide an opportunity to assess the progress made on key bilateral initiatives.

He highlighted the importance of reviewing the implementation of the joint vision, Fostering Partnerships for a Shared Future, which aims to enhance collaboration in economic development, security, and cultural exchanges.

The Indian leader expressed optimism that the visit would build on the achievements of past engagements and pave the way for further strengthening diplomatic and economic ties.

He reiterated that fostering a closer relationship between India and Sri Lanka would not only benefit both countries but also contribute to stability and growth in the wider region.

Sri Lanka hit hard as Trump imposes sweeping tariffs!

0

By: Isuru Parakrama

April 03, Colombo (LNW): Sri Lanka is set to face significant economic challenges following the United States’ latest round of tariffs, with President Donald Trump announcing steep duties on imports, including a 44 per cent tariff on Sri Lankan goods.

The move, unveiled in a statement from the White House Rose Garden, introduces a baseline 10 per cent tariff on all imports to the US, with certain nations facing considerably higher levies.

Sri Lanka now finds itself amongst the hardest-hit economies, ranking alongside Myanmar and Vietnam, which also face 44 per cent and 46 per cent tariffs, respectively.

Cambodia tops the list with a staggering 49 per cent duty, whilst China is subjected to a 34 per cent tariff.

These measures, according to Trump, are aimed at addressing what he perceives as unfair trade practices that disadvantage American industries and workers.

The announcement has sent shockwaves through global markets, with US stock futures plummeting amid concerns over inflation and corporate earnings. The move also signals a dramatic shift away from decades of global trade liberalisation, raising fears of retaliatory actions from affected nations.

Sri Lanka, which exports approximately 25 per cent of its goods to the US, is particularly vulnerable, as industries such as apparel manufacturing, tea exports, and rubber production could see a significant downturn in revenue.

Speaking on the tariffs, Trump described the measure as a “declaration of economic independence,” insisting that the move would revitalise domestic manufacturing and create jobs for American workers.

However, economic experts caution that the new tariffs could disrupt global supply chains, increase costs for US consumers, and potentially push the world economy closer to recession.

Sri Lanka’s government has yet to release an official response, but industry leaders have voiced concerns about the potential impact on exports.

With garments and textiles forming a large share of Sri Lanka’s exports to the US, manufacturers fear that higher tariffs will reduce competitiveness, leading to order cancellations, factory closures, and job losses.

Sri Lanka is yet to respond to the tariff move, but the economic fallout from these tariffs could be substantial. Export-driven businesses may be forced to explore alternative markets or negotiate for exemptions, whilst policymakers face the challenge of mitigating the financial strain on key industries.

Nearly 700,000 apply for Postal Voting ahead of LG Polls

0

April 03, Colombo (LNW): The Election Commission has received close to 700,000 applications for postal voting ahead of the upcoming Local Government (LG) Elections, marking a significant demand for early voting options.

The application window, which opened on March 03, officially closed on March 17, allowing eligible voters to submit requests for mail-in ballots.

As preparations for the elections progress, the Commission has also announced that it is in the final stages of compiling data on public officials assigned for election duties.

Ensuring an adequate workforce for election management remains a key priority, as authorities work to finalise logistical arrangements.

Commissioner General of Elections Saman Sri Ratnayake has called on any public officials who have yet to submit their required details to do so without delay.

These individuals must forward their information, accompanied by formal recommendations from their respective institutional heads, to the District Election Office in their area.

CID probe uncovers 22 former ministers and MPs linked to President’s Fund payments

0

April 03, Colombo (LNW): The Criminal Investigations Department (CID) has identified 22 former Ministers and Members of Parliament who received funds from the President’s Fund between 2008 and 2024.

The revelation has raised serious questions about the disbursement of public money and the transparency of financial allocations within government institutions.

According to Sri Lanka Police, the CID is now moving to secure a court order from the Fort Magistrate’s Court to access cheque details related to these transactions.

Investigators are focusing on determining whether the funds were utilised for legitimate purposes or if there were irregularities in their allocation.

The President’s Fund, originally established to provide financial assistance for medical treatment, education, and welfare projects, has long faced scrutiny over allegations of mismanagement.

This latest development has intensified concerns about potential misuse, particularly if political figures received payments without clear justification.

Whilst authorities have not yet disclosed the names of the individuals implicated, legal experts suggest that if wrongdoing is found, those involved could face serious legal consequences.

Meanwhile, opposition politicians and civil society organisations have called for a thorough and impartial investigation to ensure accountability in the handling of public funds.

Showery trend indicates continuation: Heavy showers above 75 mm expected (April 03)

0

April 03, Colombo (LNW): Showers or thundershowers will occur at times in Southern, Eastern and Northern provinces, with showers or thundershowers being expected to occur at several places elsewhere of the island during the afternoon or night, the Department of Meteorology said in its daily weather forecast today (03).

Fairly heavy rainfall of above 75 mm are likely at some places in Western, Sabaragamuwa, Southern, Central, North-western Uva and North-central provinces.

Misty conditions can be expected at some places in Sabaragamuwa, Central and Uva provinces and in Kurunegala districts during the morning.

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 will occur at several places in the sea areas around the island.
Winds:
Winds will be South-easterly or variable in direction and wind speed will be (20-30) kmph.
State of Sea:
Sea areas around the island will be slight. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.