September 04, Colombo (LNW): Election observers have announced the launch of a special program aimed at monitoring the postal voting process for the upcoming presidential election, with a focus on ensuring transparency and integrity throughout the voting period.
Rohana Hettaarachchi, Executive Director of the People’s Action for Free and Fair Elections (PAFFREL), stated that over 900 observers will be deployed to oversee the postal voting process. Additionally, Manjula Gajanayake, Executive Director of the Institute of Democratic Reforms and Electoral Studies, confirmed that mobile teams have been dispatched to monitor postal voting activities across various regions.
This initiative is part of broader efforts to maintain fairness and credibility in the election process.
September 04, Colombo (LNW): Independent Presidential Candidate and current President Ranil Wickremesinghe has called on the Samagi Jana Balawegaya (SJB) and the Janatha Vimukthi Peramuna (JVP)-led National People’s Power (NPP) to remove proposals related to increasing public sector salaries from their election manifestos, asserting that this work has already been accomplished.
Speaking at a recent event, President Wickremesinghe highlighted that two years ago, many would not have believed he could announce a public sector wage increase. He emphasized that unlike other leaders who make promises on stage, he consistently fulfills his commitments.
The President also underscored the tough decisions he and his team had to make to stabilize the country’s economy and protect the rupee. “Had we not taken those steps, we would be in a much worse situation today, similar to what Greece faced,” he stated. He further noted that his administration implemented a relief program in 2023 to support the people and increased allowances for government employees in 2024 to help them better cope with the rising cost of living.
The government has decided an immediate write-off of all crop loans taken by farmers, in response to requests received from several farmer associations. Furthermore, it mentioned that the decision was reached with a view to providing financial relief and support to farmers.
Samagi Jana Balawegaya-led alliance’s presidential candidate, opposition leader Sajith Premadasa says that a data-centric scientific approach should be implemented to strengthen Sri Lanka’s economy. He emphasized that it is essential to calculate the contribution of each district and regional level to the country’s Gross Domestic Product (GDP).
Presidential candidate of the National People’s Power (NPP) Anura Kumara Dissanayake asserts that no campaign launched by either Ranil Wickremesinghe or Sajith Premadasa to defame the NPP is capable of preventing his victory at the presidential election.
Sri Lanka Podujana Peramuna’s (SLPP) presidential candidate Namal Rajapaksa has stated that their government will implement a systematic program to strengthen the economy of the farming community. Rajapaksa emphasized that his policies are focused on strengthening farmers, fishermen, and entrepreneurs in Sri Lanka, rather than supporting certain businessmen.
Parliament has passed three Bills following the Second Reading debate today. The Reciprocal Recognition, Registration and Enforcement of Foreign Judgements Bill and the Code of Criminal Procedure (Amendment) Bill were approved with amendments. The National Minimum Wage of Workers (Amendment) Bill was passed without amendments.
The new pediatric ward complex at the Apeksha Hospital in Maharagama, funded by donations from the devotees of Ruhunu Maha Kataragama Dewalaya, was officially declared open. The construction of the ward complex was carried out with the support of the Sri Lanka Air Force (SLAF) as part of their ‘Husma’ project within 10 months along with the contribution of armed force personnel.
The salary increments of public sector employees serving in State Owned Enterprises (SOEs), Universities, Sri Lanka Parliament, Attorney General’s Department and the Judicial Service as per the final report of the Presidential Expert Committee, which includes recommendations for raising public service salaries and allowances effective from January 1, 2025, have been announced.
The Inland Revenue Department (IRD) says that several suspects, who had collected money from taxpayers by impersonating Inland Revenue officers, have been arrested. Furthermore, the department mentions that the information of taxpayers, who have paid money to these fraudulent persons or whose locations were visited by them or in connection with such activities, is required for legal proceedings.
The Cabinet of Ministers has approved, subject to confirmation at the next meeting, provisions for recalling nominations for Local Government (LG) Elections. Minister Bandula Gunawardena noted that over 900,000 voters from the 2024 voter list risk losing their right to vote and candidacy due to the indefinite postponement of the 2023 LG Election. This measure aims to address concerns raised by the delay.
Sri Lanka’s Samitha Dulan Kodithuwakku won Silver in the Men’s Javelin Throw (F64) event of the Paris 2024 Paralympic Games. With a personal best distance of 67.03 meters, Dulan also broke his own previous World Record (66.49m) in the process in the F44 category.
September 04, Colombo (LNW): Showers or thundershowers will occur at times in Western, Sabaragamuwa and North-western provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts. Fairly heavy showers above 50 mm are likely at some places in Western and Sabaragamuwa provinces and in Galle and Matara districts.
Showers or thundershowers may occur at a few places in Uva province and in Batticaloa and Ampara districts during the evening or night.
Strong winds about (40-50) kmph can be expected at times over Western slopes of the central hills, Northern, North-central and North-western provinces and in Hambantota and Trincomalee districts.
The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
The sun is going to be directly over the latitudes of Sri Lanka during 28th of August to 06th of September due to its apparent southward relative motion. The nearest places of Sri Lanka over which the sun is overhead today (04) are Kaluthara, Nivithigala, Kahawatta and Okanda about 12.09 noon.
September 03, Colombo (LNW): A new investment company will be established to manage state assets, ensuring that the rights of citizens are safeguarded.
Speaking at a recent event in Colombo, the President Ranil Wickremesinghe emphasized the need for new legislation to support this initiative, highlighting the potential for investments that would not only generate assets but also create a structured retirement planning system.
The event, which saw the launch of a new retirement insurance system for the elderly through the SANASA Movement, was marked by the symbolic handover of six new insurance policies for senior citizens.
President Wickremesinghe reflected on his leadership during the country’s economic crisis, underscoring the importance of public patience in avoiding a fate similar to that of Bangladesh.
He recalled that the United National Party government, established in 1977, had opened up the economy, leading to the creation of various institutions and businesses, including the SANASA Movement.
This movement, initiated by Mr. P.A. Kirivandeniya, played a significant role in promoting equitable resource distribution and contributing to the Sri Lankan economy.
The President acknowledged the economic collapse in 2022 and noted the difficult decisions made to stabilize the economy, including consultations with the International Monetary Fund (IMF).
With the economy now on a stable footing, he expressed optimism about the increasing purchasing power of the people, which is expected to spur small businesses and attract investors.
In line with the government’s commitment to granting “rights” to the people, President Wickremesinghe announced the distribution of two million freehold deeds to secure land rights and the provision of free urban flats in Colombo.
He also outlined plans to create estate villages in the upcountry, providing each family with a plot of seven perches.
Additionally, the government is focusing on providing subsidized housing loans to low-income earners.
The President explained that with reduced government spending and increased state revenues, there would be less need to use funds from the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF) for bond purchases.
Instead, these funds could be redirected towards investment opportunities, with input from trade unions and employers.
Looking ahead, President Wickremesinghe revealed plans to establish a National Wealth Fund using government assets, modeled after successful investment companies in countries like Norway, Qatar, and Singapore.
This fund would ensure that profits from government revenues are used for public welfare, securing citizens’ rights.
The SANASA Movement, already engaged in social investment programs, will be supported by new laws inspired by legislation in Denmark and Sweden. These laws will also address investments and retirement plans, providing a framework for the new initiatives.
President Wickremesinghe encouraged young entrepreneurs to explore opportunities in the digital economy and emphasized the importance of modernizing agriculture and fishing for economic growth.
In response to the aging population, the government has introduced a new insurance system tailored for the elderly, with premiums starting as low as Rs. 10. This initiative, which incorporates new technology, is expected to grow and provide vital support for the future.
September 03, Colombo (LNW): The Colombo West International Terminal (CWIT) at the Port of Colombo has achieved a significant milestone with the introduction of the first set of five automated CRMG cranes.
This development signifies a new chapter of improved productivity and operational efficiency for Sri Lanka’s most crucial and active maritime hub.
These advanced cranes are set to revolutionize the port’s cargo handling abilities and elevate its status among the world’s top maritime destinations.
Equipped with the latest automation technology, enhanced lifting capacities, and an extended reach, these double cantilever CRMGs can lift 41 MT under the spreader, stack containers up to six high (+1), span 36.5 meters, and cover a width of 12 containers, servicing traffic from both sides.
These cranes are integral to CWIT’s overarching plan to modernize the Port of Colombo, aiming to establish it as a competitive transshipment center in South Asia.
“The arrival of these cranes represents a pivotal advancement in our mission to shape the future of global trade,” stated Munish Kanwar, CEO of CWIT. “At CWIT, our goal is to ‘Lead the Way’ by incorporating cutting-edge technology and innovative practices that will enhance efficiency and growth at the Port of Colombo, positioning us as a leader in the global shipping industry.”
The introduction of CWIT’s first CRMG cranes is a clear indication of the Port of Colombo’s progress towards becoming a premier maritime hub in South Asia.
The modernization efforts demonstrate a strategic vision to expand the port’s capacity, lower costs, and improve service quality.
As these cranes begin operations, their positive impact will resonate with various stakeholders of the port, including shipping lines, exporters, the local economy, and the workforce.
Colombo West International Terminal is set to become one of the most advanced and strategically important container terminals in the Indian Ocean region.
As a significant player in the global maritime industry, CWIT is designed to accommodate the world’s largest container vessels, providing state-of-the-art facilities and cutting-edge technology to enhance operational efficiency and capacity.
The terminal represents a crucial step in Colombo’s efforts to secure its place as a leading maritime hub, driving economic growth and promoting international trade across Asia and beyond. CWIT’s vision is encapsulated in their tagline: Connect. Collaborate. Contribute.
September 03, Colombo (LNW): The Securities and Exchange Commission of Sri Lanka (SEC) has taken a significant step towards strengthening its market surveillance role by acquiring a world class state-of-the-art market surveillance system from NASDAQ, a leading global technology company.
This acquisition aligns with the SEC’s commitment to ensure a fair, transparent, and efficient securities market in Sri Lanka. The parties are continuing commercial discussions to deepen their relationship.
SEC and NASDAQ signed the contractual agreement on 30 August 2024 in Colombo. The ceremony was attended by key officials from the SEC, including SEC Chairman Faizal Salieh, Commission Member Anton Godfrey, Director General Chinthaka Mendis, Deputy Director General Tushara Jayaratne, and Director – Legal Rishdha Zarook and Chief Digital Officer Madura Wanigasekara, and representatives from NASDAQ.
The system will undergo extensive testing and is expected to be fully operational within five months of signing the agreement.
Commenting on this landmark decision, SEC Chairman Faizal Salieh said: “The acquisition of this market surveillance system is a major milestone in our regulatory journey.
As Sri Lanka’s capital market evolves, it is fundamentally necessary to keep our regulatory market oversight mechanisms abreast with global standards and expectations.
Our partnership with NASDAQ equips us with world-class technology to monitor the market, enforce regulations in a timely manner, and foster a more transparent and investor-friendly market environment.”
NASDAQ’s market surveillance platform is world renowned for its advanced capabilities in market monitoring and regulatory compliance and will provide the SEC with cutting-edge technology to detect and respond to market anomalies, potential fraud, and other forms of market manipulation and abuse.
The system’s sophisticated algorithms, customisable alert and report generation capabilities, visualisation tools and real-time data analytics with market replays, will enable the SEC to proactively safeguard market participants and enhance the overall stability and credibility of Sri Lanka’s capital market.
The system is scalable to support increasing market activity, capable of processing large volumes of data, and can integrate AI and machine learning to enhance its detection capabilities.
By adopting this platform, the SEC joins an elite group of market regulators who have prioritised the use of cutting-edge technology to maintain market fairness and transparency.
September 03, Colombo (LNW): The economic crisis in Sri Lanka was exacerbated by weak government revenue, a problem that has been worsening over the past three decades, the finance ministry elaborated.
A significant factor was the ill-timed tax cuts in late 2019, which led to the country’s credit rating downgrades and, eventually, a sovereign debt default.
By 2021, government revenue had declined to 8.3% of GDP, while public expenditure remained high at 20% of GDP, ministry sources said .
This imbalance forced the government to finance its budget deficit, which stood at 11.7% of GDP, through inflationary monetary financing (money printing).
Consequently, urgent revenue measures were needed to phase out this practice and control inflation, which peaked at 70% in 2022 and severely impacted the poor, it added. .
The government’s macroeconomic reform program included fiscal consolidation as a key component, aiming for a primary budget surplus of 2.3% of GDP by 2025.
To achieve this, government revenue needs to increase to 15.1% of GDP by 2025. In Sri Lanka, where natural resources are limited, taxes are the primary source of government revenue, contributing about 80%.
Contrary to popular belief, revenue from exports, tourism, and other external inflows goes to private enterprises, not the government. Non-tax revenue from state enterprises is minimal due to their consistent losses, making taxes crucial for government revenue.
Improving tax compliance and administration is essential but takes time to show results. Although such measures were implemented alongside tax rate increases, the immediate revenue increase was primarily due to higher tax rates.
The IMF does not consider gains from better tax administration as a reliable short-term revenue measure.
With urgent cash flow needs, such as mandatory payments on interest, salaries, and welfare, the government had to rely on specific revenue measures rather than hope for gains from reducing tax leakages.
Several tax administration and compliance improvements were implemented, including digitizing tax processes, mandatory information sharing between government agencies, and upgrading the Inland Revenue Department’s management information system.
These measures led to a 128% growth in active tax files in 2023 compared to 2022. As the tax base expands, the government hopes to gradually reduce tax rates without compromising revenue targets.
The government has also taken steps to curtail public expenditure, focusing on maintaining fiscal discipline and transparency.
Measures include restricting new hires, overtime payments, fuel consumption, and foreign travel. Digitization initiatives, such as the Integrated Treasury Management Information System (ITMIS), and zero-based budgeting for the largest ministries, aim to eliminate waste and improve efficiency.
Despite these efforts, the non-discretionary nature of most public expenditure, coupled with the need for increased spending in priority areas, means that the government must continue to expand its revenue base from the record low of 8.3% of GDP to at least 15% of GDP to support long-term sustainable economic growth.
September 03, Colombo (LNW): The Sri Lankan Rupee (LKR) happens to be steady against the US Dollar today (03) in comparison to yesterday, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has dropped to Rs. 294.65 from Rs. 294.78, and the selling price to Rs. 303.83 from Rs. 303.84.
September 03, Colombo (LNW): Presidential candidates who exceed the legally mandated spending limit of Rs. 109 per voter could face severe repercussions, the Election Commission has warned.
Commissioner General of Elections, Saman Sri Ratnayake, outlined the stringent measures in place to ensure transparency and accountability during the electoral process.
Candidates are required to submit comprehensive reports detailing their campaign income and expenditures within 21 days of the election. These reports will be scrutinised and subsequently made public through newspapers and online platforms.
Ratnayake stressed that any discrepancies or falsified information in these financial reports could lead to serious consequences. Not only could a candidate lose their elected position, but they might also be stripped of their civic rights for a period of three years, he added.
The public is encouraged to report any inaccuracies or suspicions of malpractice to the police, with legal actions being a possible outcome.
