Home Blog Page 530

Sri Lanka seeks fresh investments to fuel capital market growth

0

March 28, Colombo (LNW): Sri Lanka has made a strong appeal to global investors, presenting itself as a revitalised economy poised for long-term expansion.

The country, having overcome a series of economic and political crises, is now positioning itself as a compelling destination for capital market investments.

At the ‘Invest Sri Lanka’ forum held in Colombo, senior officials from regulatory bodies underscored the timeliness of entering the Sri Lankan market.

This marks the first major investment call within the country since 2014, with the inaugural initiative dating back to 1998.

The event attracted a full house, with over 100 international delegates and around 400 local participants gaining direct insights into Sri Lanka’s economic progress since the 2022 crisis, its current financial landscape, and the vision for future growth.

Colombo Stock Exchange (CSE) Chairman Dilshan Wirasekara set the stage by highlighting the resilience of the Sri Lankan economy. Reflecting on the country’s turbulent recent history—including political instability, the Easter bombings, the pandemic, and a severe economic downturn—he stated that Sri Lanka has emerged stronger, entering an unprecedented phase of recovery.

“This is a pivotal moment, unlike any before. We have made a complete turnaround, and this is why we believe now is the right time to showcase our market’s potential,” Wirasekara noted.

Securities and Exchange Commission (SEC) Chairman Professor Hareendra Dissabandara reinforced the importance of a sustainable economic expansion strategy, emphasising that past recoveries had often been short-lived due to a lack of solid macroeconomic foundations and policy consistency.

“This time is different. We now have a structured regulatory framework and a robust macroeconomic policy approach to ensure long-term stability,” he explained, urging investors to seize the opportunity.

Central Bank Governor Dr. Nandalal Weerasinghe echoed this sentiment, stressing the return of price stability and economic predictability, both of which were absent three years ago.

Acknowledging the difficulties faced during the restructuring process, he reassured investors that Sri Lanka has emerged stronger, with valuable lessons learned along the way.

The forum also highlighted regional collaboration, bringing together representatives from Pakistan, Bangladesh, the Maldives, and Nepal to discuss strategies for capital market growth.

A Memorandum of Understanding (MoU) was signed among the five nations, committing to deeper cooperation and knowledge-sharing.

Whilst acknowledging India’s more advanced market position, Sri Lanka’s capital market leaders emphasised the unique opportunity for smaller frontier economies to leverage collective strengths and expand their investment potential.

The event featured notable speakers including Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma, AB Founding Partner and Chief Investment Officer Mattias Martinsson, Redwheel Emerging and Frontier Markets Team Co-Head James Johnstone, Deloitte Sri Lanka and Maldives Head of Strategy Ruvini Fernando, HNB Investment Bank MD Ray Abeywardena, and Asia Securities Holdings Chairman Dumith Fernando.

Panel discussions were moderated by Bloomberg News Managing Editor for South Asia Jeanette Rodrigues and Lynear Wealth Management Co-Founder Dr. Naveen Gunawardane.

Probe launched into missing Provincial Council vehicles

0

March 28, Colombo (LNW): Deputy Minister of Provincial Councils and Local Government Ruwan Senarath has confirmed that an official inquiry is underway to trace a number of provincial council vehicles that have gone unaccounted for.

A dedicated investigative team has been appointed to scrutinise the issue following reports that several vehicles, originally assigned for provincial council operations, have disappeared without proper documentation or oversight.

Authorities are working to determine whether these assets were misplaced due to administrative lapses or deliberately misused for personal purposes.

Minister Senarath stressed that the government will not tolerate the mismanagement of public resources and vowed that those found responsible for any wrongdoing will face strict legal consequences.

He reiterated that reclaiming government property and ensuring accountability remains a top priority, as efforts to enhance transparency within the provincial administration continue.

Officials are expected to submit a comprehensive report on their findings, following which further disciplinary measures or legal action may be initiated against those implicated in the misuse of state-owned vehicles.

Four more suspects arrested in connection with Matara double murder

0

March 28, Colombo (LNW): Authorities have apprehended four additional suspects in relation to the brutal double homicide that took place in Devinuwara, Matara, intensifying the ongoing investigation into the violent crime.

The arrests were carried out while the suspects were in hiding in the Wennappuwa area, according to Police Spokesperson Senior Superintendent of Police (SSP) Buddhika Manathunga.

The individuals in custody are accused of aiding and abetting the killings, though their precise roles in the crime are still being examined by investigators.

These latest arrests bring the total number of suspects taken into custody to nine, following the earlier detention of five individuals linked to the case.

Law enforcement officials continue to pursue additional leads, as they piece together the events leading up to the attack.

The crime occurred on the night of March 21, when a group of unidentified assailants in a van ambushed and gunned down two young men travelling on a motorcycle.

The victims, aged 28 and 29, sustained fatal gunshot wounds and succumbed to their injuries at the scene.

Police suspect that the attack was premeditated, with early indications pointing to a dispute between the victims and the perpetrators.

Investigators are currently examining potential motives, including personal conflicts and organised crime links, as they work towards bringing all those involved to justice.

Govt launches initiative to provide affordable and nutritious meals

0

March 28, Colombo (LNW): The government is set to roll out a nationwide initiative aimed at enhancing food security by establishing new restaurants that will provide nutritious and affordable meals to the public.

This programme seeks to ensure that citizens have access to high-quality food at reasonable prices while promoting healthier dietary habits across the country.

The initiative will be implemented through a collaborative effort involving the National Food Promotion Board, the Ministry of Health, and the Ministry of Agriculture.

Additionally, existing restaurant owners will be engaged to secure their participation and support in expanding the availability of healthy meal options.

The first model restaurant under this project is set to open on April 01 in Narahenpita, serving as a prototype for future establishments.

As part of the programme’s second phase, the government plans to introduce measures aimed at improving the quality and hygiene standards of existing restaurants.

This will include regulatory enhancements, improved food safety measures, and incentives for businesses that prioritise nutrition and health-conscious meal preparation.

A preliminary discussion regarding the initiative took place at the Presidential Secretariat, where officials from the relevant ministries and agencies convened to outline the project’s key objectives.

During the meeting, participants underscored the importance of ensuring the public’s right to safe and nutritious food.

They discussed strategies to create an environment where consumers can access meals that meet stringent health standards, fostering greater public confidence in food quality.

Further deliberations focused on how the private sector can collaborate with the government to achieve these objectives. The discussion also touched upon the practical enforcement of existing food safety regulations and how businesses can be encouraged to adhere to best practices in food preparation and hygiene.

Officials explored the role of the “Clean Sri Lanka” initiative in complementing these efforts by promoting higher sanitation standards within the food sector.

The meeting was attended by senior government officials, including Kapila Bandara, Senior Additional Secretary to the President, and S.P.C. Sugeeshwara, Additional Secretary to the President, along with representatives from the National Food Promotion Board, the Ministry of Health, and the Ministry of Agriculture.

Did US Ambassador censor Sri Lanka’s official response to UK sanctions?

0

March 28, Colombo (LNW): US Ambassador to Sri Lanka Julie Chung has been accused of modifying the official statement issued by Sri Lanka’s Ministry of Foreign Affairs in response to the UK government’s sanctions on former Sri Lankan military leaders.

The above accusation was levelled by Leader of the Pivithuru Hela Urumaya, former MP Udaya Gammanpila.

Gammanpila claimed that certain words had been deliberately removed, implying foreign influence over the Sri Lankan government’s stance on the matter.

Speaking on the issue, Gammanpila suggested that Minister of Foreign Affairs Vijitha Herath had originally drafted the statement with a strong patriotic tone. However, he alleged that Ambassador Chung, whom he described as wielding significant power over the government, had intervened to soften its language.

Gammanpila, whose far-right conspiracy theories on and off the House are not unheard of, shed this bombshell amidst the ongoing debate over the international community’s response to Sri Lanka in the human rights dialogue.

He argued that this interference diluted the government’s official response to the UK’s actions, which he views as part of a broader international effort to target Sri Lanka’s military leadership.

Gammanpila also questioned the government’s relationship with the Canadian Tamil Congress, drawing attention to a letter sent by the organisation to President Anura Dissanayake after his electoral victory.

The letter, according to the former lawmaker, expressed congratulations while also reminding the president of certain “responsibilities” that had been promised. He raised concerns over what commitments the government might have made to the organisation, stating that the details remained undisclosed to the Sri Lankan public.

Linking this to the government’s response to the UK sanctions, Gammanpila accused the administration of adopting a passive stance towards what he described as a systematic campaign against Sri Lanka’s military personnel.

He suggested that this lack of assertiveness could be interpreted as an attempt to honour undisclosed agreements with external groups, further questioning the government’s priorities and its handling of diplomatic affairs.

Indian PM’s Sri Lanka visit to strengthen infrastructure, energy, and economic ties

0

March 28, Colombo (LNW): Indian Prime Minister Narendra Modi is set to visit Sri Lanka from April 04 to 06, with his visit expected to focus on deepening economic cooperation, infrastructure development, and energy connectivity.

His arrival marks the first official visit by a foreign leader to Sri Lankan President Anura Kumara Dissanayake’s administration, underlining India’s continued commitment to supporting its island neighbour.

A significant highlight of the visit will be the inauguration of key railway infrastructure projects in Anuradhapura, including track modernisation and signalling upgrades. These developments are part of broader efforts to enhance Sri Lanka’s transport network and improve regional connectivity.

Additionally, Modi is expected to launch the NTPC Sampur Solar Project in the Trincomalee district, a collaborative effort between India’s National Thermal Power Corporation (NTPC) and Sri Lanka’s Ceylon Electricity Board (CEB).

This renewable energy initiative aligns with India’s commitment to supporting Sri Lanka’s transition towards sustainable energy, complementing earlier projects such as the $17 million programme to equip 5,000 religious institutions with rooftop solar panels.

Economic cooperation, particularly India’s role in Sri Lanka’s debt restructuring, will be a focal point of discussions. India was the first country to officially back Sri Lanka’s debt restructuring efforts in early 2023, facilitating the nation’s $2.9 billion bailout from the International Monetary Fund (IMF).

In 2024, India, alongside France and Japan, participated in an agreement covering $5.8 billion of Sri Lanka’s bilateral debt, further cementing its role as a key economic partner.

Energy and connectivity projects are also high on the agenda, with talks expected on advancing the India-Sri Lanka power grid connection. Plans involve establishing a high-voltage direct current (HVDC) transmission link between Madurai in Tamil Nadu and Anuradhapura in Sri Lanka, a project led by the Power Grid Corporation of India Limited (PGCIL) and CEB.

The initiative is projected to reduce Sri Lanka’s reliance on expensive thermal power and bring significant cost savings. Additionally, discussions will focus on progressing the India-Sri Lanka oil pipeline, a project in which the UAE has been playing an instrumental role, aimed at strengthening regional energy security.

Following his Sri Lanka visit, Modi is scheduled to travel to Rameswaram in Tamil Nadu on April 06, where he will offer prayers at the Sri Arulmigu Ramanathaswamy Temple, one of the 12 revered Jyotirlinga sites, in observance of Ram Navami.

His itinerary may also include a visit to the Indian Peace Keeping Force (IPKF) Memorial in Sri Lanka, a monument honouring Indian soldiers who served during the 1987-1990 peacekeeping mission.

Labour Ministry advances digital transformation to improve public services

0

March 28, Colombo (LNW): A high-level discussion was convened in Colombo today to accelerate the digitisation of the Labour Ministry, aiming to enhance efficiency and accessibility in public service delivery.

The meeting was chaired by Minister Dr Anil Jayantha Fernando, alongside Deputy Minister Mahinda Jayasinghe and Deputy Minister of Digital Economy Eranga Weeraratne.

Officials and technology experts engaged in deliberations on the practical implementation of the digitisation initiative.

Key areas of focus included reducing bureaucratic delays, optimising online service availability, and integrating digital solutions to improve responsiveness to public needs.

Discussions also emphasised the importance of creating a unified digital platform to streamline operations between the Department of Labour, the Central Bank, and the Employees’ Provident Fund, ensuring seamless service delivery.

The initiative is expected to modernise the Ministry’s operations, minimising the need for physical visits and paperwork, thereby offering citizens a more efficient and transparent system to access essential services.

Police arrest 27 protesters, including IUSF members, for defying court order

0

March 28, Colombo (LNW): Sri Lankan police have taken 27 individuals into custody, including members of the Inter-University Students’ Federation (IUSF), for staging a protest march in defiance of a court-issued directive.

Authorities stated that the demonstration, organised by the Allied Health Sciences Students’ Union, took place outside the Ministry of Health yesterday (27).

Despite a court order prohibiting protests that could cause public disruption, the demonstrators proceeded with their rally, prompting police intervention.

The protest initially began as a demand for improved conditions within the health and education sectors. A delegation of eight representatives engaged in discussions with the Secretary of the Ministry of Health in an attempt to address their grievances.

However, the discussions reportedly failed to yield any resolution, leading the protesters to reject the court order and continue their demonstration.

Law enforcement officials moved in to disperse the crowd and enforce the judicial directive.

India seeks humanitarian resolution as 97 fishermen remain in Sri Lankan custody

0

March 28, Colombo (LNW): India’s External Affairs Minister, S. Jaishankar, has informed the Rajya Sabha that 97 Indian fishermen are currently detained in Sri Lanka, with 83 already serving sentences, three awaiting trial, and 11 newly apprehended on Thursday (27).

Addressing the Upper House during question hour, Jaishankar stated that India is actively engaging with Sri Lanka to encourage a humanitarian approach towards the detained fishermen.

At the same time, the Indian government is working on long-term solutions, including the installation of transponders on fishing vessels, to prevent further incidents of trespassing into Sri Lankan waters.

Jaishankar pointed to historical agreements from 1974 and 1976 as the root cause of the ongoing disputes between the two nations over maritime boundaries and fishing rights.

He noted that the fishermen currently serving sentences include many repeat offenders and boat owners, complicating diplomatic efforts to secure their release.

The minister emphasised that the Indian government has inherited a complex and longstanding issue but remains committed to resolving it through diplomatic channels and policy measures aimed at preventing such conflicts in the future.

Health Ministry to expand specialist medical services to rural hospitals

0

March 28, Colombo (LNW): The Ministry of Health has announced plans to extend specialist medical services to rural hospitals, aiming to bridge longstanding disparities in healthcare access between urban and remote areas.

Specialist treatment has traditionally been confined to base hospitals and larger medical institutions, leaving residents of rural communities with limited options for advanced healthcare, according to Deputy Minister Dr Hansaka Wijayamuni.

This initiative seeks to address that gap by making specialised medical expertise more widely available at district-level hospitals.

As part of the first phase of the programme, a pilot project will commence next month in six hospitals across the Kandy District.

These facilities will be equipped with essential resources to accommodate visiting specialists, ensuring that patients in outlying regions no longer have to travel long distances for consultations and treatment.

Dr Wijayamuni emphasised that this move is part of a broader strategy to enhance the healthcare system by decentralising services, reducing overcrowding in major hospitals, and improving patient outcomes in underserved areas. If successful, the initiative will be expanded to other districts in the near future.