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President Anura Kumara Dissanayake Receives Invitations for Official Visits to China and India

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November 27, Colombo (LNW): President Anura Kumara Dissanayake has officially received invitations to visit both China and India, according to Cabinet Spokesman, Minister Dr. Nalinda Jayatissa.

At a press briefing, Dr. Jayatissa revealed that the Chinese Ambassador to Sri Lanka had formally extended the invitation for the President’s visit to China. However, it is anticipated that the President’s visit to China will take place after his planned official trip to India.

The President is expected to travel to India in the third week of December, although the precise dates are yet to be confirmed. Following his visit to India, President Dissanayake is expected to proceed with the state visit to China.

Dr. Jayatissa highlighted that both invitations had been accepted as part of the government’s ongoing efforts to strengthen diplomatic relations with these key international partners.

Sri Lanka Launches International Sovereign Bond Exchange to Enhance Debt Sustainability

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November 27, Colombo (LNW): Sri Lanka has officially launched the International Sovereign Bond Exchange, following approval by the Cabinet of Ministers, to address the country’s sovereign debt and accelerate its economic recovery. Labour and Economic Development Deputy Minister Prof. Anil Jayantha Fernando announced that new bonds will be issued to replace the existing ones, with the process designed to reduce debt service payments and ensure financial sustainability. The Finance Ministry stated that the bond exchange aligns with the terms and conditions approved by the new Cabinet formed on November 18, 2024, following extensive negotiations with bondholders over the past two years.

The initiative is projected to reduce debt service payments by approximately USD 95 billion over the four-year IMF program period, decrease the coupon rate on Sri Lanka’s bonds by 31% to 4.4%, and extend the average maturity profile by over five years. Bondholders are invited to participate in the exchange by tendering their existing bonds for new instruments during a three-week period ending December 12, 2024. Details for participation, including the procedure for submission, are available on the designated invitation website, subject to eligibility and registration.

The bond exchange represents a collaborative effort, with agreements in principle reached with international investors and domestic financial institutions holding over 50% of the bonds. Both the IMF and Sri Lanka’s Official Creditor Committee have confirmed the compatibility of the new instruments with the country’s IMF-supported program parameters. The Finance Ministry emphasized that the successful completion of this process is essential for achieving debt sustainability, restoring trust with creditors, and normalizing relations with bondholders.

President Anura Kumara Dissanayake, who also serves as Finance, Planning, and Economic Development Minister, underscored the importance of this milestone, urging private creditors to participate in the restructuring to provide essential relief. “Today’s announcement marks a significant step in our journey to economic recovery. We extend our gratitude to our external creditors, the IMF, and the Official Creditor Committee for their good faith negotiations that have brought us here,” he stated. The President further assured that the restructuring would lay the groundwork for a brighter future for Sri Lanka and its people.

Cyclonic Storm Alert: Heavy Rainfall and Strong Winds Across Sri Lanka

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November 27, Colombo (LNW): The deep depression over the southwest Bay of Bengal, located approximately 190 km southeast of Trincomalee as of 11:30 p.m. on November 26, 2024, is expected to intensify into a cyclonic storm today (November 27). The system is projected to move north-northwestwards, nearing Sri Lanka’s eastern coast, the Department of Meteorology announced.

Weather Impacts:

  • Cloudy Skies: Predicted across most parts of the island.
  • Rainfall:
    • Very Heavy Showers: Above 150 mm are likely in Northern, North-Central, Eastern, North-Western, and Central provinces.
    • Heavy Showers: Above 75 mm are expected in other regions.
  • Wind Gusts: Strong winds ranging from 40-50 kmph can be expected across Northern, North-Central, Central, Western, North-Western, Southern, and Eastern provinces.

Affected Areas:

  • Frequent showers or thundershowers will impact Northern, North-Central, Central, Western, and North-Western provinces, as well as the Trincomalee, Batticaloa, and Kegalle districts.

Residents in vulnerable areas are urged to remain vigilant and take necessary precautions to ensure safety. Those in low-lying regions should be prepared for possible flooding and landslides.

The public and naval communities are advised to follow updates and warnings from the Department of Meteorology and coordinate with local disaster management authorities for assistance.

PM Amarasuriya Calls for Renewed Commitment to Parliamentary Responsibility

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November 26, Colombo (LNW): Prime Minister Dr. Harini Amarasuriya underscored the importance of restoring public confidence in Parliament during the inaugural session of an Awareness Workshop on Parliamentary Procedures for new Members of the 10th Parliament, held yesterday (25).

Addressing the gathering, the Premier extended her congratulations to the newly elected MPs, emphasizing the historic significance of this Parliament. “This 10th Parliament is unique for several reasons, including the highest-ever representation of women, with 22 female MPs, and a notable turnover of 162 newly elected members,” she remarked.

Dr. Amarasuriya noted that the turnover reflects the public’s strong message against previous practices, calling on MPs to prioritize their role as representatives of the people. “To restore Parliament’s status as a supreme institution, we must act with awareness of the responsibilities entrusted to us. This is an opportunity to rebuild trust and address public disapproval of past Parliamentary conduct,” she added.

She highlighted the importance of the workshop in equipping MPs to innovate Parliamentary practices while upholding traditions, urging all members to meet the expectations of the electorate and serve as a turning point in Sri Lanka’s political landscape.

The session was attended by Speaker Dr. Ashoka Ranwala, Deputy Speaker Dr. Mohamed Rizvi Salley, Deputy Committee Chairman Hemalee Weerasekara, Leader of the House Minister Bimal Ratnayake, Chief Organizer of the Government Party Minister Dr. Nalin Nalinda Jayatissa, and other Parliamentary dignitaries.

IDCPC Vice Minister Meets President Dissanayake, Highlights Enhanced Sino-Lanka Collaboration

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November 26, Colombo (LNW): Vice Minister of the International Department of the Communist Party of China (CPC) Central Committee, Sun Haiyan, paid a courtesy visit to President Anura Kumara Dissanayake at the Presidential Secretariat yesterday (25).

Congratulating President Dissanayake on his recent electoral victories, Sun Haiyan commended the transformative political changes in Sri Lanka under his leadership. She noted the emergence of a progressive political culture and reaffirmed China’s commitment to strengthening bilateral ties.

During the meeting, the Chinese delegation expressed their readiness to collaborate with Sri Lanka on long-term, mutually beneficial initiatives. Discussions focused on areas such as investments, technological exchanges, digitalisation, and rural economic development. The delegation also pledged support for enhancing human resource development, particularly by offering training programs for Sri Lankan education officials.

President Dissanayake expressed his gratitude for China’s steadfast support and emphasized his administration’s dedication to fostering stronger cooperation with Beijing.

The Chinese delegation included Lin Tao, Deputy Director General of the IDCPC, Li Jinyan, Director of the IDCPC, Jin Yan, Secretary to the Vice Minister, and Chinese Ambassador to Sri Lanka Qi Zhenhong, among others.

Representing Sri Lanka were Foreign Minister Vijitha Herath and President’s Secretary Dr. Nandika Sanath Kumanayake.

SLBFE Chairman Warns of Risks Posed by Unauthorized E-8 Visa Agreements

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November 26, Colombo (LNW): Sri Lanka Bureau of Foreign Employment (SLBFE) Chairman Koshala Wickramasinghe has revealed that an unauthorized agreement concerning the E-8 visa category, signed by a former government minister, has jeopardized longstanding employment opportunities under the E-9 visa category. These opportunities have provided thousands of Sri Lankan youth with legal employment in South Korea for over two decades.

Addressing the media, Wickramasinghe clarified that the E-8 visa, meant for seasonal employment, lacks the necessary legal and procedural authorization. He emphasized that the SLBFE has not approved any private agencies to facilitate such employment and condemned the exploitation of job seekers by private parties demanding exorbitant fees.

The controversy stems from a privately signed agreement by a former minister without Cabinet approval. This unauthorized deal led to individuals being trained and sent abroad under illegal arrangements, a practice Wickramasinghe labeled as human trafficking. The SLBFE has alerted the Criminal Investigation Department (CID) and initiated an internal audit to investigate the matter.

Wickramasinghe further highlighted the potential damage to Sri Lanka’s reputation with South Korean authorities, warning that the E-8 visa fraud could reduce annual job quotas under the E-9 category, which legally employs approximately 6,000 Sri Lankans annually.

The SLBFE chairman assured that the government is taking decisive action to address the issue, including legal proceedings against those involved and a renewed focus on maintaining transparency and fairness in foreign employment processes.

ADB Approves $200 Million Loan to Enhance Sri Lanka’s Power Sector

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November 26, Colombo (LNW): The Asian Development Bank (ADB) has approved a $200 million loan to improve Sri Lanka’s power infrastructure, focusing on modernising transmission and distribution networks and integrating renewable energy sources.

ADB Country Director for Sri Lanka, Takafumi Kadono, emphasized the importance of power sector reforms and infrastructure upgrades to facilitate renewable energy development and reduce power generation costs. The project aligns with the Government of Sri Lanka’s targets of 70% renewable electricity by 2030 and carbon neutrality in electricity generation by 2050.

The initiative includes expanding 220-kilovolt and 132-kilovolt transmission infrastructure, upgrading grid protection systems, and modernising the medium voltage distribution network. Notably, the project will introduce Sri Lanka’s first grid-scale battery energy storage system and establish a renewable energy centre to forecast and monitor energy generation.

In addition to infrastructure improvements, the project supports institutional capacity building for the Ceylon Electricity Board (CEB) and Lanka Electric Company (LECO), incorporating digital solutions and enhancing their ability to manage renewable energy systems. It also includes career development programmes for female employees and training for women-led businesses in adopting clean energy solutions.

Of the $200 million, $150 million is allocated to CEB and $50 million to LECO, with both amounts guaranteed by the Government of Sri Lanka.

The project is a significant step towards enhancing Sri Lanka’s energy security and reliability while supporting its transition to a sustainable energy mix.

PickMe Partners with Moratuwa University to Drive Innovation in Logistics Sector

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PickMe, Sri Lanka’s leading digital mobility solutions provider, has partnered with the University of Moratuwa (UoM) for enhanced human resource development and innovation in the logistics sector. 

This strategic partnership came into effect through a MoU, signed by PickMe CEO Jiffry Zulfer and UoM Vice Chancellor Prof. N.D. Gunawardena.

The agreement provides a Minimum of 10-15 Management Trainee positions annually for the graduates from UoM’s Transport and Logistics Management programs.

 Further, internships are given annually to a batch of 10 undergraduates with hands-on experience in the company. 

This step by PickMe could prepare the students well for the industry and subsequently result in a talent pool ready to meet the demands of Sri Lanka’s $6 billion mobility market.

Furthermore, with PickMe, students will be provided with mentorship, career guidance, and professional development. 

The company will also invest in the infrastructure of TMLE within the UoM for a better learning environment for students.

 For the timely partnership, Prof. Amal S. Kumarage from UoM said that it opens up opportunities for students to engage in careers driven by technology in the transport sector while simultaneously helping the industry address existing service gaps.

This is not restricted to student training. PickMe and UoM will have joint research teams to carry out at least two research projects per year. 

These projects will ensure the development of practical industry needs in regard to specific challenges and the creation of sustainable logistics solutions through technology. 

This move is expected to drive innovation, foster job creation, and support economic growth in Sri Lanka.

This partnership is an opportunity for PickMe to stay in touch with emerging talent and tap into knowledge from academic research. The CEO emphasized that the collaboration would have mutual benefits: students would be exposed to the industry, while PickMe might attract possible CPD opportunities to further enhance its operations.

Professor Asoka Perera, UoM TMLE Head, said that the programs need to come in line with the needs of industry and expressed enthusiasm regarding the opportunities the agreement would bring in terms of research, product development, and improvement of the curriculum.

 This aims at making the offered programs at UoM relevant to industry demand and increase the skill sets of its faculty and students.

PickMe’s approach to business is driven by digital adaptability. Unlike traditional companies with rigid structures, PickMe leverages technology to stay agile and responsive to market changes. 

This adaptability ensures the company can continuously evolve to meet customer expectations and technological advancements. 

Through this partnership, PickMe aims to integrate these adaptive strategies into its operations, ensuring it remains a leading player in Sri Lanka’s logistics and mobility sector.

This collaboration between PickMe and UoM will result in one beneficial platform for students, industries through innovation, and the enhancement of logistics in Sri Lanka.

G.C.E. Advanced Level Candidates Allowed to Sit Exams at Nearest Centers Amid Adverse Weather

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November 26, Colombo (LNW): The Commissioner General of Examinations, Amith Jayasundara, has announced measures to support G.C.E. Advanced Level Examination candidates affected by the ongoing adverse weather conditions.

Candidates unable to reach their designated examination centers are permitted to sit for their exams at the nearest available centers. To facilitate this process, students can seek assistance by contacting the Disaster Management Centre (DMC) via its hotline, ‘117’.

In collaboration with the DMC, special arrangements have been made to ensure students can access necessary facilities despite the challenging circumstances.

The Commissioner General also emphasized that examination centers have been instructed to accommodate students facing delays due to traffic disruptions caused by flooding and other weather-related challenges.

These provisions aim to ensure that no student’s academic progress is hindered due to the ongoing weather conditions, and authorities are committed to offering full support during this critical period.

President Dissanayake Stresses Grassroots Solutions in Disaster Management

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November 26, Colombo (LNW): President Anura Kumara Dissanayake underscored the necessity of practical, grassroots-level approaches to disaster management, emphasizing that institutional frameworks alone are inadequate for addressing the country’s vulnerabilities. His remarks came during the swearing-in ceremony of Deputy Defence Minister Aruna Jayasekara today (25), as per a statement by the President’s Media Division (PMD).

Highlighting the role of local government institutions, the President called for their empowerment to both prevent disasters in high-risk areas and develop innovative, localized solutions. He reiterated that while Sri Lanka’s disaster management laws were drafted after thorough study, their effective implementation lies in the hands of government officials.

“I pledge my full support to officials who execute their responsibilities with integrity. At the same time, I urge them to suggest enhancements to the legal framework where necessary,” President Dissanayake said.

He further noted the substantial financial burden disaster management imposes on the government but pointed out that strict enforcement of existing laws could significantly mitigate these costs.