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US development agency reviews impact of bribery allegations on Adani Group’s SL Port Project financing

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By: Isuru Parakrama

November 25, Colombo (LNW): A U.S. government agency has announced that it is reviewing the potential consequences of recent bribery allegations against Gautam Adani, the billionaire founder of India’s Adani Group, on a previously agreed loan for a Sri Lankan port project.

The project, which is partially owned by the Adani Group, has received a financing commitment of $553 million from the U.S. International Development Finance Corporation (DFC), marking a significant investment in the port terminal in Colombo, the capital of Sri Lanka.

The review comes in the wake of federal charges filed by U.S. prosecutors in New York, which accuse Adani and seven other individuals of orchestrating a massive bribery scheme.

The charges allege that they paid approximately $265 billion in bribes to Indian government officials to secure lucrative contracts, including the development of India’s largest solar power project.

The accused parties allegedly hoped to generate profits of around $2 billion over two decades from these deals.

In response to these allegations, a spokesperson for the DFC confirmed that the agency is aware of the accusations against Adani and is carefully evaluating the potential impact on the loan agreement.

DFC is actively reviewing the situation following the Department of Justice’s recent announcement,” the official stated. “We remain committed to upholding the highest standards of integrity and ensuring compliance in all of our projects and partnerships.

Despite the serious nature of the allegations, the DFC clarified that no funds have been disbursed for the Sri Lankan port project as of yet, and the loan agreement remains under review.

The decision will hinge on the outcome of the agency’s assessment of the legal and ethical implications of the charges.

The Adani Group, for its part, has firmly rejected the accusations, calling the charges brought by the U.S. Department of Justice and the Securities and Exchange Commission in a parallel civil case “baseless” and has vowed to seek all available legal remedies.

The group has not issued a public comment on the situation outside of normal business hours, though it has consistently denied any wrongdoing.

This investigation could have far-reaching consequences for the future of the Adani Group’s international business dealings, particularly in Sri Lanka, where the port development project represents a key investment in the country’s infrastructure, experts in the field warn.

Examinations Commissioner urges public cooperation during G.C.E. A/L Exams

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By: Isuru Parakrama

November 25, Colombo (LNW): The Commissioner General of Examinations, Amith Jayasundara, has called on the public to be mindful of the ongoing G.C.E. Advanced Level (A/L) examinations and to avoid any actions that could disrupt the examination process.

Speaking to the media this (25) morning, Jayasundara reminded the public that the exams, which began today, are being conducted across 2,312 centres nationwide, with the first session commencing promptly at 8:30 a.m.

He appealed for public consideration and cooperation, stressing that the primary goal is to ensure a smooth and uninterrupted experience for all students.

We ask for your understanding during this crucial time,” Jayasundara remarked. “While rules and regulations must be adhered to, we also ask for compassion and consideration towards the students who are focusing on their exams. Any disturbances during this period could significantly affect their performance, and we all need to act in a way that supports them.

The Commissioner further assured the public that appropriate measures have been taken to ensure a smooth examination process.

We have coordinated closely with law enforcement agencies, including the police, to ensure all necessary arrangements are in place. We are committed to providing all required facilities to the candidates,” he added.

This year, a total of 333,185 students have registered to sit for the G.C.E. Advanced Level Examination.

Given the importance of this national examination, Jayasundara appealed to all citizens to prioritise the needs of the candidates and to refrain from engaging in activities that could hinder the exam’s smooth conduct, which will continue until December 20.

In an update regarding the impact of adverse weather conditions, Jayasundara noted that a group of students in the Matara District had been unable to reach their examination centres this morning due to severe weather.

However, prompt action was taken by personnel from the Sri Lanka Navy and Army, who ensured the affected candidates were safely transported to their designated centres.

To assist with any emergencies or inquiries during the examination period, the Commissioner General has provided several contact points for the public. In case of urgent situations, individuals can contact the Disaster Management Centre’s hotline at 177 or the Examination Department’s hotline at 1911 for assistance.

Additionally, the School Examination Organization Branch is available for further guidance on 0112 785 922 or 0112 784 537.

ADB approves $200 mn loan for SL’s Power Sector modernisation

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By: Isuru Parakrama

November 25, Colombo (LNW): The Asian Development Bank (ADB) has approved a substantial loan of $200 million aimed at transforming Sri Lanka’s power sector infrastructure.

The loan will focus on modernising the country’s transmission and distribution networks, improving their reliability, and facilitating a higher integration of renewable energy sources into the national grid, the Bank said in a statement.

Takafumi Kadono, ADB’s Country Director for Sri Lanka, emphasised the importance of these reforms, stating, “Reforming the power sector, alongside strategic infrastructure improvements, is crucial for fostering competitive renewable energy growth and reducing power generation costs. This project will support Sri Lanka’s energy transition, reducing power disruptions, curbing transmission and distribution losses, and increasing the share of renewable energy in the national electricity mix.

Sri Lanka achieved a remarkable milestone in 2016 by reaching 100% household electrification. However, the country faces growing energy demands, with peak consumption hitting around 2,800 megawatts (MW) in 2023, including renewable contributions.

This figure is expected to surge by 2030, posing challenges to the existing energy infrastructure. Although Sri Lanka’s total installed capacity stood at 5,191 MW in 2023, nearly half of this energy was still generated from thermal power plants.

This highlights the pressing need to transition towards more sustainable and renewable energy solutions.

As part of its commitment to climate action, Sri Lanka’s government has set ambitious targets for its energy future. The goal is to generate 70 per cent of the country’s electricity from renewable sources by 2030, with the broader aim of achieving carbon neutrality in electricity generation by 2050.

The newly approved Power System Strengthening and Renewable Energy Integration Project is designed to accelerate this transition by enhancing the capacity and climate resilience of the country’s energy infrastructure.

The project will focus on expanding and modernising Sri Lanka’s transmission and distribution networks, particularly through the addition of new 220-kilovolt and 132-kilovolt transmission lines and substations.

The modernisation of the medium-voltage distribution network and the upgrading of grid protection systems will also be key components.

One of the most groundbreaking aspects of the project will be the introduction of Sri Lanka’s first grid-scale battery energy storage system, which will be installed at the transmission level to support the integration of renewable energy.

Moreover, the project will establish a renewable energy monitoring centre to forecast and track energy generation from renewable sources.

To enhance efficiency, it will also implement advanced automation systems such as SCADA (Supervisory Control and Data Acquisition) and remote terminal units, enabling real-time data monitoring and alerts to improve the management of power delivery.

Additionally, the project will support the Ceylon Electricity Board (CEB) and Lanka Electricity Company (LECO)—the two state-owned entities responsible for power delivery to consumers—by strengthening their institutional capacities.

This will help both organisations better integrate and manage renewable energy sources, adopt digital solutions, and expand their ability to host rooftop solar installations.

The project also includes targeted initiatives to empower women within the sector. CEB and LECO will roll out career development activities specifically for female staff, as well as awareness programmes promoting the safe and productive use of electricity.

Additionally, training will be provided to women-led groups and businesses on clean energy solutions, further supporting the inclusive and sustainable development goals of the project.

The financing for the project will be split, with $150 million allocated to the CEB and $50 million to LECO. Both loans are guaranteed by the Government of Sri Lanka, ensuring the country’s continued commitment to modernising its energy infrastructure.

Controversial luxury vehicle of ex-MP Sujeewa Senasinghe released on Rs. 100 mn bond

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By: Isuru Parakrama

November 25, Colombo (LNW): The luxury vehicle belonging to former MP Sujeewa Senasinghe, which had been under court custody following an investigation into its assembly, has been released on a bond of Rs. 100 million.

The Fort Magistrate’s Court issued the order for the vehicle’s release earlier today.

The vehicle, a high-end SUV valued at approximately Rs. 100 million, came under scrutiny after suspicions arose regarding its assembly.

On November 08, following a tip-off from the Walana Anti-Corruption Task Force, authorities raised concerns that the vehicle may have been illegally reassembled, prompting further investigation.

As a result, Senasinghe was instructed to bring the vehicle to the Government Analyst’s Department for examination.

Initial suspicions centred around the possibility that the Land Cruiser had been reassembled using parts that may not have met legal requirements.

On 11th November, the Fort Magistrate’s Court issued an order for the Criminal Investigation Department (CID) to seize the vehicle. It was then submitted to the Government Analyst’s Department for detailed inspection and a full report.

The release of the vehicle on bond follows the court’s assessment of the situation, although the investigation into the matter continues.

SL sees significant surge in tourist arrivals in Nov 2024

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By: Isuru Parakrama

November 25, Colombo (LNW): Sri Lanka has experienced a remarkable boost in tourist arrivals during the first 20 days of November 2024, with over 120,000 international visitors flocking to the island.

According to the latest figures from the Sri Lanka Tourism Development Authority (SLTDA), a total of 120,961 tourists arrived between November 1 and November 20.

India remains the largest source of visitors, with 26,717 arrivals, followed closely by Russia, which accounted for 20,157 tourists.

Germany and the United Kingdom also made a strong showing, contributing 9,444 and 7,715 visitors, respectively.

Australia rounded out the top five with 4,762 arrivals.

In addition to these key markets, Sri Lanka saw notable numbers of tourists from China, France, Poland, the United States, and the Netherlands.

The diverse mix of nationalities highlights the island’s appeal to a wide range of international travellers, reaffirming its position as a popular destination for both leisure and business tourism.

The strong performance in November builds on a positive trend for the year, with a total of 1,741,676 tourist arrivals recorded so far in 2024.

This marks a substantial recovery for the sector, reflecting growing confidence in the country as a safe and attractive destination.

Read the full report here: https://www.sltda.gov.lk/storage/common_media/WeeklyReportNOVEMBER-01%20-20.pdf

Official exchange rates in SL today (Nov 25)

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By: Isuru Parakrama

November 25, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight depreciation against the US Dollar today (25) in comparison to last week, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).

Accordingly, the buying price of the US Dollar has increased to Rs. 286.51 from Rs. 286.44, and the selling price to Rs. 295.51 from Rs. 295.45.

The LKR, meanwhile, indicates slight depreciation against several other foreign currencies as well.

Sri Lanka’s economic reforms show promise with continued IMF support

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By: Isuru Parakrama

November 25, Colombo (LNW): Sri Lanka’s ongoing partnership with the International Monetary Fund (IMF) is vital for the country’s economic recovery and long-term stability, Peter Breuer, the IMF’s Senior Mission Chief for Sri Lanka, said.

In a recent interview with Ada Derana’a @Hydepark, Breuer emphasised the importance of maintaining the Extended Fund Facility (EFF) programme, which has been crucial in stabilising the nation’s economy after years of turmoil.

Breuer explained that the continuation of the IMF programme will help ensure that Sri Lanka’s growth is not only stable but also inclusive, benefitting all segments of the population.

Whilst the nation continues to grapple with challenges such as high levels of poverty, he highlighted that there are positive signs, with indicators from institutions like the World Bank showing a downward trend in poverty levels.

Poverty remains a significant issue, but the trajectory is improving,” Breuer noted, pointing out that the successful implementation of IMF-backed reforms is essential to further reduce poverty and foster sustainable growth.

Since the commencement of the IMF programme in March 2023, following the staff-level agreement reached in September 2022, Sri Lanka has made noticeable progress. Breuer commended the government’s commitment to fiscal discipline, a cornerstone of the reforms, as Sri Lanka continues to address its structural weaknesses.

The IMF’s involvement goes beyond financial assistance, with the programme holding the government accountable for necessary policy adjustments aimed at enhancing economic resilience.

A critical aspect of the IMF programme is the fiscal framework, with Breuer stressing the importance of maintaining a primary surplus, boosting revenue, and ensuring the quality of fiscal measures.

These parameters, referred to as the “guardrails” of the programme, provide the government with the flexibility to achieve its priorities within the agreed-upon boundaries.

The government is committed to staying within these guardrails,” he said, adding that the upcoming national budget would be in alignment with the programme’s objectives.

Breuer also reflected on the recent IMF mission in Sri Lanka, which took place from November 17 to 23, during which a staff-level agreement was reached on the third review of the EFF programme.

As part of this agreement, Sri Lanka is set to receive an additional $330 million from the IMF, bringing the total financial assistance under the EFF arrangement to approximately $1.3 billion.

The IMF’s support is seen as instrumental in Sri Lanka’s ambitious reform agenda, which has already shown signs of success, with the economy growing at an average rate of 4 per cent year-on-year.

High-frequency indicators continue to show positive momentum across all sectors, reaffirming the effectiveness of the reforms.

However, Breuer stressed that ensuring macroeconomic stability and restoring debt sustainability would require continued adherence to responsible fiscal policies, including cost recovery pricing for energy, which remains a vital pillar of the IMF-backed programme.

Looking ahead, the IMF has also weighed in on the government’s decision to lift the ban on vehicle imports, a move that could generate significant revenue for the country.

However, Breuer cautioned that the policy should be carefully managed to avoid putting pressure on Sri Lanka’s foreign reserves.

Treasure Frenzy in Veyangoda: Geologist warns against mythical pursuits in search of buried treasure

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By: Isuru Parakrama

November 25, Colombo (LNW): Professor Atula Senaratne, a distinguished Geologist from the University of Peradeniya, has strongly advised against relying on myths and engaging in fruitless endeavours, following the recent excavation attempts near the Central Expressway construction site in the Wanduramba area of Veyangoda.

The search for alleged buried treasure, which gained public attention over the weekend, has been dismissed by Senaratne as a misguided effort rooted in folklore rather than scientific fact.

In his comments to the media, Prof. Senaratne highlighted the implausibility of the treasure-hunting claims, particularly the notion that treasures could be buried as deep as 40 to 50 feet below the surface.

He pointed out that there is no historical precedent or evidence to suggest that treasures were ever concealed at such depths, nor could they have been sealed with melted rocks, as some local myths suggest.

There has never been a technology, either in the past or present, that would enable rocks to be melted or fused in such a manner,” he emphasised, criticising the fantasy surrounding treasure hunting.

Responding to ongoing speculation regarding the possibility of a treasure buried beneath the expressway reservation in Wanduramba, Prof. Senaratne dismissed the idea as unlikely.

While he acknowledged that signs of decaying rocks may sometimes be misinterpreted as evidence of hidden riches, he warned that pursuing such unsubstantiated claims could lead to a significant waste of time, money, and labour.

Geologists only engage in archaeological surveys at the request of archaeologists, and we would advise against any attempts to excavate without scientific backing,” he remarked.

The professor further elaborated that while there may be historical sites or temples where relics or offerings have been buried, the likelihood of discovering such treasures underground is minimal.

People’s belief in buried treasures, especially in temple sites or chethiyas, is steeped in myth, and the chances of finding anything significant are very low. In my opinion, those chasing these treasures are merely deceiving themselves,” he said.

With over four decades of experience in geology, Prof. Senaratne reiterated his long-standing stance that people should not rely on myths or folklore in their pursuit of material wealth.

I have consistently urged against indulging in such exercises. These treasure hunts are nothing more than futile pursuits based on unfounded beliefs,” he concluded.

Rajasthan Royals secures SL’s Maheesh Theekshana and Wanindu Hasaranga in IPL 2025 Auction

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November 25, Colombo (LNW): Rajasthan Royals made a notable splash in the Indian Premier League 2025 mega-auction held in Jeddah on Sunday (24), securing two star Sri Lankan spinners, Maheesh Theekshana and Wanindu Hasaranga, to bolster their bowling attack.

Theekshana, one of Sri Lanka’s leading white-ball bowlers, was the first pick in set seven of the auction.

There was stiff competition between Mumbai Indians and Rajasthan Royals for the highly sought-after spinner, but it was Rajasthan who emerged victorious, securing Theekshana for ₹4.40 crore.

The 23-year-old has been a pivotal figure in Sri Lanka’s limited-overs setup, with an impressive record of 126 wickets in 107 matches across all formats.

Having represented Chennai Super Kings since 2022, Theekshana has proven his skill in the IPL, taking 25 wickets from 27 matches.

In another significant development, Rajasthan went head-to-head with Mumbai Indians again to secure Wanindu Hasaranga, who was snapped up for ₹5.25 crore.

The bidding war between the two franchises ended with the Royals clinching the deal for the 27-year-old spinner.

Known for his exceptional skills in the T20 format, Hasaranga is a recognised force in global cricket. With 287 wickets and 2,344 runs, including nine half-centuries, in 200 T20 matches, he is a key player in the shortest format.

Hasaranga has made a significant mark in the IPL, having taken 35 wickets in 26 matches while representing Royal Challengers Bangalore.

Speaker to address MP’s controversial behaviour following incident

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By: Isuru Parakrama

November 25, Colombo (LNW): Speaker of Parliament Ashoka Ranwala has announced that he will be having a direct conversation with Member of Parliament (MP) Dr. Archchuna Ramanathan to discuss the MP’s recent actions that have sparked widespread controversy.

On November 21, a video showing Dr. Ramanathan seated in the Opposition Leader’s designated chair during the inaugural session of the 10th Parliament went viral on social media.

Despite repeated requests from parliamentary staff for him to vacate the seat, the independent MP refused to comply.

This incident, coupled with several provocative comments made by Dr. Ramanathan on his social media platforms, has stirred considerable debate online and drawn criticism from both political circles and the general public.

Speaking to the media after his visit to Kandy on November 24, Speaker Ranwala expressed concern over the MP’s conduct.

He emphasised that while the specific motives behind Dr. Ramanathan’s actions are unclear, it is vital to consider the broader expectations of the people he represents.

The aspirations of the public are clear – they want unity and development, not disruption,” he remarked, adding that citizens from all regions of the country seek harmony, particularly in the current political climate.

The Speaker confirmed that he had reviewed the MP’s actions, including his social media posts, and said that a thorough discussion with Dr. Ramanathan will take place to address the matter appropriately.

Ranwala assured the media that, after speaking with the MP, he would determine the most suitable course of action to resolve the issue.

We are taking a cautious approach,” Ranwala noted. “This is an isolated incident, and it is important to handle it with care. We are committed to ensuring that Parliament upholds its dignity, and we will address this matter in a manner that reflects the best interests of the people.

Ranwala concluded by reiterating that the current government is fully focused on meeting the aspirations of the public and fostering an environment of national unity and progress.

MP Ramanathan representing an independent political party from Jaffna threw himself onto public attention and met with severe backlash following a self-released livesteream revealing Ramanathan refuse to leave the chair allotted for the Leader of the Opposition and later conjure the name of a figure recognised as a terminated terrorist leader, claiming that he is ‘his god’.