By: Isuru Parakrama

November 24, Colombo (LNW): Nearly 30 former Members of Parliament (MPs) are still occupying their official residences, despite having been instructed to vacate them to make way for newly elected parliamentarians, sources disclosed.

Some of the ex-MPs are in the process of removing their personal belongings, but many have yet to vacate the properties completely.

The government had previously informed the former MPs that their official homes needed to be returned so they could be allocated to incoming parliamentarians.

On November 22, it was reported that only seven of the former MPs had vacated their residences, leaving a significant number still in possession of the properties.

To accelerate the process, the Secretary General of Parliament, Kushani Rohanadeera, recently sent a formal written notice to the former MPs. The letter outlined that, should they fail to leave the residences promptly, vital services such as electricity and water would be cut off.

This warning is expected to push those remaining to comply with the eviction order.

A spokesperson for Parliament explained that the properties are currently undergoing renovations to prepare them for the incoming MPs. These renovations are necessary to ensure the homes meet the required standards for the new parliamentarians.

The official handover of these residences is scheduled for December 03, when the new MPs are expected to take possession of their official housing.

Meanwhile, the Madiwela Housing Complex, which is set to accommodate a number of MPs, has already seen a significant demand. Approximately 35 newly elected MPs have already submitted requests for accommodation at the complex.

Parliament had previously issued a call for applications, specifically targeting MPs whose primary residences are located more than 40 kilometres away from the Parliamentary complex.

By: Isuru Parakrama

November 24, Colombo (LNW): A low-pressure area has formed over southeast Bay of Bengal, and it is likely to move west north-westwards and intensify into a depression over southwest Bay of Bengal on November 25, warned the Department of Meteorology in its daily weather forecast today (24).

The statement added that the system, therefore, may intensify further and move towards the Northern coast of Sri Lanka.

Cloudy skies are expected over most parts of the island due to the influence of the aforementioned system.

Meanwhile, showers or thundershowers will occur at times in the Northern, North-central, Eastern, Central and Uva provinces and in Hambantota district, and showers or thundershowers will occur at several places elsewhere of the island during the evening or night.

Very heavy showers above 150 mm are likely at some places in Eastern and Uva provinces and in Hambantota district. Heavy showers above 100mm are likely at some places in North-central province.

Fairly strong winds of about (30-40) kmph can be expected at times over Northern, North-central and Eastern provinces and in Hambantota district.

The general public is kindly requested to take adequate precautions minimise damages caused by temporary localised strong winds and lightning during thundershowers.

Marine Weather:

November 23, Colombo (LNW): Higher Education and Vocational Education Ministry Secretary Nalaka Kaluwewa assured that the concerns raised by stakeholders involved in the ongoing protest at Ruhuna University are being actively addressed and a resolution will be provided soon.

The protest, jointly organized by students, academic staff, and non-academic trade unions, demands the removal of Vice-Chancellor Prof. Sujeewa Amarasena.

Secretary Kaluwewa stated that the Ministry has a comprehensive understanding of the issues and is currently engaging with all parties involved. “We are carefully considering their concerns and will take an appropriate decision shortly,” he said.

November 23, Colombo (LNW): Discussions for the third review of the International Monetary Fund’s Extended Fund Facility (EFF) programme were successfully concluded yesterday (22) at the Presidential Secretariat.

The meeting was attended by an IMF delegation led by Senior Mission Chief Peter Breuer, while the Sri Lankan government was represented by Labour Minister and Economic Development Deputy Minister Prof. Anil Jayantha Fernando.

The successful conclusion of these discussions marks a significant step in advancing Sri Lanka’s ongoing engagement with the IMF under the EFF programme.

November 23, Colombo (LNW): Fitch Ratings stated that Sri Lankan banks’ operating environment and credit profiles could improve with a better sovereign credit profile, particularly after completing foreign-currency debt restructuring.

Sri Lanka’s current sovereign ratings of Long-Term Foreign-Currency IDR: RD and Long-Term Local-Currency IDR: CCC- indicate the financial challenges faced by the country. These ratings directly impact the banks due to their significant exposure to domestic economic conditions, including 33.4% of assets in local-currency treasury instruments and 3.4% in foreign-currency instruments as of mid-2024.

The rating agency noted that improved sovereign financial health would enhance the national ratings of large Sri Lankan banks, reflecting their relative creditworthiness compared to other issuers. Fitch emphasized that state-owned banks have higher sovereign exposure, particularly in lending to public sector entities, and their ratings currently exclude assumptions of government support due to the state’s financial constraints.

With pressures on liquidity easing and banks actively preserving their resources, Fitch expects Sri Lanka’s banks to regain access to foreign-currency wholesale funding once the sovereign credit profile is restored. A successful debt restructuring is anticipated to significantly reduce challenges for the banking sector and improve financial conditions.

Fitch recalibrated its Sri Lankan national rating scale in January 2023 following the sovereign downgrade to CC, illustrating the interconnectedness of sovereign and institutional creditworthiness. A sustained improvement in the sovereign’s financial flexibility could reshape the banking sector’s outlook and enhance stability in the broader financial system.

SriLankan Airlines has earned the prestigious 2025 APEX Best Entertainment Award for the Central/Southern Asia region, a recognition unveiled at the FTE APEX Asia Expo held in Singapore on November 20, 2024. 

This honor is especially significant as the APEX Awards are based exclusively on verified passenger feedback, which reflects the experiences of over one million flights from 600 airlines. The awards focus on critical elements such as seat comfort, cabin service, in-flight entertainment, and meal quality.

Additionally, SriLankan Airlines has maintained its exceptional standing as a ‘Four Star Major Airline’ in the 2025 APEX Official Airline Ratings, marking an impressive eighth consecutive year in this category.

Maria Sathasivam, Manager of Product Development at SriLankan Airlines, expressed her pride in the award, stating:

“We are thrilled that our passengers have rated SriLankan Airlines as having the best inflight entertainment in this region. 

We understand that a passenger’s overall inflight experience is influenced by many factors, and entertainment plays a pivotal role in improving satisfaction and making the journey more enjoyable.

 We’ve carefully curated our content to reflect current trends and ensure our passengers are engaged throughout their flight.”

The airline’s in-flight entertainment (IFE) system offers a wide variety of Hollywood blockbusters, the latest releases, and an extensive selection of regional films, including popular titles from Sri Lanka and South Asia. 

Passengers have access to a broad range of genres such as action, comedy, drama, adventure, animation, family-friendly content, musicals, sci-fi, and sports, all available in multiple languages. 

The system also features over 100 audio albums, blending international hits with beloved local classics to cater to diverse musical tastes.

This latest accolade underscores SriLankan Airlines’ steadfast dedication to providing remarkable travel experiences. It is part of a growing list of achievements that highlight the airline’s focus on passenger satisfaction, including the 2022 Passenger Choice Awards for Best Cabin Service and Best Wi-Fi in Central/Southern Asia, the 2023 APEX Passenger Choice Awards for Best Food & Beverage and Best Seat Comfort, and the 2024 IFSA Award for Best Inflight Food or Beverage Innovation for its “SriLankan Flavours” menu. Most recently, the airline also received the 2024 APEX Passenger Choice Award for Best Wi-Fi in Central/Southern Asia

In 2024, Sri Lanka saw improvements in its foreign financing situation, bolstered by increased foreign reserves and substantial international support from organizations such as the Asian Development Bank (ADB), the International Monetary Fund (IMF), and the World Bank.

By September 2024, Sri Lanka’s foreign exchange reserves had reached approximately $5.94 billion, enough to cover around four months of imports. 

This rise in reserves reflects positive shifts in the country’s external sector, which was aided by a reduction in the trade deficit, higher service account inflows, and increased remittances from workers abroad. 

Additionally, Gross Official Reserves grew by over $1 billion, reaching $5.4 billion by the end of May 2024. However, excluding currency swaps, usable reserves are lower, covering just over two months of imports, signaling vulnerability to external pressures if economic reforms falter.

A significant factor in stabilizing Sri Lanka’s economy has been international financial support. As of August 2024, the ADB disbursed $358.3 million to Sri Lanka, slightly exceeding the IMF’s $336 million in budget support loans. 

The IMF has also been crucial in helping Sri Lanka implement structural reforms aimed at restoring macroeconomic stability and ensuring debt sustainability.

Furthermore, the World Bank contributed $239.8 million in budget support loans, while Japan provided $20.1 million, including a grant of $1.3 million.

Despite these positive developments, Sri Lanka’s foreign financing faced challenges in the first quarter of 2024, when the country’s budget financing was negative due to debt repayments. 

Still, Sri Lanka’s overall foreign financing situation is improving, with the country entering 10 foreign financing agreements worth $398.7 million by August, primarily in loans. 

The total disbursements from January to August reached $1.01 billion, with 36% from the ADB, 33% from the IMF, and 24% from the World Bank. A large portion of these funds was allocated to budget support and key sectors such as energy, finance, and SME development.

Sri Lanka’s ongoing debt restructuring efforts have been critical, particularly negotiations with private creditors, who hold a significant portion of the country’s external debt. 

The IMF has emphasized that continued economic reforms are necessary to maintain financial stability.

 These reforms include increasing fiscal transparency, tackling corruption, and improving revenue collection. 

The IMF has noted some positive trends in Sri Lanka’s economy, including growth and lower inflation, while also highlighting the importance of social protection within the reform agenda.

The IMF’s Director for the Asia and Pacific Department, Krishna Srinivasan, has praised the Sri Lankan government for supporting the current reform agenda and noted that progress has been made in negotiations with official creditors.

The Ceylon Electricity Board (CEB) is making all necessary arrangements to cut electricity tariffs to help lessen the burden on consumers, particularly low- and middle-income families.

This would be the first tariff revision under the present government and is likely to be announced within weeks. This decision has been taken in response to public representations on the high cost of electricity.

The Energy Ministry and the CEB are jointly working on a proposal for the tariff reduction, assisted by representatives of the International Monetary Fund.

Early last week, on November 21, the IMF officials had consultations with officials from CEB and the ministry regarding the process. At the end of these consultations, a formal proposal is expected to be submitted to PUCSL, the Public Utilities Commission of Sri Lanka.

In October, the CEB had suggested a tariff reduction of 6.6 per cent, which PUCSL had rejected as inadequate.

The PUCSL has asked for a new recommendation, addressing its several objections including low fairness and transparency in calculations of the CEB.

It has ordered the CEB to provide printed bills to customers upon request and to conclude an agreement with the CPC on fuel procurement for generating power.

In spite of challenges like increased fuel prices and operational costs, the CEB has remained profitable to make these tariff reductions possible. Revenue for the CEB from sales of electricity rose 5.9% in 2024 to Rs. 314.4 billion, buoyed by increased demand.

Besides, direct generation cost fell by 32% on account of favourable weather conditions and decrease in coal prices. It accordingly translates into a gross profit of Rs. 99.7 billion in the first half of 2024 from losses the previous year.

While the improved financial position of the CEB justifies the tariff cuts, the challenge on its hands lies in striking a delicate balance between affordability and increased costs of energy generation.

The formula of the Electricity Tariff, under the purview of PUCSL, factored in the costs – fuel price, generation and distribution expenses. However, it complicates with the reliance on fossil fuels and volatile macroeconomic conditions.

The CEB’s ability to lower tariffs highlights its strong financial recovery, which should provide relief to consumers while ensuring the utility’s financial health. However, maintaining affordable tariffs in light of the country’s economic challenges will continue to be a delicate balancing act.

November 23, Colombo (LNW): The government has credited the Rs. 3,000 monthly allowance for individuals over 70 years of age enrolled in the “Aswesuma” welfare benefit program to their respective bank accounts.

According to the Government Information Department, the allowance for November is now accessible, and beneficiaries can withdraw the funds starting today (22).

This initiative supports 511,086 eligible individuals under the relief scheme, with a total of Rs. 1,533,258,000 allocated for distribution this month to ensure the welfare of senior citizens.