November 22, Colombo (LNW): Sri Lanka’s inflation, as measured by the National Consumer Price Index (NCPI), dropped to -0.7% in October 2024, a further decline from -0.2% in September, according to data released by the Department of Census and Statistics.
Food inflation also recorded a decrease, moving from 0.5% in September to -0.16% in October, reflecting a reduction in the cost of essential commodities.
The NCPI for all items stood at 203.6 in October, showing a month-on-month decrease of 0.5 index points. The reduction was driven by decreases in both food items (0.16%) and non-food items (0.35%), indicating easing price pressures across various sectors.
This continued decline in inflation highlights the stabilizing effects of economic measures implemented to address the country’s financial challenges, benefiting consumers and households across the nation.
Delivering the new government’s policy statement, President Anura Kumara Dissanayake emphasized the importance of public accountability, highlighting that the Parliament is no longer a concealed institution to the general public. “The Parliament is not a hidden cave anymore. Daily proceedings are open to public scrutiny. As representatives of the people, everything we do—how we speak, how we behave—is under their watchful eye.” He said.
President Anura Kumara Dissanayake has expressed confidence that the staff-level agreement on the third review of the International Monetary Fund’s (IMF) Extended Fund Facility (EFF) arrangement for Sri Lanka could be finalized and signed by November 23. Highlighting the critical role of economic stability, the President underscored the importance of adhering to existing agreements.
The first phase of the third term for the year 2024 of Sinhala and Tamil medium government and government-approved schools will end today (22), according to the Ministry of Education.Accordingly, the school term holidays will commence from tomorrow.
The Deputy Ministers of the new National People’s Power (NPP) government have been sworn in at the Presidential Secretariat in Colombo. Accordingly, a total of 29 Deputy Ministers were sworn in before President Anura Kumara Dissanayake.
Delivering the government’s policy statement in Parliament, President Anura Kumara Dissanayake revealed key economic strategies aimed at driving development and fostering growth in Sri Lanka. He announced that the 2025 Budget will be presented to Parliament in February 2025, with an interim Vote on Account scheduled in the beginning of December 2024.
The Colombo Magistrate’s Court issued an arrest warrant against former Minister Douglas Devananda after he failed to appear before the court to testify in an ongoing case. The case pertaining to a complaint lodged by Devananda with the Criminal Investigation Department (CID) in 2016, accusing Wellawatta-based businessman Subramaniam Manoharan of issuing two fraudulent cheques, each valued at Rs. 10 million, was taken up before the court today.
The overall rate of inflation, as measured by the National Consumer Price Index (NCPI), has decreased to -0.7% in October 2024 from -0.2% in September 2024, according to the latest data released by the Department of Census and Statistics. Meanwhile, food inflation also decreased to -0.16% in October, down from 0.5% in September 2024.
Chairman of the United National Party Wajira Abeywardana has denied the claim that Ravi Karunanayake’s name was submitted to the Election Commission for a New Democratic Front national list seat after informing former President Ranil Wickremesinghe. Wajira Abeywardana made this clarification in an official statement.
Singapore-based low-cost airline Jetstar Asia (3K) celebrated the launch of its direct flights between Singapore and Colombo today, as the Singapore carrier becomes the only low-cost airline to operate the route. Departing from Singapore’s Changi Airport, the inaugural flight Flight 3K333 touched down in Colombo heralding the start of more affordable and convenient options for travellers wanting to explore Sri Lanka’s vibrant and captivating capital.
The New Zealand Rugby (NZR) Under 85kg national team is set to make history in May 2025 with a landmark tour to Sri Lanka. This tour, featuring two matches scheduled for May 4 in Kandy and May 10 in Colombo, promises to highlight the growing importance of weight-grade rugby and foster a cultural exchange between the rugby communities of New Zealand and Sri Lanka.
November 22, Colombo (LNW): The government has decided to import 70,000 metric tonnes of Swarna Nadu rice to address the immediate rice shortage in the market, Trade, Commerce, Food Security, and Co-operative Development Minister Wasantha Samarasinghe announced.
The rice will be imported through Sathosa and the State Trading Corporation, with Cabinet approval already granted. Minister Samarasinghe emphasized that the process will begin before December 15, ensuring rice is available to consumers without impacting local farmers’ interests.
Speaking at a press conference, the Minister clarified that the imported rice would not be subject to tax reductions and would be priced at a maximum of Rs. 220 per kilogram. “Swarna Nadu is suitable for consumption in our country, and this measure will stabilize the market until the Maha season paddy harvest becomes available around January 15,” he said.
The Minister also accused certain parties of orchestrating a conspiracy to artificially inflate rice prices, pledging that the government would not permit profiteering at the expense of consumers.
Furthermore, the Minister stated that the government would require a comprehensive report within two weeks on paddy and rice stocks linked to government loans. Failure to submit the required data will result in borrowers being ineligible for future loans.
This move aims to balance the immediate need for rice in the market with the long-term stability of the agricultural sector, ensuring fair pricing for both consumers and farmers.
November 22, Colombo (LNW): The graduation ceremony of the 3rd batch of the National Security and Strategic Studies Course (NS&SS) 03/2024, conducted by the National Defence College (NDC) of Sri Lanka, was held on a grand scale at the Kotelawala Defence University (KDU) auditorium on November 18, 2024. The event was graced by Air Vice Marshal Sampath Thuyacontha (Retd), Secretary to the Ministry of Defence, as the chief guest.
This year’s program saw the participation of 33 senior officers representing the Sri Lanka Army, Navy, Air Force, and Police, including two lady officers—one each from the Sri Lanka Army and Police. Additionally, eight senior officers from allied nations, including Bangladesh, India, Oman, and Saudi Arabia, joined the course, highlighting its international appeal.
The one-year NS&SS Course featured diverse modules designed to enhance attendees’ expertise in decision-making, policy formulation, geopolitics, international relations, law, human rights, and other critical areas.
The 2024 course marked a historic milestone as Colonel Buddhika Ferdinandez became the first female officer from Sri Lanka’s Tri-Forces to graduate from the National Defence College. This achievement underscores the nation’s commitment to women’s empowerment and gender equality in strategic and defense sectors.
Colonel Ferdinandez, an alumna of Holy Cross College and Rathnawali Balika Maha Vidyalaya in Gampaha, holds a Master of Laws from Colombo University and a National Diploma in Counselling. She took oaths as an Attorney-at-Law in 1999 and joined the Sri Lanka Army in 2001 as a legal officer, completing her military training at the Sri Lanka Military Academy, Diyatalawa.
Throughout her career, she has served in various capacities, including as a senior legal officer in the Sri Lanka Army General Service Corps and a key figure in the Sri Lanka Army Women’s Corps. Her leadership and dedication have empowered countless women in the armed forces, earning her a reputation as an exemplary officer and role model.
Colonel Ferdinandez is celebrated not only for her professional accomplishments but also for her ability to balance a demanding military career with her role as a mother. She is an accomplished writer, painter, and public speaker, embodying the modern ideal of multi-dimensional leadership.
This milestone sets a precedent for greater female participation in strategic and defense fields, reaffirming that gender is no barrier to success. Colonel Ferdinandez’s achievement inspires women across Sri Lanka to pursue excellence in all spheres of life, contributing to a more inclusive and equitable society.
November 22, Colombo (LNW): A low pressure area is likely to form over southeast Bay of Bengal around 23rd November. Thereafter, it is likely to intensify into a depression over southwest Bay of Bengal during subsequent 2 days. The system may intensify further and move near the Eastern coast of Sri Lanka. General public is requested to be attentive to the future forecasts and bulletins issued by the Department of Meteorology in this regards.Showers or thundershowers will occur at times in the Northern, North-central and Eastern provinces and in Matale district.
Showers or thundershowers will occur at several places elsewhere of the island during the evening or night.
Heavy showers above 100 mm are likely at some places in Western, Sabaragamuwa, Central and Southern provinces.
Fairly strong winds of about (30-40) kmph can be expected at times over Northern, North-central and North-western provincesand in Matale district.
Misty conditions can be expected at some places in Western, Sabaragamuwa, Central, Uva and Southern provinces during the morning.
November 21, Colombo (LNW): Sri Lanka has been recognized as an “Advancing” country in the 2024 Global Cybersecurity Index (GCI), reflecting its strong commitment to enhancing national cybersecurity practices.
Published by the International Telecommunication Union (ITU), the GCI assesses countries’ cybersecurity efforts across five key pillars: Legal, Technical, Organizational, Capacity Development, and Cooperation.
In this year’s GCI report, Sri Lanka was classified as a Tier 2 (T2) country, scoring between 85 and 95 out of 100.
This designation signifies a significant commitment to cybersecurity, with government-led initiatives covering at least four of the key pillars.
Sri Lanka’s cybersecurity efforts have notably improved since the introduction of its first national cybersecurity strategy, moving up from 83rd in the 2020 report and 84th in 2018.
Sri Lanka excelled in Legal, Technical, and Capacity Development measures, areas where it recorded the highest scores. However, there is still room for improvement in the Organizational and Cooperation pillars, which remain areas of focus for growth.
The country’s performance surpasses the regional average in the Asia-Pacific, showing significant progress in securing its cyberspace.
Sri Lanka CERT is working toward achieving Tier 1 status, a role-modeling position, through various initiatives including the implementation of a new National Cybersecurity Strategy (2025–2028), the establishment of the National Certification Authority, and the operation of the National Cybersecurity Operations Center.
The report encourages Sri Lanka to continue strengthening its cybersecurity organizational structures and international collaborations to further enhance its cybersecurity resilience.
November 21, Colombo (LNW): Sri Lanka’s tea exports reached 20.79 million kilogrammes in October 2024, a 14 percent increase from 18.21 million kilogrammes in the same month last year, with all product categories showing growth, the industry data showed.
The FOB value per kilogramme for October rose by Rs.86.54 year-on-year (YoY) to Rs.1,791.78, compared to Rs.1,705.23 in October 2023.
The cumulative tea exports for January-October 2024 totalled 203.15 million kilogrammes, up 3.45 million kilogrammes, from 199.70 million kilogrammes during the same period in 2023. While most categories recorded gains, tea packets showed a decline.
Sri Lanka’s tea exports saw a 14% increase in volume for October year-on-year (YoY), reaching 20.7 million kilograms (Mnkg).
This growth brings total exports for the first 10 months to 203.1 Mnkg, up by 3.4 Mnkg YoY.
While the strengthening Sri Lankan Rupee has influenced earnings, they still rose slightly to Rs. 360.5 billion from Rs. 354.9 billion last year, translating to approximately $1.186 billion, compared to $1.087 billion by October 2023.
This increase in dollar earnings is attributed to both higher export volumes and a stronger FOB per kilo of $5.84, compared to $5.45 the previous year.
However, exports in Value-Added forms, which exclude Bulk Tea, have fallen to a 16-year low. This decline is mainly due to an 8% drop in Tea in Packets exports, although Bulk Tea exports rose by 9%.
On a positive note, Tea Bag exports grew by 11% YoY, reaching 21.1 Mnkg, and the high-value Instant Tea segment saw a 22% increase, reaching 2.3 Mnkg.
Looking at major export destinations, Iraq remains the largest importer with 27.1 Mnkg, though this is a 4% decrease from last year.
Russia’s imports increased by 8%, totaling 20.6 Mnkg, while the UAE, a key transshipment hub, saw a rise from 14.7 Mnkg to 18.7 Mnkg.
Turkey’s imports significantly dropped by 42%, from 25.5 Mnkg to 14.7 Mnkg. Other markets like China (9.6 Mnkg) and Azerbaijan (up 15%) also showed steady performance, while Iran’s exports surged by 83% to 8.7 Mnkg.
The high-value Saudi market increased by 32% to 7.4 Mnkg, matching the volume to Libya, which fell by 10%. Chile saw a rise of 11%, reaching 7 Mnkg.
Other notable markets include Syria (6.4 Mnkg), Germany (5.6 Mnkg), the USA (5.4 Mnkg), Japan (4.3 Mnkg), and Jordan (3.9 Mnkg).
November 21, Colombo (LNW): X-Press Feeders has voiced frustration over the prolonged bureaucratic and legal challenges linked to the X-Press Pearl disaster, a 2021 incident that led to one of Sri Lanka’s worst environmental catastrophes.
Over three and a half years later, Captain Vitaly Tyutkalo remains stranded in Sri Lanka, unable to return home due to a travel ban, highlighting what X-Press Feeders describes as unreasonable and lengthy legal delays.
In a recent update, the new Sri Lankan government announced plans to reopen investigations into the X-Press Pearl case.
These renewed investigations aim to secure additional multi-billion dollar settlements from insurance companies linked to the incident. X-Press Feeders, however, has emphasized that it has already paid nearly $160 million in compensation and is eager to see the case concluded.
The company issued a statement urging the Sri Lankan authorities to consider the impact of ongoing legal actions against Captain Tyutkalo, who has been unable to leave the country for 1,280 days.
The prolonged legal entanglement has significantly disrupted the captain’s personal life, causing him to miss family milestones, including a daughter’s wedding and another daughter’s graduation.
The company contends that the delays in presenting evidence in court have exacerbated the emotional and professional toll on the captain, calling it “unreasonable.”
The disaster occurred in May 2021 when the three-month-old X-Press Pearl, a 2,700 TEU containership, caught fire and sank off the coast of Sri Lanka.
The ship was carrying hazardous materials, including nitric acid and microplastic granules, leading to severe environmental damage along the western coast of the island.
The incident resulted in the release of 1,680 metric tonnes of plastic nurdles, small plastic pellets about 5mm in size used in plastic manufacturing. These nurdles and other toxic substances spread across the Indian Ocean, causing significant ecological harm.
The environmental impact has been devastating, with local communities still involved in cleanup operations years later.
Approximately 200 women continue to collect and separate the plastic nurdles that have washed ashore, earning a modest wage of around $10 per day for their efforts.
The persistence of this manual cleanup operation underscores the scale of the disaster and the slow progress in restoring the affected coastal areas.
In response to the X-Press Pearl incident, the International Maritime Organization (IMO) has taken action to mitigate future risks.
The organization has drafted new recommendations focused on the safe transportation of plastic pellets on ships, aiming to prevent similar environmental disasters.
These recommendations are a step toward enhancing maritime safety standards, but they come too late for the communities affected by the 2021 spill.
As Sri Lanka prepares to revisit the X-Press Pearl case, there is growing pressure to balance the need for accountability and compensation with the humanitarian concerns related to those involved, such as Captain Tyutkalo.
For now, the lingering effects of the disaster continue to impact both the environment and individuals tied to the incident, keeping the case in the public eye.
November 21, Colombo (LNW): In a strategic step towards enhancing the export environment of the country, Sri Lanka’s Export Development Board recently established a Trade Facilitation Task Force with the objective of overcoming the bottlenecks present in the export value chain.
The meeting for this task force was conducted recently at the EDB with representatives from 35 public sector entities involved in cross-border trade.
Simplifying the Process of Export
The operational inconveniences faced by exporters are identified and resolved by the task force, a mechanism that exists for finding quick solutions to the barriers that do exist.
The initiative’s rationale is to simplify trade procedures through better coordination between different institutions and to enhance the overall efficacy of Sri Lanka’s export mechanisms.
In this way, the EDB aims to enhance the global competitiveness of Sri Lankan exporters by facilitating trade and improving inter-agency communication to promote economic development in the country.
Ambitious Export Targets
In keeping with the above aspirations, EDB Chairman Mangala Wijesinghe has envisaged an all-encompassing five-year export roadmap, striving to achieve US$45 billion in export earnings.
This ambitious target encompasses a broad spectrum of sectors including merchandise exports, services, and tourism, which are expected to grow annually at a rate of 15%, from the current growth rate of 4%.
The policy focuses on unlocking the potential of the country through selective reforms and initiatives.
At a recent media briefing, Wijesinghe presented a plan for increasing merchandise exports from $12 billion to $25 billion by 2030. The services sector, comprising IT/BPM, construction, financial services, and logistics, will also see a sharp increase in revenues from $3.1 billion to $11.5 billion. Tourism is also expected to explode, with revenues projected to rise as high as $8.5 billion from the current $2 billion.
Building Investor Confidence, Expanding Industries
He acknowledged that foreign investors and diplomats often question the nation for political stability and said the five-year export and investment roadmap of the current government was targeted at attracting stability and foreign direct investments.
One of the most important features of this roadmap is increasing per capita income in Sri Lanka from a current $680 to more than $1,000 within the next five years, with the lofty aim of strengthening the country’s position in global trade.
Wijesinghe also highlighted that only about 9-10% of the total exporters numbering 4,425 are current exporters of over $1 billion annually, while the rest are SMEs.
For the goal of $45 billion, scaling up by SMEs and diversification into value addition in more product categories will be required to give a harder push to become more competitive and thereby yield better export revenue.
Sectoral Focus and Future Growth
With the global maritime sector valued at US$1.5 trillion, marine industries have been earmarked as a thrust area by the EDB.
Today, Sri Lanka earns about US$ 200 million each year, but with Wijesinghe saying, “We will cross US$ one billion in a few years”. The ‘Voyage Sri Lanka’ conference on November 26 will be the vehicle to communicate the marine sector opportunities to a varied international audience.
Rubber and rubber-based products represent another high-potential sector for Sri Lanka that supplies over $800 million annually to the world rubber market, worth $500 billion.
November 21, Colombo (LNW): 29 Deputy Ministers took their oaths of office earlier this evening (21), at a ceremony held at the Presidential Secretariat in Colombo.
The event, which marked an important step in the administration’s formation, saw the officials swear allegiance to their duties in front of President Anura Kumara Dissanayake.
