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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’.

Special workshop for new lawmakers in SL to begin today (Nov 25)

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By: Isuru Parakrama

November 25, Colombo (LNW): A specialised three-day workshop for the newly elected members of the Tenth Parliament of Sri Lanka is set to begin today (25).

This intensive training programme, scheduled to run through November 27, aims to equip parliamentarians with essential knowledge and understanding of the country’s legislative procedures, parliamentary culture, and traditions.

The workshop, which is being held annually for all incoming MPs after each general election, is designed to provide new legislators with a comprehensive orientation to their roles and responsibilities.

Topics covered will include the intricacies of parliamentary debates, legislative processes, and the code of conduct expected of MPs during their tenure.

A formal gazette notice outlining the details of the workshop was published on November 16, ensuring that all members were aware of the forthcoming sessions.

The goal of the workshop is to ensure that all newly elected members of parliament are well-prepared to engage in parliamentary proceedings and serve effectively in their capacities.

This year’s workshop follows the inauguration of the Tenth Parliament on November 21, which brought together members elected in the 2024 General Election.

With new faces and a diverse range of political backgrounds entering the legislative body, the workshop is seen as a vital step in fostering a productive and well-informed parliament.

Low pressure area in Bay of Bengal to further intensify into depression: Heavy rain, strong winds to continue

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By: Isuru Parakrama

November 25, Colombo (LNW): The low pressure area over the southwest Bay of Bengal is likely to further intensify into a depression over the central-southwest Bay of Bengal by today morning, the Department of Meteorology said in its daily weather forecast today (25).

The system is located about 500 km southeast of Batticaloaat around 0230 this morning. The system is expected to further develop and move closer to the east coast of the island.

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

Showers or thundershowers will occur at times in the Northern, North-central, Eastern, Central and Uva provinces and in Hambantota district.

Showers or thundershowers will occur at several places elsewhere of the island during the evening or night. Showers or thundershowers may occur over the coastal areas of Western and North-western provinces during the morning too.

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

Fairly strong winds of about (35-45) 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:

The low pressure area over the southwest Bay of Bengal is likely to intensify into a depression over the centralsouthwest Bay of Bengal by today morning. The system is located about 500 km southeast of Batticaloa.The system is expected to further develop and move closer to the east coast of the island. Naval and fishing communities are warned not to venture to the deep and shallow seaareas around the island from today (25th November), until further notice.
Condition of Rain:
Showers or thundershowers will occur at times in the sea areas around the island.
Winds:
Winds will be north-easterly in direction in the sea areas around the island. Wind speed will be (40-50) kmph and Wind speed can increase up to (60-70) kmph at times in the sea areas around the island.
State of Sea:
The sea areasaround the islandwill be rough to very rough at times. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.