July 24, Colombo (LNW):The Supreme Court has issued an interim order preventing Deshabandu Tennakoon from functioning as the Inspector General of Police (IGP). This order came after the Court granted leave to proceed with nine petitions challenging Tennakoon’s appointment, filed by various parties including Cardinal Malcolm Ranjith.

The petitioners sought an interim order to restrain Deshabandu Tennakoon from discharging the duties and functioning in the office of IGP, which the Court has now issued.

July 24, Colombo (LNW): The Monetary Policy Board of the Central Bank of Sri Lanka has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points (bps) to 8.25 per cent and 9.25 per cent, respectively. This decision was made at the Board’s meeting on 23 July 2024, following a comprehensive assessment of current and anticipated macroeconomic developments, as well as potential risks and uncertainties on both domestic and global fronts. The aim is to maintain inflation at the targeted level of 5 per cent over the medium term while enabling the economy to reach its full capacity.

In making this decision, the Board emphasized the importance of signaling the continuation of an eased monetary policy stance, thereby encouraging a further reduction in market lending rates to support economic activity amidst a benign inflation outlook. “The Board noted that, based on the available information, inflation is likely to remain below the inflation target of 5 per cent by a sizeable margin for the next several months before aligning with the targeted level over the medium term,” the central bank stated.

July 24, Colombo (LNW): President Ranil Wickremesinghe has directed the Ministry of Finance to release the funds allocated for the upcoming Presidential Election without delay, according to a senior official.

The 2024 budget includes an allocation of Rs. 10 billion for this election. Recently, officials from the Ministry of Finance and the Election Commission met to discuss the election-related expenses.

The Election Commission stated that the discussion primarily focused on the financial requirements for the election. Additionally, reports on estimated election expenses have been requested from 45 police divisions and forwarded to the Police Headquarters. These reports will form the basis for the final estimate of expenses, as confirmed by a senior official.

July 24, Colombo (LNW): The Renewable Energy Protectors’ Association (REPA) recently conducted a media briefing to express their concerns regarding the Government’s decision to cut tariff rates for new rooftop solar and renewable energy projects, effective from July 1.

REPA and other organizations cautioned that this decision might discourage local investment and impede the growth of the renewable energy sector. They stressed the crucial role of energy supply in economic development and called on the Government to back sustainable energy efforts.

REPA Chairman Darshana Liyanasekara highlighted the numerous advantages of renewable energy, stating that generating and using sustainable energy supports global goals and fosters international collaboration. 

“Solar power is highly viable due to the consistent sunlight and ample space available for installation,” he explained. “It involves low investment and maintenance costs, requires minimal foreign exchange, and is environmentally friendly. 

The revenue generated remains in the country, boosting the local economy and creating jobs. Solar power contributes to the 2050 zero-carbon energy goals, reduces production costs for local industries, and is essential for achieving the 70% renewable energy target by 2030.”

REPA Secretary Amal Sarathchandra addressed the obstacles to promoting solar energy, pointing out that local investors are discouraged by unfair price changes and delays in project approvals. 

“Trust is further eroded by the suspension of new project contracts and insufficient support for existing installations,” he said. “Financial relief is challenging to obtain, and the tax system imposes taxes on solar equipment like panels and inverters.”

REPA Vice President Suresh Galanga stressed the importance of supporting local investors. He argued that while foreign investments provide temporary capital, they have long-term financial drawbacks, similar to foreign debt. 

“Money paid for electricity from foreign projects leaves the country, much like expenses for diesel and coal,” he said. “Supporting local investors through prioritized procurement guidelines and assistance is crucial for rejuvenating the renewable energy sector.”

REPA Treasurer Chanaka Jayawardena noted that increasing renewable energy generation, including solar power, would significantly benefit the country economically, given the high costs of fuel-based power generation. “

In 2022 and 2023, Rs. 203.7 billion and Rs. 278.9 billion were spent on fuel-based power generation, respectively. 

This expenditure poses a threat to the economy both in the short and long term. Installing 1,000 megawatts of solar power could produce 1,320 gigawatt-hours annually at a cost of Rs. 48.8 billion, whereas generating the same amount with diesel would cost Rs. 92.4 billion.”

 Electricity Consumers’ Association President M.D.R. Athula and General Secretary Sanjeewa Dhammika also attended the briefing. They criticized the CEB’s General Manager for instructing officials to enter agreements under the revised tariff rates despite the Public Utilities Commission’s directive not to implement them.

July 24, Colombo (LNW):In a significant effort to drive digital transformation for small and medium-sized enterprises (SMEs), Dialog Enterprise, the corporate ICT solutions branch of Dialog Axiata PLC, has signed a Memorandum of Understanding (MoU) with the Commercial Bank of Ceylon PLC, GlobalLinker, and Databox Technologies.

 This collaboration centers around “Commercial Bank LEAP GlobalLinker,” an innovative web solution aimed at empowering entrepreneurs through digital marketing and e-commerce.

As the leading digital innovation facilitator for various enterprises, Dialog Enterprise partners with Commercial Bank as the technology provider for the Commercial Bank LEAP GlobalLinker e-commerce platform. 

This initiative mobilizes the digital marketing landscape for SMEs in Sri Lanka. GlobalLinker, a B2B business networking platform with commerce capabilities, and Databox Technologies, the managed service provider ensuring seamless integration and technical support, join this partnership to elevate the digital marketplace for SMEs in Sri Lanka.

The initiative provides digital marketing and e-commerce facilities, allowing entrepreneurs to create their own online stores, connect with others, and engage in local and international trade. 

This network hub is designed to meet the specific needs of SMEs, offering the necessary tools and support for them to thrive in the digital economy. By leveraging GlobalLinker’s reach, the project aims to empower existing and new SMEs on the platform with advanced communication and digital technologies to enhance their business capabilities.

Navin Pieris, Group Chief Enterprise Officer of Dialog Axiata PLC, stated: “We are excited to partner with such innovative and dedicated companies towards a common goal. This solution demonstrates our commitment to driving digital transformation and equipping SMEs with the technology needed to succeed in today’s digital landscape.”

Sivasubramaniam Ganeshan, Assistant General Manager of Personal Banking III/SME at Commercial Bank of Ceylon PLC, commented: “This partnership is a significant step in empowering small and medium entrepreneurs.

 By creating a comprehensive digital marketplace, we are not only providing business loans but also enabling a robust ecosystem where SMEs can thrive. We look forward to the positive impact this collaboration will have on the entrepreneurial community.”

Under the MoU, Dialog Enterprise will utilize its technological expertise to support the platform’s infrastructure, while Commercial Bank will lead market creation and the onboarding of entrepreneurs. 

GlobalLinker will oversee e-store creation, ensuring the platform’s development and technical robustness, and Databox Technologies will provide managed services, including payment gateway integration and ongoing technical support.

 This partnership represents a crucial milestone in the digital transformation journey for SMEs, offering them a powerful, user-friendly platform to expand their reach and grow their businesses.

July 24, Colombo (LNW): Sri Lanka is adopting innovative measures to leverage information technology for tourism, aiming to meet the needs of travellers worldwide, according to Sri Lanka Tourism Development Authority (SLTDA).

Key strategies include smart destination management and the Internet of Things (IoT), which have become essential to meet travellers’ expectations.

The country has completed almost all short-term tourism development initiatives, setting the stage to achieve the target of 2.5 million tourists and US$4-$5 billion in revenue this year.

Tourism Minister Harin Fernando has accused JVP/National People’s Power (NPP) leader Anura Kumara Dissanayake of harming Sri Lanka’s tourism image, which has been built with great effort over the past two years by dedicated officials and the tourism ministry. 

Fernando insists that Dissanayake should be cautious with his words when speaking abroad, as it could backfire on the country.

Fernando challenged Dissanayake to reveal the sources of funding for his recent foreign trips and expressed disappointment in Dissanayake’s understanding of the tourism sector and the progress made

. Dissanayake had recently criticized Fernando, claiming that despite his numerous foreign trips, there has been no significant increase in tourist arrivals to Sri Lanka.

At a press conference, Fernando clarified that of the 14 overseas trips he has taken as Tourism Minister, only two were government-funded, with the rest financed personally. 

He described Dissanayake’s allegations as unfounded and challenged him to provide evidence for his claims, urging him to disclose details of his own recent trips and their funding.

Fernando emphasized the achievements in tourism under his leadership, noting that targeted marketing efforts have resulted in over 1.11 million tourist arrivals, despite facing over 23 adverse travel advisories when he took office. 

He highlighted the resilience of Sri Lanka’s tourism industry, which has rebounded from setbacks like the 2019 Easter Sunday bombings and the COVID-19 pandemic. 

In 2023, there was a significant increase in tourist arrivals, generating nearly USD 2 billion in earnings, a hopeful sign for a sector that once achieved USD 4.4 billion in revenue in 2018.

To sustain this momentum, Fernando stressed the need for Sri Lanka to address key areas for improvement, aiming for sustained growth and competitiveness in the global tourism landscape. 

He also mentioned that when he took office, many airlines had stopped operations to Colombo due to a fuel shortage. However, leading airlines have since resumed and even increased their frequencies, recognizing the profitability of routes to Colombo.

Fernando reiterated his commitment to boosting Sri Lanka’s tourism industry and defended his international engagements as essential for fostering partnerships and attracting visitors. He called for a more informed and constructive dialogue on the matter, instead of resorting to baseless allegations.

Overall, Fernando’s statements underscore the significant efforts and progress made in revitalizing Sri Lanka’s tourism industry, while urging caution and accuracy in public statements that could impact the country’s image.

July 24, Colombo (LNW): India-funded projects in the neighbourhood received the bulk of the allocation for the Ministry of External Affairs (MEA) under the Union Budget presented by Indian Finance Minister Nirmala Sitharaman on Tuesday.

Sri Lanka, which has a number of India-funded projects, has received 2450 million Indian rupees (INR), an improvement of INR 950 million over last year’s funding of INR 1500 million, according to The Hindu. 

India had bailed out Sri Lanka when its economy crashed and has provided grants and a line of credit worth $4 billion.

Nepal secured an allocation of INR 7000 million, which is a jump of INR 1500 million from previous year’s allocation of INR 5500 million. 

Seychelles, which had an allocation of INR 100 million, has also received a boost in funding with the infusion of INR 300 million.

Meanwhile, Bhutan, the largest recipient of the annual allocation under the MEA, has seen a dip in funding by INR 3320.2 million. Total funding for Bhutan this year stands at INR 20,685.6 million. 

Bhutan and India are close economic partners and Foreign Secretary Vikram Misri visited Thimphu last week, when the two sides cleared 61 projects amounting to INR 49,580 million. The slight reduction in the annual allocation therefore does not indicate a reduction in funding for projects in Bhutan.

Dips in funding were seen for Myanmar, Mauritius, Bangladesh, and Mongolia.Conflict-torn Myanmar, which had an allocation of INR 4000 million last year, received INR 2500 million this year. 

Mauritius, with an allocation of INR 3700 million, has received INR 907.9 million less than the previous year. The allocation for Mongolia, which earlier received ₹70 million, has been scaled down to 50 million Indian rupees.

Allocation for Bangladesh has dropped by INR 800 million to INR 1200 million. Both Afghanistan and the Maldives, with INR 2000 million and INR 4000 million, respectively, have secured the same allocation as last year.The Budget also allocated an additional INR 50 million for MEA’s ‘Aid for Cultural and Heritage Projects’, bringing the total allocation to 150 million Indian rupees

1. Under the “Presidential Scholarship Program” initiated as a concept of President Ranil Wickremesinghe, approximately 3,000 out of 5,000 scholarships will be awarded to lay students, student monks, and Sheela Matha in Piriven and Sheela Mata educational institutions. This marks the first scholarship program of its kind for lay clergy students in Piriven. The initiative extends financial support to student monks studying up to the Piriven (Ordinary Level) and lay students up to the G.C.E. (Ordinary Level), providing them with Rs. 9,000 initially and Rs. 3,000 monthly for 12 months.
2. General Secretary of the Samagi Jana Balawegaya MP Ranjith Madduma Bandara said the SJB will face the upcoming Presidential Election as the strongest alliance in Sri Lanka’s political history.The relevant agreement will be signed on August 8.
3. A recent survey carried out by the Department of Census and Statistics (DCS) on Household Drinking Water Quality has found that 20.3% of the household population in Sri Lanka lacked even basic drinking water facilities. It has also been revealed that the main source of drinking water for 16.1% of the household population in the country were unprotected wells.
4. The committee tasked with addressing salary discrepancies in the public sector has begun accepting suggestions for updating salary benefits. Accordingly, the proposals for revising the salary allowances will be accepted by the committee. Interested parties can access the application form on the official website of the President’s Office via http://presidentsoffice.gov.lk.
5. India-funded projects in the neighbourhood received the bulk of the allocation for the Ministry of External Affairs (MEA) under the Union Budget presented by Indian Finance Minister Nirmala Sitharaman. Sri Lanka, which has a number of India-funded projects, has received 2450 million Indian rupees (INR), an improvement of INR 950 million over last year’s funding of INR 1500 million, according to The Hindu.
6. The Cabinet of Ministers has granted approval to publish the revised Online Safety Bill in the government gazette and to table it in Parliament. In line with the decision given by the Supreme Court on the draft bill on the security of online methods known as ‘Online Safety Bill’, and subsequent to being passed in Parliament, the Security of Online Methods Act No. 9 of 2024 is now in operation, the Department of Government Information (DGI) said.
7. The National Election Commission is reportedly scheduled to meet on Thursday (25), in order to discuss regarding the holding of the upcoming Presidential Election. The discussions will be preliminarily focused on deciding the date for the 2024 Presidential Election and following that, the election date will be announced.
8. The Cabinet of Ministers has approved the proposal that the government should apologize to the sections of society affected by the compulsory cremation policy enforced in Sri Lanka during the COVID-19 pandemic.
9. Sri Lankan migrant workers in Bangladesh have not been harmed in the recent unrest reported in the country, Minister of Labour and Foreign Employment Manusha Nanayakkara said. Nanayakkara said that the Sri Lankan Embassy in Bangladesh has informed that no Sri Lankans have been injured in the unrest in Bangladesh.
10. Sri Lankan track and field athletes Dilhani Lekamge and Aruna Darshana who have qualified for the Olympic Games in Paris have received financial aid from the Sri Lanka Army.Staff Sergeant Aruna Darshana of the Sri Lanka Artillery and Staff Sergeant Dilhani Lekamge of the Sri Lanka Army Women’s Corps received financial rewards from Commander of the Army, Lieutenant General Vikum Liyanage at the Army Headquarters.

July 24, Colombo (LNW): Several spells of showers will occur in Western and Sabaragamuwa provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts. A few showers may occur in North-western province.

Strong winds of about 50 kmph can be expected at times over Western slopes of the central hills and in Northern, North-central and North-western provinces and in Trincomalee, Monaragala and Hambantota districts. Fairly strong winds about (30-40) kmph can be expected at times elsewhere of the island.