July 21, Colombo (LNW): A team from the International Monetary Fund (IMF) will visit Sri Lanka next week to evaluate the nation’s economic development, State Minister of Finance Shehan Semasinghe announced.
Speaking to the media, the State Minister highlighted that after the second review to release the third instalment of the IMF bailout package, preparations must begin for the third review.
However, the upcoming discussions with the IMF delegation will focus on assessing the country’s economic progress and outlining future measures to strengthen the economy, rather than the third review, he noted.
The Minister further emphasised that Sri Lanka’s goal is to sustain the current stability and achieve an economic growth rate of 5.1 per cent in the first quarter throughout the year.
“While most forecasts predict a 2 per cent growth this year, we aim for it to be between 3 per cent and 3.5 per cent,” Semasinghe claimed.
He further expressed his hope that the election period will not impede economic growth, projecting an economic growth rate of 3.5 per cent for the year.
July 21, Colombo (LNW): President Ranil Wickremesinghe has unveiled plans to ensure that returning migrant workers can enjoy a dignified life after their service abroad.
He expressed gratitude for their critical contributions of foreign exchange during the recent economic crisis, acknowledging their significant role in the nation’s economic progress.
The President made these remarks at the launch of the “Wigamanika Harasara” initiative, held today (21) at the Sathyawadi Ground in Kurunegala.
This initiative recognises the impact of migrant workers on Sri Lanka’s economy.
To assess the economic contribution of migrant workers, the “Wigamanika Harasara” programme was initiated across the country, starting in the North West Province.
Around 5,000 migrants from the Kurunegala, Puttalam, Anuradhapura, Matale, and Kegalle districts participated in the initiative.
During the event, President Wickremesinghe awarded Rs. 50,000 each to migrant workers as seed capital to support their self-employment ventures, under a welfare programme managed by the Sri Lanka Bureau of Foreign Employment (SLBFE).
This initiative aims to empower the migrant community economically and socially, secure their rights, and gather ideas and proposals for policy development.
The President also engaged personally with migrant workers, inquiring about their well-being and participating in friendly conversations.
In his address, President Wickremesinghe elaborated on the government’s support for returning migrant workers, emphasising that this support is a right earned through their dedicated service.
He highlighted the crucial role of migrant workers in stabilising the economy during the crisis, stating that without their contributions, the country would not have been able to overcome the challenges faced.
The President also outlined the government’s plans to boost foreign exchange reserves, enhance formal training for those seeking foreign employment, and shift towards an export-driven economy.
He stressed the importance of increasing paddy production and modernising agriculture to further develop the country.
Other officials, including Manusha Nanayakkara, Minister of Labour and Foreign Employment, and Jagath Pushpakumara, State Minister for Labour and Foreign Employment, also spoke at the event. They praised the contributions of migrant workers and highlighted the government’s efforts to support them.
The “Aswesuma” and “Urumaya” programmes have been introduced to ensure that everyone in the country receives their rights.
Additionally, Rs. 50 billion has been allocated to provide essential loans for small and medium-sized businesses as part of the broader effort to foster grassroots development.
The event also saw participation from State Minister Shantha Bandara, Secretary to the Ministry of Labour and Foreign Employment R P A Wimalaweera, and other officials.
July 21, Colombo (LNW): The Sri Lankan government has decided not to sell its national airline, SriLankan Airlines, despite initially attracting interest from six firms and shortlisting three potential buyers.
The airline had accumulated over US $2 billion in debt by the end of the 2022/2023 fiscal year. Ports, Shipping, and Aviation Minister Nimal Siripala de Silva highlighted the preference for restructuring over selling, constrained by regulations allowing only 49% of the airline’s shares to be transferred to another entity, which limited investor interest.
The International Finance Corporation (IFC) served as transaction advisors for the potential sale. By mid-May, the government had shortlisted AirAsia Consulting, Hayleys PLC, and Supreme Global Holdings/Sherisha Technologies Ltd., which claimed Qatari backing.
However, the State-Owned Enterprises Restructuring Unit eventually called off the sale, leading the government to explore other options for reviving the airline.
Minister de Silva reiterated the focus on restructuring rather than outright selling, acknowledging that the 49% share transfer limit deterred suitable investors.
Only six individuals expressed interest, none meeting the required standards. Among the six firms, AirAsia Consulting, Hayleys PLC, and Supreme Global Holdings/Sherisha Technologies Ltd. were shortlisted, while FitsAir, Dharshaan Elite Investment Holding Ltd., and Treasure Republic Guardians Ltd. also responded.
Amidst speculation, the government considered involving top local companies like John Keells Holdings, Hayleys, and Aitken Spence in a consortium to take majority ownership and manage the airline.
This idea followed a poor global response to the initial Request for Qualifications (RFQ) for the airline’s sale. The restructuring proposal included retaining 49% state ownership and transferring $500 million of the airline’s debt to the Treasury.
The Ministry of Finance, initiated the RFQ process on 31 October 2023, through international and local media, seeking potential investors for the airline’s shares. The pre-qualification application deadline was extended from 5 April to 22 April 2024 to facilitate the transfer of select Dollar and Rupee debt to the Treasury in March 2024.
As of 31 March 2023, SriLankan Airlines had accumulated losses of Rs. 601.7 billion, up from Rs. 529 billion the previous year.
The last audited accounts for FY23, released in October, reported a group loss of Rs. 71.3 billion, down from Rs. 163.5 billion in FY22. Excluding foreign exchange loss, the group posted an operating profit of Rs. 43.3 billion compared to Rs. 1.6 billion in FY22. The exchange loss was Rs. 63.1 billion, and the finance cost amounted to Rs. 51.5 billion.
Group revenue nearly tripled to Rs. 369.4 billion with a fleet of 23 aircraft. The cargo services segment, contributing around 14% of the airline’s income, generated Rs. 51 billion in FY23.
The airline carried 11.8 million passengers in FY23, up from 5 million in the COVID-hit FY22, with a passenger load factor of 77.65%, up from 49%.
Its route network expanded to 126 destinations in 61 countries, with significant growth in Indian cities. Major destinations like Male, Chennai, London, and Singapore account for 25% of the airline’s seats.
President Ranil Wickremesinghe proposes replacing the suspended Parate law with a new bill for restructuring loans of Micro, Small, and Medium Enterprises (MSMEs): The bill includes creating “Enterprise Sri Lanka” to support MSME entrepreneurs.
SJB Secretary General MP Ranjith Madduma Bandara says the SJB-led ‘Samagi Jana Sandhanaya’ will be launched in the first week of August this year: asserts the Alliance is prepared to contest the upcoming elections, including the Presidential Polls and the General Election: adds the discussions with other parties in this regard are at their final stage.
Ruling Party MP S.B. Dissanayake says the government has no chance at all for extending the President’s term, nor the dissolution of Parliament: asserts the 22A is being brought in only for the purpose of amending a mistake committed by Jayampathi Wickramaratne in the drafting of the 19th Amendment.
Finance State Minister Shehan Semasinghe announces the government is managing the budget deficit effectively, aided by the new Central Bank Act: In the 1H24’, the government repaid Rs 4,981 bn, exceeding Rs 4,852 bn borrowed: This marks a shift from reliance on central bank financing, which previously caused high inflation rates.
The Ministry of Agriculture and Plantation Industries launches a green gram cultivation initiative in Ipanella following the 2024 Yala season: Farmers will receive 25 kg of seeds per hectare for free and Rs. 25,000 each: The plan targets 63,750 acres, aiming to boost local production to achieve self-sufficiency: Agriculture Minister Mahinda Amaraweera is confident the initiative will meet domestic demand and reduce imports.
The Election Commission says Sri Lanka’s upcoming Presidential Election is expected to cost Rs. 10 bn, with Rs. 8 bn allocated for printing expenses: The surged cost is attributed to increased prices: This election will be governed by the Election Expenditure Regulation Act No. 3 of 2023, capping campaign spending and ensuring transparency: Candidates must report expenditures, and violations can be reported and investigated: Social media self-promotion will also be monitored.
Former Australian Prime Minister Scott Morrison lauds Sri Lanka’s tourism sector and cuisine: prepares mud crab and chicken curry using Sri Lankan spices, showcasing his admiration for local dishes: He arrived in Sri Lanka on 17 July for a vacation and attended the Sri Lanka Human Capital Summit 2024 as Guest of Honour on 18 July.
Sri Lanka will witness a rare astronomical event, the Lunar Occultation of Saturn, just after midnight on 24th July 2024: Starting at around 00:50 a.m. on 25th July, the Moon will obscure Saturn for about one hour and twenty minutes: The event can be viewed with the naked eye, though a telescope or binoculars will provide a clearer view: The next occurrence visible from Sri Lanka will be on 24th April 2037.
Asanka Abeygunasekara, the former Director General of the Institute of National Strategic Studies of Sri Lanka (INSSSL), was arrested at Bandaranaike International Airport: His arrest follows an outstanding warrant issued by the Inland Revenue Department (IRD): He was taken into custody by the police this morning.
In their opening Women’s Asia Cup match at Dambulla, Sri Lanka’s Udeshika Prabodhani narrowly missed a hat-trick in her first over, but Sri Lanka still restricted Bangladesh to 111 for 8 in 20 overs: Sri Lanka then won the match by seven wickets.
July 21, World (LNW): Cybersecurity experts and agencies worldwide are alerting the public about a surge in opportunistic hacking attempts linked to a recent IT outage.
While there is no evidence that the outage at CrowdStrike was caused by malicious activity, some cybercriminals are attempting to exploit the situation.
Cyber agencies in the UK and Australia have issued warnings to be wary of fake emails, calls, and websites posing as official entities.
George Kurtz, head of CrowdStrike, advised users to ensure they are interacting with verified company representatives before downloading any fixes.
“We know that adversaries will try to exploit events like this,” Kurtz wrote in a blog post. “Our blog and technical support will remain the official channels for updates.”
Cybersecurity expert Troy Hunt, who operates the Have I Been Pwned security website, echoed Kurtz’s sentiments, stating that incidents like this are a boon for scammers.
Responding to a warning from the Australian Signals Directorate (ASD), Hunt noted that hackers are sending out bogus software fixes purporting to be from CrowdStrike.
“Alert! We are aware of several malicious websites and unofficial code claiming to assist with recovery,” read the ASD notice, urging IT responders to rely solely on CrowdStrike’s official website for information and assistance.
The UK’s National Cyber Security Centre (NCSC) also urged vigilance against suspicious emails or calls pretending to be from CrowdStrike or Microsoft, noting an increase in phishing attempts referencing the outage.
Whenever there is a significant news event, particularly in the tech sector, hackers often adapt their methods to exploit public fear and uncertainty. This was evident during the Covid-19 pandemic when phishing emails offered virus information or antidotes to trick individuals and organisations.
Due to the widespread coverage of the IT outage, hackers are taking advantage. Researchers at Secureworks have observed a notable rise in CrowdStrike-themed domain registrations, indicating that cybercriminals are setting up fraudulent websites to deceive IT managers and the public into downloading malicious software or divulging private information.
The primary advice is directed at IT managers working to restore their organisations online, but individuals are also advised to be cautious and only rely on information from official CrowdStrike channels.
July 21, Colombo (LNW): The Ministry of Agriculture and Plantation Industries has launched an initiative to cultivate green gram in Ipanella immediately following the 2024 Yala season harvest.
Under this scheme, farmers will receive 25 kilograms of green gram seeds per hectare at no cost.
The Ministry will allocate Rs. 25,000 per farmer for this purpose.
The plan includes cultivating 63,750 acres of green gram during this intermediate season.
This breaks down into 40,000 acres of irrigated land, 16,250 acres under the Mahaweli scheme, and 7,500 acres across inter-provincial areas.
Currently, the annual demand for green gram in Sri Lanka stands at 20,000 metric tons.
Agriculture Minister Mahinda Amaraweera expressed confidence that this initiative will help the country achieve self-sufficiency in green gram this year.
At present, domestic production meets approximately 15,000 metric tons of the annual requirement, with an additional 5,000 metric tons imported.
Amaraweera also directed the Ministry Secretary, Janaka Dharmakeerthi, to secure necessary funding through the Farmers’ Trust Fund to support the expansion of green gram cultivation in Ipanella during this intermediate season.
The Department of Agriculture has identified Hambantota, Monaragala, and Ampara districts as having the highest potential for green gram cultivation.
Although green gram can be grown in other districts, these areas are particularly well-suited for Ipanella cultivation.
July 21, Colombo (LNW): The Colombo Crimes Division (CCD) has apprehended 16 individuals, including a woman, for their alleged involvement in organised criminal activities.
Police reports indicate that the CCD initially detained a 24-year-old woman in Colombo 15 on suspicions of underworld connections.
Following this, 15 additional suspects were arrested for allegedly aiding her in these criminal endeavours.
These arrests are part of the ‘Yukthiya’ operation, launched on 19th March 2024, to combat the increasing incidents of organised crime in the Western and Southern Provinces.
Since the operation began, a total of 2,398 individuals have been detained as of 20th July.
This includes both those directly engaged in organised crime and those suspected of supporting such activities.
Further investigations into the detained suspects are being conducted by the CCD, Matara Division Crimes Division, and Western Province (North) Crimes Division, according to police sources.
July 21, Colombo (LNW): A rare astronomical event, the Lunar Occultation of Saturn, will be visible in Sri Lanka just after midnight on 24th July 2024.
The Arthur C Clarke Institute for Modern Technologies has announced that the event will commence at approximately 00:50 a.m. on 25th July 2024, and can be seen with the naked eye by observing the Moon from around 00:40 a.m.
For a clearer view of Saturn’s disappearance and reappearance, the Institute recommends using a telescope or binoculars.
In an occultation, one celestial body passes in front of another, blocking it from view. This event occurs when the Moon moves in front of Saturn, obscuring it from view on Earth.
The Moon will hide Saturn for about one hour and twenty minutes, and this phenomenon will only be visible from specific regions on Earth. In Sri Lanka, the visibility time and duration will slightly vary by location.
The next Lunar Occultation of Saturn visible from Sri Lanka will occur on 24th April 2037.
July 21, Colombo (LNW): The government is effectively managing the budget deficit independently, following the implementation of a new Central Bank Act, Finance State Minister Shehan Semasinghe said.
In a post on ‘X’, Semasinghe revealed that during the first six months of 2024, the government repaid Rs 129 billion more than it borrowed through treasury bonds and bills.
Specifically, the government borrowed Rs 4,852 billion through these instruments but repaid Rs 4,981 billion by rolling them over.
In the first six months of 2024, the government repaid 129 billion rupees more than it borrowed through treasury bonds and bills. During this period, the government borrowed a total of 4,852 billion rupees through these instruments but repaid 4,981 billion rupees by rolling over… pic.twitter.com/AkmZGEewbQ
He emphasised the importance of highlighting net borrowing rather than gross borrowing.
Semasinghe also pointed out that prior to overcoming the economic crisis, the government heavily depended on central bank financing, resulting in an inflation rate that soared to 70 per cent.
However, with the new Central Bank Act in place, the government has now taken full control of managing the budget deficit.
July 21, Colombo (LNW): The upcoming Presidential Election in Sri Lanka is expected to cost Rs. 10 billion, R.M.A.L. Ratnayake, Chairman of the Election Commission disclosed.
A significant portion of this expense, approximately Rs. 8 billion, is allocated for printing, including ballot papers.
Ratnayake noted that the cost of printing has quadrupled since 2019, attributing the increase to the rising prices of goods and services.
For the first time, the Presidential Election will be conducted under the Election Expenditure Regulation Act No. 3 of 2023, which was enacted to ensure the true will of the people is reflected without bribery, coercion, or voter intimidation.
This law, which has been in effect since 24 January 2023, sets a cap on the maximum amount that political parties and candidates can spend on their campaigns.
Following the receipt of nominations, political party secretaries will be consulted to determine the allowable campaign expenditure for each candidate.
All candidates are required to submit detailed expenditure reports to the Election Commission within 21 days after the election concludes.
Ratnayake also mentioned that the public can report any violations of the expenditure limits, and the police have been authorised to investigate such complaints and take legal action through the Attorney General’s office.
Additionally, measures will be taken to monitor and regulate candidates’ self-promotion on social media platforms such as Facebook and YouTube during this year’s Presidential Election.
