July 19, Colombo (LNW): The government of Sri Lanka plans to formally designate areas occupied by plantation workers on state-owned lands as “plantation villages.” 

This proposal, presented by President Ranil Wickremesinghe, has received approval from the Cabinet of Ministers. The legal drafts department has been assigned the task of drafting legislation for this designation. 

A discussion led by the President, attended by various stakeholders, underscored unanimous support for this timely proposal. Parliamentarian Mano Ganesan emphasized the importance of securing land rights for plantation dwellers, aligning with the President’s commitment to providing freehold land and housing rights to residents in villages, towns, and plantations.

The initiative is timely due to the pressing issue of illegal encroachments on estates managed by the Regional Plantation Companies (RPCs). 

These encroachments, often backed by local politicians, have led to a significant reduction in plantation lands since RPCs took over management in 1995.

Originally, 94,521 hectares were leased to 20 RPCs, but this has dwindled to less than 72,000 hectares over 28 years due to illegal encroachments, subleasing, and unauthorized sales.

Recent incidents of land grabbing have been particularly severe in the Nuwara Eliya District, where 21 tea estates are located. A superintendent of a leading company reported that a gang, with political backing, forcefully encroached on a 25-acre block of land. 

Despite efforts by estate management to involve local authorities and the police, political influence has hindered resolution. Additionally, plantation workers have been reported to remove tea bushes to expand the lands allocated to them, further exacerbating the issue.

The law forbids encroachment on both private and public property, and lease agreements for RPC-managed lands prohibit transfer or sale without government approval. Former President Gotabaya Rajapaksa had previously proposed and gained cabinet approval to reclaim under-utilized estate lands for the government. 

However, the implementation of this proposal faces challenges. Some estate lands have been cleared for crop cultivation, leading to further illegal grabs by politically backed groups. Additionally, unauthorized subleasing of these lands has occurred despite lease restrictions.

A notable incident involved a gang of around 200 individuals forcefully encroaching on 8.5 hectares at the Madampe estate in Rakwana. Legal action was taken, but the lack of decisive law enforcement against such encroachments has encouraged further illegal activities, especially prior to elections. 

This situation poses a significant challenge to the management companies and threatens the productive, commercial, and protected state lands. The new legislative measures aim to address these issues and secure land rights for plantation workers.

July 19, Colombo (LNW): Scope Cinemas is set to transform the cinema experience in Sri Lanka with the opening of its new IMAX®️ Theatre at Havelock City Mall on July 24, 2024. 

This much-anticipated event promises a groundbreaking level of audio-visual immersion for Sri Lankan moviegoers. IMAX®️ is globally acclaimed for its advanced technology and distinctive film presentation.

The IMAX®️ Theatre at Scope Cinemas Multiplex – Havelock City will feature IMAX®️ with Laser, a state-of-the-art laser projection system that offers the most advanced theatre experience available. 

This will be paired with IMAX®️ Precision Sound for remarkable audio and IMAX®️ Immersion by Design seating, which includes stadium-style seating for unobstructed views from every seat. Together, these elements create the most immersive cinematic experience in the world today.

Scope Cinemas, Sri Lanka’s first multi-sensory luxury entertainment company, has been a pioneer in the local cinema industry since 2017. 

The company initially gained attention with its reliable online booking system, transforming how Sri Lankans purchase movie tickets. 

This innovative system eliminated long queues and allowed customers to select seats and order food and beverages online. 

The experience was further enhanced by a mobile app, which made reservations and food orders easy from smartphones.

Scope Cinemas extends its commitment to luxury and convenience beyond technology. Its theatres offer gourmet dining options, including freshly made burgers and wraps, as well as a variety of hot and cold beverages, allowing moviegoers to enjoy a complete dining experience alongside their film.

 The VIP Gold Class theatres provide an even more luxurious experience with reclining seats, cozy blankets, and personalized service, ensuring a truly first-class movie experience.

 Additionally, the company is renowned for its excellent customer service, with staff trained to assist with everything from ticket reservations to delivering food and beverages directly to guests’ seats seamlessly.

Thushan Rangana Meemanage, Director and CEO of Scope Cinemas, expressed his excitement about the new IMAX®️ Theatre, stating, “Our IMAX®️ Theatre will be the crown jewel in our network, and we are proud to bring this experience to Sri Lanka for the first time.

 From our inception, Scope Cinemas has aimed to set international standards in the country and provide unparalleled cinema experiences he said adding that this remains our vision, and bringing IMAX®️ to Sri Lanka is a landmark moment on that journey. 

Naveed Cader, Executive Chairman of Scope Cinemas, added, “Giving Sri Lankans the opportunity to have a revolutionary cinematic experience is something we’re very passionate about. 

We have been working very hard to prepare for the IMAX®️ launch and ensure everything is perfect. We’re excited to elevate the movie experience by partnering with IMAX®️ to offer our customers a new, world-class, premium, large-format movie experience here in Sri Lanka.”

July 19, Colombo (LNW): The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE), in collaboration with the Asian Development Bank (ADB), recently hosted an issuer forum titled “Towards a Greener Horizon: Unlocking Opportunities through Sustainability Bonds” in Colombo. 

The forum aimed to raise awareness and build capacity among stakeholders, including government authorities, state-owned enterprises, potential issuers, investment banks, corporate finance advisors, verification/assurance providers, rating agencies, and others, to establish a sustainable bond ecosystem in Sri Lanka.

In his opening remarks, M Faizal Salieh, Chairman of the SEC, emphasized the challenge of quickly integrating these bonds and attracting ESG-conscious foreign investors, considering Sri Lanka’s default sovereign rating hurdle. 

He stressed the importance of building a local ESG-conscious investor base and called for stakeholders to collaborate to initiate issuances. 

Salieh also noted that expanding green finance instruments and fostering cooperation between investors, issuers, and regulators could accelerate the transition to a sustainable and resilient financial system.

. Chinthaka Mendis, Director General of the SEC, elaborated on this, highlighting the potential of sustainable bonds to alleviate government budget pressures and promote inclusive national participation. 

He cited Thailand as an example, where sustainable products in the capital market have supported development sectors such as renewable energy, sustainable transport, water management, and waste management post-COVID-19.

Takafumi Kadono, Country Director of the ADB, spoke on promoting sustainable capital market development as a key component of sustainable recovery, resilience building, and inclusive growth in Sri Lanka.

 He shared ADB’s experience, successful case studies, and resources available to support sustainable bond issuances in the country.

Rajeeva Bandaranaike, Chief Executive Officer of the CSE, highlighted the critical juncture at which Sri Lanka’s capital market currently stands.

 He emphasized the need for action and pathways for sustainable finance through Green, Social, and Sustainable Bonds. Bandaranaike also pointed out the global shift towards environmental sustainability in supply chains and the necessity for Sri Lanka to adopt these environmental policies to maintain its competitive edge in exports.

 He stressed that fostering a sustainable financial ecosystem would enable local businesses to access sustainable capital, enhance resilience to climate risks, and support a greener future.

The forum included several presentations providing a comprehensive overview of opportunities in sustainable finance. 

These presentations covered the global overview of green bonds, the latest developments, lessons learned in developing sustainable finance ecosystems, technicalities and intricacies in issuing Green, Social, and Sustainable (GSS) Bonds, the CSE regulatory framework for Sustainable Bonds, and DFCC Bank PLC’s experience in raising a green bond.

Overall, the forum aimed to catalyze action and create pathways for sustainable finance in Sri Lanka, aligning the country’s financial markets with global sustainability trends and practices.

July 19, Colombo (LNW): While the Sri Lankan government has made significant strides in economic stabilization and debt restructuring, political opposition remains skeptical, and the real impact on the populace is yet to be fully realized.

 The focus now is on maintaining the momentum of economic reforms and ensuring that the benefits of these measures are felt across all sectors of society

The government has implemented significant economic measures, including reducing fuel, electricity, and water tariffs, to alleviate the cost of living and stabilize the economy. 

This move comes after a series of economic challenges, including credit rating downgrades and the depletion of foreign currency reserves, which led to a temporary moratorium on servicing the country’s external debt in April 2022. 

The situation has improved following the government’s efforts to secure a $2.9 billion Extended Fund Facility from the International Monetary Fund (IMF), marking a significant turnaround under President Ranil Wickremesinghe’s leadership.

President Wickremesinghe, along with his cabinet, has made notable progress in correcting the economic missteps of previous administrations, achieving fiscal and debt stability.

 This has resulted in reduced fuel and electricity prices and other favorable economic indicators, which are expected to provide relief to the populace.

A key milestone in Sri Lanka’s economic recovery is the debt restructuring agreement with China Exim Bank, covering $4.2 billion in debt. 

The details of this agreement, as well as a framework agreement with international sovereign bondholders, are still being finalized. The Joint Working Framework aims to balance the interests of creditors and Sri Lanka in cases of economic performance variations.

The country is on the brink of being removed from its ‘restrictive default’ status, which has hindered potential investment. Experts are optimistic that the final approval from the IMF will confirm the negotiated terms with creditors, signaling a positive change in Sri Lanka’s economic status.

However, opposition political parties, including the Samagi Jana Balawegaya (SJB) and the leftist National People’s Power (NPP), have criticized the government’s economic policies.

 They argue that despite claims of economic recovery and progress in debt restructuring, tangible benefits have yet to be realized by the population. The SJB has also expressed concerns about the lack of clarity and transparency in the debt restructuring agreements.

Despite political opposition, Fitch Ratings Lanka Managing Director Maninda Wickramasinghe has acknowledged Sri Lanka’s significant recovery progress.

 He emphasized that once debt restructuring agreements are finalized, there should be no reason for rating agencies to maintain the country’s restricted default status. He also highlighted the importance of learning from past mistakes to avoid repeating them.

World Bank Lead Economist Gregory Smith and former Central Bank Governor Dr. Indrajith Coomaraswamy have shared similar views on Sri Lanka’s economic recovery. 

They stressed the need for the country to achieve a primary surplus target of 2.3% by 2025, improve tax revenue administration, and eliminate tax concessions to enhance fiscal stability.

 Dr. Coomaraswamy emphasized the importance of maintaining macro stability and implementing structural reforms to achieve sustainable economic growth.

The Joint Apparel Association Forum (JAAF) has welcomed the Public Utilities Commission of Sri Lanka’s decision to reduce industrial electricity tariffs by 25.3%, which is expected to boost the competitiveness of Sri Lanka’s apparel and export industries. 

This reduction follows a substantial increase in tariffs in 2022, which had negatively impacted apparel export revenue.

Despite the government’s efforts, the main opposition, SJB, continues to challenge the narrative of economic recovery. 

They argue that the government’s claims of progress are not reflected in the everyday lives of the people, citing market surveys indicating that over 91% of the population is spending more than they earn.

1. President Ranil Wickremesinghe has initiated efforts to identify areas occupied by plantation workers on state-owned plantation lands managed by the State Plantation Corporation and regional plantation companies. The goal is to draft legislation that will formally designate these areas as new settlement villages.A special discussion regarding this initiative took place at the Presidential Secretariat yesterday (17), under the patronage of President Ranil Wickremesinghe.
2. The Leader of the Opposition Sajith Premadasa stated that multi-functional technology parks will be established in every Divisional Secretariat Division in the country, under a Samagi Jana Balavegaya Government. These multi-functional technology parks will house digital technology training centers, providing young people with access to the digital world, he said.
3. Minister of Justice Wijeyadasa Rajapakshe has notified the Election Commission to enforce the Election Expenses Regulation Act No. 03 of 2023 for the forthcoming presidential election. Highlighting issues with the current Proportional Representation electoral system, the minister stressed that it has become ineffective in addressing illegal activities, bribery, and extortion during parliamentary elections.
4. The Court of Appeal has granted bail for Bodu Bala Sena (BBS) General Secretary Ven. Galagodaaththe Gnanasara Thero, who had been sentenced to four years of rigorous imprisonment for making defamatory comments on Islam at Kuragala, until the hearing of the revision petition filed by him.
5. Minister of Justice Wijeyadasa Rajapakshe has instructed his ministry’s secretary not to publish the Gazette notification on the 22nd Amendment to the Constitution until the Presidential Election is held. However, the Justice Minister has claimed that this decision was made in order to eliminate the uncertainty regarding the holding of the presidential election.
6. The Supreme Court has concluded considering the Fundamental Rights petitions filed challenging the appointment of Deshabandu Tennakoon as the Inspector General of Police (IGP). Accordingly, the court will announce on July 24 whether or not to grant leave to proceed with the petitions.
7. Senior Deputy Inspector General of Police (SDIG) Nilantha Jayawardena has been sent on compulsory leave with immediate effect, until such time that the disciplinary investigation against him pertaining to the Easter Sunday terror attacks is concluded, the National Police Commission said.
8. A comprehensive package of financial facilities was introduced today to revitalize micro, small, and medium-scale enterprises (MSMEs) in Sri Lanka. The package, which includes both investment and working capital facilities, was launched under the patronage of President Ranil Wickremesinghe at the Presidential Secretariat.
9. Sri Lankan authorities continue to use the ‘notorious’ Prevention of Terrorism Act (PTA) to target perceived opponents and minority communities without credible evidence to support the allegations despite repeated pledges to end the practice, claims Human Rights Watch (HRW).
10. The opening ceremony of the first phase of the Polonnaruwa National Cricket Stadium took place, attended by the Minister of Tourism, Lands, Sports and Youth Affairs Harin Fernando, Sri Lanka, and former President Maithripala Sirisena and Cricket Board Chairman Shammi Silva. This new stadium was constructed under the Sri Lanka Cricket “National Development Pathway” program, which aims to provide equal opportunities for talented cricketers to represent the national team.

July 19, Colombo (LNW): The North Central Province Education Ministry has issued a circular prohibiting teachers and principals in the region from conducting private tuition classes for students during and after school hours. This decision comes in response to complaints that some teachers and principals are neglecting students who do not attend their private classes and seminars.

The circular highlights the physical and mental stress students face due to this practice, which also extends to their parents and guardians. The Education Ministry has taken these concerns seriously and issued the circular to address the situation.

To ensure compliance, the public is encouraged to report any violations of this circular by contacting the North Central Province Education Ministry at 025-2236331.

July 19, Colombo (LNW): The prevailing windy conditions over the island are expected to continue further, due to the active South-west Monsoonal condition.

Several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts.

Strong winds of about (50-60) 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.