June 28, Colombo (LNW): Member of Parliament Dr. Harsha De Silva stated yesterday that the SJB did not vote against the agreements made by the government with the International Monetary Fund (IMF) and never opposed the government’s move to enter into an agreement with the IMF.
He also challenged detractors to prove if the SJB had acted contrary to this stance. Dr. De Silva recalled that it was the SJB who initially advised the government to seek IMF support to address the economic crisis.
“It was the SJB which said from the beginning that the support of the International Monetary Fund is essential to find solutions to the economic crisis. The country would not have gone bankrupt if the government heeded the SJB’s advice then,” he added.
June 28, Colombo (LNW): Several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara Eliya, Galle and Matara districts.
Showers or thundershowers may occur at a few places in Uva province and in Ampara and Batticaloa districts in the evening or night.
Strong winds of about (40-50) kmph can be expected at times over the Western slopes of the central hills, Northern, North-central and North-western provincesand in Trincomalee, Hambantota and Monaragala districts.
President Ranil Wickremesinghe announces the finalisation of agreements to restructure Sri Lanka’s external debt with bilateral creditors, including a $5.8 bn agreement with the Official Creditor Committee and a $4.2 bn deal with the Export-Import Bank of China: emphasises the importance of these agreements in enhancing international confidence and improving the country’s fiscal stability, urging unity to strengthen the economy.
The SJB criticises the government’s plan to develop wind power stations in Mannar and Pooneryn with India’s Adani Green Energy: Former MP Ajith P. Perera accused President Wickremesinghe and Minister Wijesekera of financial malpractice, citing the $0.0826 per KW power purchase agreement with Adani: Perera highlighted WindForce PLC’s cheaper proposal at $0.0488 per KW, questioning the lack of a competitive tender.
Teacher-principal trade unions continue their strike today (27) in response to police brutality, where tear gas and water cannons were used to disperse their protest in Colombo on June 26: The strike, initially prompted by various demands, caused significant disruption in schools nationwide, leading to low attendance and students being sent home: The Education Ministry states schools will operate as usual.
Agriculture Minister Mahinda Amaraweera announces a national week for the Youth Agri-Entrepreneurship Village Programme from July 1 to 7, aiming to promote agricultural entrepreneurship in 160 villages: Rs. 10 million per village will fund developmental projects: Key strategies include doubling rice cultivation, distributing 160,000 chicks to boost egg production, reducing coconut oil import charges, and providing free and subsidised fertiliser.
The IMF praises Sri Lanka’s recent debt agreements with major official creditors as a vital step towards debt restructuring and sustainability: IMF’s Peter Breuer noted this milestone brings Sri Lanka closer to resolving its financial issues: The agreements, totalling US$ 10 bn, include restructuring with key bilateral lenders and mark significant progress in stabilising the country’s economy.
The Sri Lanka Central Bank’s Financial Intelligence Unit penalises DFCC Bank and Sampath Bank for non-compliance with the Financial Transactions Reporting Act: DFCC was fined Rs1 million in March for inadequate Customer Due Diligence, while Sampath Bank was fined Rs2 million in April for creating untraceable accounts and failing to freeze assets per UN regulations.
In response to rising public complaints about poor food quality in school and hospital canteens, Public Health Inspectors (PHIs) are increasing nationwide inspections: PHI Union President Upul Rohana noted widespread dissatisfaction and numerous complaints: Despite guidelines to limit unhealthy foods, enforcement has been lax: The public is encouraged to report issues to Medical Officers of Health or via the hotline 0112112718.
The High Court in Colombo upholds the dismissal of an appeal by Ven. Thiniyawela Palitha Thera against ex Central Bank Governor Ajith Nivard Cabraal and former President’s Secretary Lalith Weeratunge: The appeal concerned a US$ 6.5 million payment to a US Lobby Firm in 2014: This ruling affirms the Fort Magistrate’s Court’s earlier decision to dismiss the complaint.
Two Supreme Court judges recuse themselves from the contempt of court petition against ex State Minister Diana Gamage, filed by Rehan Jayawickrema: The petition concerns Gamage’s remarks following a Supreme Court ruling disqualifying her as an MP: Justices Janak De Silva and Kumuduni Wickremasinghe stepped down, and the case will be recalled on August 5.
Chris Silverwood, head coach of the national cricket team, resigns for personal reasons, citing the need to spend more time with his family: thanks the players, coaches, and Sri Lanka Cricket (SLC) for their support: During his tenure, the team won the 2022 T20 Asia Cup and reached the 2023 50-over Asia Cup finals. SLC wished him well.
June 27, Colombo (LNW): India says it will continue to support Sri Lanka’s economic recovery including by promoting long-term investments in its key economic sectors.
Following the approval by the IMF for the Extended Fund Facility (EFF Programme) for Sri Lanka on 20 March 2023, the Official Creditors Committee (OCC) was launched on 13 April 2023 to hold talks among Sri Lanka’s bilateral creditors to finalize a plan for restructuring Sri Lanka’s debt.
After several rounds of engagements, the OCC signed the Memorandum of Understanding (MoU) on debt restructuring on 26 June 2024.
“This milestone demonstrates the strong progress made by Sri Lanka in stabilizing its economy and moving towards reform and growth,” the Indian Government said.
As one of the Co-Chairs of the OCC, along with France and Japan, India has been steadfast in its commitment to the stabilization, recovery and growth of the Sri Lankan economy.
“This was also demonstrated by India’s unprecedented financial support of USD 4 billion to Sri Lanka. India was also the first creditor nation to convey financing assurances to IMF which paved the way for Sri Lanka to secure the IMF programme,” the Indian Government said in a statement.
Sri Lanka signed a deal with creditor nations to restructure about US$5.8 billion in bilateral debt, the office of the country’s president said on Wednesday (Jun 26), in a move that would help stabilise its crisis-hit economy.
Officials from the cash-strapped South Asian nation signed the agreement in Paris with the Official Creditor Committee (OCC), which is co-chaired by Japan, India, and France.
Sri Lanka also signed debt treatment agreements in Beijing with China’s Exim Bank, Wednesday, to restructure USD 4.2 billion of debt.
The Framework Agreement related to this was signed between Sri Lanka and China in Colombo, Sri Lanka.
“India was Sri Lanka’s largest trading partner in 2022. Sri Lanka’s exports to India have also grown. The use of Rupees for trade settlement is further helping Sri Lanka’s economy. These are concrete steps to help Sri Lanka’s economic recovery and growth,” the statement noted. India was once again the largest source of tourists for Sri Lanka last year with over 100,000 tourists, it added. “Around one in every five to six tourists in Sri Lanka is an Indian.
June 27, Colombo (LNW): President Ranil Wickremesinghe says that today marks an important day in the country’s recent history and a unique turning point, as Sri Lanka reached final restructuring agreements for its external debt owed to bilateral creditors.
Delivering a special address to the nation on Wednesday (26) evening, the Head of State said that the country is benefitting from the positive results of the hard work carried out by the government in the recent past.
He said that this morning, Sri Lanka reached a final restructuring agreement for USD 5.8 billion of debt with its bilateral lenders’ Official Creditor Committee in Paris, France.
Meanwhile, Sri Lanka today also signed debt treatment agreements with the Export-Import Bank of China (EXIM) in Beijing to restructure USD 4.2 billion of debt.
He stated that the necessary formal procedures are currently being implemented.“For those who truly love the country, this is a ‘good news’. Sri Lanka won,” he declared in the televised speech.
Wickremesinghe states that as Sri Lanka has reached agreements with the bilateral creditors, the international trust in the country will be increased.“This is an international assurance in a certain way”, Wickremesinghe expressed.
“The international communities, who didn’t even accept the letters of credit from us, are now at a situation which gives us a certification of trust”, he added.
Commenting further, the Head of the State highlighted that both the agreements reached today will be tabled in the Parliament by Prime Minister Dinesh Gunawardena during the special parliamentary session to be convened on July 02.
The President urged all the members representing the Parliament, who are patriotic to the country to help pass these agreements in Parliament”, said.
Meanwhile, Wickremesinghe emphasized that the country cannot find solutions to the economic issues through strikes or threats, but by joining hands for strengthening the economy.
n his special statement, President Wickremesinghe announced that debt restructuring agreements will postpone all bilateral loan payments to foreign countries until 2028. Additionally, Sri Lanka will have until 2043 to repay these loans on concessional terms, he said.
The President also highlighted that in 2022, Sri Lanka allocated 9.2% of its GDP to foreign debt payments. However, with ongoing efforts, this percentage is expected to decrease to less than 4.5% between 2027 and 2032, reflecting significant fiscal improvement, he said.
Wickremesinghe said that Prime Minister Dinesh Gunawardena will present these agreements to Parliament on July 2nd, and urged all patriotic MPs to help ratify them.
President Wickremesinghe stated that “while a few are trying to disrupt the country’s progress, they will one day have to face shame before their children for betraying their nation.”
The President noted that as the country’s economic conditions improved, relief was provided to the people. He emphasized that continuing on the correct path to strengthen the economy can further alleviate existing difficulties, adding that issues cannot be resolved through protests and threats.
June 27, Colombo (LNW): Flinders University, a public research university based in Adelaide, South Australia, with a footprint extending across 11 locations in South Australia and the Northern Territory is expected to ‘significantly enhance the country’s educational offerings and provide local students with greater access to world-class education, official sources said.
Port City Colombo is set to establish a potential successful partnership with Flinders University, upon approval and finalisation by the Government of Sri Lanka and the Colombo Port City Economic Commission.
Flinders has been a centre of inspiring achievement: from pioneering research and excellence in teaching to the positive impact in the communities.for over 50 years,
Inspiration leads to innovation. But innovation is more than just a buzzword at Flinders. It extends from our founding Vice-Chancellor Peter Karmel’s entreaty to ‘experiment and experiment bravely’ through to the creative, trailblazing work of our staff, students and alumni.
Vice Chancellor of Flinders University, Professor Colin J. Stirling, recently visited Port City Colombo as part of the ongoing discussions regarding the educational investment opportunities available within this visionary master-planned city development.
He was accompanied by a delegation of officials, including Dr. Harsha Alles, Chairman, Gateway International School Group.
The delegation was welcomed by Thulci Aluwihare, Deputy Managing Director, and other representatives from CHEC Port City Colombo (Pvt) Ltd.
Professor Stirling’s visit to Port City Colombo was preceded by Flinders University’s milestone meeting with President Ranil Wickremesinghe regarding the set-up of an offshore international campus, which took place earlier that day.
The Flinders University delegation also met with Anura Dissanayake, the Secretary to the Prime Minister, and recently appointed Commission Member at the Colombo Port City Economic Commission, and Hon. Dr. Ramesh Pathirana, Minister of Health.
The visit encompassed a curated tour and detailed presentation at the Port City Colombo Sales Gallery, where the delegation was briefed on the scope of the project, construction progress, and future projections as an upcoming regional business hub and financial centre within South Asia.
The presentation also elaborated on how Port City Colombo would incorporate a dynamic cross-cultural network for international and local students to build connections, foster impactful skillsets, and pursue a rewarding academic tenure, which would prepare them for challenging careers in the future.
The Flinders University delegation was further provided an experiential tour of particular locations at the project site, including the Marina Promenade, the Downtown Duty-Free Mall development, and the 2.5 Ha land plot allocated to the International University campus.
June 27, Colombo (LNW): The High Court in Colombo has affirmed the decision to dismiss an appeal lodged by Ven. Thiniyawela Palitha Thera concerning a complaint against former Central Bank Governor Ajith Nivard Cabraal and former President’s Secretary Lalith Weeratunge.
The appeal was in relation to the government’s payment of US$ 6.5 million to a US Lobby Firm back in 2014.
The Fort Magistrate’s Court had previously dismissed the complaint, prompting Palitha Thera to appeal this decision.
However, the High Court’s recent ruling upholds the lower court’s dismissal, thereby maintaining the status quo on the case.
The case revolves around allegations regarding the payment made to a US Lobby Firm during the tenure of the former government.
June 27, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight depreciation against the US Dollar today (27) in comparison to yesterday, as per the official exchange rates released by the Central Bank of Sri Lanka.
Accordingly, the buying price of the US Dollar Rs. 300.69 from Rs. 300.52, and the selling price to Rs. 309.83 from Rs. 309.78.
The LKR, meanwhile, indicates appreciation against several other currencies, including Gulf currencies.
June 27, Colombo (LNW): Sri Lanka Central Bank’s Financial Intelligence Unit (FIU) has imposed penalties on DFCC Bank and Sampath Bank for non-compliance with the provisions of the Financial Transactions Reporting Act, the Bank said.
The Central Bank has collected Rs1 million from DFCC in March and Rs 2 million from Sampath Bank in April as penalties, it said.
DFCC “had failed to conduct adequate Customer Due Diligence (CDD) on an individual, including the requirement to obtain information on the source of funds/earnings as mandated by the Financial Institutions” as required by the law, the Central Bank said.
“It was observed that the amount deposited to the account was inconsistent with the customer’s anticipated Financial Intelligence Unit volumes from sources of income as stated in the account opening form,” the Central Bank said.
DFCC had also “failed to provide an acceptable and a valid reason for opening an account for the said individual whose permanent address, as given in the account opening application, at a location far away from the branch where the account was opened”, it said.
The lender had failed to recognize the suspicious activities related to the transactions of the individual and failed to file a Suspicious Transaction Report (STR) as well, the Central Bank said.
Sampath Bank was fined for creating and maintaining accounts where the account holder could not be identified, the banking regulator said.
“The business relationships of these customers could not be traced in the Core Banking System using identification data, such as National Identity Card numbers, as their information was not linked to these accounts,” it said in the statement.
“The Bank had failed to freeze funds, financial assets or economic resources of designated persons,” under United Nations Security Council Resolution, without delay as per UN regulation, the Central Bank said.
Sri Lanka reached a final restructuring agreement for USD 5.8 billion of debt with its bilateral lenders’ Official Creditor Committee in Paris, France.
Meanwhile, Sri Lanka today also signed debt treatment agreements with the Export-Import Bank of China (EXIM) in Beijing to restructure USD 4.2 billion of debt.
He stated that the necessary formal procedures are currently being implemented.“For those who truly love the country, this is a ‘good news’. Sri Lanka won,” he declared in the televised speech.
Wickremesinghe states that as Sri Lanka has reached agreements with the bilateral creditors, the international trust in the country will be increased.
June 27, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight depreciation against the US Dollar today (27) in comparison to yesterday at leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has increased to Rs. 299.89 from Rs. 299.74, and the selling price to Rs. 310.04 from Rs. 309.89.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 299.82 from Rs. 299.31, and the selling price to Rs. 309.50 from Rs. 309.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 300.75 from Rs. 300.50, and the selling price to Rs. 309.75 from Rs. 309.50.
