June 25, Colombo (LNW): The Sri Lankan Rupee has maintained its stability against the US Dollar today (25) in comparison to Monday’s exchange rates.
The Central Bank of Sri Lanka reports that the buying rate for the US Dollar remains within the Rs. 300 range.
Specifically, there has been a slight decrease in the buying rate from Rs. 300.56 to Rs. 300.54, while the selling rate has also seen a decrease from Rs. 309.88 to Rs. 309.80.
However, the Rupee has experienced depreciation against a variety of other foreign currencies, although it has retained its stability against currencies from the Gulf region.
June 25, Colombo (LNW): The Sri Lankan Rupee (LKR) happens to be steady against the US Dollar today (25) in comparison to yesterday, as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 299.59 from Rs. 299.64, and the selling price to Rs. 309.73 from Rs. 309.79.
At Commercial Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 298.82 and Rs. 309, respectively.
At Sampath Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 300.52 and Rs. 309.50, respectively.
June 25, Colombo (LNW): Sri Lanka Bank business revival units set up during the Covid -19 pandemic period will be strengthened to operate independently under current normal circumstances to help Small medium and corporate enterprises that have bad loans to continue their operations, Central Bank Governor Governor Nandalal Weerasinghe said.
New guidelines will be issued by the Central Bank next week to maintain and strengthen these units by banks to facilitate the revival of those enterprises hit by the economic crisis journalists at the second monetary policy review briefing.
Bank s will have to extend loans facilities at concessionary loans to restructure their business entities affected by the recent challenging macroeconomic circumstances, he said.
Sri Lanka’s Micro, Small and Medium Enterprises (MSMEs) hit by the economic downturn will receive a new impetus with the introduction of Rs 5 billion new loan relief package proposed in the budget 2024, finance ministry sources confirmed.
The finance ministry in collaboration with ministry of industries will provide credit facilities of Rs 5 million each to 1000 selected existing MSMEs for further expansion and recovery of their businesses via licensed commercial banks and licensed specialised banks at concessional interest rates.
Another special loan scheme amounting to Rs.3 billion will be implemented with support from the Asian Development Bank (ADB) in addition to the 2024 budgetary support.
The government is also considering the possibility of upgrading the Sri Lanka Savings Bank a subsidiary of the National Savings Bank to a MSME Bank or to set up a special purpose vehicle (SPV) to disburse loans easing the burden on the banking sector.
Ceylon Federation of Micro, Small, and Medium Entrepreneurs Chairperson Shashika de Silva has urgently called for the restructuring of MSME loans to avert an impending crisis.
Speaking at a press conference on Friday, de Silva highlighted the critical need for immediate action to support MSMEs, warning of severe consequences if their financial burdens are not addressed.
“We have a responsibility to bring focus to issues faced by MSMEs,” de Silva stated. She emphasised that while the Government has taken steps to temporarily halt parate executions, the ongoing restructuring phase in Sri Lanka has overlooked the dire situation of MSMEs.
De Silva noted that MSMEs are currently weighed down by Rs. 1.6 trillion in third-stage loans. “Restructuring MSMEs is essential, but it cannot happen if we do not address the Rs. 1.6 trillion in loans.
Among these, Rs. 250 billion are attributed to non-wilful defaulters,” she said. “If this issue is ignored, MSMEs will face severe difficulties after 15 December, when parate executions resume.”,she said.
Small and medium-sized enterprises (SMEs) make up a large part of Sri Lanka’s economy, with over one million SMEs accounting for approximately 75 percent of all businesses.
These are found in all sectors of the economy and are estimated to contribute about 45 percent of total employment in Sri Lanka
The Sri Lankan government will provide extensive support for the upcoming Bora community spiritual conference and annual convention, scheduled from July 7th to 16th: Directed by President Ranil Wickremesinghe’s Senior Advisor Sagala Ratnayaka, preparations focus on enhancing infrastructure at venues like the Bambalapitiya Bora Mosque and Sri Lanka Convention and Exhibition Centre: The event anticipates 15,000 attendees from various countries, reflecting the government’s commitment to its success.
The Colombo District Court extends an injunction preventing Justice Minister Wijeyadasa Rajapakshe from serving as Chairman of the Sri Lanka Freedom Party (SLFP) and as a party member: SLFP Treasurer Minister Lasantha Alagiyawanna lodged the complaint, and today (25) the court allowed respondents to file objections: The court further extended the injunction until the complaint is revisited on July 9, 2024.
Retired Major General Sampath Kotuwegoda advocating for the National Peoples Power (NPP) says the rulers of this country led Sri Lanka into crisis long before independence: alleges the country had been ruled for 76 years by ‘the corrupt’, a regime far more sinister than ‘the inferiors’ suggested by Plato (misquoting Socrates) in his famous quote about politics, “One of the penalties of refusing to participate in politics is that you end up being governed by your inferiors”.
International economic news agency Bloomberg reports Sri Lanka and international investors are in talks to finalise restructuring $12 bn in defaulted bonds, aiming for a swift resolution before upcoming elections: adds bondholders are under trading restrictions during negotiations: The restructuring is crucial for IMF financing and involves discussions with both bondholders and bilateral lenders: stresses progress is reported, indicating potential agreements in the coming months.
Cabinet Spokesman and Minister Bandula Gunawardena says the Cabinet has approved debt restructuring agreements: President Ranil Wickremesinghe briefed the Cabinet, allowing authorities to finalise deals with bilateral creditors: Gunawardane adds details will be presented to Parliament by the President following this approval.
The Disaster Management Centre reports 946 individuals across 432 families in Sri Lanka’s Northern Province are affected by drought in Karachchi, Kilinochchi district: No casualties reported: DMC is distributing drinking water to ease hardships and ensure essential supplies: Authorities are closely monitoring and prepared to implement additional support measures for affected communities.
The Sri Lanka Administrative Services Association (SASA) pauses planned trade union action after talks with Prime Minister Dinesh Gunawardena, securing an allowance increase effective June 1st: However, Government Executive Officers proceed with sick leave strikes over unresolved demands: Education non-academic staff are on strike awaiting responses, while teacher-principal unions plan a nationwide strike: University non-academic staff continue their strike pending resolution discussions with the National Pay Commission.
Reports indicate several private medical institutions in Sri Lanka are operating without 2024 licences from the Ministry of Health, causing concern: Despite completing required procedures, licences have not been issued, affecting hospitals and labs: The delay, attributed to an internal crisis in the Private Health Services Regulatory Council, jeopardises service standards and the sector’s reputation: Authorities have provided vague explanations, prompting inquiries and public apprehension about healthcare quality.
The World Bank approves $150 mn to improve primary healthcare in Sri Lanka, focusing on quality enhancement and increased utilisation of facilities: The project aims to address underutilisation of primary healthcare, improve service quality, and expand coverage to over 1,000 facilities: It targets non-communicable diseases and ageing population needs, while enhancing pandemic preparedness and overall healthcare system resilience.
In the first T-20 of their series, Sri Lanka women, led by Chamari Athapaththu’s career-best 4 for 29 bowling, secures a four-wicket victory over West Indies women: Chasing 135, Sri Lanka reached 137/6 with Vishmi Gunaratne and Harshitha Samarawickrama contributing 35 each: Earlier, West Indies managed 134/8 in 20 overs: The teams will play their second T-20 at Hambantota tomorrow.
A total of Rs. 30mn worth of scholarships for the year 2024
Sri Lanka Insurance Life – The Nations’ protector, over the years have had contributed to the betterment of the future generation of the country. Sri Lanka Insurance Life (SLICLL) is not only one of the most profitable state-owned enterprises but also a responsible corporate citizen that enriches the community it operates in.
SLIC Life initiated the ‘Sri Lanka Insurance Life – Suba Pathum Scholarship’ program in 2014 for the children of its Life policyholders across the country. This scheme has awarded over 2000 scholarships, worth more than Rs.200mn up to date. This year the scholarship scheme will be rewarding 300 students, who excelled in the 2022 Grade 5 Scholarship, 2021/22 GCE Ordinary Level and 2022 GCE Advanced Level examinations. 75 top ranking students were selected from each of the three examinations totaling up to 370 students. Grade 5 Scholarship and GCE Ordinary Level, qualifiers were selected based on the district achievement and for GCE Advanced Level applicants, selections were based on the national level achievement.
A Financial scholarship of Rs. 20,000 for five years, Rs. 40,000 for two years and Rs. 50,000 for three years is awarded to the students who are eligible for the Suba Pathum scholarship from Grade 5 Scholarship, GCE Ordinary Level and GCE Advanced Level examinations, respectively. A total of Rs. 30mn has been allocated for the 2021/22 Suba Pathum Scholarship program which will continue for the next five years.
The scholarship awarding ceremony was held at Nelum Pokuna – Mahinda Rajapakse Theater, Colombo on the 17th of June 2024 with the participation of the Board of Directors, Chairman, Chief Executive Officer and the senior management team along with the students and their parents.
Sri Lanka Insurance Life boasts over 60 years of experience in the industry with the largest asset base in the Life Insurance industry at Rs. 221 billion and the largest life fund of Rs. 180.8 billion, the company’s financial strength and stability are unmatched.
June 25, Colombo (LNW): The Sri Lanka Administrative Services Association (SASA) has opted to temporarily halt its scheduled trade union action following discussions with Prime Minister Dinesh Gunawardena.
This decision follows an agreement to increase their allowances effective from June 1st, announced President of the association, Mahesh Gammanpila.
Initially planning a strike action involving reporting sick leave to press demands such as a salary increment, SASA’s move comes amidst ongoing negotiations with government officials.
In a separate development, representatives of the Government Executive Officers also engaged in discussions with the Prime Minister regarding their concerns.
President of the Joint Committee of Government Executive Officers, H.A.L. Udayasiri, noted their decision to proceed with their trade union action by reporting sick on Tuesday (25) and Wednesday (26) after their demands were not fully addressed.
Meanwhile, non-academic staff in the education sector continue their strike action initiated on the previous day (24).
Ajith K. Tilakaratne, General Secretary of the Education Non-Academic Employees’ Association, highlighted that authorities have yet to respond to their grievances.
Further complicating the situation, Joseph Stalin, General Secretary of the Ceylon Teachers’ Union (CTU), announced the participation of teacher-principal trade unions in a nationwide strike scheduled for tomorrow (26).
Simultaneously, the Joint Committee of University Trade Unions has confirmed the continuation of the strike action by university non-academic staff.
Today (25), they are scheduled to engage in discussions with the National Pay Commission to address their unresolved issues.
June 25, Colombo (LNW): The Sri Lankan government has pledged comprehensive assistance for the forthcoming Bora community’s spiritual conference and annual convention, confirmed the President’s Media Division (PMD).
Senior Advisor to the President on National Security and Chief of Presidential Staff, Sagala Ratnayaka, directed officials to ensure the event’s seamless execution during a meeting held at the Presidential Secretariat recently.
Scheduled to take place from July 7th to 16th, the Bora conference and convention will be hosted at the Bambalapitiya Bora Mosque and the Sri Lanka Convention and Exhibition Centre.
This event aligns with the Bora community’s spiritual conference in Karachi, Pakistan.
Anticipated to attract around fifteen thousand members of the Bora community from diverse countries, including India, the discussions at the meeting primarily focused on enhancing infrastructure and amenities, particularly at the airport, to accommodate the influx of participants.
The commitment underscores the government’s dedication to ensuring a successful and well-supported event for the Bora community in Sri Lanka.
June 25, Colombo (LNW): A total of 946 individuals from 432 families have been impacted by the ongoing drought in the Northern Province of Sri Lanka, the Disaster Management Centre (DMC) reported.
The affected population resides in the Karachchi divisional secretariat of the Kilinochchi district, According to the DMC.
Despite the severity of the drought, there have been no reported casualties or injuries.
In response to the crisis, efforts are underway to distribute drinking water to the drought-affected regions.
This initiative aims to alleviate the hardships faced by the residents and ensure they have access to essential water supplies during this challenging period.
Authorities continue to monitor the situation closely and are prepared to implement further measures as needed to support the affected communities.
June 25, World (LNW): Save the Children, a British-aid organisation, has reported that up to 21,000 children are missing in the chaos of the Gaza conflict.
Many of these children are believed to be trapped beneath rubble, detained, buried in unmarked graves, or separated from their families.
The group highlighted the difficulty in collecting and verifying information under the current conditions in Gaza.
They estimate that at least 17,000 children are unaccompanied and separated, and approximately 4,000 are likely missing under the rubble, with an unknown number possibly in mass graves.
According to a report by the United Nations Children’s Fund (UNICEF) earlier this year, more than 14,000 children have been killed in Israeli air strikes on Gaza since October 7.
Additionally, many children are suffering from severe malnutrition, lacking the energy even to cry.
The Save the Children report further notes that since October, Gaza has faced relentless violence resulting in over 37,000 deaths, including thousands of children.
This violence followed an attack by Palestinian armed groups in Israel, which killed over a thousand people, including at least 33 children.
The report also mentions that around 250 Palestinian children are missing in the occupied West Bank as of June 9.
Jeremy Stoner, Save the Children’s Regional Director for the Middle East, has called for an independent investigation into the situation of Gaza’s missing children and for accountability.
“Families are tortured by the uncertainty of the whereabouts of their loved ones.
No parent should have to dig through rubble or mass graves to try and find their child’s body.
No child should be alone, unprotected in a war zone. No child should be detained or held hostage,” he asserted.
The ongoing conflict has exacerbated the strain on families and communities, as the latest displacements in Rafah have separated more children.
Save the Children’s child protection teams report that it is becoming increasingly difficult to support the growing number of unaccompanied children. The current conditions make it nearly impossible to verify information or provide safe facilities for these children.
A Save the Children Child Protection Specialist explained, “Every day we find more unaccompanied children and every day it is harder to support them.
We work through partners to identify separated and unaccompanied children and trace their families, but there are no safe facilities for them; there is no safe place in Gaza.
Reuniting them with family members is difficult when ongoing hostilities restrict our access to communities and constantly force families to move.”
The organisation’s report underscores the urgent need for a resolution to the conflict and the provision of humanitarian aid to address the dire situation of Gaza’s children.
June 25, Colombo (LNW): The Cabinet has granted approval for the signing of debt restructuring agreements with the relevant parties, Minister Bandula Gunawardena confirmed.
President Ranil Wickremesinghe briefed the Cabinet during its meeting on Monday evening.
The approval permits the relevant authorities to formalise agreements with bilateral creditors, Cabinet spokesman Minister Bandula Gunawardane told Daily Mirror
Following this, the President is expected to present the details of these agreements to Parliament.
