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Schools resume after holidays as third term for 2024 kicks off

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Schools resume after holidays as third term for 2024 kicks off

January 02, Colombo (LNW): Today marks the beginning of the final stretch for the 2024 academic year in government schools and those private institutions approved by the government, with the commencement of the third and final school term.

This term will run until January 24, ensuring students have ample time to complete their coursework before the term’s conclusion.

In addition to this, the long-awaited final examinations for the term are set to begin tomorrow, January 03, providing an opportunity for students to demonstrate their progress and knowledge acquired throughout the year.

These exams are expected to play a significant role in determining final grades for students across various subjects.

Looking ahead, the academic year for 2025 will begin on January 27, marking the start of the first term, which will continue until March 14.

This gives families and educators a brief break before the school calendar picks up again.

The first school term in 2025 will see the introduction of new students as well, with children entering Grade 01 for the first time.

These young learners are scheduled to start their school journey on Thursday, January 30.

This date marks a significant milestone for both the students and their families, as they prepare for the transition into formal education.

Further into the year, the second phase of the first term for 2025 will occur from April 01 to April 11, with the final stretch of the term taking place from April 21 to May 09.

Showery trend persists across several provinces: Strong winds, misty conditions expected (Jan 02)

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Showery trend persists across several provinces: Strong winds, misty conditions expected (Jan 02)

January 02, Colombo (LNW): Showers or thundershowers will occur at times in Central, Uva and Southern provinces and in Ampara and Batticaloa districts, with showers or thundershowers being expected to occur at several places in Western and Sabaragamuwa provinces during the afternoon or night, the Department of Meteorology said in its daily weather forecast today (02).

Fairly strong winds of (30-40) kmph can be expected at times over Northern, Eastern, North-central, North-western and Southern provinces.

Misty conditions can be expected at some places in Western, Sabaragamuwa and Central provinces during the morning.

The general public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.

Marine Weather:

Condition of Rain:
Showers or thundershowers will occur at times in the sea areas extending from Batticaloa to Beruwala via Pottuvil, Hambanthota and Matara.
Winds:
Winds will be north-easterly in the sea areas around the island and speed will be (30-40) kmph. Wind speed can increase up to (50-60) kmph at times in the sea areas off the coast extending from Colombo to Kankasanthurai via Puttalam. Wind speed can increase up to (40-50) kmph at times in the sea areas off the coast extending from Kankasanthurai to Galle via Trincomalee and Hambanthota.
State of Sea:
The sea areas off the coast extending from Colombo to Kankasanthurai via Puttalam will be rough at times. Other sea areas may be fairly rough at times. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

Sri Lanka concludes landmark Rs. 6.5 Billion Windscape Mannar Securitisation

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Sri Lanka concludes landmark Rs. 6.5 Billion Windscape Mannar Securitisation

By: Staff Writer

January 01, Colombo (LNW): In a landmark development for Sri Lanka’s renewable energy sector, Liege Capital Holdings successfully concluded the second wind power securitisation for the Ceylex Renewables Mannar project, for Rs. 6.5 billion branded as “Windscape Mannar.”

This groundbreaking transaction was led by the National Savings Bank (NSB) as the Lead Banker and Trustee, with Commercial Bank of Ceylon as the co-investing bank.

The securitisation raises significant capital for Windscape Mannar, a project poised to harness Mannar’s wind potential to meet Sri Lanka’s growing energy needs sustainably.

NSB CEO Shashi Kandamby said: “As the Lead Banker and Trustee of this transaction, we are proud to support a pioneering project that aligns with Sri Lanka’s renewable energy goals. National Savings Bank remains committed to facilitating sustainable financing solutions that contribute to our nation’s energy independence and environmental preservation.”

Commercial Bank Managing Director/CEO Sanath Manatunge said: “This collaboration demonstrates the strength and benefits of banking partnerships in addressing the financing needs of Sri Lanka’s energy transition. Commercial Bank is honoured to play a critical role in co-investing in a project that sets benchmarks for future renewable energy financing.”

Ceylex Renewables CEO Sameera Ganegoda said: “Windscape Mannar is a testament to our commitment to innovation and sustainability. With the support of NSB, Commercial Bank, and Liege Capital Holdings, we are proud to lead Sri Lanka toward a greener energy future.”

Liege Capital Holdings CEO Maduranga Jayasundara said: “This transaction exemplifies how innovative financing can unlock the potential of renewable energy projects in Sri Lanka. By structuring scalable solutions like securitisations, we’re paving the way for future growth in the sector.”

The successful securitisation of Windscape Mannar marks a milestone in Sri Lanka’s renewable energy landscape. It sets a strong precedent for innovative financing, driving investments in clean energy projects and showcasing the potential of structured solutions in advancing the country’s sustainability goals.

A New Year, New Chance for Governance Reforms in Sri Lanka

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A New Year, New Chance for Governance Reforms in Sri Lanka

By: Staff Writer

January 01, Colombo (LNW): As Sri Lanka enters 2025 under a new government, the challenges of governance, corruption, and inefficiency remain pressing concerns.

Despite promises of good governance and a corruption-free public sector, significant reforms are needed to create by the new government for a sustainable and transparent system.

One major issue lies in governance weaknesses that hinder private sector development. Contract enforcement and property rights protection are severely constrained. Multi-year delays in resolving contract disputes make courts ineffective, pushing parties toward alternative, often illicit, methods of adjudication.

 Similarly, confusion over property rights and the lack of digitized land records have led to prolonged legal battles, often resolved through opaque and corrupt means. Risks surrounding state-owned land, which constitutes 80% of the country, are particularly severe due to unclear titles and ambiguous processes for divestiture.

Concerns about judicial integrity also persist. Many private parties resort to illicit payments to expedite resolutions, undermining trust in the legal system. Strengthening judicial independence and competency has become critical for restoring confidence in the rule of law.

The report emphasizes immediate and structural reforms to address corruption and improve governance.

Key recommendations of the International Monetary Fund include bridging gaps in legal frameworks, ensuring access to essential information for oversight, and implementing structural measures to enhance transparency and efficiency.

A coherent approach focuses on: Defining clear authority and responsibility for core functions.Ensuring financial and operational independence for accountability and law enforcement institutions.

Promoting transparency in government practices, especially in public spending and asset management and establishing accessible and rule-based mechanisms to enforce agreements and challenge official misconduct are also essential.

Enhancing public access to information and accountability mechanisms is a vital factor to achieve these objectives.

The plan combines short-term actions to deliver visible improvements with long-term structural reforms to reshape public sector operations. These initiatives aim to align governance practices with the social and economic aspirations of Sri Lanka.

Achieving these objectives will require medium- to long-term efforts, significant resources, and support from international partners. The diagnostic recommendations will inform governance and anti-corruption policies, legal reforms, and measures outlined in the Extended Credit Facility Arrangement for Sri Lanka.

While the road ahead is challenging, the combination of immediate actions and structural reforms is crucial for building a transparent, efficient, and accountable governance system.

New Oversight Committee Established to Streamline Public Investment Projects

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New Oversight Committee Established to Streamline Public Investment Projects

By: Staff Writer

January 01, Colombo (LNW): The government has introduced measures to enhance the implementation of public investment projects through rigorous monitoring and evaluation of their progress. Over the 2022-2024 period, the public investment plan amounts to Rs. 3,050 billion, with 17% allocated to social infrastructure, primarily in health and education.

For new projects during this timeframe, Rs. 234 billion—equivalent to 8% of the total investment—has been earmarked. A Finance Ministry report emphasizes the importance of prioritizing projects addressing post-crisis recovery needs.

To ensure efficient implementation, the Cabinet of Ministers has approved the establishment of a committee for investment project oversight, announced Minister Nalinda Jayatissa. T

he State Investment Supervision and Evaluation Committee, comprising 11 members, including two ministry secretaries, aims to resolve challenges in project management and supervision.

Minister Jayatissa highlighted that over the past decade, the lack of anticipated results from public capital investments has hindered targeted development.

The new committee will oversee strategic decision-making on project planning, resource allocation, budgeting, finance, and monitoring, relying on input from Chief Enumeration Officers.

Infrastructure Development Focus

The government is committed to upgrading the nation’s infrastructure, including roads, ports, airports, power, and telecommunications.

Public Investment Programme (PIP)

The 2021-2024 Public Investment Programme is a cornerstone of the government’s strategy for sustainable and inclusive growth, rooted in its National Development Policy Framework.

Public-Private Partnerships (PPPs)

Sri Lanka has a robust history of PPPs in infrastructure, completing 73 projects in electricity, telecommunications, and ports between 1990 and 2014.

2024 Investments

For 2024, Rs. 1,260 billion has been allocated to public investments across roads, bridges, agriculture, irrigation, education, health, drinking water supply, and urban development. During the first eight months of 2024, Rs. 454.7 billion was spent—26.6% of the annual estimate—marking a 16.7% increase compared to Rs. 389.6 billion during the same period in 2023.

The road sector accounts for the largest share of actual expenditure in 2024, with 47% of allocated funds. Overall, road development represents 25% of the total investment, followed by irrigation at 6%.

Govt to End Marine Research Moratorium with New SOP for Foreign Surveys

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By: Staff Writer

January 01, Colombo (LNW): The Sri Lanka Government has confirmed it will not extend the year-long moratorium on foreign Marine Scientific Research (MSR), which concludes last night (31 December 2024).

 The Ministry of Foreign Affairs is moving swiftly to establish a committee tasked with drafting a new Standard Operating Procedure (SOP) for granting diplomatic clearance to foreign research vessels and aircraft.

The new SOP will outline the procedures for allowing foreign MSRs to conduct surveys in Sri Lankan waters and its Exclusive Economic Zone (EEZ).

Foreign Minister Vijitha Herath confirmed that the moratorium, instituted by the previous Ranil Wickremesinghe administration, will not be extended.

 He added that the new SOP will balance international best practices, national security concerns, and Sri Lanka’s national interests.

The committee, which will be led by Herath, aims to complete the new SOP promptly, though he indicated foreign MSRs will not be permitted in Sri Lankan waters before the new guidelines are finalized.

This move follows extensive efforts by the previous government to refine the existing SOP for MSR clearance, including consultations with several countries, including India, in 2022-2023.

The new process proposed by the Foreign Ministry raises questions about whether the government is revisiting and potentially revising policies already put in place earlier this year.

The “New SOP of 2023/24,” which was shared with foreign diplomatic missions, included stringent regulations requiring applications for MSR activities to be submitted six months in advance, with amendments due two months ahead of the survey start date.

The SOP also mandates local collaboration in research and guarantees that Sri Lankan authorities or designated researchers have the right to participate in the studies. The final reports must be submitted to Sri Lankan authorities in line with UNCLOS regulations.

On the face of it, the previous Sri Lankan government’s decision to ‘declare a pause’ on foreign research vessels for one year beginning 1 January 2024 is an attempt to buy peace with the large-hearted Indian neighbour, and also the United States (US), leader of the Western bloc, that is not as generous towards the island-nation, especially in matters human rights.

Yet, in effect, Sri Lanka’s ‘moratorium’ only means that a directly-elected President with a newly-elected Parliament, both with a full and fresh mandate, could and would review and take decisions that they consider appropriate and beneficial to their country, as they see it, as it stands in circa 2025.

New Delhi should be keeping its fingers crossed, to the possibility of a post-poll President ordering a review earlier and also for the moratorium’s withdrawal or suspension on a selective basis.

Social activist Namal Kumara remanded in custody over alleged defamation

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Social activist Namal Kumara remanded in custody over alleged defamation

January 01, Colombo (LNW): Social activist Namal Kumara has been remanded until January 15, 2025, following his arrest earlier today by the Colombo Crimes Division (CCD).

The order was issued after Kumara was presented before the Fort Magistrate’s Court, where he faced charges related to an audio recording that has circulated widely on social media.

The recording allegedly tarnishes the reputation of the Archbishop of Colombo, His Eminence Malcolm Cardinal Ranjith.

The investigation, led by the CCD, was initiated after a formal complaint was lodged by the Archdiocese of Colombo.

Rev. Fr. Jude Krishantha, the Media Director of the Archdiocese, accused Kumara of being an accomplice in the 2019 Easter Sunday attacks and suggested that he may be conspiring with third parties to instigate further unrest.

Police Spokesman SSP Buddhika Manathunga confirmed that Kumara’s arrest was a direct result of an ongoing investigation, which was launched in response to the complaint filed by Rev. Fr. Krishantha.

Customs breaks revenue records with historic Rs. 1.515 trillion in 2024

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Customs breaks revenue records with historic Rs. 1.515 trillion in 2024

January 01, Colombo (LNW): Sri Lanka Customs has achieved a monumental milestone in 2024, reaching a record revenue of Rs. 1.515 trillion, the highest in the department’s history.

According to Seevali Arukgoda, the Media Spokesperson and Additional Director General of Sri Lanka Customs, this remarkable figure highlights the department’s exceptional performance and underscores its vital role in the country’s economic progress.

This impressive revenue growth is just shy of the government’s ambitious target of Rs. 1.533 trillion for the year, reflecting a close alignment with national fiscal objectives.

Customs officials attribute the record-breaking earnings to a combination of strategic factors, including robust government tax policies, a notable rise in imports, and enhancements to the efficiency of the tax collection mechanisms.

The substantial growth in imports, which contributed significantly to the overall revenue, comes on the back of an improving economy and consumer demand.

Furthermore, the streamlining of internal processes within the department has facilitated faster and more accurate tax collection, which has been critical in meeting the revenue targets.

President pledges to rebuild Sri Lanka with new political culture and national initiatives

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President pledges to rebuild Sri Lanka with new political culture and national initiatives

January 01, Colombo (LNW): President Anura Kumara Dissanayake has affirmed that the responsibility for bringing about meaningful change in Sri Lanka lies firmly with the government.

Speaking at the inauguration of the ‘Clean Sri Lanka’ national initiative, the President stressed the crucial role of the political establishment in steering the country toward a new path in the coming year.

He indicated that the dawn of 2025 signals the beginning of a fresh political culture aimed at restoring the country’s lost integrity.

“The foundation of any strong endeavour must be unwavering,” President Dissanayake remarked. “Our nation has seen its foundation eroded over time. However, we are making significant progress in rebuilding it. Our initial steps have been focused on re-establishing political authority, reinforcing the machinery of the state, upholding the rule of law, and ensuring the constitution is respected and protected. We are also committed to eradicating fraud and corruption at every level.”

The President emphasised that while political will is essential in addressing these challenges, state institutions must also recognise their role in supporting the broader efforts.

“It is not enough for the political leadership alone to combat corruption and fraud,” he explained. “State institutions must fully understand their responsibilities and take decisive action to contribute to these reforms.“

Acknowledging the deep-rooted issues within the governance system, President Dissanayake made a candid statement regarding the extent of corruption that has taken hold in the country.

“Corruption and bribery have become deeply entrenched in our state apparatus, spreading like a cancer,” he said. “Restoring the rule of law is an imperative, and we are making concerted efforts to address these systemic issues.“

Reflecting on the new political atmosphere in Sri Lanka, the President noted that 2025 marks the start of a revitalised approach to governance.

“This year brings with it a new political culture, one focused on unity and the welfare of the people. The entire political establishment is determined to take on the challenge of rebuilding our country, and we are fully committed to ensuring that this cultural shift endures,” he declared.

Looking forward, the President outlined three key objectives for the government in the coming year. These include launching a robust economic programme in the upcoming budget aimed at eradicating poverty, advancing digitalisation to modernise governance and public services, and implementing the ‘Clean Sri Lanka’ initiative.

“The Clean Sri Lanka initiative, in particular, will be pivotal in rebuilding our nation,” the President concluded. “It is a comprehensive effort to instil transparency and accountability across all sectors, restoring integrity to the heart of Sri Lankan society.”

Sri Lanka continues to experience deflation in Dec 2024

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Sri Lanka continues to experience deflation in Dec 2024

January 01, Colombo (LNW): Sri Lanka’s inflationary pressures remained subdued in December 2024, as the country continued to experience deflation for the fourth consecutive month.

The year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI) recorded a deflation rate of 1.7 per cent in December, a slight improvement from the 2.1 per cent deflation seen in November 2024.

The Central Bank of Sri Lanka’s latest data reveals a moderation in the non-food deflation rate, which decreased to 3.0 per cent in December, compared to 3.3 per cent in the previous month.

This suggests a gradual easing of downward pressures on non-food items, which have been significantly impacted by global and domestic factors.

Food inflation, on the other hand, showed a modest increase. In December 2024, food prices rose by 0.8 per cent year-on-year, slightly higher than the 0.6% recorded in November.

This uptick in food inflation, though marginal, reflects some resilience in food prices, which have fluctuated due to supply chain adjustments and seasonal variations.

On a monthly basis, the CCPI showed an increase of 1.19 per cent in December, largely driven by a 1.24 per cent rise in food prices. In contrast, non-food prices saw a small decrease of 0.06 per cent, reflecting a relatively stable environment for many goods and services outside of the food sector.

Core inflation, which excludes volatile food and energy prices, remained steady at 2.7 per cent on a year-on-year basis, indicating that underlying inflationary pressures in the economy have remained relatively stable.

This suggests that inflationary forces, while present, have not yet reached concerning levels in the broader economy.

Looking ahead, the Central Bank anticipates that Sri Lanka will continue to experience negative headline inflation for the coming months.

This is expected to be driven by the ongoing impact of substantial energy price reductions, alongside lower food prices and the base effect resulting from the significant price hikes earlier in 2024, triggered by changes in taxation policies.

However, the Central Bank expects inflation to gradually turn positive in the months ahead, with inflationary pressures aligning towards the target rate of 5 per cent over the medium term.

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