A high-level IMF delegation arrived in Sri Lanka on 2 October to engage with President Anura Kumara Dissanayake’s government, discussing progress on the $2.9 billion Extended Fund Facility (EFF) and the release of its fourth tranche: The meeting, featuring Sri Lanka’s Economic Policy Council, reviewed IMF programme achievements, with the IMF praising recent positive developments in Sri Lanka’s economic outlook.
Samagi Jana Sandanaya (SJS) leaders announce their willingness to cooperate with President Anura Kumara Dissanayake if they win a parliamentary majority in the upcoming General Election: Ranjith Madduma Bandara, Kabir Hashim, Mano Ganesan, Dayasiri Jayasekera, and Dullas Alahapperuma emphasise they would not undermine Dissanayake’s efforts and urged voters not to grant the ruling party a parliamentary majority.
Political parties that supported ex President Ranil Wickremesinghe in the recent Presidential Election plan to contest the upcoming General Election under the New Democratic Front (NDF) with the ‘Gas Cylinder’ symbol: If the Election Commission denies this, they may contest under the ‘Elephant’ or another common symbol: Former MPs gathered to finalise their decision at Wickremesinghe’s Election Operations office.
Chinese Ambassador Qi Zhenhong met with Sri Lankan President Anura Kumara Dissanayake, congratulating him on his recent election victory: reaffirms China’s commitment to enhancing bilateral relations and supporting Sri Lanka’s development projects: highlights China Development Bank and EXIM Bank’s involvement in debt restructuring, underscoring China’s dedication to Sri Lanka’s economic stability and growth.
Senior Professor Raj Somadeva reveals excavations at Colombo Port uncover eight human skeletons, with two already excavated and under police protection: The skeletal remains were first discovered on 13th July, leading to two excavation phases: The third phase is set for 17th October, as investigations continue to uncover the origins and context of these remains.
To celebrate World Children’s Day 2024, Sri Lanka Insurance Life (SLIC) provides a free Rs. 1 million life insurance cover to parents of every child born on 1st October 2024 across all hospitals in Sri Lanka: This initiative, now in its third year, aims to promote life insurance and offer financial security to families, ensuring protection and stability for the nation’s children.
The Foreign Employment Bureau (SLBFE) advises Sri Lankans planning to travel to Israel to suspend their plans due to escalating regional conflict: Approximately 12,000 Sri Lankans work in Israel, mostly in construction and caregiving, with no reports of casualties: urges Sri Lankans to stay in contact with embassies for assistance, especially those seeking repatriation.
Buddhist Affairs Co-ordinator Chairman Ven. Dr. Sasthrapathi Galagama Dammaransi Nayaka Thera says the recent Presidential election showed a shift away from voting based on religion, race, or clan: emphasises that people rejected racism, religious division, and corruption: highlights the worsening social and economic issues and called for efforts to promote religious harmony and unity across the nation.
A delegation from the University of Jaffna’s Medical Faculty, led by Prof. R. Surenthirakumaran, visits Singapore to discuss advancing healthcare in Northern Sri Lanka, particularly focusing on maternal, child healthcare, and day surgery services: Collaborating with SingHealth, the delegation aims to enhance healthcare infrastructure through international partnerships: The visit is part of ongoing efforts by the Jaffna Regional Collaborating Centre to transform healthcare outcomes in the region.
Sri Lankan cricketer Praveen Jayawickrama has been banned by the ICC for one year, with six months suspended, after admitting to breaching the ICC Anti-Corruption Code: He obstructed an investigation by the Anti-Corruption Unit and deleted relevant evidence: The charges stem from his failure to report a fixing approach during international matches and the 2021 Lanka Premier League.
October 02, Colombo (LNW): Russian Ambassador to Sri Lanka Levan S. Dzhagaryan met with President Anura Kumara Dissanayake at the Presidential Secretariat yesterday. During the meeting, Ambassador Dzhagaryan extended his congratulations to President Dissanayake on his recent election and conveyed a personal message from Russian President Vladimir Putin.
In his message, President Putin expressed his expectation that bilateral relations between Russia and Sri Lanka will strengthen under President Dissanayake’s leadership. The discussions focused on enhancing the longstanding relationship between the two nations, with both parties emphasizing the importance of deepening cooperation in trade, investment, culture, and education. They reaffirmed their commitment to further strengthening diplomatic ties for mutual benefit.
October 02, Colombo (LNW): President Anura Kumara Dissanayake met with U.S. Ambassador Julie Chung at the Presidential Secretariat yesterday, focusing on enhancing diplomatic relations between Sri Lanka and the United States. Their discussions emphasized the importance of strengthening both economic and social ties between the two nations.
Ambassador Chung congratulated President Dissanayake on his recent inauguration and highlighted the value of fostering robust bilateral relations. Both leaders placed particular emphasis on deepening cooperation in areas of mutual interest, aiming to strengthen diplomatic, economic, and social partnerships.
October 02, Colombo (LNW): The Court of Appeal yesterday (1) amended the interim injunction that had previously prevented the purchase of 750,000 ordinary passports from two companies. This modification came after submissions by Additional Solicitor General Sumathi Dharmawardhana, representing the Controller of Immigration and Emigration and the Attorney General.
Dharmawardhana highlighted the severe passport shortage created by the original order, a concern that the petitioner’s representatives agreed with, leading to the amendment. Authorities are now permitted to purchase the 750,000 ordinary passports, alleviating the crisis. However, the injunction against the purchase of five million e-passports remains in place until November 6.
The original interim order, issued on September 26 based on a writ petition filed by Epic Lanka Pvt. Ltd., had halted the purchase of both ordinary and e-passports. The case was heard before Justices Mohamed Laffar Tahir and P. Kumaran Ratnam, where the Court recognized the urgency of the situation, noting that only 13,880 passports remained available for issuance, enough for just 30 working days.
While the Court allowed the immediate procurement of ordinary passports, it extended the injunction on the e-passports and ordered the respondents to file objections before the next hearing on November 6. The petition argued that the initial passport procurement decision bypassed proper procedures and was illegal, naming several officials, including former Public Security Minister Tiran Alles, as respondents.
October 02, Colombo (LNW): Indian External Affairs Minister S. Jaishankar is set to visit Colombo this week, marking the first high-level engagement between India and Sri Lanka since President Anura Kumara Dissanayake assumed office last week. This visit will provide India with a key opportunity to reaffirm its commitment to supporting Sri Lanka’s development.
During the visit, which is expected to begin on October 4, Jaishankar will also meet with President Dissanayake. This will be the first official visit by a foreign minister to Sri Lanka following the recent presidential election. Indian High Commissioner to Sri Lanka Santosh Jha had already met with Dissanayake soon after the election results were declared.
The visit by Jaishankar will further India’s efforts to strengthen ties with Dissanayake, continuing the diplomatic outreach that saw the Sri Lankan leader visit Delhi earlier this year.
October 02, Colombo (LNW): Colombo West International Terminal (CWIT) has made significant progress toward establishing itself as one of Asia’s top port facilities with the recent arrival of its first two semi-automated Rail Mounted Quay Cranes (RMQCs) and three additional fully automated Cantilever Rail-Mounted Gantry Cranes (CRMGs).
This delivery is part of a series of shipments as CWIT prepares for Phase 1 operations, which are set to commence in February 2025.
This follows the earlier delivery of five CRMGs on September 3rd, and by the time the terminal officially begins handling cargo next year, CWIT will have a total of nine operational cranes. These advanced automated cranes are engineered to boost efficiency and improve safety by minimizing human involvement and enhancing operational accuracy.
CWIT’s phased development will eventually see the terminal equipped with 30 fully automated CRMGs and 14 semi-automated RMQCs upon completion. This makes CWIT a cornerstone in the expansion of Sri Lanka’s port infrastructure.
The terminal’s cutting-edge technology and modern infrastructure will substantially increase the container handling capacity at the Port of Colombo (POC), helping it meet the growing demands of global trade.
The significant investment in CWIT and its enhanced capacity will strengthen the Port of Colombo’s position in terms of throughput and connectivity.
Once fully operational, CWIT will play a vital role in driving economic growth, providing essential capacity for mega-vessels, and boosting regional trade. Its forward-thinking design ensures scalability and efficiency, aligning with POC’s vision to establish itself as a major gateway hub in the Indian Ocean.
Poised to become one of the most advanced and strategically important container terminals in the Indian Ocean region, CWIT is set to become a key player in the global maritime industry.
By utilizing cutting-edge technology, the terminal aims to improve container handling efficiency and stands as a major step in Colombo’s path to becoming a leading maritime hub. CWIT’s motto, “Connect. Collaborate. Contribute,” reflects its vision of driving economic growth and facilitating international trade across Asia and beyond.
October 02, Colombo (LNW): Sri Lankan exporters made significant strides in the Australian market through a trade mission organized by the Sri Lanka Export Development Board (EDB).
Held from September 2nd to 6th, 2024, in collaboration with the Sri Lanka Consulate General in Melbourne (SLCG) and the Sri Lanka-Australia Chamber of Commerce (SLACC), the mission opened new doors for 17 Sri Lankan companies specializing in Ceylon Tea, spices, processed food, coconut products, and food packaging.
These companies, selected for their excellence and innovation, were given a platform to explore potential business opportunities in Australia.
This mission followed the Aboriginal Economic Development Group’s 2023 visit to Sri Lanka, furthering efforts to strengthen trade between the two nations.
It highlighted the growing demand for Sri Lankan exports, particularly in key sectors such as food and packaging. The participating companies included leading names like Bespice (Pvt) Ltd, Black Tea Exports (Pvt) Ltd, and Maharaja Foods Limited, among others.
A major highlight of the mission was the delegation’s participation in Fine Food Australia 2024, the country’s largest trade event for the food, packaging, and hospitality industries.
The exhibition offered an invaluable opportunity for the Sri Lankan exporters to connect with international buyers and partners, explore new trends, and showcase their products to a wider audience. The exposure allowed them to better understand the competitive landscape of the Australian market and initiate new partnerships.
In addition to the exhibition, the delegation engaged in several Business-to-Business (B2B) meetings organized by SLCG and SLACC
These meetings included representatives from the Sri Lanka Business Council, the Kinaway Chamber of Commerce, and other international chambers like the Finland Australia Chamber of Commerce and the Italian Chamber of Commerce and Industry Australia. The interactions helped establish direct trade connections and laid the groundwork for future business collaborations.
The mission also involved high-level engagements, including a visit to the Victorian Parliament House, where the delegates networked with members of Parliament and local industry leaders.
The connection with indigenous business owners, such as Nornie Bero, CEO of Mabu Mabu, highlighted the potential for partnerships in promoting sustainable and native ingredients.
Bero expressed interest in sourcing Sri Lankan products, signaling an important opportunity for expanding Sri Lankan exports into Australia’s indigenous food sector.
Another key focus of the mission was compliance with Australia’s strict biosecurity regulations. An information session on Australian Biosecurity Import Conditions (BICON) helped Sri Lankan exporters understand the regulatory framework necessary for exporting food products to Australia.
Overall, the trade mission was a resounding success, providing critical insights into market requirements, biosecurity measures, and cultural integration. It underscored the importance of building strong relationships with Australian businesses and understanding market intricacies for long-term success.
With promising leads and potential partnerships on the horizon, Sri Lankan exporters are poised to make a significant impact in the Australian market, further strengthening bilateral trade ties.
October 02, Colombo (LNW): Sri Lanka’s private sector has been urged to play a pivotal role in combating corruption, particularly by holding directors accountable for their actions.
This was the focal point of a recent session organized by the Policy Advocacy and Economic Contribution (PAEC) Committee of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka).
The session aimed to increase awareness about anti-corruption measures and engage the corporate world in the country’s efforts to ensure integrity in governance.
The forum highlighted the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) and its crucial role in promoting transparency and accountability in Sri Lanka.
The recently passed Anti-Corruption Act, No. 9 of 2023, reinforces ethical standards in public service and extends its influence to the private sector. Director Accountability under Scrutiny
Dr. Harsha Cabral kicked off the session by addressing the complexities directors face, particularly in managing conflicts of interest.
He emphasized that directors are privy to inside information, placing them in a position of immense responsibility. Under the Companies Act, all directors—whether executive, non-executive, or independent—are expected to prioritize ethical conduct in their decision-making.
The new Anti-Corruption Act introduces several provisions aimed at curbing corrupt practices in the private sector. For example, Section 106 criminalizes offering or receiving bribes to influence a director’s decisions, while Section 116 imposes penalties on those found guilty of violating the Act.
Furthermore, Section 162 broadens the definition of “private sector entity,” making these rules applicable to a wide array of businesses, including those with state involvement. Directors are now required to adopt comprehensive anti-corruption and gift policies, ensuring greater transparency.
Emphasis on Compliance
CIABOC Commissioner Chethiya Goonesekera detailed the Act’s extended scope, particularly its emphasis on holding directors and employees accountable. Notably, directors can be held responsible for actions taken during their tenure, even after they have left the company.
The Act also mandates full cooperation with investigations, imposing severe penalties for obstruction or providing false information. Furthermore, it extends its jurisdiction to include offenses committed outside Sri Lanka, ensuring a more robust approach to combating corruption.
Systemic Reforms and Ethical Business Practices
Chairman of the Ceylon Chamber of Commerce Suresh Shah called for significant reforms to create a fairer business environment. He proposed moving from discretionary approvals to rules-based systems, which would reduce opportunities for corruption.
Additionally, he advocated for political reforms to separate political influence from administrative decisions, and for more transparency in political campaign financing. Such reforms, he argued, are essential for fostering an ethical corporate culture and reducing corruption.
Moving Towards a Zero-Tolerance Approach
The session also addressed the importance of corporate hospitality and whistleblowing. While transparent corporate hospitality is not considered bribery, it must comply with local laws. Whistleblowers, on the other hand, are encouraged to report misconduct, although they are not legally obliged to do so unless directly involved. CIABOC will investigate complaints, provided there is credible evidence.
The Road Ahead
The session concluded with a series of recommendations, including the establishment of anti-corruption policies across all sectors, especially small and medium enterprises (SMEs). Professionals in finance and accounting were encouraged to adopt a zero-tolerance stance on corruption and actively support enforcement measures.
The panelists emphasized the need for a culture of integrity, underpinned by education and open communication within organizations. Finally, the idea of an independent inquiry board to oversee public sector tender processes was proposed to ensure fairness and transparency
October 02, Colombo (LNW): Masatsugu Asakawa, President of the Asian Development Bank (ADB), extended his congratulations to President Anura Kumara Dissanayake on his election as the President of the Democratic Socialist Republic of Sri Lanka. In his message, Asakawa warmly welcomed Dissanayake as ADB Governor for Sri Lanka and praised the peaceful and orderly election process.
Highlighting the longstanding partnership between ADB and Sri Lanka, Asakawa acknowledged the bank’s role in addressing the country’s challenges since 1966. He emphasized ADB’s crucial budgetary support during the current economic crisis, aimed at strengthening reform efforts and assisting vulnerable populations.
Asakawa underscored the importance of President Dissanayake’s leadership in stabilizing Sri Lanka’s economy and driving it toward a more inclusive, sustainable, and resilient future. He reaffirmed ADB’s commitment to deepening cooperation as Sri Lanka embarks on significant reforms to unlock its full potential.
October 02, Colombo (LNW): In line with Article 41(1) of the Constitution, President Anura Kumara Dissanayake, after consulting the Cabinet of Ministers, has made several key appointments. The Cabinet has agreed to appoint Duminda Hulangamuwa and Dr. A.A.J. Fernando as Senior Consultants for Economic Affairs and Finance on an honorary basis, effective from September 24, 2024.
In administrative changes, Dinith Chinthaka Karunarathne has resigned from his position as Director General of Government Information, creating a vacancy. The Cabinet has approved the appointment of H.S.K.J. Bandara, a Grade I officer of the Sri Lanka Administrative Service and current Director (Admin) of the Department of Government Information, as the new Director General. Bandara will assume his duties immediately in a full-time acting capacity.
Additionally, following the remanding of former Controller General of Immigration and Emigration H.J. Illukpitiya on a Supreme Court order dated September 25, 2024, B.M.D. Nilusha Balasooriya has been appointed as the acting Controller General. Balasooriya, a Special Grade Officer of the Sri Lanka Administrative Service and current Additional Secretary of the Ministry of Public Security, will take over immediately.
