April 16, Colombo (LNW): Iranian President Ebrahim Raisi’s upcoming visit to Sri Lanka in May is poised to mark a significant milestone, as he is set to inaugurate the Uma Oya Multipurpose project, foreign media reports claimed.
The Uma Oya project encompasses the construction of two dams, Dyraaba and Puhulpola, along with a 25-kilometre water transmission tunnel and two hydroelectric power plants, each boasting a capacity of 60 megawatts.
Considered a monumental engineering feat, the Uma Oya multipurpose project represents a pinnacle achievement for Iranian companies operating in Sri Lanka.
The project’s objectives are multifaceted, aiming to enhance irrigation across 5,000 acres of agricultural land, facilitate the transfer of 145 million cubic metres of water annually, and generate 290 GW/h of power.
It is noteworthy that the project’s intricate and diversified components underscores its complexity and scale.
Furthermore, it stands as one of the largest endeavours undertaken by Iranian contractors on foreign soil.
This forthcoming event follows a significant diplomatic exchange between Sri Lanka and Iran in August 2023, during which Sri Lanka’s Foreign Minister Ali Sabry visited Tehran and engaged in discussions with his Iranian counterpart, Hossein Amir Abdollahian.
Abdollahian characterised the visit as a “turning point” in Iran-Sri Lanka relations during a joint press conference, highlighting the significance of bilateral ties between the two nations.
April 16, Colombo (LNW): The Agriculture Department is poised to issue crucial recommendations for the cultivation of the MD 2 pineapple variety, renowned globally for its exceptional sweetness, in Sri Lanka.
Sri Lanka has potential to produce some of the world’s most delicious pineapples, making it possible to generate a substantial demand for locally grown pineapples in the global market, Agriculture Minister Mahinda Amraraweera disclosed.
Despite the high demand for the MD 2 pineapple variety worldwide, efforts to cultivate it within Sri Lanka have been lacking.
Successful research endeavours aiming to cultivate this pineapple variety, characterised by its sweet taste and low acidity, have been conducted in the country, he noted.
In light of these advancements, Amaraweera instructed the Agriculture Department to expedite the process of recommending the MD 2 pineapple variety for cultivation in Sri Lanka, following the directives of the Crop Release Committee.
Furthermore, the Agriculture Minister underscored the success of research initiatives conducted under the government’s Agriculture Sector Modernisation Programme, affirming farmers’ keen interest in cultivating the MD 2 pineapple variety in Sri Lanka.
April 16, Colombo (LNW): Sri Lanka’s debt restructuring process encounters hurdles in negotiations with private bondholders, while progressing smoothly with bilateral creditors, a senior official revealed yesterday (15).
Speaking to reporters, Chief of Staff of the President Sagala Ratnayake disclosed that discussions between the government and private bondholders have faced challenges due to differing proposals from both sides.
Despite two rounds of talks this year, disagreements persist on key aspects, narrowing down to two unresolved issues.
Ratnayake highlighted the International Monetary Fund’s (IMF) acknowledgment of the government’s proposals as compliant, contrasting with bondholders’ proposals deemed non-compliant.
However, he refrained from divulging specific details, citing confidentiality agreements.
Emphasising that negotiations with private bondholders form only one facet of the debt restructuring programme, Ratnayake underscored successful discussions with the Official Creditor Committee (OCC) and individual bilateral creditors like China.
The next step involves determining whether to pursue a single agreement with the OCC or negotiate individual agreements with member states.
Addressing sentiments expressed by the IMF, Ratnayake noted international donors’ satisfaction with Sri Lanka’s recent economic progress.
However, he clarified that the IMF remains committed to its programme guidelines despite positive evaluations.
April 16, Colombo (LNW): Sri Lanka Railways announced the cancellation of at least 11 commuter trains on the morning of the 16th, citing the absence of locomotive operators and train guards who failed to report to work.
This disruption in train services affected routes departing from Colombo Fort to various destinations including Moratuwa, Panadura, Wadduwa, Negombo, Ambepussa, Padukka, and Ragama.
Commuters relying on these train services faced inconvenience due to the cancellations, highlighting the importance of adequate staffing and operational readiness within the railway system to ensure seamless transportation services for the public.
April 16, Colombo (LNW): During the IMF-World Bank Group (WBG) Spring Meetings 2024 in Washington, D.C., Sri Lanka’s Finance State Minister Shehan Semasinghe met with Kenji Okamura, Deputy Managing Director of the International Monetary Fund (IMF).
Okamura commended Sri Lankan authorities for their robust programme implementation and remarkable progress in reforms.
Semasinghe led the Sri Lankan delegation, accompanied by Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe and Treasury Secretary Mahinda Siriwardana.
They discussed recent socio-economic developments and reaffirmed Sri Lanka’s commitment to maintaining the gains achieved under the IMF programme while ensuring strong ownership and policy consistency.
In a productive exchange, Okamura emphasised the importance of preserving these achievements and maintaining momentum in reforms.
Semasinghe shared insights into Sri Lanka’s macroeconomic landscape and investment opportunities during a roundtable with the Business Council for International Understanding (BCIU).
Discussions focused on sectors like education, tourism, renewable energy, agriculture, and technology, highlighting their potential for sustainable economic growth.
Furthermore, Semasinghe engaged in discussions with Dr. Krishnamurthy Subramanian, IMF Executive Director for India and Sri Lanka, and Parameswaran Iyer, World Bank Executive Director for India and Sri Lanka.
Iyer assured Sri Lanka of his full support, updating Semasinghe on internal restructurings within the World Bank and their potential benefits for the country.
April 15, Colombo (LNW): Sri Lanka, economic crimes perpetrated by politically exposed persons (PEPs) have received critical attention at present, where there have been discussions on plausible interventions to address the culture of impunity and the human rights implications of economic crimes.
This report compiled by the Centre for Policy Alternatives (CPA), highlited key issues concerning addressing economic crimes in Sri Lanka, mapping out several interconnections between economic crimes perpetrated by PEPs in Sri Lanka and the human rights implications of such crimes.
The CPA study reveals Sri Lanka’s weak Institutional structures linked to political elites with ’ vested interests.
Politically connected persons who declare commitments to address various types of economic crimes, often during election cycles, have vested interests in institutions that investigate and prosecute economic crimes, a recent study by the Centre for Policy Alternatives (CPA) has found.
“Therefore, once these political elites are in office, they are often reluctant to invest in building capacities as any form of institutional strengthening could lead to their private gains being investigated as well.”
The study, Understanding Connections between Human Rights and Economic Crimes, combines the findings of key informant interviews (KIIs), and analysis of the challenges to the country’s efforts to combat corruption and ensure accountability within its governance framework.
“The key impediment to setting up a powerful, independent investigative and prosecutorial arm to address economic crimes is a direct result of the lack of commitment to capacitate and invest in existing institutional structures,” the study said.
The study further broke down the reasons for the continuous deliberate attempts to dismantle structures of accountability to address economic crimes in Sri Lanka as; vested interests in institutions, concerns regarding independence and integrity, and deliberate attempts to dismantle systems of accountability.
On institutional structures’ integrity and independence, the study found that combating economic crimes presents a challenge to the independence and integrity of institutional structures.
“Fundamental concerns regarding the impartiality and transparency of investigations exist, particularly as to what extent these inquiries are conducted without external interference.
This also relates to a range of other issues such as securing the resourcing for any establishment/s to carry out independent investigations and prosecutions as well as investing in obtaining specialist knowledge,” the study found.
The skills, specialisation, and technical proficiency gaps between investigators and prosecutors are substantial, as this investigation found, particularly when it comes to handling intricate matters like economic crimes.
Even though there have been attempts to enhance the capacities of investigators in the past, such efforts have also been “deliberately undermined”.
“For example, the immediate transfer of the 60 officers, who were trained to investigate financial crimes under the former Financial Crimes Investigative Division (FCID), to other unrelated tasks evinces the deliberate obstruction of the efficiency and effectiveness of investigations.”
April 15, Colombo (LNW): The National Savings Bank (NSB) said it demonstrated its mettle amidst challenges by recording a Profit after Tax (PAT) of Rs. 7.2 billion for the fiscal year ended December 31, 2023.
NSB said the performance in FY23 was a testament to its adept management and highly skilled workforce in a year which saw the aftermath of pandemic followed by largest economic crisis in post-independence history, and socio-political uncertainties and monetary tightening.
The Banks’ achievement of Rs. 7.2Bn PAT mainly surged by 31% increment of Interest Income. The Bank strategically allocated more than 60% of its customer deposits investing in Government Debt Securities capitalizing on the higher interest rates prevalent in 2022.
This prudent investment strategy yielded a substantial interest income of Rs. 137.7Bn which was an upswing of 36%. Interest received through Loans and Advances also grew by 36.3%, an increment of Rs. 23.4 Bn.
Net Gain from trading rose up to Rs. 3.7Bn at the group level which was a 206% increase from last year where they recorded a loss from trading. However, NSB was able to turn around the situation with professional due care and commitment, underscoring NSB’s adeptness in capitalising on market opportunities.
The Bank however, encountered challenges in net fee and commission income, witnessing a 34% decline due to subdued demand for loans and advances amid higher interest rates then prevailed. Fee and Commission Income was mostly contributed from Retail Loans and Corporate Banking. Both lines of business were clogged due to unwholesome micro financial conditions.
Exceeding the growth rate of Interest Income, the Interest Expense of the Bank also increased by 41% year-over-year (YoY). This rise in the cost of funds, particularly from Fixed Deposits which represent the largest portion (81%) of NSB’s deposit base, contributed to a congestion in the positive growth of Net Interest Income due to the lag effect of liability repricing.
Impairment charges of the Bank decreased by 12% in 2023 compared to the same period last year. The Bank closely monitors and considers the impact of the economy to business operations and performance.
In terms of Asset Quality, with all the obstacles, NSB has one of the lowest Impaired Loans (Stage 3) Ratio 2.41% (net of stage 3 impairment) compared to the industry rate of 7% at the end of fiscal year 2023. Further, the Bank maintains above industry impairment coverage ratio of 53.3%.
Personnel and other expenses were increased by 17% and 16% respectively being in consistent with inflationary situations globally. The Bank recorded a PBT of Rs. 4.3 billion which was a 5% decrease from 2022.
April 15, Colombo (LNW): Kurundi (Kurundumale, Kurundavashoka: Tamil: Kurundumalei) in Mullaitivu district has the potential to develop it as tourist destination and an area of attracting foreign direct investments , tourism ministry sources said.
The ruins at the Kurundi (in Mullaitivu district is such a place currently being fought by the politicians stating that this is a site of a Hindu Kovil and not a Buddhist site.
But these ruins have been documented in an archaeological report of 1905. An inscription that was recorded at this site has now disappeared. In August 2013, this site was declared as a protected archaeological site by a gazette notification.
The ‘Kurundi’ monastery constructed in the 1st century BC is considered sacred as the Buddha had visited the site during his 2nd visit, Prof. Samitha Hettige said.
In the 6th century AD, King Akbo has constructed the ‘Kurundi’ lake probably for cultivation & drinking water etc.
Kalinga Maga whom Paranawithana believed came from Malaysia (City of Holin as per Chinese chronicles/ present Klung valley, Malaysia) has had a base at ‘Kurundi’ (Ref. Mahavansa).
The British backed by H.C.P. Bell gazetted approx 78 acres of the ‘Kurundi’ temple lands as an “archaeological site” in 1933 & left it to the Sinhalese & Tamils in 1948.
After 3 decades they started killing each other for petty reasons for over 30 years. The ground reality in ‘Kurundi’ has changed with the rest of the society by now. Why should Sri Lankans unite to use ‘Kurundi’ to develop the district & the country? How can they do it? From whom can they learn?
Approx 98% of Cambodians are ‘Theravada’ Buddhists. ‘Ankor Wat’ in ‘Siem Reap’ is their showpiece Buddhist base. Some Cambodians believe that Emperor Jayawarman VII was a reincarnation of King Dutugamunu, he disclosed.
King Dutugamunu gave glory to ‘Siem Riep’ & Cambodia by expanding ‘Ankor Wat’(Ref Cambodian History). During the Vietnam War US forces bombed the magic roads in the jungles of Cambodia bordering Vietnam to kill the Vietnamese who humiliated the mighty US forces with basic tactics.
During the offensives thousands of Cambodians died. Hence, average Cambodians were anti US then. Some believe that it lead to the rise of ‘Polpot’ (Politically Potential man) of the ‘Khmer Rough’ (Red Cambodians).
Within few years Cambodians realized the gravity of giving governing power to the wrong. During the past few decades Cambodians proved they are practicing ‘Theravada’ Buddhists.
With positive attitudes, they managed to attract FDIs from its former aggressor USA & many including China’s Belt & Road Initiative (BRI – China’s 21st century international trade net).
They even went to the extent of opening a ‘Hard Rock’ café (iconic American brand) in Angkor Siem Reap & it has established as one of the most popular tourist attractions in the city. Similarly Sri Lankans can use ‘Kurundi’ to attract the world with its archaeological sites, mixed cultural flavours & the lake etc. They may add more attractions as in ‘Slender West Lake’ in China he added.
April 15, Colombo (LNW): India said it is and will remain Colombo’s most reliable friend and dependable partner as it underlined that New Delhi was willing to offer modern defence equipment to friendly partner countries like Sri Lanka.
Addressing the Second India-Sri Lanka Defence Seminar here, India’s High Commissioner to Sri Lanka, Santosh Jha, said that like in other areas, India and Sri Lanka were cooperating closely on security and defence matters.
“Because of our geography, our security is interlinked and intertwined. And when we speak of security, we must remember that it has acquired a wider meaning than we have traditionally associated with it,” Jha said.
The various advanced platforms and equipment developed indigenously in India can also become viable, affordable and modern solutions for the Sri Lankan military, he said
Indian arm manufacturing firms displayed the Delhi’s capability in arm manufacturing to Sri Lankan military at a seminar on Wednesday which the island nation expects to open the door for future joint collaboration in manufacturing and services.
Indian High Commission in Colombo High Commission organised the seminar titled “Identifying New Opportunities and Forging New Bonds” to promote Indian Made Defence equipment and explore avenues for collaboration in defence production.
India’s privately owned defence companies demonstrated the capability they have developed in manufacturing arms and other products including unmanned aerial vehicles (UAVs), latest drones, and latest earth movers used in war zones.
The delegation comprised representatives from Indian Defence companies including Hindustan Aeronautics Limited, Bharat Electronics Limited, Zen Technologies, SSS Defence, Bharat Forge, Big Bang Boom Solutions, AWEL, AVNL, Mahindra Defence, Sager Defence and TATA Advances System Ltd.
They presented their manufacturing capabilities and the advantages of using them in a modern war.
From the Sri Lankan side, Chief of Defence Staff, Commander of Sri Lanka Navy, Commander of Sri Lanka Air Force and other senior officers from Sri Lankan Armed Forces, Police and Special Task Force attended the event along with representatives of leading Sri Lankan business conglomerates.
Santosh Jha, the Indian High Commissioner to Sri Lanka underlined the increasing diversification of India-Sri Lanka bilateral cooperation across domains, including in security and defence matters.
“He emphasised that because of geography, the security of India and Sri Lanka is interlinked and intertwined,” Indian High Commission of Sri Lanka said in a statement. “India’s defence exports today stand at nearly 2.6 billion US Dollars, a ten-fold increase over the past five years. High Commissioner stated that the seminar was another platform to explore ways of extending India’s increasing capabilities in the defence sector to Sri Lanka.”
During the traditional oil anointing ritual after the Sinhala and Tamil New Year dawn, a blessing is recited that invokes a series of seemingly impossible transformations to grant longevity to the anointed: The tradition reads, “Dressed in white, while facing south, may divul leaves on your head and imbul leaves on your feet, apply oil mixed with extracts of divul leaves.”
Opposition Leader Sajith Premadasa says the next Sinhala and Tamil New Year of Sri Lanka should be celebrated as a smart country in which prosperity blossoms: adds the country’s current status is a ‘new normal’ and the prices of food and oil, therefore, have increased, making it difficult for people to experience the joy of the New Year table: laments that a majority of people have become poor in what he described as the new normal.
Leader of the Pivithuru Hela Urumaya MP Udaya Gammanpila says he does not believe that President Ranil Wickremesinghe will contest the upcoming Presidential Election as suggested by certain MPs of the Sri Lanka Podujana Peramuna (SLPP): asserts those who have carefully studied politics do not express views on their political allegiances until the right moment, because otherwise they could be politically humiliated before the public.
India reaffirms its steadfast support to Sri Lanka, emphasising its commitment as Colombo’s ‘most reliable’ friend and partner: Indian High Commissioner Santosh Jha highlights the close cooperation between the two nations in security and defence matters, stressing the interconnectedness of their security due to geography: mentions India’s willingness to provide modern defence equipment to friendly nations like Sri Lanka, showcasing India’s indigenous defence capabilities to Sri Lankan military representatives.
Special bus services are arranged by the National Transport Commission (NTC) for individuals returning to Colombo after the Sinhala and Tamil New Year holidays on April 15 and 16: Additional buses are deployed to accommodate passenger demand, while special train services from Badulla, Galle, and Beliatta railway stations to Colombo Fort are also available, providing commuters with alternative transportation options.
Korea pledges expanded support to Sri Lanka across various sectors such as education, health, renewable energy, employment, agriculture, and rural development: Ambassador Miyon Lee assures Prime Minister Dinesh Gunawardena of this: Korea will provide smart classrooms to 1,000 schools, send medical teams to Government hospitals, and undertake new development projects alongside ongoing ones: agrees to increase employment opportunities for SL workers and enhance cooperation in various fields, including academia and technology.
The Health Ministry’s Epidemiology Unit reports a record surge in 2024 dengue cases, topping 21,000: Colombo leads with 4,527 cases, and Western Province records 7,547: April alone sees 989 new cases: With recent rainfall, authorities stress cleanliness to curb mosquito breeding and dengue spread.
The National Savings Bank (NSB) showcases resilience by achieving a Profit after Tax (PAT) of Rs. 7.2 billion for the fiscal year ended December 31, 2023 despite facing numerous challenges: This success was driven by a 31% increase in Interest Income, primarily from strategic investments in Government Debt Securities: Despite a 34% decline in net fee and commission income due to subdued loan demand, NSB demonstrates adeptness in capitalising on market opportunities, resulting in a 206% increase in Net Gain from trading: faces, however, a 41% increase in Interest Expense, primarily from Fixed Deposits, affecting the growth of Net Interest Income: maintains a low Impaired Loans Ratio of 2.41% and an above-industry impairment coverage ratio of 53.3%: Overall records a Profit Before Tax (PBT) of Rs. 4.3 billion, representing a 5% decrease from 2022, while managing increased personnel and other expenses amid global inflationary pressures.
Police report four murders during the New Year period of 48 hours: In Galewala, a 23-year-old died intervening in a dispute: In Hakmana, a 21-year-old was killed by his uncle: In Elayapaththuwa, a 37-year-old died in an alcohol-fuelled altercation: In Serunuwara, a 41-year-old was killed over an affair: Suspects are sought as investigations continue: Meanwhile, Police also report 8 road accidents in 24 hours, resulting in 10 deaths: Driver negligence considered to be the major factor: Authorities urge the need for strict adherence to traffic rules to curb accidents.
Mumbai Indians skipper Hardik Pandya credits Chennai Super Kings’ Impact Substitute, Sri Lankan pacer Matheesha Pathirana, for their 20-run loss in the IPL match at the Wankhede Stadium: Pathirana’s 4-28 disrupted Mumbai’s momentum, despite a strong start: Pandya’s decision to bowl first backfired, facing a barrage from Mahendra Singh Dhoni. acknowledges CSK’s smart bowling plans, implying the lack of similar support from Rohit Sharma: Pandya’s handling of bowlers left experts puzzled, but he remains optimistic about upcoming matches on the road.
