April 25, Colombo (LNW): The government plans to seize 112 vehicles that were unlawfully imported into Sri Lanka over the past several years, Finance State Minister Ranjith Siyambalapitiya disclosed.
In a statement issued by the Finance Ministry, the State Minister highlighted that these vehicles, valued at Rs. 7 billion, had been brought into the country illegally between 2015 and 2022.
Siyambalapitiya noted that the Fraud and Corruption Investigation Commission had identified these unlawfully imported vehicles.
Steps, accordingly, would be taken to confiscate these vehicles from their current owners who are utilising them, he emphasised.
The State Minister underscored that buyers are responsible for ensuring that vehicles are legally imported.
Sri Lanka Export Credit Insurance Corporation (SLECIC) extends its support to Logistic Industry by introducing a tailor made products to the following business categories.
Non-Vessel Operating Common Carriers (NVOCC)
Feeder Operators
Airline/Shipping Line Agents
Freight Forwarders
Secure Trade Financial Need for Logistic Industry…
Logistic Industry is the invisible backbone of the international trade, however they have been struggling to secure sufficient trade finance capital. Recognizing this critical need, Sri Lanka Export Credit Insurance Corporation (SLECIC) has introduced an innovative solution: the Export Performance Guarantee which provides much needed financial needs and thereby unlocking new growth avenues for Sri Lanka’s export sector.
This particular Export Performance Guarantee mitigates banker’s exposure in case the logistic industry fails to meet their contractual obligations/ due performance. Furthermore, SLECIC offers Export Performance Guarantee at an affordable premium rate on the permitted limit of the guarantee.
Benefits for the Trade:
Reduction in requirement of collateral: No more blocking ofcapital as deposits for the collateral for bank guarantees.
Mitigation of Risks for Banks: SLECIC’s guarantee protects the banks in case their clients who fail to meet their contractual obligations/ due performance.
Improved Credibility and ease of Contract Acquisitions: SLECIC’s guarantee assures terminal operators, Feeder Operator’s, and Shipping Line Agents’ ability to meet contractual obligations, making it easier to secure contracts.
Mr. Senarath Devendra, Chairman & Managing Director of SLECIC says: by adopting this new guarantee a large sum of deposited money would be released to the economy creating new investments opportunities which will in return pave the way to economic growth. Furthermore, he states that by strengthening the financial needs of the freight forwarding industry as a whole creates a more robust foundation for the entire Sri Lankan export landscape giving the opportunity for the companies to enhance their revenue streams.
For more information or to apply for the Export Performance Guarantee, contact SLECIC Sales & Marketing Department on 011 2307519-23 or [email protected].
April 25, Colombo (LNW): Labour and Foreign Employment Minister Manusha Nanayakkara has directed officials of the criminal investigation department of the Sri Lanka Bureau of Foreign Employment (SLBFE) to rigorously enforce the law against individuals engaged in fraudulent activities related to collecting money under false pretenses of providing foreign employment opportunities.
Following consultations with the investigative team affiliated with the Ministry, Minister Nanayakkara conveyed to the media the importance of lodging complaints with the SLBFE’s complaints section in instances where individuals have been victims of such fraudulent schemes.
This would enable legal action to be taken against the perpetrators, the Minister emphasised.
Furthermore, Nanayakkara instructed officials to take proactive measures to curb any illicit activities associated with the solicitation of funds under the guise of offering foreign employment opportunities.
In light of recent complaints, including an incident involving a police sergeant and a Buddhist monk near Anuradhapura, who allegedly engaged in fraudulent money collection for purported foreign job placements, Minister Nanayakkara underscored the necessity for thorough investigations.
He stressed that only licenced foreign employment agencies are authorised to receive payments for facilitating foreign employment opportunities.
Any unauthorised collection of funds in this regard is illegal and subject to strict legal action, he added.
April 25, Colombo (LNW): Sri Lanka is poised to host the 34th plenary meeting of the International Standards Organisation (ISO) Technical Committee for tea on July 24th, marking a significant milestone in global tea industry collaboration.
Under the stewardship of the Tea Research Institute of Sri Lanka and the Sri Lanka Standards Institution, the global review meeting will convene to address key aspects of tea production and standards adherence.
Chairman of the Sri Lanka Tea Board, Niraj de Mel, affirmed the country’s readiness to host the event, emphasising its importance in fostering international cooperation and standardisation within the tea sector.
Delegates from over 45 member countries are expected to participate in the international review, reflecting the global significance of Sri Lanka’s role in the tea industry.
Sanjaya Herath, Chairman of the Colombo Tea Traders Association, highlighted that the meeting will facilitate crucial discussions and evaluations on various international market parameters essential for tea production worldwide.
Among the agenda items are comprehensive reviews of biochemical, physical, and biological standards, aimed at ensuring consistent quality and safety standards across tea-producing nations.
This gathering represents the first physical meeting of the ISO Technical Committee since the onset of the COVID-19 pandemic in 2020.
The event, therefore, signifies a pivotal moment for the global tea community to reconvene and reinforce collaborative efforts towards industry excellence.
April 25, Colombo (LNW): In a significant step towards forging a broad political alliance, President Ranil Wickremesinghe convened a meeting with Sri Lanka Podujana Peramuna (SLPP) founder and former Party National Organiser Basil Rajapaksa, along with representatives from various other parties and groups.
The aim of the meeting was to expedite political efforts in anticipation of the upcoming presidential election following May Day.
Prime Minister Dinesh Gunawardena represented the Mahajana Eksath Peramuna at the meeting, which also saw the participation of key figures such as Ministers Prasanna Ranatunga, Tiran Alles, Harin Fernando, Kanchana Wijesekara, MP Mahindananda Aluthgamage, and Anura Priyadarshana Yapa.
Chief of Staff of the President Sagala Ratnayake attended the meeting on behalf of the United National Party (UNP).
Despite the collaboration, both the SLPP and the UNP, led by the President, have opted to hold separate May Day rallies, intending to merge for an alliance along with other like-minded parties post the presidential election.
Criticism has arisen regarding the economic crisis in the country, with both the SLPP and the UNP allegedly bearing responsibility. Some stakeholders have expressed concerns over the timing of political maneuverings amidst pressing economic challenges facing the island nation.
It was agreed that the President would emerge as a common candidate for the upcoming election, contesting under the symbol of the proposed alliance rather than the UNP symbol.
UNP Chairman Vajira Abeywardane and Minister Alles have been tasked with overseeing the registration process of the new alliance under a symbol acceptable to all parties and groups involved.
The launch of the campaign targeting the election is expected after the country secures the third tranche of the IMF (International Monetary Fund) in June, according to a political source familiar with the matter.
Additionally, efforts will be made to engage political groups led by MPs Wimal Weerawansa, Dulles Alahapperuma, and Pivithuru Hela Urumaya (PHU), all of whom are invited to join the new alliance formation discussions.
April 25, Colombo (LNW): Sri Lanka’s Secretary of Defence, General Kamal Gunaratne, engaged in bilateral discussions with Russia’s Security Council Secretary, Nikolai Patrushev, in St. Petersburg.
This meeting highlighted the imperative of international collaboration in addressing security concerns and promoting regional peace and stability.
The significance of fostering cooperation between nations to tackle security threats effectively was emphasised in a statement issued by the Defence Ministry.
The talks delved into various aspects, including counter-terrorism strategies, cyber security measures, and opportunities for enhanced defence cooperation.
Both parties reiterated their commitment to strengthening bilateral relations and exploring avenues for deeper collaboration in the security sector.
The bilateral meeting occurred on the sidelines of the 12th International Meeting of High-Ranking Officials Responsible for Security Matters in St. Petersburg, Russia, held from April 22 to April 25.
This significant gathering provided a platform for global leaders to exchange insights, discuss pressing security challenges, and formulate partnerships aimed at addressing shared security concerns on a global scale.
April 25, Colombo (LNW): Iran and Sri Lanka solidified their bilateral relations yesterday (24) through the signing of five Memorandums of Understanding (MoUs), covering a wide range of areas including film, media, tourism, cooperatives, libraries, and cultural, scientific, technical, and sports cooperation.
Signed in the presence of President Ranil Wickremesinghe and President Dr. Ebrahim Raisi, the agreements signify a deepening of collaboration between the two nations:
Memorandum of Understanding between the National Library of Sri Lanka and the National Library and Archives of Iran
Memorandum of Understanding on cooperation in the film industry between the National Film Corporation of Sri Lanka and the Ministry of Cultural and Islamic Guidance of Iran
Memorandum of Understanding on cooperation in the field of media and tourism between Sri Lanka and Iran
Agreement on the programme of cultural, scientific, and technical cooperation, mass media, youth, and sports between Sri Lanka and Iran
Memorandum of Understanding between the National Co-Operative Council of Sri Lanka and Iran Chamber of Cooperatives
President Dr. Ebrahim Raisi, on a one-day official visit to Sri Lanka, participated in a public ceremony inaugurating the Uma Oya Multipurpose Development Project (UOMDP) before engaging in bilateral talks with President Wickremesinghe in Colombo.
The visit was marked by ceremonial welcomes and displays of honour at Galle Face Green.
April 25, Colombo (LNW): Showers or thundershowers will occur at several places in Western, Sabaragamuwa, Central, North-western and Southern provinces after 2.00 p.m., with showers or thundershowers being expected to occur over the coastal areas of Galle to Pottuvil via Matara and Hambantota during the morning too, the Department of Meteorology said in its daily weather forecast today (25).
Misty conditions can be expected at some places in Sabaragamuwa, Central and Uva provinces during the morning.
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 several places in the sea areas off the coast extending from Pottuvil to Matara via Hambantota. Showers or thundershowers may occur ata few places in the sea areas off the coast extending from Puttalam to Matara via Colombo and Galle in the evening or night.
Winds:
Winds will be south-easterly or variable and wind speed will be (20-30)kmph.
State of Sea:
Sea areas around the island will be slight. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
Meanwhile, heat index, the temperature felt on human body is expected to increase up to ‘Caution level’ at some places in Northern, North-central, Western, Sabaragamuwa, Eastern, Southern and North-Western provinces and Monaragala district, the Natural Hazards Early Warning Centre of the Department said in a warning.
The public, therefore, is requested to stay hydrated and take breaks in the shade as often as possible, check up on the elderly and the sick, never leave children unattended, limit strenuous outdoor activities, find shade and stay hydrated, and wear lightweight and white or light-coloured clothing.
In a bizarre turn of events Cardinal Malcolm Ranjith says not to vote for any one else other than Sajith or Anura. Essentially saying not to vote for the President. Catholic community is only 8% of the population.
What right does he have as Cardinal to say that using the church as a cover? As a Private Citizen yes. Several Catholics and clergy from several religions condemned the Cardinal’s outburst as bizarre and insulting. Coming from a religious leader is both shocking and outrageous said a retired diplomat. He told LNW the Cardinal’s conduct was totally unacceptable and improper. He recommended that the government sends an official complaint to the Vatican to Pope Francis. In addition requesting to appoint an Archbishop for Colombo who is balanced and spiritual. Not a religious leader who engages in political bickering. Malcolm Ranjith was accused for supporting the deposed President Gotabaya Rajapaksa by several people in the last presidential election. Which he has denied. Very few people now believe in his actual sincerity. They accuse him of hiding behind the red robe and slinging mud at politicians he does not favor or like. The government after the Easter Sunday attacks provided the Cardinal with Army Protection. Which he still enjoys. He should first get rid of that.
An opposition member of parliament told LNW that the Cardinal was respected so much for managing the crisis and preventing a backlash from the majority community in 2019. He is squandering all that with his supidity and choice of words. He strongly urged the President to make an official complaint to His Holiness the Pope on the conduct of the Cardinal. A Christian preacher told LNW that Cardinal should be focused on Christian teachings instead of using the church to play politics with the catholic people . This is why the Roman Catholic Church is losing their base in Sri Lanka. He should at least take a cue from the The Dhammapada: Hatred does not cease by hatred, but only by love. This is what is expected of a religious leader, he concluded.
April 24, Colombo (LNW): A top economist yesterday raised concerns over the “loosening of fiscal squeeze” by authorities to stimulate economic growth. Doing so could lead to potential risks of jeopardising Sri Lanka’s agreements with the International Monetary Fund (IMF).
Institute of Policy Studies (IPS) Executive Director Dr. Dushni Weerakoon asserted that there is only room for tweaks at the margin on both the expenditure and revenue fronts.
“Vote-winning quick fixes have turned out to be very costly in the past and the stakes are even higher this time around.
“A premature fiscal loosening will unsettle Sri Lanka’s creditors, as will any attempts to push down the timeline to achieve benchmark targets on fiscal ratios,” said Dr. Weerakoon in an analysis published on East Asia Forum yesterday.
The senior economist noted that creditors typically prefer early settlements to deferred settlements as the stabilisation process drags on.
“Creditors and investors alike know that 2024 is not the end of Sri Lanka’s electoral cycle and parliamentary elections are scheduled in 2025,” she pointed out.
According to Dr. Weerakoon, this suggests the need for caution on the economic front. Relaxing fiscal austerity should be tightly focused on scaling back inefficient spending and using the money to target relief for the poor.
In the interim, monetary policy can be used as the main tool to boost demand, while recognising that there are limits.
“This recovery path is more anaemic after an acute economic shock, where consumers and businesses are weighed down by debt, as evident in Sri Lanka’s experience,” she said.
Dr. Weerakoon stressed that the priority over the next few months is to build on existing progress and finalise an external debt restructuring deal before the elections.
Sri Lanka is seeking a five-year moratorium from its bilateral creditors and bondholders with the intention of starting repayments in 2028.
A debt treatment plan with India and the Paris Club, and talks with China has progressed. Bondholders’ negotiations are continuing, though slow.
While a final deal will require agreement among all these private and official creditors, Weerakoon cautioned that if negotiations are not concluded ahead of the elections, the delay will add another layer of uncertainty for months to come.
Therefore, to avert future crises, Sri Lanka must take cautious and measured steps to bring about real change in its economic fundamentals.
“This approach suggests that there is little room for boom times just yet. On the balance of probabilities, it is preferable to acknowledge that recoveries after economic crises and defaults are generally weak and fragile.
“Embracing a period of modest growth is preferable to once again plunging into chaos due to bad policymaking,” said Dr. Weerakoon.
