April 25, Colombo (LNW): The holding of tuition classes and seminars for the 2023 GCE Ordinary Level examination will be subject to prohibition, effective from midnight on April 30, the Department of Examination announced.
Deputy Commissioner of Examinations, Lasika Samarakoon, emphasised the strict enforcement of this regulation, with stern action to be taken against individuals found in violation.
Preparations are underway for the administration of the GCE O/Level exam scheduled to take place from May 6th to 15th.
Additionally, the Department of Examinations disclosed that the results of the recently conducted GCE Advanced Level examination will be released in May.
April 25, Colombo (LNW): Getting into a resilient mode after navigating severe economic turbulence, Sri Lanka is doubling down on its efforts to attract foreign direct investment and investors by rolling out a landmark investment law designed “to eliminate the existing complexities.”
The island nation’s State Minister of Investment Promotion Dilum Amunugama said the Sri Lankan government expects to attract 4 billion to 4.5 billion U.S. dollars in foreign investments in 2024.
The state minister said in 2023 Sri Lanka attracted 1.8 billion dollars worth of foreign investments, although the target was only 1.5 billion dollars.He said that the government has set an investment target of 4.5 billion dollars in 2024.
Amunugama said foreign investments have increased significantly after the country entered into an agreement with the International Monetary Fund (IMF).
He said that due to the political and economic instability in Sri Lanka, foreign investment declined in 2022 and the first half of 2023.
The new investment law, the minister said, will ensure the rights of foreign investors to make Sri Lanka an investment-friendly destination.
The game-changing law will feature several incentives for foreign investors. Also on the cards is an initiative to give free land ownership rights to foreign investors, he said.
Part of the new measures is the setting up of an Investor Facilitation Centre to provide comprehensive facilities, including addressing investor issues.
It will operate in close coordination with various government agencies. The centre would serve as a platform for investors to swiftly address their current challenges. Specific investment zones with the potential to attract investments to Sri Lanka have also been identified, according to the minister.
Going forward, Sri Lanka expects to accelerate the recovery process of its $89 billion economy (2021) by focusing primarily on its agriculture sector, followed by tourism and investment sectors, said the minister.
On debt restructuring discussions with the IMF, the minister said he is optimistic of resolving all pending issues although “we cannot meet all their (IMF) conditions in the current situation.”
The debt restructuring is crucial for Sri Lanka to reach a 2.3 per cent primary budget surplus by 2025, the key fiscal target set by the IMF.
According to data from the finance ministry, Sri Lanka’s external debt was $36.09 billion at the end of March this year. Once the debt restructuring is completed, Sri Lanka hopes to reduce its overall debt by $16.9 billion.
The country owed about $10 billion to multilateral banks like the World Bank and the Asian Development Bank and $11.33 billion to bilateral creditors, including the Paris Club nations and China, Japan, and India. Commercial loans, comprising of sovereign bonds and other time-bound loans, accounted for $14.75 billion.
April 25, Colombo (LNW): The Sri Lankan Rupee indicates appreciation against the US Dollar today (25) compared to yesterday, as per the exchange rates released by leading commercial banks in Sri Lanka.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 291.69 from Rs. 293.46, and the selling price to Rs. 301.25 from Rs. 303.75.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 291.24 from Rs. 294.46, and the selling price to Rs. 300.50 from Rs. 303.75.
At Sampath Bank, the buying price of the US Dollar has dropped to Rs. 293.50 from Rs. 294, and the selling price to Rs. 302.50 from Rs. 303.
April 25, Colombo (LNW): In a dramatic turn of events, a 32-year-old Sri Lankan man, missing since April 17 after leaping over a safety fence near Adam’s Peak, has been located safe and alive, following a massive search effort by local authorities.
The man, identified as Dinesha Hemantha (32) from Suriyawewa, Hambantota, made the daring decision to jump over the fence while journeying with a group of pilgrims towards the revered peak, according to Police.
His actions triggered an extensive search operation coordinated by the local Police, Police Special Task Force, and the Sri Lanka Army.
After days of intense searching, local residents in Nallatanniya spotted Dinesha on April 24, prompting immediate intervention by authorities.
Responding promptly, police officers located him near a canal bordering the Sripada Reserve, where he was found dehydrated and in need of medical attention.
Despite sustaining minor leg injuries, Dinesha recounted having no recollection of his time at the Upper Terrace of Adam’s Peak.
He shared that he woke up near the canal, surviving for five days by navigating downstream, seeking refuge in rock caves, and relying solely on water for sustenance.
Following his discovery, Dinesha was promptly admitted to Dik Oya Hospital for necessary medical care, after receiving initial treatment at Maskeliya Regional Hospital.
The motives behind Dinesha’s decision to jump over the safety fence remain unclear, as authorities continue their investigation into the incident.
Iran and Sri Lanka bolster ties with the signing of five MoUs covering film, media, tourism, cooperatives, libraries, and cultural, scientific, technical, and sports cooperation: President Raisi visited Sri Lanka, witnessing the agreements’ signing and participating in ceremonial events, including the inauguration of the Uma Oya Multipurpose Development Project.
Opposition Leader Sajith Premadasa says professional lecturers should become part of the great revolution in education in Sri Lanka: stresses everyone, including the professional scholars, must come together and bring about a massive positive transformation of the quality of education, as a powerful collective that creates the intellectual force of Sri Lanka: adds parallel to the strengthening of free education, value should be added to the education system.
President Ranil Wickremesinghe holds a meeting with SLPP’s Basil Rajapaksa and other party representatives to discuss political alliance plans ahead of the upcoming presidential election: Despite separate May Day rallies, they aim to merge post-election: The President is expected to run as a common candidate under a new alliance symbol: Launch of the campaign is anticipated after securing the IMF tranche in June: Discussions will include other political groups like those led by MPs Weerawansa, Alahapperuma, and Pivithuru Hela Urumaya.
Labour and Foreign Employment Minister Nanayakkara instructs SLBFE officials to crack down on fraudulent schemes promising overseas jobs: emphasises lodging complaints and urged proactive measures against illicit activities: Recent incidents, including involvement of a police sergeant and a monk, highlight the need for thorough investigations: reiterates only licensed agencies can receive payments for job placements.
The government plans to seize 112 vehicles illegally imported into Sri Lanka, valued at Rs. 7 billion: Finance State Minister Ranjith Siyambalapitiya reveals steps would be taken to confiscate these vehicles identified by the Fraud and Corruption Investigation Commission between 2015 and 2022: Buyers are reminded of their responsibility to ensure vehicles are legally imported.
Varun Beverages Lanka (Pvt) Ltd. is launching “Clean Green Sri Lanka,” urging people to responsibly collect waste PET plastic bottles: aims to educate the public on proper disposal and recycling of PET plastic: introduces electric bicycles for efficient and eco-friendly waste collection, empowering marginalised communities and promoting sustainability: The initiative pioneers the use of electric bikes for recycling in Sri Lanka, aiming to change perceptions and promote environmental stewardship.
Sri Lanka will host the 34th ISO Technical Committee meeting for tea on July 24th, gathering delegates from over 45 countries to discuss global tea industry standards: Led by Sri Lanka’s Tea Research Institute and Standards Institution, the meeting will focus on key aspects of tea production and adherence to standards: This marks the first physical meeting since the pandemic, signifying a crucial moment for global tea industry collaboration.
The GMOA urges the government to halt the recent Cabinet decision allowing local students into the General Sir John Kotelawala Defence University’s medical programme: cites concerns over transparency and consultation: plans to seek clarification from the President’s Office and calls for suspending the decision until further details are provided.
A 32-year-old man who went missing after jumping over a safety fence near Adam’s Peak has been found alive: He was located in Nallatanniya after days of searching: Identified as Dinesha Hemantha, he sustained minor injuries and was admitted to Dik Oya Hospital for treatment: His motives for jumping remain unclear.
The 2024 ICC Women’s T20 World Cup qualifiers begin in Abu Dhabi today: Sri Lanka will face Thailand in Group A, while Ireland will face the UAE in Group B: Matches start at 4:30 pm local time: Group A includes Sri Lanka, Thailand, Scotland, Uganda, and the USA, while Group B comprises Ireland, Zimbabwe, Netherlands, UAE, and Vanuatu: The main tournament is scheduled to be hosted in Bangladesh between September and October 2024.
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.
