November 20, Colombo (LNW):The Asian Development Bank (ADB) has approved a $200 million policy-based loan to support Sri Lanka’s efforts in reinforcing its financial sector. This marks the second subprogram under the ADB’s Financial Sector Stability and Reforms Program, building on stabilization measures introduced in 2023.
“Sri Lanka has made commendable progress in stabilizing macroeconomic conditions and enhancing its fiscal situation. ADB’s support focuses on instituting structural reforms in the financial sector to ensure sustainable recovery and resilience,” said Takafumi Kadono, ADB Country Director for Sri Lanka.
The subprogram aims to strengthen the governance of the banking sector and promote financial inclusion as part of Sri Lanka’s broader economic recovery plan. Key measures include enhancing the Central Bank of Sri Lanka’s (CBSL) regulatory supervision, introducing improved early warning systems, and implementing a new stress testing model to address solvency and liquidity challenges.
Additional reforms target the banking sector’s asset quality, providing guidance on managing credit concentration risks. Incentives will be offered to banks to support micro, small, and medium-sized enterprises (MSMEs), including women-led businesses, through guarantees and reduced collateral requirements.
The Ministry of Finance will expand financial inclusion for vulnerable groups by digitizing personal information to facilitate electronic transactions. A new policy framework will also improve access to finance for women-led MSMEs, with CBSL supporting financial institutions in identifying eligible entrepreneurs.
This loan underscores ADB’s commitment to fostering inclusive and resilient growth in Sri Lanka, with a focus on long-term stability and poverty alleviation. Established in 1966, the ADB continues to play a pivotal role in supporting sustainable development across Asia and the Pacific.
President Anura Kumara Dissanayake emphasised that the immense power granted to the Ministers must be wielded with responsibility. He acknowledged that while the victory is monumental, the weight of the responsibility that comes with it is equally important, and that collective effort is needed to carry it forward. President Dissanayake further elaborated on the critical importance of responsibility in leadership.
The appointment of the new Secretary to the Prime Minister, the Cabinet Secretary and Secretaries for 16 Ministries was held at the Presidential Secretariat in Colombo. The ceremony was officiated by the Secretary to the President, Dr. Nandika Sanath Kumanayake, the President’s Media Division (PMD) said.
Former Canadian High Commissioner to Sri Lanka David Mckinnon has called out the lack of coverage on Sri Lanka’s November 14 parliamentary elections by Canadian Press. In a statement on social media, Mckinnon said that given other political events in recent days, it is no surprise that the extraordinary results of SriLanka’s November 14 parliamentary elections did not dominate headlines in Canada, but they should get some attention, as Sri Lanka has at other times, especially when trauma is involved.
The Secretary General of Sri Lanka’s Parliament, Kushani Rohanadeera has announced plans to introduce special arrangements to meet vision-impaired MP Sugath Wasantha de Silva’s requirements. MP Sugath Wasantha de Silva has been appointed a Member of Parliament through the National Peoples’ Power’s (NPP) National List. He is also Sri Lanka’s first-ever vision-impaired Member of Parliament.
The Election Commission of Sri Lanka has issued a Gazette notification declaring that the General Secretary of the Samagi Jana Balawegaya (SJB), Ranjith Madduma Bandara, has been elected as a Member of Parliament through the National List of the SJB.
Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake has been appointed as the Leader of the House. This appointment was made during the inaugural Cabinet meeting chaired by the President
A low pressure area is likely to form over southeast Bay of Bengal around 23rd November. Thereafter, it is likely to intensify into a depression over southwest Bay of Bengal during subsequent 2 days. The system may intensify further and move near the Eastern coast of Sri Lanka.
The delay in crediting the fertilizer subsidy funds to farmers’ bank accounts is due to a technical issue with the computer system, claims the Ministry of Agriculture. Accordingly, the Ministry has confirmed that a team of officials was deployed yesterday to investigate the matter and that a report pertaining to the matter is expected to be submitted to the Secretary of the Ministry
Minister of Health and Media Dr. Nalinda Jayatissa has been appointed as the Chief Government Whip of the new government, during the inaugural Cabinet meeting. Earlier, Dr. Jayatissa was also appointed the Cabinet Spokesman.
The newly appointed Sports and Youth Affairs Minister, Sunil Kumara Gamage, emphasized his vision to elevate sports in the country to a competitive international level by fostering talented and professional players of high caliber. After assuming duties at the Sports Ministry, he highlighted the significant responsibility of the ministry in developing sports and guiding the youth towards sustainable practices to secure a prosperous future.
November 20, Colombo (LNW): Showers or thundershowers will occur at times in the Northern and Eastern provinces.
Showers or thundershowers will occur at several places elsewhere of the island during the evening or night.
Fairly heavy showers above 75 mm are likely at some places in Western and Sabaragamuwa provinces and in Galle and Matara districts.
Misty conditions can be expected at some places in Western, Sabaragamuwa, Central, Uva and Southern provinces during the morning.
The general public is kindly requested to take adequate precautions minimize damages caused by temporary localized strong winds and lightning during thundershowers
November 19, Colombo (LNW): The MTD is pushing ahead with the long-awaited massive digital transformation, aimed at increasing efficiency, cutting down corruption, and convenience for the general public.
Accordingly, the e-Motoring project that has been underway to digitize and streamline vehicle registration and other related services will be resumed.
In this regard, a proposal for cabinet approval is shortly to be submitted to the newly appointed cabinet, said Commissioner General Nishantha Anuruddha Weerasingha.
E-Motoring Project to Streamline Services
The e-Motoring initiative focuses on the development and implementation of an integrated information communication technology (ICT) solution to enhance the efficiency of services provided by the Department of Motor Traffic and the Provincial Department of Motor Traffic.
It seeks to eliminate the existing, outdated Motor Vehicle Registration system, introduce new best practices, and enhance processes for vehicle registration and importation to facilitate the convenience and efficiency of the general public.
This initiative is all part of the government’s intention to upgrade public services through digitalization. A project implementation site has already been approved; its implementation is expected this year.
Challenges against Modernization Efforts
In addition to the government’s push for digitization, the project certainly faces a myriad of obstacles. These include outdated systems, slow progress, and resistance from some officials benefiting from the status quo.
The digitization effort, which was undertaken starting in 2018, had run into procurement delays and administrative inefficiencies that, at times, have been linked to bureaucratic red tape.
Changes in government leadership have also further complicated this process and led to inconsistent decision-making.
Apart from the fact that it is quite outdated, not having been updated for well over 20 years, frequent changes in senior officials mean that many retire or get transferred before projects are complete.
This infrastructure cannot also support modern technologies, with most of them having to rely on vendors for outsourcing and giving up on projects in some cases.
Corruption and Internal Resistance
Internal resistance from the few MTD officials, some of whom benefit from the old system, has obstructed success. Whiffs of corruption and fraudulent practices blew in, and the Bribery Commission launched investigations, suspending several officials. The present system, characterized by poor organization and inadequate archiving of documents related to vehicle registration, is prone to such malpractices.
Progress despite Setbacks
Despite these challenges, Commissioner General Weerasingha has been trying to implement some reforms to ensure smoother operations.
For instance, the department has started scanning and archiving documents related to the registration of vehicles for better recordkeeping. Even though the system is yet to get full approval, these will help iron out inefficiencies in the system.
Weerasingha is also hoping to extend this system at the present Narahenpita building itself without shifting, which was earlier proposed.
Successes exist amidst the challenges faced by the department. Revenue has gone up during the tenure of Weerasingha despite restrictions on vehicle imports.
A backlog of over 950 000 pending driving license applications has been almost cleared with a total of 95 percent processed.
Future Plans
Going forward, the MTD will introduce an e-Driving License system, which will be accessible through mobile phones.
A new system will also be developed to handle traffic offenses using a demerit point system, where fines against offenders can be paid in real time.
Although it will take some time to get the MTD fully digitized, it is doing quite well in changing its activities and serving the people.
November 19, Colombo (LNW): Sri Lanka’s government plans to consolidate over 50 ICT-related bodies under a single authority, according to National Enterprise Development Authority Director,
Dhanuka Liyanagamage. Speaking at the launch of the Global Entrepreneurship Week 2024 (GEW) at the Ceylon Chamber of Commerce, he emphasized the need for streamlined operations among these organizations. “Currently, some of these institutions, either intentionally or unintentionally, operate as rivals,” he noted.
Harsha Purasinghe, Chairman and CEO of Microimage, announced that a new Digital Economy Authority is being established to unify these bodies.
The first board meeting for this initiative took place last week. By centralizing ICT efforts, the government aims to increase productivity and efficiency in the sector, ultimately benefiting the country.
However, Liyanagamage expressed concern over Sri Lanka’s low rate of entrepreneurship, with only about 3% of the working population engaged in entrepreneurial activities.
This figure lags behind neighboring countries like Bangladesh, where the rate stands at 7%. Liyanagamage emphasized the need to raise Sri Lanka’s entrepreneurial participation to at least 10% within the next three to five years.
He also highlighted the importance of increasing financial literacy, particularly among small and medium enterprises (SMEs), to bridge existing gaps. To address this, awareness programs are being planned to help boost entrepreneurial skills.
Sandun Hapugoda, Mastercard’s Country Manager for Sri Lanka and the Maldives, underscored the critical role of SMEs and micro, small, and medium enterprises (MSMEs) in the economy, as they make up 19% of all businesses.
Supporting these entities is crucial, he said, as embracing digital solutions could expand their market reach, both locally and internationally.
Through initiatives like the Mastercard Centre for Inclusive Growth, the company has supported 14 million businesses globally over the past five years, with 60% of them owned by women.
The year 2024 has already shown promising signs for entrepreneurship in Sri Lanka. In the third quarter alone, 7,143 new businesses were registered, reflecting a 14.37% year-on-year increase. Between January and September,
19,784 businesses were launched, marking an 18% growth compared to the same period last year. This progress signals a steady recovery from the economic challenges of 2022.
GEW 2024, themed “Entrepreneurship is for everyone,” will feature over 200 events throughout Sri Lanka’s 25 districts. Supported by more than 100 ecosystem partners and 20 universities, the initiative is expected to draw over 20,000 participants.
The week-long celebration will provide a platform for sharing ideas, forming valuable connections, and honoring the entrepreneurial spirit that drives global development.
November 19, Colombo (LNW): Tourism in Sri Lanka has reached a major milestone, with the arrival of over 1.7 million tourists so far in 2024. Over 100,000 visitors have arrived in the first 17 days of November, setting up a strong surge in tourism as the holiday season approaches.
The virtuous momentum has propelled Sri Lanka Tourism to alter its marketing strategy, moving away from fragmented campaigns that it had been running to introduce one unified national brand.
This newly crafted approach seeks to create and position Sri Lanka as an all-season destination while ensuring maximum return on investment.
The national rebranding effort is expected to start in January 2025 with full promotional activities starting in May. “Creative assets for the campaign will be finalized by the end of this year,” said Buddhika Hewawasam, Chairman of Sri Lanka Tourism.
This is done to ensure that Sri Lanka produces one comprehensive and coherent image that will appeal to the broad spectrum of global travelers to visit the country any time of the year.
But the tourism industry, which experienced challenges in the first half of 2024, including disruptions in visa issuance between April and September of this year, seems to be unscathed.
In November alone, 103,315 tourists arrived, bringing the total number of arrivals this year to 1.72 million. Industry analysts are optimistic that the country will surpass its revised target of 2 million visitors by the end of the year.
The Sri Lanka Tourism Development Authority (SLTDA) projects nearly 200,000 arrivals for November, driven by heightened demand during the winter season.
India has been the leading source market, contributing 23,660 tourists in the first 17 days of November and 346,633 year-to-date (YTD). Russia and Germany followed, with 16,602 and 7,776 arrivals respectively. Russia has also overtaken the UK as the second-largest market with 154,201 visitors so far in 2024.
Better airline connectivity has boosted the recent tourism boom in the country. Charter flights, which stopped after the end of the civil war, restarted from Eastern Europe and Southeast Asia, while major carriers increased their frequencies.
This trend is likely to persist during the winter season, given that Sri Lanka was recently ranked as the “Most Desirable Island” by the UK’s Wanderlust travel magazine.
Going forward, Sri Lanka Tourism is leveraging the momentum with focused marketing and enhancing infrastructure to match demand.
This will also form the bedrock of future promotions in the form of a nationally branded campaign, highlighting multi-dimensional appeal and prospects as a 365-day destination.
Industry players, however, observed that improvement in the sector still has to be addressed in streamlining processes and enhancing the ease of doing business to avoid such disruptions in the future.
Despite these disruptions, the tourism sector should post a good close to 2024 with a proper strategy toward continued growth next year.
November 19, Colombo (LNW): The Chamber of Marine Industries of Sri Lanka has introduced an ambitious five-year strategic plan that will transform the maritime industry in the country.
The initiative for strategic partnership development, infrastructure building, and regulatory reforms has the aim of establishing Sri Lanka as a major maritime hub in the Indian Ocean by 2029.
The plan taps into Sri Lanka’s strategic location and its membership with ICOMIA to leverage economic growth and maritime innovation towards this ambitious target of $2 billion in revenue.
Current Maritime Landscape and Growth Potential
The maritime sector, including boat exports, fisheries, and making boats, contributed 1.4% to the GDP of Sri Lanka, with a value of $78.5 million in 2023.
The industry directly employs 115,000 persons and indirectly another 100,000 through other industries related to it.
The sector has earned export revenues of over $200 million between 2019 and 2023. Yet, with the country’s strategic location and extensive coastline, transformative growth is very possible.
The strategy by CMISL is to leverage this opportunity and position Sri Lanka as a key player in the global maritime economy.
Infrastructure and Manufacturing Upgrades
The dual-purpose harbours will be developed according to the strategic plan. These are indicative of upgrading 21 existing fisheries harbours to ensure their commercial fishery and marine tourism usage.
Similarly, major ports like Galle and Trincomalee are to receive substantial improvement to increase their capacity. Besides, other regional harbours such as Beruwala, Mirissa, Point Pedro, and Kapparatota are slated for modernization in line with the emerging requirements of the industry.
It is to be expanded, and the manufacturing sector currently comprises 55 local boatyards and eight export-oriented manufacturers.
Development of critical infrastructure-slipway facilities in Negombo, Beruwala, and Welipatanwila-is envisaged to facilitate efficient transport of vessels from manufacturing sites to launch points and will contribute towards higher efficiency and a rise in the output of local manufacturers.
Additional support from the RDA and the CEB will be provided, including widening the access road and shifting power lines, to ensure the easy movement of boats and yachts.
Specialized Ports and Economic Impact
Specialization of ports is the other main emphasis of the program. The Trincomalee Deep-Water Port will be developed to include a dry dock that will attract foreign direct investment from firms in marine services.
This will establish Trincomalee as a center for marine-related services, which, in turn, will contribute to economic development by attracting ancillary industries.
In the same vein, Galle Port will act as a venue for luxury yachts and a display site for local boat builders until the Galle Port Mega Marina is developed. This will increase nautical tourism and provide an opportunity to enhance local craftsmanship.
Incorporating Technology and Innovation
The strategic plan also focuses on integrating more technology to upgrade the maritime industry. Training in VR and AI will be conducted for better efficiency and improved learning. Green propulsion systems and the Internet of Things will be integrated, adding sustainability to operations. Advanced aquaculture technology will support viable fishing methods. Digital systems for data collection will contribute to the management of resources for sustainable ecological balance in the long term.
November 19, Colombo (LNW): Amid ongoing deliberations within the New Democratic Front (NDF), three influential figures have formally proposed that one of the two National List parliamentary positions be allocated to a senior leader from the Sri Lanka Freedom Party (SLFP).
This request specifically endorses President’s Counsel Faizer Mustapha, who contested in the recent general election under the gas cylinder symbol.
The appeal was jointly made by Duminda Dissanayake, Secretary of the SLFP; Nimal Lanza, leader of the New Alliance; and Lasantha Alagiyawanna, Secretary of the Podujana Eksath Peramuna.
Their collective appeal was directed to former President Ranil Wickremesinghe, the current leader of the NDF.
November 19, Colombo (LNW): Minister Bimal Rathnayake has been appointed as the new Leader of the House, whilst Dr. Nalinda Jayatissa has assumed the role of Chief Government Whip.
These announcements have been made public record by the government.
November 19, Colombo (LNW): In preparation for the upcoming 2024 GCE Advanced Level Examination, the Department of Examinations has introduced stringent measures to ensure the integrity of the process.
As part of these efforts, all lectures, tuition classes, workshops, and seminars related to the examination will be banned from midnight tonight (19).
Authorities have warned that legal action will be taken against individuals or institutions that violate this directive.
This year’s examination will see heightened monitoring, with additional oversight introduced to address past issues.
Alongside Department of Examinations officials, officers from provincial and zonal offices will be deployed to supervise the proceedings.
Each monitoring officer will oversee 20 examination centres over a 15-day period to maintain rigorous standards.
The examination itself will run from November 25 to December 20 across 2,312 centres nationwide, with a total of 333,185 candidates sitting the tests. To mitigate potential disruptions, new protocols have been established for examination hall access.
Only the Chief Invigilator and the Additional Chief Invigilator at each centre will be allowed to carry mobile phones into the halls, a move aimed at addressing recent concerns over misuse.
