January 08, Colombo (LNW): Transport, Highways, and Mass Media Minister Dr. Bandula Gunawardhana officially opened the Eastern Province Postal Administration Complex in Batticaloa, a significant project constructed at a cost of Rs.450 million under the Department of Posts. The complex, spanning five storeys, is set to accommodate various vital departments such as the Eastern Deputy Postmaster General’s Office, Sub-Local Postal Superintendent’s Office, District Administrative Officer’s Office, and the Postal Training Institute.

Addressing attendees at the inauguration, Minister Gunawardhana acknowledged the project’s perseverance despite economic adversities: “Several development initiatives, including this complex, faced temporary halts due to the economic crisis. When I assumed responsibility for Postal affairs, I prioritized this project in a challenging funding climate. Despite approval constraints, the Cabinet sanctioned funds for its completion.”

He highlighted the efficient execution of the construction, managed without private contracts, through collaborative efforts between the State Development and Design Corporation and the Central Engineering Consultancy Bureau (CECB).

Reflecting on the economic crisis from 2020 to 2023, Minister Gunawardhana emphasized the nation’s struggle with overwhelming debts and budget deficits, necessitating stringent financial restructuring.

He outlined the comprehensive debt repayment program, negotiated with international bodies and various nations’ leaders, revealing plans to settle 37% of debts within five years, 51% within six to twenty years, and the remaining 12% beyond two decades.

Gunawardhana stressed the necessity for consistent debt repayment regardless of the governing party until 2048 and emphasized the government’s commitment to an annual financial plan to sustain operations.

Highlighting upcoming initiatives, he announced allocated funds for resuming stalled road development projects nationwide and earmarked Rs. 50 million for rural road improvements, targeting the carpeting of 1,500 km of roads within the year.

The minister also emphasized the need to boost revenue from the Eastern Province, aiming for at least 10% of the department’s overall target, aiming to revitalize the region’s economic contributions.

Dignitaries present included State Minister of Mass Media Shantha Bandara, State Minister of Rural Road Development Sivanesathurai Chandrakanthan, State Minister for Food Security and Trade S. Viyalendran, Secretary to the Ministry of Mass Media Anusha Palpita, Batticaloa District Secretary J.J. Muralidaran, Postmaster General Ruwan Sathkumara, and several other distinguished guests.

January 08, Colombo (LNW): The Urban Development Authority (UDA) announced plans to grant title deeds to half of its apartment residents by the end of the current year. Nimesh Herath, Chairman of the UDA, highlighted that this initiative aligns with directives from Urban Development and Housing Minister Prasanna Ranatunga.

Out of the 14,542 individuals currently residing in UDA-owned apartments, the first phase targets issuing title deeds to 50% of them. However, certain legal and administrative challenges need resolution, which may extend the timeline for other units.

Herath emphasized Minister Ranatunga’s directive to expedite title deed distribution for the remaining residents after addressing prevailing legal and administrative barriers. Key agencies involved in housing initiatives for low-income groups include the Urban Development Authority, the National Housing Development Authority, and the Urban Settlement Development Authority.

President Ranil Wickremesinghe underscored the swift issuance of title deeds to flat owners in a recent parliamentary statement.

Herath conveyed these updates during discussions at the Urban Development Authority Auditorium in Sethsiripaya, addressing concerns and challenges pertaining to UDA schemes.

Additionally, Minister Ranatunga urged the UDA to explore the feasibility of transferring freehold rights to the offspring of original apartment owners as part of ongoing considerations.

January 08, Colombo (LNW): South Beach Weligama Properties and Sri Lanka’s Board of Investment (BOI) have inked an agreement for a high-end apartment complex venture, totaling a US$ 4.15 million investment.

This project, encompassing 106 beachfront apartments, was unveiled by the BOI on ‘X’, aiming to attract both local and international property seekers. The luxury apartment initiative specifically targets individuals from markets such as the US, UK, Australia, and India.

January 08, Colombo (LNW): Amidst a surge in daily dengue cases, the National Dengue Control Unit (NDCU) revealed an inventive approach: the introduction of Wolbachia-infected mosquitoes into high-risk areas of Colombo. This experimental strategy aims to assess the potential of reducing mosquito populations and, consequently, curtailing the spread of dengue.

Dr. Sudath Samaraweera, Director of the NDCU, emphasized the urgency of the situation, with daily dengue cases escalating to a concerning 300.

January 08, Colombo (LNW): The Hambantota International Port (HIP) concluded 2023 by solidifying its status as the fastest-growing Roll-on/Roll-off (RO-RO) transshipment port in the region, witnessing a remarkable 26% increase in handled vehicles compared to the previous year. This outstanding milestone saw a massive 700,000 units transported through the port, positioning HIP as a dominant force in the fiercely competitive transshipment sector.

The achievement was marked by the arrival of the Glovis vessel MV. HAE SHIN V.003B, carrying 3,626 units bound for Ulsan port in South Korea. Lance Zuo, General Manager Commercial & Marketing, attributes HIP’s success to its expanded capacity, strategic location, quality service, prompt berthing facilities, and competitive pricing formulas, making it an enticing prospect for customers.

Tissa Wickramasinghe, COO of HIPG, expressed pride in achieving this feat amidst challenges, citing the dedication of the RORO operations and marketing teams. He highlighted HIPG’s strategic vision to position HIP as a regional transshipment hub for RORO cargo, establishing partnerships with RORO lines, attracting new customers, and investing in advanced technology.

Wickramasinghe emphasized the investment in expanding yard space, modern equipment, frequent training sessions, and global quality standards adherence as pivotal factors in HIP’s success. He credited Team HIP’s collective effort and customer support for this remarkable achievement.

January 08, Colombo (LNW): In just 22 days since its launch, Operation Yukthiya by Sri Lankan authorities resulted in the arrest of 29,475 suspects, with 955 detained in the last 24 hours.

Under the Ministry of Public Security, 1473 detainees are held under orders, while investigations into illegal assets of 220 individuals are ongoing.

Notably, 2326 arrests targeted drug trafficking, focusing on suspects from the Police Narcotics Bureau and Special Bureau. Seized illicit drugs exceed 4,439 million rupees in market value.

Authorities also confiscated drug traffickers’ properties, valued over 619 million rupees, including vehicles (worth 389 million rupees) and gold (valued at 140 million rupees).

1. Head of the SMEs Organizations Tania Abeysundara says CB Governor Dr Nandalal Weerasinghe had orchestrated a scenario leading to the country’s declaration of bankruptcy unilaterally, hindering the functioning of businesses: also says there are Non-Performing Loans of about Rs.1.2 trillion solely due to the situation created by the CB Governor who pushed interest rates to record levels.
2. A well known research form announces that the Govt is planning to lift import restrictions placed on small cars with engine capacities of 1000cc & 1300cc: asserts the move to relax small vehicle imports comes in the wake of limited revenue collection by SL Customs in the backdrop of stringent revenue targets set by the IMF.
3. Senior FSP spokesperson Pubudu Jagoda says the FSP is urging political parties in Parliament to oppose the Govt’s decision to join the US-led coalition to protect commercial shipping in the Red Sea against continuing attacks by Yemen’s Houthi group: asserts that the move announced by President Wickremesinghe on 3rd Jan’24 had taken all political parties by surprise.
4. Following the Energy Minister’s instructions to the CEB to take disciplinary action against CEB employees involved in the 3-day trade union action, Unions say they would take legal action against the CEB management if any of the workers are suspended.
5. Official data reveals that SL has spent USD 326mn on vegetable imports from Jan to Nov’23, an increase from USD 297mn recorded for the same period in 2022.
6. Health Unions allege that available PCR or Rapid Antigen Test (RAT) are approaching expiration, with no orders being placed for new kits: also allege that ordering test kits has not been a priority due to the ongoing economic crisis.
7. A top SL Airlines official says the daily operations of the airline are currently being conducted by only around 17 Airbus aircraft, resulting in several flight delays being experienced each month: also says the airline must have a minimum of 24 aircraft to ensure smooth operations without delays.
8. Hambantota International Port proves itself as the fastest growing transhipment port in the region with 700,000 transhipment vehicles handled in 2023: marks a significant 26% increase from the 2022 figures.
9. Justice Minister Wijeyadasa Rajapakshe says the revised Anti-Terrorism Bill will be presented to Parliament in the first sitting week of the new year.
10. Public Security Minister Tiran Alles presents official appointment letters to 4 top Cricketers who transition to roles within the SL Police after their stint with the Police Cricket Club: Kusal Janith Perera & Chamara Silva to positions as Chief Police Inspectors: Ashen Bandara & Nuwan Pradeep as Police Inspectors.

January 08, Colombo (LNW): Amidst a challenging year, Sri Lanka demonstrated remarkable resilience, recording a substantial surge in Workers’ Remittances. Figures for 2023 showcased a staggering 57.5% increase, reaching USD 5,969.6 million compared to USD 3,789.5 million in 2022. December alone drew USD 569.7 million in remittances, marking a positive trend.

Rejuvenating its economic health post a severe crisis, Sri Lanka saw pivotal improvements across key indicators. Notably, the gross official reserves crossed the USD 4 billion threshold for the first time in three years, provisionally estimated at USD 4,400 million by December 2023. This notable surge includes a People’s Bank of China (PBOC) swap, approximating USD 1.4 billion, albeit with certain conditionalities on its usage.

Making a pivotal shift from negative growth, the country achieved a 1.2% economic growth rate, signaling a promising trajectory ahead. The nation, once known for its staggering inflation rate surpassing 70%, managed to reduce it to about 3% in the final quarter of 2023. The Central Bank anticipates maintaining inflation below 5% in 2024, indicating stable economic prospects.

Tourism also experienced an uptick, with arrivals reaching 1.5 million in 2023, generating revenue exceeding USD 2.068 million, a significant leap from USD 1,136 billion in 2022.

An official from the Ministry of Labour Relations attributed the economic crisis to several factors, including low remittances, tourism receipts, and inadequate foreign reserves. Notably, a shift in expatriates’ remittance channels from non-banking to banking avenues, alongside a stabilized US dollar, contributed to robust foreign remittances.

During the period leading up to January 5, 2024, the Sri Lankan rupee appreciated against major currencies: the US dollar by 0.5%, the Japanese Yen by 2.8%, the Pound Sterling by 0.8%, the Euro by 1.6%, and the Indian Rupee by 0.6%. At the Colombo Stock Exchange, the ASPI surged by 25.5%, indicating positive market sentiment.

January 08, Colombo (LNW): Showers will occur at times in Eastern, Northern and Uva provinces. Several spells of showers will occur in North-central province. Showers or thundershowers will occur at several places in other areas of the island after 1.00 p.m.

Heavy showers about 100 mm are likely at some places in Western, Sabaragamuwa and Central provinces and in Galle and Matara districts.

The public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.