PMD: President Ranil Wickremesinghe assured on Saturday (06) that comprehensive solutions will be presented to tackle the challenges faced by businessmen in the Northern Province within the next two months.

He emphasised that officials from pertinent Ministries will conduct visits to the Northern Province in the coming two weeks to evaluate the situation. The government plans to establish a dynamic agency specifically dedicated to addressing the issues encountered by the business community in the province.

President Wickremesinghe conveyed these statements during a discussion held earlier today at the Jaffna District Secretariat, where he engaged with industrialists, fishermen, and farmers of the Jaffna District.

Approximately 300 representatives from the industrial, fishing and farming sectors in the Northern Province are actively engaged in this event, wherein they presented their challenges and proposed new ideas related to their respective industries to President Ranil Wickremesinghe.

President Wickremesinghe, attentively addressing the concerns raised, promptly initiated actions to provide solutions to certain issues.

Notably, the industrialists have appealed to the President for the establishment of an industrial zone in the Northern Province. In response, the President has directed officials to explore suitable land areas for this purpose.

Additionally, President Ranil Wickremesinghe has directed officials to expedite the establishment of a Provincial Business Promotion Centre in the Northern Province.

Acknowledging the crucial role of business development in the province’s active contribution to the national economy, the President has instructed officials to swiftly address the challenges hindering this progress.

Simultaneously, President Ranil Wickremesinghe engaged in a meeting with the academic staff of Jaffna University at the Jaffna District Secretariat, today (06).

Jaffna University Vice-Chancellor, Prof. S. Srisatkunarajah, along with the academic staff, including senior lecturers of the university, was in attendance. During the meeting, a comprehensive development plan outlining transformative changes for Jaffna University was presented to President Ranil Wickremesinghe.

President Ranil Wickremesinghe proposed a comprehensive redesign of the university system, particularly emphasising technological advancements. He urged the implementation of diverse approaches to ensure English proficiency among all university students, advocating for the use of distance learning methods.

Acknowledging the challenge of human resources, the President suggested tapping into the diaspora, including retired individuals, and welcoming foreign lecturers who express interest. Support, such as tickets and residential options, would be provided based on individual preferences.

The President stressed the importance of understanding the expectations of those willing to contribute, and measures have already been introduced to facilitate their involvement. He encouraged clear communication of specific requirements to ensure a seamless process.

To address the human resource shortage, the President proposed exploring the option of attracting non-diaspora lecturers, possibly from Sri Lanka or other countries like India (Bangalore) or the United States. External lecturers would be engaged for a defined period, with Jaffna leading the initiative for other universities to follow.

The President also suggested considering agreements with other universities, allowing them to provide lecturers as needed. This collaborative effort would rely on the commitment of each university to implement these measures successfully. In terms of foreign students, universities were encouraged to decide on enrolment targets based on their willingness and capacity.

January 07, Colombo (LNW): The Securities and Exchange Commission (SEC) has granted approval for a regulatory framework designed to facilitate the issuance and listing of Infrastructure Bonds on the Colombo Stock Exchange (CSE).

This significant decision by the SEC is geared towards fostering both foreign and domestic investments in infrastructure projects, thereby contributing to the economic development and overall well-being of the nation.

The SEC in a statement emphasised that Infrastructure Bonds play a pivotal role in raising capital for critical projects encompassing areas such as roads, rail, water management, waste management systems, airports, seaports, mixed development projects, natural disaster protection systems, deep water ports, gas supply systems, utility projects, and telecommunications infrastructure.

These projects are deemed essential for economic growth and sustainability. Recognising the necessity for Sri Lanka to cultivate a market for Infrastructure Bonds, the SEC aims to mobilise long-term capital essential for the successful implementation of crucial infrastructure initiatives.

Full Statement:

The scope of infrastructure development in emerging economies has evolved significantly in recent decades and now comprises a broad range that includes traditional infrastructure projects such as power, oil and gas, and water as well as low-carbon, climate-resilient infrastructure such as renewable energy projects.

SEC carried out a study of comparable jurisdictions which had successfully used Infrastructure Bonds listed in the capital market to finance major development projects of their respective governments.

Aimed at fostering development, transparency, and investor confidence in the capital market, the SEC has set a Capital Market Reforms Agenda which includes 12 Key Areas for action. The introduction of infrastructure financing products are part of the Reforms Agenda and is strategically designed to propel the capital market to new heights and contribute significantly to its growth and sustainability. The CSE is expected to market this product actively among potential issuers.

The regulatory framework for Infrastructure Bonds has provisions to ensure investor protection, stringent due diligence, disclosure, and reporting requirements for issuers in order to keep investors informed on the performance of the infrastructure projects, utilisation of proceeds and risk factors pertaining to the infrastructure projects as well as enforcement procedure for non – compliance with the regulatory framework. 

Disclosure requirements include details of the project in which the capital raised is deployed or allocated, progress updates on how the project fulfills its core purpose and objectives and benefit to the public at large, and any deviations in the use or allocation of the capital proceeds. This initiative reflects SEC’s commitment to create an enabling environment for long – term investments in infrastructure projects that support the nation’s economic growth and development.

Chairman SEC, Mr. Faizal Salieh, stated, “The misallocation of capital is a root cause of our economic crisis. It is our objective to enable instruments that can raise long – term capital for development projects and provide investor assurance that such capital is allocated to the project’s stated purpose with transparency and accountability. We have now created an opportunity for Government bodies such as Municipal Councils, Urban Councils, Local Government Councils, the Urban Development Authority, etc. and even large private sector companies to finance infrastructure projects through these bonds.”

January 07, Colombo (LNW): The Bar Association of Sri Lanka (BASL) has expressed deep concern over an apparent surge in arbitrary arrests and criminal activities, signaling a potential threat to the country’s legal framework.

In an official statement, the BASL’s Executive Committee unequivocally denounced a regrettable shooting incident in Weligama, resulting in the tragic death of a Police Sergeant and the injury of a Sub Inspector from the Colombo Crimes Division (CCD).

The incident was reported to have occurred during an operation targeting a group allegedly involved in illicit drug activities.

Emphasising the fundamental role of the legal system in upholding democracy and the Rule of Law, the BASL stressed the critical importance of maintaining the credibility and transparency of investigative, inquiry, trial, and punitive processes.

It underscored the significance of adhering to due process and upholding the rule of law, and strongly criticised police raids, including property demolitions executed without valid search warrants or orders, deeming such actions unlawful and in blatant violation of established legal protocols.

The BASL highlighted that such unwarranted activities not only compromise the foundational principles of justice but also erode public confidence in the integrity of law enforcement agencies.

The Association cited Article 13 (4) of the Constitution, emphasising that no person should face punishment without a competent court order, even for convicted criminals.

Expressing deep concern over recent statements by the Minister of Public Security implicating certain lawyers as conspirators with drug offenders, the BASL raised alarm over the lack of police accountability and unchecked impunity, creating an insecure environment for individuals.

The association urgently called for transparency, accountability, and the protection of the rights of individuals involved in legal proceedings, and insisted that immediate corrective actions should be taken by the authorities to address these issues, hold responsible parties accountable, and restore public trust in the justice system.

The BASL concluded by emphasising the imperative need to uphold the principles of due process and the rule of law to establish an equitable and just society for all its members.

1. Energy Minister Kanchana Wijesekara instructs CEB Chairman to suspend & take disciplinary action against employees who “engaged in disrupting public services & electricity supply during trade union actions on 3, 4 & 5 Jan’24”.
   
2. Former CB Governor Ajith Nivard Cabraal says people now understand why he didn’t pursue an IMF programme in 2021 & 2022, as they suffer the unbearable economic pain inflicted on them through the current tight IMF programme: advises that a person must check whether there are crocodiles in the river before jumping in, and there’s no use screaming there are crocodiles devouring them, after hurriedly jumping in.
   
3. Peradeniya Teaching Hospital Director Dr Arjuna Thilakaratne says around 5,000 patients who have been recommended by doctors to undergo organ transplants to sustain life, die every year because they can’t find organs in time.
   
4. Urban Development Minister Prasanna Ranatunga says the Urban Development Authority will invest over Rs.1 bn to develop Sigiriya/Dambulla and Trincomalee as tourism zones: also says this project was stalled due to the Covid-19 pandemic and the economic crisis that followed.
   
5. CB says SL’s gross official reserves increased to USD 4.4bn by end-Dec’23, helped by loans from World Bank, ADB & IMF: reserves helped by high cost “Hot-money” investments as well: since April’22, after CB Governor Nandalal Weerasinghe & Treasury Secretary Mahinda Siriwardene announced the unilateral debt-standstill (default), SL is in arrears of loan & interest re-payments of at least USD 6.0bn to bilateral & private creditors.
   
6. Workers’ Remittances for Dec’23 amounts to USD 569.7mn and cumulative figure for the year 2023 records USD 5,969.6mn: CB says it’s a 57.5% increase compared with 2022.
   
7. Public Security Minister Tiran Alles says an “Automated Facial Recognition System” has been installed at the BIA under the guidance of Acting IGP Deshabandu Tennakoon to identify arriving or departing persons who may be involved in criminal & illegal activities.
   
8. According to a fact-finding mission at the Narahenpita Economic Centre, the price of almost all varieties of vegetables have increased significantly: the “per kg” prices of Carrots was Rs.1,000, Brinjals Rs.900, Cabbage Rs.900, Tomatoes Rs.900, Green chillies Rs.1,800, Ladies’ Fingers Rs.800, Ash plantains Rs.480.
   
9. SL Golf announces that 11 top-seeded golfers will compete in 2 trial rounds on Jan 8 & 9 at the Royal Colombo Golf Club, to select 2 players to represent SL ar the Bangladesh Amateur Golf Championship from Jan 31 to Feb 3 at the Kurmitola Golf Club in Dhaka.
   
10. SL vs Zimbabwe 1st Cricket ODI ends in a “no result” due to bad weather conditions: SL 273/9 in 50 overs: Charith Asalanka 101, Kusal Mendis 46, Sadeera Samarawickrama 41: Zimbabwe 12/2 in 4 overs: Dilshan Madushanka 0/2.

January 06, Colombo (LNW): Chanaka Kurera has been appointed as the Honorary Consul of Sri Lanka in Montreal, Quebec, Canada. The Commission of Appointment of the new Honorary Consul was ceremonially handed over by Acting High Commissioner of Sri Lanka in Canada Anzul Banu Jhan to Chanaka Kureraon 04 January 2024 at the High Commission in Ottawa.

Briefing on the functions and duties of the Honorary Consul, the Acting High Commissioner stated that the role of the Honorary Consul in the modern context goes beyond consular related assistance, and he would be expected to assist the High Commission in promoting the interests of Sri Lanka including in promotion of tourism, trade and investment. Honorary Consul Kurera informed that he is already in contact with the Sri Lankan community in Quebec and is looking forward to   work on identified priority areas under the guidance of the High Commission.  

The office of the Honorary Consul is based in Montreal, Quebec and he could be reached on +1-514-963-5140 or [email protected]

Honorary Consul Kurera is the Co-founder, President and CEO of Cha’s Organics, Regenerative Organic Lanka Foundation (Guarantee) Ltd and Pearl Garden Mills (Pvt) Ltd.  His company has won Canadian Grocer Sustainability Award, West Island of Montreal Chamber of Commerce Accolades Award and Canada Organic Trade Association Organic Innovator of the year.

He is an old boy of Maris Stella College, Negombo. 

Sri Lanka High Commission

Ottawa

05 January 2024

January 06, Colombo (LNW): A parliamentary delegation comprising Lee Tarlamis OAM, Pauline Richards, and Gary Mass, Members of Parliament from Victoria, Australia, visited the Parliament of Sri Lanka on Thursday to explore avenues for collaboration and partnership.

The delegation held discussions with Chaminda Kularatne, the Acting Secretary General of the Parliament, focusing on key initiatives. These included deliberations on the establishment of an International University on Climate Change in Sri Lanka and the enhancement of sectoral oversight committees in both parliamentary systems.

The meeting also delved into parliamentary procedures and strategies to augment educational opportunities for Sri Lankan students in Australia. Notable attendees at this event included Ven. Sevanagala Nandarathana Thera, the Chief Incumbent of the Australian Dhamma Temple, Narendra Fernando, Serjeant-at-Arms of the Parliament, and Prof. Ashu Marasinghe, the President’s Parliamentary Affairs Advisor.

Following the discussions, the delegation embarked on a comprehensive tour of the Sri Lankan Parliament, engaging firsthand with its facilities and functions. This visit reflects a mutual interest in fostering collaboration and sharing expertise between the parliamentary bodies of Australia and Sri Lanka.

January 06, Colombo (LNW): Scheduled for submission to Parliament on January 9, the upcoming Hydrology Bill promises significant advancements in Sri Lanka’s maritime interests and economic gains. Crafted to establish the Hydrological Service, regulate surveys, and develop nautical maps, the bill’s discussion took center stage during a recent meeting at the Justice Ministry.

Presided over by Justice, Prison Affairs, and Constitutional Reforms Minister Dr. Wijeyadasa Rajapakshe, the session included Navy Commander Vice Admiral Priyantha Perera and Justice Ministry Secretary M.N. Ranasinghe.

Insights emerged, projecting potential annual earnings of approximately $51 million by producing and vending nautical charts to vessels navigating Sri Lankan waters. Notably, a British company, in collaboration with the NARA Institute, presently creates and sells these charts within Sri Lanka’s maritime boundaries, with Sri Lanka receiving only a fraction of the revenue generated.

The proposed bill aims to grant Sri Lanka legal authority to manage its Hydrological Service through the Sri Lanka Navy, establish a National Hydrology Office, and oversee the production of nautical charts, aligning with international economic interests.

Minister Rajapakshe underscored the bill’s significance, emphasizing its potential to substantially increase the country’s revenue stream. Asserting that this legislative move is in the country’s best interests, he affirmed discussions with the Opposition Leader and other Party leaders, asserting that opposition to such bills is unwarranted.

Navy Commander Vice Admiral Priyantha Perera further elucidated the bill’s potential economic advantages, bolstering the Minister’s stance on the need for its swift enactment.

January 06, Colombo (LNW): The Sri Lanka – Egypt Parliamentary Friendship Association (PFA) for the Ninth Parliament convened its inaugural meeting in Parliament, presided over by Speaker Mahinda Yapa Abeywardana. During the session, Deputy Speaker Ajith Rajapakse was nominated by MP Mohamed Muzammil for the role of Secretary, a proposal confirmed by MP Madhura Withanage.

Geetha Kumarasinghe, the State Minister of Women and Child Affairs, assumed the position of President of the Sri Lanka – Egypt PFA.

MP Madhura Withanage, MP Hector Appuhami, and MP Aravinda Kumar were appointed as Vice Presidents of the Friendship Association, while MP Karunadasa Kodithuwakku took on the role of Assistant Secretary. MP Mohomad Muzammil was entrusted with the Treasurer position for the Sri Lanka – Egypt PFA.

Expressing his sentiments, Deputy Speaker Ajith Rajapakse highlighted the longstanding ties between Sri Lanka and Egypt, dating back to ancient times. He expressed his satisfaction at assuming this responsibility, marking 66 years since the commencement of diplomatic relations between the two nations.