April 06, Colombo (LNW):A significant meeting between Korean Prime Minister Han Duck Soo and Sri Lankan Prime Minister Dinesh Gunawardena took place on April 4 at the Prime Minister’s Office in Seoul, paving the way for discussions on economic cooperation and bilateral relations between the two nations.

During the meeting, Prime Minister Han Duck Soo emphasized the potential for creating numerous job opportunities in Sri Lanka, spanning various sectors including agriculture, construction, health services, and professional services. As a member of the Paris Club, he reiterated Korea’s commitment to supporting Sri Lanka’s recovery from recent financial challenges and facilitating its future endeavors.

Prime Minister Han Duck Soo urged measures to streamline preliminary work for upcoming projects while reaffirming the implementation of existing agreements in renewable energy, fisheries, and joint investment areas. He emphasized the importance of expanding floating solar power installations, highlighting Korea’s interest in supporting sustainable energy initiatives in Sri Lanka.

Furthermore, Prime Minister Han Duck Soo expressed Korea’s keen interest in promoting tourism between the two countries, acknowledging Sri Lanka as one of the world’s most attractive tourist destinations. He pledged support for facilitating more opportunities for Korean visitors to explore Sri Lanka’s rich cultural and natural heritage.

Reflecting on past collaborations, Prime Minister Han Duck Soo commended Sri Lanka’s initiative to include Korean language education in its curriculum during Prime Minister Dinesh Gunawardena’s tenure as Minister of Education. He also appreciated Sri Lanka’s support during the COVID-19 pandemic, underscoring the enduring friendship between the two nations.

The meeting was attended by high-ranking officials from both governments, including State Ministers Piyal Nishantha and Anupa Pasqual, MP Yadamini Gunawardena, Secretary to the Prime Minister Anura Dissanayake, Sri Lankan Ambassador to South Korea Savithri Panabokke, and Media Secretary to the Prime Minister Lalith Rohan Liyanage, signifying the mutual commitment to strengthening diplomatic ties and fostering economic cooperation between Sri Lanka and Korea.

April 06, Colombo (LNW):The International Monetary Fund (IMF) has expressed optimism regarding Sri Lanka’s ongoing negotiations with its commercial creditors, stating a “strong expectation” for a deal to be reached by the completion of the IMF’s second review.

IMF Communications Director Julie Kozack highlighted that domestic debt operations in Sri Lanka have been largely completed, indicating progress in negotiations. She emphasized the importance of reaching agreements with commercial creditors consistent with program parameters by the conclusion of the second review.

Speaking at a press conference held at the IMF headquarters in Washington, Kozack conveyed confidence in the negotiation process, noting that the next steps in debt restructuring involve concluding negotiations with external commercial creditors and implementing agreements with official creditors.

Kozack also commended Sri Lanka’s macroeconomic policy reforms, citing rapid disinflation, robust reserve accumulation, and initial signs of economic growth while maintaining financial system stability. She underscored the strengthening of public finances following substantial fiscal reforms, urging continued momentum in reform efforts.

Furthermore, Kozack mentioned that the IMF’s Executive Board approved the first review of Sri Lanka’s program, enabling a disbursement of US$337 million on December 12, 2023. This approval signifies the IMF’s support for Sri Lanka’s economic reform agenda and underscores the importance of continued collaboration to achieve fiscal sustainability and economic stability.

April 06, Colombo (LNW): Showers or thundershowers will occur at a few places in Western, Sabaragamuwa and North-western provinces and in Galle and Matara districts after 2.00 p.m.

Misty conditions can be expected at some places in Western, Central and Sabaragamuwa provinces and in Galle and Matara districts during the morning.

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

On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka during 05^th to 15^th of April in this year. The nearest areas of Sri Lanka over which the sun is overhead today (06^th) are Lellopitiya, Balangoda, Bulathsinhala, Kalthota and Wadduwaat about 12:12 noon.

The soft pedalling by the Government to carry out crucial reforms of State Owned Enterprises is forcing taxpayer’s wallets to take the brunt of the hit, Advocata Institute said yesterday.

Its CEO Dhananath Fernando said this taking into account the upcoming election cycle, the Advocata Institute, urged the need to reform State Owned (SOE) Enterprises. Here it was said that irrespective of the Government that comes into power, SOE reforms must continue. 

The cumulative losses of key 52 SOE’s in 2022 amounted to LKR 744.6Bn, costing LKR 1.7Mn per registered taxpayer, LKR 33,949 per citizen and LKR 141,809 per household. Despite the sharp increase in tax collection, estimates of tax collection for 2024 cannot cover the losses incurred by these 52 SOE’s for the year 2022. 

 “The delay in restructuring is impacting ordinary Sri Lankans the most and the longer it takes and it’s going to make it worse for Sri Lankan citizens and taxpayers irrespective of who comes to power in the upcoming polls,” Fernando said. “There’s a 1 in 3 who don’t make 30,000 rupees per month in Sri Lanka hence putting more burden on taxpayers makes no sense.” 

It was brought to attention that despite the reforms that are underway, they have been running at a snail’s pace. The current rate would be “just enough” for Sri Lanka to avoid another crisis but not enough to put Sri Lanka into a trajectory to be competitive in international markets. 

Among the 16 recommendations highlighted by the International Monetary Fund, SOE reforms are reiterated to be of importance. Specifically the holding company as well as the need to include skilled and competent members for the advisory board.

The cyclical nature of the debt of SOE’s and the domino effect it has on the fiscal deficit on the Government was described through the example of Sri Lankan Airlines. The possibility of a second round of debt restructuring owing to an inability to deal with SOE’s and their losses was explained. 

The need to divest  Sri Lankan Airlines through transparent bidding process was implored as allowing this process to be politicized would lead to a zero sum game at the cost of the taxpayer.

Fernando reiterated the nature of SOE’s being utilized as vehicles for corruption in light of the lack of transparency with regard to financial reports.

 Here he identified that only a mere 52 SOE’s have released their financial reports to the public. He noted that revenue from income tax barely covers the losses established by the SOE’s. 

The losses sustained by Sri Lanka Airlines and the Government expenditure on Samurdhi benefits was compared to conceptualize the enormous opportunity cost the people of Sri Lanka are subjected to. 

The government has decided to modernise the Hingurakgoda Domestic Airport, an antiquated airport in Sri Lanka, to facilitate international flight operations. 

This airport, originally constructed for the Royal Air Force of England during World War II, was known as RAF Minneriya at the time.

Plans have been unveiled to revamp the Hingurakgoda Domestic Airport, a historic airfield with roots dating back to World War II.

Now, the government aims to elevate this antiquated facility into a bustling international airport, poised to drive economic growth and connectivity.

The Ministry of Ports, Shipping, and Aviation said that the 2024 budget allocates a substantial sum of 2 billion rupees for the initial construction and development activities at Hingurakgoda Airport.

The first phase of development will focus on extending the existing runway. Currently measuring 2287 meters in length and 46 meters in width, the runway will be expanded to a total length of 2500 meters.

This enhancement will enable the airport to accommodate larger aircraft, including the popular Airbus A320 and Boeing B737 models.The comprehensive modernization project is estimated to cost a total of 17 billion rupees.

Sri Lankan aviation stands at a pivotal moment as it considers the transformation of Hingurakgoda Airport, also known as Minneriya Airport, from a primarily Air Force facility to a fully-fledged international civilian airport. 

This initiative, underlined by a substantial budget of Rs.2 billion (about US $ 6.5 million), has enthused a national debate. 

It’s not merely a matter of financial allocation but also financial economics with extensive consequences that could reshape Sri Lanka’s aviation landscape and its position in regional connectivity.

The government’s plan for Hingurakgoda Airport is marked by ambitious upgrades, including runway extensions, advanced air navigation systems, a new passenger terminal and a state-of-the-art air traffic control (ATC) tower, which will require a massive budget beyond the proposed allocation. 

These developments aim to elevate the airport from its current military utilisation towards serving a growing international civil aviation demand. However, this move raises crucial questions about its necessity and practicality, especially in a nation with five international airports.

Critics point out that such a significant investment might be overreaching, given Sri Lanka’s existing aviation infrastructure and the country’s pressing economic challenges.

 The suggestion is that these resources could be more beneficially deployed in other critical sectors needing attention or it’s about assessing the airport’s financial viability and potential role in boosting tourism and local development. 

The experience with underused facilities like Mattala Rajapaksa International Airport (MRIA) appears over this project, indicating that the demand for another international airport might be overestimated.

India’s recent “reclaiming”of  Kachchatheevu island from Sri Lanka holds “no ground”, the Sri Lankan Minister of Fisheries Douglas Devananda claimed. 

The senior Sri Lankan Tamil politician’s comments came days after the Narendra Modi government targeted the Congress and its ally the Dravida Munnetra Kazhagam (DMK) in Tamil Nadu accusing them of overlooking national interests in the ceding of Katchatheevu to Sri Lanka in 1974.

The BJP has also been targeting the two parties for not ensuring the rights of the fishermen wanting to fish in waters around the Katchatheevu island.

“It is the election time in India, it is not unusual to hear such noises of claims and counterclaims about Kachchatheevu,” Devananda told reporters in Jaffna on Thursday, 4 April.

“I think India is acting on its interests to secure this place to ensure Sri Lankan fishermen would not have any access to that area and that Sri Lanka should not claim any rights in that resourceful area”, Devananda said.

The statements on “reclaiming” Kachchatheevu from Sri Lanka’s hold has “no ground,” Devananda has said.

The Sri Lankan minister said according to the 1974 agreement fishermen from both sides could fish in the territorial waters of both countries. But it was later reviewed and amended in 1976.

Accordingly, fishermen from both countries were banned from fishing in neighbouring waters.

Devananda stressed, “There claims to be a place called West Bank which is located below Kanyakumari – it is a much bigger area with extensive sea resources – it is 80 times bigger than Kachchatheevu, India secured it at the 1976 review agreement.”

Devananda, as the fisheries minister, has faced pressure from the local fishermen in recent months.

The local fishermen have led widespread protests to stop illegal fishing by their Indian counterparts in the Sri Lankan waters. They say the bottom trawling by the Indians is harmful to Sri Lankan fishing community interests.

So far this year, at least 178 Indian fishermen and 23 trawlers have been arrested by the Sri Lanka Navy. Devananda, an ex-Tamil militant who now leads the Eelam People’s Democratic Party, was named a proclaimed offender by a court in Chennai in 1994.

The Narendra Modi government has targeted the Congress and its ally DMK accusing it of overlooking national interests in the ceding of Katchatheevu island to Sri Lanka in the mid-1970s.

Jaishankar on Monday, 1 April, claimed that prime ministers from the Congress displayed indifference about Katchatheevu island as if they did not care and gave away Indian fishermen’s rights despite legal views to the contrary.

 Prime ministers such as Jawaharlal Nehru and Indira Gandhi dubbed Katchatheevu, given to Sri Lanka in 1974 as part of a maritime boundary agreement, as a “little island” and “little rock”, he had told a press conference.

The government is aiming to earn a substantial revenue of US$2 billion from the gem and jewellery industry with the concessions being provided to industrialists by the state, President Ranil Wickremesinghe said.

The President emphasized the government’s commitment to further enhancing the gem and jewellery industry’s contribution to the national economy. 

He instructed officials to compile a report by the end of April outlining potential solutions to industry challenges and proposed reliefs for industry stakeholders. 

Notably, the President stressed the importance of ensuring benefits for gem miners as part of this initiative. 

President Ranil Wickremesinghe emphasized that the government’s prudent decisions over the past two years have bolstered the nation’s economy, providing a favourable environment for political activities on the streets. 

However, he cautioned that the economy still faces challenges, urging citizens to weigh the choice of either continuing with the government’s initiatives for prosperity or risking regression.

Highlighting a remarkable increase of over 50% in government income in 2023 compared to 2022, President Wickremesinghe underscored the conducive backdrop for advancing confidently with a robust economy. 

These remarks were made during his attendance at the inauguration of the International Gem and Jewellery Trade Centre, known as the Ratnapura Gem Tower, this morning (04).

Plans have been shown for the construction of the Ratnapura Gem Tower in Demuwawa area of Ratnapura, to be executed in two phases.

 The initial phase saw the completion of a five-story building, costing Rs. 365 million. The forthcoming second phase entails the construction of an additional 14 floors, with an estimated expenditure of Rs. 450 million.

The newly inaugurated International Gem Trade Centre comprises 27 business premises, with 17 allocated to local entrepreneurs and 10 designated for foreign counterparts. 

Financing for this venture is sourced from the National Gems and Jewellery Authority, aiming to establish an international hub facilitating seamless transactions between sellers and buyers.

Functioning akin to renowned sales centres in Bangkok and Hong Kong, the centre will offer comprehensive services including independent quality testing, laboratory facilities, and banking and export services. 

This initiative aims to bolster the gem and jewellery trade, positioning Ratnapura as a pivotal player in the global market.President Wickremesinghe highlighted the significance of the International Gem Trading Centre in elevating Sri Lanka’s gems to attain their rightful value on the international stage. 

This initiative aims to position Sri Lanka as a prominent player in the global gem and jewellery market, fostering economic growth and prosperity for the nation

1. President Ranil Wickremesinghe has given directives to implement a formal program aimed at maintaining essential services and public services seamlessly during the upcoming Sinhala and Tamil New Year (Avurudu) season. This initiative is intended to guarantee the smooth operation of essential services without any disruptions during the festive season.
2. Opposition and Samagi Jana Balawegaya (SJB) Leader MP Sajith Premadasa is ready to participate in a debate against National Peoples Power (NPP) Leader MP Anura Kumara Dissanayake, the SJB announced yesterday. Addressing the media, SJB MP Harsha de Silva said the party leader was ready to face off with NPP’s Anura Kumara Dissanayake for a debate on economic policies.
3. Sri Lankan actress Damitha Abeyratne and her husband were arrested by the Criminal Investigation Department (CID). The arrest came after the couple, who had been wanted by the CID, appeared before the Colombo Fort Magistrate’s Court earlier. The CID is currently carrying out an investigation into Abeyratne and her husband, in relation to their involvement in an alleged money scam.
4. Colombo District Court issued an interim injunction preventing former President Maithripala Sirisena from functioning as the chairman of the Sri Lanka Freedom Party (SLFP). The order was delivered following a complaint filed by former President Chandrika Bandaranaike Kumaratunga.
5. Sri Lanka Education Ministry’s website has been breached by an unidentified hacker. The intruder, going by the moniker “Anonymous EEE,” left a message apologizing for the unauthorized access while highlighting security flaws in the system. Claiming to be a concerned citizen and A-Level student, the hacker emphasized the breach was reported in the interest of national safety.
6. The Ministry of Health has decided to launch an immediate investigation in search of the fake doctors and illegal medical centres operative in the country. This decision has been taken after taking into account the complaints received regarding the matter.
7. Minister of Education Susil Premajayantha states that efforts are underway to release the results of the 2023 G.C.E. Advanced Level examination in the beginning of May. Furthermore, the Minister expressed that the timetable have already been prepared to hold the 2023 G.C.E. Ordinary Level examination in mid-May.
8. Approximately 75,000 Sri Lankan workers have emigrated to foreign countries within the first three months of 2024, according to the Sri Lanka Bureau of Foreign Employment (SLBFE). The bureau said as many as 74,499 Sri Lankans left the country in the first quarter of the year as opposed to 76,025 in 2023. Among them, 34,599 were women and it is 46% of the total number.
9. The Commission to Investigation Allegations of Bribery or Corruption (CIABOC) has filed a case with the Colombo High Court against the former Chairman and the former Managing Director of ‘Laksala’, Sri Lanka’s state-owned handicraft marketing organization, over alleged corruption charges.
10. Two pacers from Ireland and New Zealand respectively are joined by Sri Lanka all-rounder Kamindu Mendis on the shortlist for the ICC Men’s Player of the Month for March 2024.

April 05, Colombo (LNW):In anticipation of the upcoming Sinhala and Tamil New Year season, the Sri Lanka Transport Board (SLTB) has launched a special bus service starting from today (April 5th), catering to the needs of the public.

The SLTB has announced the deployment of approximately 200 additional buses during the festive season, specifically aimed at assisting individuals residing in Colombo and its suburbs who are planning to visit their hometowns across the island.

These special bus services will be available from Colombo to various destinations nationwide, providing convenience and ease of travel for passengers during the holiday period.

Additionally, Sri Lanka Railways has also announced the introduction of special train services for long-distance journeys commencing from April 10th. The enhanced service will see the addition of around 12 extra train journeys to the daily schedule.

The special train services will remain operational for the general public until April 15th, offering an alternative mode of transportation for travelers seeking to celebrate the New Year festivities with their families and loved ones across the country.