July 26, Colombo (LNW): The Election Commission has opened the window for depositing funds for the 2024 Presidential Election, starting from 8:30 am today (26) until 12 noon on 14 August, the day before nominations are called.
Candidates from recognised political parties are required to deposit Rs. 50,000, while those from other parties or nominated by electors must deposit Rs. 75,000.
The Gazette notification outlines the procedure, stating that deposits can be made at the Election Commission Office in Rajagiriya on office days from 8:30 am to 4:15 pm, and on 14 August from 8:30 am to 12 noon.
Additionally, the Election Commission has announced that the Presidential Election will be held on 21 September 2024, with nominations to be accepted on 15 August 2024.
July 26, Colombo (LNW): President’s Counsel Ronald Perera has lodged the required bonds for President Ranil Wickremesinghe to stand as an independent candidate in the upcoming Presidential Election.
The deposit was made this morning (26) at the Election Commission Office in Rajagiriya.
The Election Commission has announced that deposits for the 2024 Presidential Election can be made from 8:30 am today until 12 noon on 14 August, the day before nominations are called.
Candidates endorsed by recognised political parties must deposit Rs. 50,000, while those nominated by other parties or electors must deposit Rs. 75,000.
Additionally, the Election Commission of Sri Lanka has issued a Gazette notification setting the Presidential Election date for 21 September 2024, with nominations to be accepted on 15 August 2024.
July 25, Colombo (LNW): The All-Ceylon Bakery Owners’ Association has announced that the price of a 450g loaf of bread will be reduced by Rs. 10, effective from midnight tonight (26).
July 26, Colombo (LNW): Showers will occur at times in Sabaragamuwa province and in Kandy and Nuwara-Eliya districts.
Several spells of showers will occur in Western and North-western provinces and in Galle and Matara districts.
Strong winds of about (50-55) kmph can be expected at times over Western slopes of the central hills and in Northern, North-central and North-western provinces and in Trincomalee, Monaragala and Hambantota districts.
Fairly strong winds about (30-40) kmph can be expected at times elsewhere of the island.
Marine Weather:
Condition of Rain:
Several spells of showers will occur in the sea areas off the coast extending from Colombo to Matara via Galle.
Winds:
Winds will be westerly to south-westerly and wind speed will be (30-40) kmph. Wind speed can increase up to 60 kmph at times in the sea areas off the coasts extending from Kankasanthurai to Puttalam via Mannar and from Hambantota to Pottuvil. Wind speed can increase up to 50 kmph at times in the sea areas off the coasts extending from Trincomalee to Kankasanthurai via Mullaitivu.
State of Sea:
The sea areas off the coasts extending from Kankasanthurai to Puttalam via Mannar and from Hambantota to Pottuvil can be rough or very rough at times. The sea areas off the coasts extending from Trincomalee to Kankasanthurai via Mullaitivu can be rough at times. Naval and fishing communities are requested to be attentive in this regard.
July 25, Colombo (LNW): Sri Lanka’s merchandise exports reached US$ 1,031.2 million in June 2024, marking a 2.58% increase compared to June 2023.
This growth was driven by higher earnings from Apparel & Textiles, Tea, Rubber-based products, Coconut-based products, Food & Beverages, and Spices & Concentrates. Compared to May 2024, exports rose by 1.97%.
The estimated value of services exports for June 2024 was US$ 323.13 million, up by 39.05% from June 2023. Combining merchandise and services, total exports for June 2024 stood at US$ 1,354.32 million, a 9.42% increase from the previous year.
Apparel & Textiles: Earnings rose by 4.22% year-on-year (y-o-y) to US$ 446.54 million, with a significant 13.28% increase in exports to the USA.
Tea: Earnings increased by 9.18% y-o-y to US$ 121.76 million, driven by strong performances in Bulk Tea and Tea packets. Exports to Russia, UAE, and Iran saw notable increases of 28.65%, 42.73%, and 131.36%, respectively.
Rubber Products: Earnings grew by 11.8% y-o-y to US$ 82.63 million, with Pneumatic & Retreated Rubber Tyres & Tubes up by 3.78% and Industrial & Surgical Gloves of Rubber up by 28.2%.
Coconut-based Products: Earnings rose by 15.54% y-o-y, with Coconut kernel products and Coconut shell products increasing by 30.91% and 18.06%, respectively.
Spices & Essential Oils: Earnings surged by 62.63% y-o-y to US$ 47.91 million, mainly due to strong pepper exports, which increased by 547% to India.
Food & Beverages: Earnings increased by 5.9% y-o-y to US$ 36.96 million, with Processed food exports up by 85.42%.
Seafood: Earnings rose by 14.86% y-o-y to US$ 20.56 million, driven by increases in frozen fish (22.91%) and fresh fish (69.59%).
The estimated value of ICT exports rose by 28.25% to US$ 141.64 million. Constructions services exports and Logistics & transport services increased by 4.89% and 52.96%, respectively.
Products & Service imports have have recorded negative growth with Electrical & Electronics Components: Earnings fell by 19.69% y-o-y to US$ 36.21 million.
Other Export Crops and Flowers & Foliage: Exports decreased by 22.29% and 45.83%, respectively.
For the first half of 2024, cumulative merchandise exports increased by 3.87% to US$ 6,098.55 million. The estimated value of services exports rose by 12.28% to US$ 1,671.33 million. Total exports for the first half of 2024 were US$ 7,769.88 million, a 5.57% increase from the same period in 2023.
Among the top 10 export markets, the USA, UK, Netherlands, France, Canada, and China showed positive growth. Exports to the USA, Sri Lanka’s largest export destination, increased by 12.44% to US$ 254.2 million in June 2024, and by 0.36% to US$ 1,371.76 million in the first half of 2024.
July 25, Colombo (LNW): The Central Bank of Sri Lanka has further reduced the policy interest rates after assessing the current and expected macroeconomic developments.
The Monetary Policy Board of the Central Bank of Sri Lanka has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 25 basis points (bps) to 8.25 per cent and 9.25 per cent, respectively.
The Board arrived at this decision following a careful assessment of the current and expected macroeconomic developments and possible risks and uncertainties on the domestic and global fronts with a view to maintaining inflation at the targeted level of 5 per cent over the medium term, while enabling the economy to reach its full capacity.
In arriving at this decision, the Board considered the need to signal the continuation of the eased monetary policy stance, thereby inducing a further reduction in market lending rates to support economic activity, amidst a benign inflation outlook.
The Board noted that, based on the available information, inflation is likely to remain below the inflation target of 5 per cent by a sizeable margin for the next several months before aligning with the targeted level over the medium term.
The bank said that the Sri Lankan economy expanded for the third consecutive quarter in Q1 2024, with a year-on year real growth of 5.3 per cent, as per the estimates of the Department of Census and Statistics (DCS).
The latest economic indicators suggest that real GDP growth in Q2 2024 also has been robust. The rebound in domestic economic activity is expected to sustain, buoyed by the transmission of relaxed monetary policy to broader market interest rates, enhanced supply conditions, the gradual rebound in external demand conditions, revival of tourism, and the dissipation of uncertainties surrounding debt restructuring.
The economy, which operates below its full capacity presently, is forecast to reach its potential over the medium term horizon.
The bank also said that while the external current account is likely to have recorded a surplus in the first half of the year, the cumulative merchandise trade deficit widened during this period compared to the same period in 2023. Earnings from tourism and workers’ remittances continued to be promising.
Gross Official Reserves (GOR) stood at US dollars 5.6 billion (including the swap with the People’s Bank of China) as of end June 2024, compared to US dollars 4.4 billion at end 2023.
Meanwhile, the Sri Lanka rupee witnessed intermittent volatility against the US dollar in recent months.
Overall, the Sri Lanka rupee appreciated by over 6.5 per cent against the US dollar thus far during 2024.
July 25, Colombo (LNW): The Agriculture Modernization Project (ASMP) implenets with the goal of enhancing agricultural productivity, market access, and value addition for smallholder farmers and agribusinesses across five provinces: Northern, Eastern, Central, North-Central, and Uva.
The Ministry of Agriculture’s Project Management Unit will oversee the initiative in seven districts: Jaffna, Mullaitivu, Anuradhapura, Polonnaruwa, Batticaloa, Matale, and Monaragala providing interest free loans for farmers in collaboration with Bank of Ceylon (BOC) and Regional Development Bank (RDB).
ASMP aims to directly benefit 14,000 farm households through improved production capacity, better input supply and management, efficient technology, and strengthened market linkages.
Additionally, 20,000 farm households will benefit from the establishment of professional farmer organizations and capacity building through business and marketing training activities.
The project’s Agricultural Technology Demonstration Plots (ATDPs) and complementary production infrastructure investments target these seven priority districts.
A significant milestone was achieved with the signing of a Memorandum of Understanding (MoU) at the Presidential Secretariat.
This MoU facilitates interest-free loans to agribusiness entrepreneurs and farmers, marking the first phase of the Agriculture Modernisation Program.
The MoUs were signed between the Bank of Ceylon, Regional Development Bank, and Agriculture and Plantation Industry Ministry Secretary Janaka Dharmakeerthi. Another MoU with the People’s Bank is anticipated shortly.
Under this phase, Rs. 650 million has been allocated to fund projects through agricultural modernization centers in 26 selected Divisional Secretariat (DS) divisions.
The scheme involves a revolving credit mechanism, with the government covering 70% of the costs and agribusiness entrepreneurs and farmers contributing the remaining 30%.
The Agricultural Modernisation Credit Scheme provides interest-free loans recoverable by a bank chosen by the beneficiary from the participating banks.
This scheme was established through a Cabinet memorandum presented by President Ranil Wickremesinghe.
Approved projects will receive funds from an account held by the Agriculture and Plantation Industry Ministry Secretary at the Bank of Ceylon’s Head Office. Beneficiaries can process their loans through any of the three participating banks, with a concession period of up to six months and a maximum repayment period of five years.
Ministry Secretary Janaka Dharmakeerthi emphasized the need for production-oriented programs, aiming to support categories with production potential and provide necessary facilities to boost future production.
Dharmakeerthi expressed confidence that the agricultural modernization program will achieve significant milestones and is crucial for the country’s long-term agricultural goals.
Dr. R.H.S. Samaratunga, Presidential Senior Advisor on Economic Affairs, highlighted that the Agricultural Modernisation Program was featured in two budgets presented by President Ranil Wickremesinghe.
The agreement aims to allocate unused land to local entrepreneurs, fostering the development of export-oriented agriculture and establishing a commercial agriculture sector driven by local entrepreneurs.
July 25, Colombo (LNW): The Employers’ Federation of Ceylon (EFC) recently hosted a forum to celebrate International Women’s Day, focusing on the theme “Inspire Inclusion to forge a more inclusive workplace for women.”
The event highlighted the declining participation of women in Sri Lanka’s labor force and emphasized the potential job creation that could result from policies supporting workers with family responsibilities, as noted by the ILO Country Director for Sri Lanka and Maldives, Joni Simpson.
In her keynote address, Simpson pointed out that the EFC is well-positioned to promote inclusivity and gender equality in workplaces through various policies and initiatives.
Adhil Khasim, Deputy Director General of EFC, reinforced this by stressing the EFC’s commitment to equity, diversity, and inclusion, and the importance of creating respectful, discrimination-free workplaces. Khasim noted that the event aimed to raise awareness and share best practices among enterprises.
The panel discussion featured three corporate leaders: Gayani de Alwis, Sandra de Zoysa, and Isuru Gunasekera, who shared insights from their respective companies on fostering inclusive workplaces. The session was moderated by Sonali de Silva, EFC’s Senior Industrial Relations Advisor.
Gayani de Alwis, Vice Chairperson of the Women’s Chamber of Industry and Commerce in Sri Lanka, and Founding Chairperson and Advisor of WiLAT Sri Lanka, emphasized the need to retain and upskill women in the workforce.
She highlighted the importance of adapting workplace policies to accommodate changing social dynamics, such as increased migration and the need for women to balance careers with caregiving responsibilities. De Alwis also called for better access to career guidance.
Sandra de Zoysa, Group Chief Customer Officer at Dialog Axiata PLC, discussed the vast potential for women in the digital world and the need for the industry to support a younger generation with different expectations.
She stressed the importance of supporting the gig economy and enabling cross-discipline engagement. De Zoysa also noted the significance of flexible work arrangements and continuous education, as well as addressing mental health issues to ensure a productive and happy workforce.
Isuru Gunasekera, Chief People Officer and Head of Group Sustainability at John Keells Holdings PLC, shared best practices from his company, including gender clarity, addressing unconscious biases, mentoring programs, and promoting equal parenting.
He highlighted the company’s initiative of granting 100 days of maternity/paternity leave as a game-changer in championing the role of fathers in childcare.
All panelists agreed on the critical need to reskill the workforce to meet emerging job demands and to have the right narrative by 2030. The EFC’s event showcased the collective effort required to create inclusive workplaces that support women and foster gender equality in Sri Lanka.
President Ranil Wickremesinghe reaffirms his commitment to Buddhist education: The “Presidential Scholarship Programme” 2024 awarded 3,000 scholarships to student monks, Seela Mathas, and lay students, with an initial Rs. 9,000 deposited and monthly Rs. 3,000 instalments: Successful students advancing in their studies will receive Rs. 6,000 monthly: The programme, funded by nearly Rs. 300 million annually, aims to support and enhance Buddhist education amidst economic challenges.
Opposition Leader Sajith Premadasa calls for accountability and compensation regarding Sri Lanka’s mandatory cremation policy enforced during the Covid pandemic: criticises ex-President Gotabhaya Rajapaksa’s cabinet for supporting the policy, which he claims violated Muslim religious and cultural rights, inciting racism and religious zeal: demands transparency on the decision-making process and argues that a mere apology alone is insufficient.
Justice Minister Wijeyadasa Rajapaksa confirms he will contest the upcoming Presidential Election: Previously, it was confirmed that Field Marshal Sarath Fonseka will also be contesting the Polls as a candidate.
State Finance Minister Shehan Semasinghe announces in Parliament that The Finance Company PLC (TFC) has been issued a liquidation letter: The government aims to expedite the process and ensure swift compensation for insured depositors: Liquidation, deemed necessary after failed restructuring efforts, is expected to maximise depositor compensation and prevent further losses.
The Supreme Court issues an injunction barring Deshabandu Tennakoon from serving as Inspector General of Police (IGP): The Cabinet, in response, holds an emergency meeting to discuss the ruling: The government plans to provide a detailed response to the court’s decision within two days after reviewing the legal implications.
CB Governor Dr. Nandalal Weerasinghe says Sri Lanka’s economy grew by 5.3% y-o-y in Q124’, marking the third consecutive quarter of expansion: The growth is supported by relaxed monetary policy, improved supply conditions, and a rebound in tourism: The merchandise trade deficit widened, but a current account surplus was recorded: Inflation is expected to remain below target, and the Sri Lankan rupee has appreciated by over 6.5% against the US dollar this year.
Three Supreme Court petitions challenge the new visa processing system at the BIA Airport by VFS Global, involving Minister Tiran Alles and the government: Opposition MPs Patali Champika Ranawaka, M.A. Sumanthiran, and Rauff Hakeem seek to halt the procedure, citing national security concerns and alleging a scam: A Parliamentary probe revealed potential issues with the selection process and cost.
The Court of Appeal orders the Maligakanda Magistrate’s Court to grant bail to Dr. Kapila Wickramanayake, former Director of the Medical Supplies Division, who was held over alleged importation of substandard IVIG vials: The court directs his release following a writ petition challenging his remand: Dr. Wickramanayake and three officials were detained by the CID in connection with the human immunoglobulin scandal in November 2023.
Dr. Vickramabahu Karunaratne, leader of the Nawa Sama Samaja Pakshaya (NSSP), passes away at 81: Known for his dedication to socialist ideals and social justice, Karunaratne was a prominent Marxist critic of capitalism: His leadership in the NSSP and advocacy for workers’ rights, anti-imperialism, and social equity left a significant mark on Sri Lankan politics.
Sri Lanka Cricket appoints Charith Asalanka as the new T20 captain after Wanindu Hasaranga’s resignation: The squad, now training ahead of the India series, will feature a mix of LPL standout performers and new talent, including 21-year-old all-rounder Chamindu Wickramasinghe: Interim coach Sanath Jayasuriya emphasises improved batting and overall team performance: Paceman Dushmantha Chameera is out due to injury.
July 25, Colombo (LNW): The Sri Lankan Rupee (LKR) happens to be steady against the US Dollar today (25) in comparison to yesterday, as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 297.87 from Rs. 298.36, and the selling price to Rs. 308.56 from Rs. 309.07.
At Commercial Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. Rs. 297.67 and Rs. 307.50, respectively.
At Sampath Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 299 and Rs. 308, respectively.
