By: Isuru Parakrama

March 26, Colombo (LNW): Several spells of showers will occur in Eastern and Uva provinces and in Polonnaruwa district, with showers or thundershowers being expected at several places in Western, Sabaragamuwa, Southern and Central provinces during the afternoon or night.

Heavy showers above 100 mm are likely at some places in Southern province and in Ampara and Monaragala districts.

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

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

Marine Weather:

By: Staff Writer

March 25, Colombo (LNW): As Sri Lanka battles it’s worst economic crisis in 70 years, the jobless rate climbed stoking massive social and political concerns. The latest official data showed the island nation’s unemployment rate rose to 5 per cent by the end of September last year, during which the economy contracted by 12 per cent.

Since the economy hit rock bottom last year, the majority of the people in the country are struggling to survive while those who committed the worst economic crimes are enjoying a life of comfort with little repentance for their mistakes that has placed the burden on the general public.

It has always been the public who are asked to tighten the belt in the time of an economic downturn but those in the ruling class and their cronies never seem to practice what they preach.

Sri Lanka’s official unemployment rate slipped to 4.3 percent in the final quarter of last year from 4.7 percent in the quarter before as the economy expanded in the final three months of the year.

This is roughly thrice the pace of the third quarter growth, data released by the Census and Statistics Department showed.

Sri Lanka’s Gross Domestic Product (GDP), the value of total products by an economy, expanded by 4.5 percent in the fourth quarter of last year from 1.6 percent in the third quarter as the country was recovering from the shortage of foreign currency which reached a breaking point in early 2022.

As now the country generates US$ 825 million from both remittances and tourism every month, the worst of the crisis in the economy appears to be behind and the people who remained in the sidelines for a very long time..

Many companies until recently either had laid off staff or froze their hiring due to the effects of the recent crises stated above and are now beginning to rehire as the economy shows signs of recovery.

But, in the last two years Sri Lanka saw mass migration, particularly in the categories of professionals which wasn’t that intense before the economic crisis in 2022.

As companies begin to rehire, they might find shortage of talent in the economy. An official jobless rate of 4.3 percent reflects near full employment and thus point to tight labour market conditions too.

Meanwhile, the Labour Force Participation Rate (LFPR) or the section of people both employed and unemployed but looking for work as a share of the working age population further shrank to 47.1 percent by the end of fourth quarter last year from 48.8 percent in the third quarter and 49.8 percent in 2022.

In the Organisation for Economic Co-operation and Development , the Labour Force Participation Rate (LFPR) stands above 60 percent.

By: Staff Writer

March 25, Colombo (LNW): President Ranil Wickremesinghe underscored the necessity of a new economic reform program for the country’s economic recovery. 

He made a clarion call from from all citizens to extend collective support to prevent the next generation from inheriting the hardships of past economic crises

The President reminisced about inheriting a country others were reluctant to lead, highlighting that while some focused on their political aspirations, his concerns were committed towards the welfare of the nation’s future.

President Ranil Wickremesinghe made these observations while participating in a friendly discussion organized by the ‘United Youth Union’ on the theme ‘Future of our Youth’. The event took place yesterday in Polonnaruwa recenty.

Additionally, the government is dedicated to rural development through an agricultural modernization initiative.

This initiative aims to facilitate agricultural exports by enhancing rural infrastructure. The Agriculture ministry will be introducing new crop varieties and collaborating with the Thai government to explore ‘Durian’ cultivation opportunities.

By increasing crop productivity, we envisage substantial improvements in the rural economy hs said.

With abundant solar and wind resources in our country, transitioning to wind and solar energy production could yield tenfold the required energy, with surplus electricity exportable to India.

Moreover, a thousand-acre investment zone in Trincomalee is underway, supported by India. Plans also include the development of the Mahaweli A and B zones to establish modern agricultural practices.

Efforts have been underway to establish new investment zones in Bingiriya and the North, with the requisite land already earmarked for this purpose. These initiatives are slated for implementation within the next five years

President Ranil Wickremesinghe engaged in discussions with the youth, focusing on the future and vision of the country. The President addressed various issues raised by the youth and provided solutions during the session.

During the event, President Ranil Wickramasinghe asserted that the populace would reap the rewards of the government’s on-going economic reform endeavours within a few years.

Urgent economic restructuring is imperative, transitioning from an import-dependent to an export-driven economy. This requires comprehensive economic development across urban and rural areas alike, coupled with stringent budgetary controls.

By implementing these governmental reforms, we can envisage a shift to an export-oriented economy by 2035, paving the way for sustained economic growth thereafter.

Furthermore, the government aims to double the annual tourist arrivals to Sri Lanka from 2.5 million to 5 million. Efforts will also be made to attract high-spending tourists to the country.

1. President Ranil Wickremesinghe emphasises the need for comprehensive discussions on healthcare advancements, stressing the integration of modern technology to enhance medical facilities: reaffirms the government’s commitment to empowering individuals for societal progress through healthcare: encourages active participation from medical professionals in shaping a forward-looking healthcare framework, highlighting leadership and government involvement.
   
2. Former President Maithripala Sirisena appears before the Criminal Investigation Department to produce a statement in connection with his recent controversial remarks about the Easter Sunday genocide: Sirisena previously claimed that he has knowledge on the true mastermind behind the attack, which took away more than 270 lives five years ago.
   
3. NPP/JVP Leader MP Anura Kumara Dissanayake says his party opposes the government’s proposed Constitutional Amendments before the Presidential polls: emphasises that the government fears losing power and is delaying elections: assures that the NPP would prevent the implementation of these amendments until after the Presidential election: further discusses potential alliances in forming a government if the NPP fails to secure enough seats.
   
4. Justice Minister Wijeyadasa Rajapakshe issues a gazette allowing English language use in the Commercial High Courts for all proceedings and record-keeping: The decision aligns with the Constitution and aims to improve efficiency, considering the prevalent use of English in commercial activities and the challenges of translation.
   
5. Officials are drafting an economic transformation law to address concerns about potential disruption to the current IMF programme amid political transitions: The legislation aims to safeguard the sustainability of the IMF-supported reform programme, valued at US$3 billion: Despite commendable progress noted by the IMF, opposition parties have vowed to renegotiate the agreement if elected: Finance State Minister Shehan Semasinghe plans to introduce the bill in Parliament in May, ensuring continuity and legal backing for the reform programme regardless of political changes.
   
6. Sri Lanka’s official unemployment rate drops to 4.3% in the 4Q23’, down from 4.7% in the previous quarter, reflecting a growing economy: GDP surges by 4.5% in Q4, a significant rebound from 1.6% in Q3, indicating economic recovery after severe challenges in 2022: The country now earns $825 million monthly from remittances and tourism, signalling progress: Despite this, emigration has led to talent shortages as companies resume hiring: The labour force participation rate fell to 47.1%, indicating tight labour market conditions compared to OECD countries.
   
7. The Central Bank plans to revise its regulatory sandbox to attract more fintech players after minimal engagement in four years: Challenges such as costly audits deterred participation: The aim is to streamline regulations to encourage experimentation, taking inspiration from successful models like India’s Reserve Bank.
   
8. Belarusian President Lukashenko praises Sri Lanka’s economic reforms and expresses Belarus’s support for them: emphasises Belarus’s willingness to enhance bilateral cooperation across multiple sectors, including agriculture and technology.
   
9. Badulla Hospital transitions into a Teaching Hospital alongside the Faculty of Medicine: A ceremony was held at the Badulla Library Auditorium to welcome 50 new medical students, during which the Nimal Siripala de Silva Foundation donated stethoscopes to each student.
   
10. Sri Lanka’s Dhananjaya de Silva and Kamindu Mendis both score centuries, leading Sri Lanka to a dominant position against Bangladesh in the first test in Sylhet: SL set Bangladesh a challenging target of 511 runs after amassing 418 runs in their second innings: With Bangladesh struggling at 47 for 5 wickets, SL’s victory seems imminent: Dhananjaya and Kamindu’s record-breaking partnership significantly strengthen SL’s position.

In a jubilant celebration of excellence and camaraderie, the Mercantile Table Tennis Association (MTTA) recently hosted its Colors Night Ceremony 2023, commemorating the outstanding achievements of its members. Among the luminaries honored at this prestigious event was Nirmala Jayasinghe, a stalwart from MAS Holdings, whose unwavering dedication has left an indelible mark on the table tennis landscape.

Under the dynamic leadership of President Chanaka Perera, MTTA continues to thrive as a beacon of sporting prowess and community spirit. The Colors Night Ceremony, graced by the distinguished guest Mr. Lalith Priyantha, former National Champion, National Selector, National Coach, and former President of the Table Tennis Association of Sri Lanka, provided a fitting platform to recognize Nirmala’s exceptional contributions.

Amidst a gathering of peers and patrons, Nirmala Jayasinghe received a heartfelt token of appreciation from Mr. Lalith Priyantha, symbolizing the deep admiration and gratitude felt by all present. This poignant moment underscored Nirmala’s invaluable role in elevating the standards of table tennis within the mercantile sector and beyond.

As the echoes of applause filled the air, MTTA reaffirmed its commitment to fostering sporting excellence, camaraderie, and fair play. The Colors Night Ceremony served as a poignant reminder of the collective strength and spirit that define the association, inspiring all to strive for greatness both on and off the table.

In honoring Nirmala Jayasinghe and his peers, MTTA pays homage to the dedication, passion, and sportsmanship that embody the essence of table tennis. As the association looks towards the future with renewed vigor, it is individuals like Nirmala who continue to inspire and uplift, shaping a brighter tomorrow for the sport and its community.

March 25, Colombo (LNW): Prime Minister Dinesh Gunawardena has departed for Beijing at the invitation of the Government of China, marking an official visit aimed at bolstering bilateral relations and development cooperation between the two nations.

During his stay in Beijing, Prime Minister Gunawardena is scheduled to hold meetings with President Xi Jinping, Prime Minister Li Qiang, senior Ministers, and key officials of the Chinese Communist Party (CPC).

Discussions will encompass various issues of mutual interest and collaboration.

Additionally, Prime Minister Gunawardena will serve as the Chief Guest at China’s prestigious annual international conference in Boao, Hainan.

The conference theme, “Asia and the World: Common Challenges, Shared Responsibilities,” underscores the importance of regional and global cooperation.

The event will witness the participation of numerous heads of state and high-level foreign delegates.

In Beijing, Prime Minister Gunawardena’s agenda includes substantive discussions with Prime Minister Li Qiang and Zhao Leiji, Chairman of the National People’s Congress of the CPC.

These meetings aim to explore avenues for enhancing bilateral relations and fostering closer ties between the two countries.

Furthermore, Prime Minister Gunawardena will visit several prominent institutions and facilities in China, including the China Harbour Headquarters, Huawei, Zhongguancun Environmental Protection Park, and the National Satellite Meteorological Centre in Beijing.

In Hainan, he will tour the Academy of Tropical Sciences. Additionally, in Shanghai, he is scheduled to visit Alipay, CTripp, Dilmah Tea, and Universal Energy, alongside meetings with local officials.

Accompanying Prime Minister Gunawardena on this significant visit are State Ministers Shehan Semasinghe and Ashoka Priyantha, Member of Parliament Yadamini Gunawardena, Chinese Ambassador Qi Zhenhong, Secretary to the Prime Minister Anura Dissanayake, and other senior officials.