July 19, Colombo (LNW): During the rainy season, approximately 4,000 hectares of paddy fields around the Nilwala River are consistently flooded and damaged due to the salinity barrier installed in the river. This barrier, while preventing seawater from contaminating the Nilwala River, has inadvertently caused significant flooding, adversely affecting local agriculture.

Minister of Agriculture and Plantation Industry Mahinda Amaraweera has directed the Department of Agricultural Development to prioritize this issue, following numerous complaints from farmers about crop losses due to flooding. Over the years, flooding in the Matara district has led to substantial crop damage, prompting the Agricultural and Agrarian Insurance Board to compensate affected farmers.

The Minister emphasized that the salinity barrier is crucial for preventing seawater intrusion, which would otherwise compromise the district’s drinking water supply. However, this barrier has led to the flooding of paddy fields, necessitating a review of the suitability of paddy cultivation in these areas.

On Wednesday (17), a discussion was held at the Ministry of Agriculture and Plantation Industries with Minister Amaraweera and Agrarian Development Department officials to address this issue. A committee has been appointed, per a Cabinet decision, to explore compensation options for the affected farmers and the potential transfer of the paddy lands to the government. However, no final decision has been made yet.

The Agrarian Development Department has recommended against expanding paddy cultivation in these flood-prone areas due to the likelihood of heavy rains in upcoming cropping seasons. Instead, a program will be developed to encourage farmers to grow alternative crops, providing necessary financial and technical support.

Agrarian Development Commissioner General A.M.H.L. Abeyratne and other officials participated in the discussion, reinforcing the commitment to finding a sustainable solution for the affected farmers and ensuring agricultural viability in the region.

July 19, Colombo (LNW): The Jaffna Teaching Hospital celebrated the establishment of its new Bone Marrow Transplant Unit and the donation of a C-arm X-ray machine worth Rs 50 million. This state-of-the-art equipment, which is used to take images of the spine, bones, and soft tissue, was donated under the patronage of Health Minister Dr. Ramesh Pathirana.

During his visit, Health Minister Dr. Ramesh Pathirana conducted an extensive inspection tour of the Jaffna Teaching Hospital. This tour included the Out-Patient Department, clinics, wards, Eye Unit, kitchen, laboratory, drug stores, operating theaters, emergency treatment units, and special units. The Minister emphasized that this special inspection was aimed at identifying shortcomings and ensuring the provision of quality and efficient health services to the people of the Northern Province.

Dr. Pathirana announced that, based on the budget allocation, Rs 500 million will be allocated for the construction of new treatment units and buildings at the Jaffna Teaching Hospital in the coming year. He also directed hospital officials to ensure the provision of optimal human resources from trained groups to meet the hospital’s needs.

The event was attended by Health Secretary Dr. Palitha Mahipala, Director General of Health Services Dr. Asela Gunawardena, Jaffna Teaching Hospital Director Dr. T. Satyamurthy, and hospital staff.

July 19, Colombo (LNW): President Ranil Wickremesinghe has announced a bold initiative to transform the Western Province into a major city capable of accommodating approximately 5 million people.

As part of this vision, the government is launching a revolutionary program to provide freehold land and housing rights to residents across villages, towns, and plantations. This initiative aims to alleviate the hardships faced by the country’s citizens by granting them secure property ownership.

The President made these remarks at the “Randora Urumaya” event, which was held on Wednesday afternoon at Sugathadasa Stadium in Colombo. During this event, 50,000 low-income families residing in flats in Colombo were granted freehold deeds.

Outlined in the 2024 budget proposals, the Urumaya programme aims to grant freehold land rights to 2 million people and full ownership of houses to 250,000 low-income families living in Colombo flats.

In the initial phase, 50,000 families will receive freehold deeds, with a total of 1,117 title deeds already awarded. This includes 937 houses from the Urban Development Authority and 180 houses from the National Housing Development Authority.

These “Randora Urumaya” title deeds will be distributed to residents of Mihindu Sethpura, Sirisara Uyana, Metro housing complexes under the Urban Development Authority, and 31 flats under the National Housing Development Authority.

Businesses including banks, airlines, telecommunications companies, TV and radio broadcasters, and supermarkets have been taken offline following a mass global outage.

Major US airlines including American Airlines, Delta Airlines and United Airlines have been grounded, while airports in Germany and Spain are also reporting issues.

In the UK, Southern, Thameslink, Gatwick Express and Great Northern – all four of Govia Thameslink Railway’s brands – said its services were experiencing widespread IT issues.

“We are unable to access driver diagrams at certain locations, leading to potential short-notice cancellations, particularly on the Thameslink and Great Northern networks,” the company said.

“Additionally, other key systems, including our real-time customer information platforms, are also affected.”

It comes as Microsoft said it was continuing to address the “lingering impact” of its 365 applications and services that are in a “degraded state” – it is unknown if this is the same issue affecting airports and train services across the globe.

The outage appears to be affecting Windows PCs globally, including Sky News in the UK which was not able to broadcast live TV on Friday morning.

Users on the subreddit for cyber security firm Crowdstrike reported issues in India, the United States and New Zealand.

While users in Australia began reporting issues early on Friday, stating they had been locked out of their workstations.

SKY NEWS

July 19, Colombo (LNW): The Election Commission has announced new measures to facilitate voting for the visually impaired and hearing impaired communities for the first time in the upcoming Presidential Election. Chairman R.M.A.L. Rathnayake stated that a special system is being implemented to provide ballot papers in braille for visually impaired voters.

To assist hearing-impaired voters, facilities will be available to inform them about the ballot paper using sign language. This initiative follows several successful pilot projects that were conducted in the past.

Additionally, special facilities will be provided to ensure that people with physical disabilities can access polling stations. Rathnayake added that visually and hearing impaired voters at each polling station will be identified through Grama Niladhari officials, who will ensure they receive the necessary support.

These measures reflect the Election Commission’s commitment to making the voting process more inclusive and accessible for all citizens.

July 19, Colombo (LNW): Dr. IZUMI Hiroto, head of the Japanese delegation visiting Sri Lanka, praised the successful completion of the country’s debt restructuring process, highlighting that it has paved the way for the resumption of Japanese Official Development Assistance (ODA) projects. These projects, which include several initiatives that were previously suspended, are now set to restart, marking a renewed phase of cooperation and development between the two nations.

Dr. Hiroto emphasized that the international community’s confidence in President Ranil Wickremesinghe’s leadership is evident in the expedited success of the debt restructuring agreements. This achievement, accomplished in partnership with the Official Creditors’ Committee and the International Monetary Fund, signifies a remarkable turnaround for Sri Lanka.

The high-level Japanese delegation, which includes representatives from the housing, construction, and urban sectors, met with President Ranil Wickremesinghe at the Presidential Secretariat on the morning of the 18th. During the meeting, Dr. Hiroto reiterated the successful completion of Sri Lanka’s debt restructuring process and announced that previously suspended ODA projects are set to resume.

The discussion also focused on new investment opportunities in Sri Lanka, with an emphasis on enhancing cooperation between the two countries. The delegation expressed their appreciation for Sri Lanka’s economic progress and the swift achievement of debt restructuring agreements. They commended President Wickremesinghe’s leadership in steering the country through its financial challenges, restoring international confidence, and paving the way for renewed development initiatives.

President Wickremesinghe, recalling Japan’s invaluable support during Sri Lanka’s debt restructuring process, emphasized Sri Lanka’s commitment to deepening economic cooperation with Japan across various sectors, including education and agricultural modernization. He stressed the importance of resuming stalled projects under Japanese cooperation to further strengthen bilateral relations.

Furthermore, President Wickremesinghe highlighted the critical role of the Colombo Dockyard, underscoring its significance as a key institution in Sri Lanka’s maritime and industrial landscape.

The Japanese delegation noted that several suspended projects, including the Bandaranaike International Airport (BIA) Development Project, the Colombo Port Eastern Terminal Development Project, the Central Expressway Construction, and the Digital Broadcasting Project, can be promptly restarted. They also discussed the potential to resume the Light Railway Transit (LRT) project, which was halted by the previous government, recognizing its significant potential to alleviate traffic congestion in Colombo city.

Both sides emphasized the importance of Public-Private Partnerships (PPP) in executing housing for low-income earners and other urban development projects. The Government of Sri Lanka is committed to promoting environmentally friendly projects and renewable energy in line with its policies and international agreements.

The Japanese delegation expressed their willingness to recruit Sri Lankan graduates in the field of technology for job opportunities in Japan’s private sector. This initiative aims to improve the electricity supply sector in Japan. Additionally, they highlighted the Joint Credit Mechanism (JCM), which encompasses projects designed to promote environmental sustainability by utilizing advanced Japanese technology to reduce carbon dioxide emissions.

July 19, Colombo (LNW): The government of Sri Lanka plans to formally designate areas occupied by plantation workers on state-owned lands as “plantation villages.” 

This proposal, presented by President Ranil Wickremesinghe, has received approval from the Cabinet of Ministers. The legal drafts department has been assigned the task of drafting legislation for this designation. 

A discussion led by the President, attended by various stakeholders, underscored unanimous support for this timely proposal. Parliamentarian Mano Ganesan emphasized the importance of securing land rights for plantation dwellers, aligning with the President’s commitment to providing freehold land and housing rights to residents in villages, towns, and plantations.

The initiative is timely due to the pressing issue of illegal encroachments on estates managed by the Regional Plantation Companies (RPCs). 

These encroachments, often backed by local politicians, have led to a significant reduction in plantation lands since RPCs took over management in 1995.

Originally, 94,521 hectares were leased to 20 RPCs, but this has dwindled to less than 72,000 hectares over 28 years due to illegal encroachments, subleasing, and unauthorized sales.

Recent incidents of land grabbing have been particularly severe in the Nuwara Eliya District, where 21 tea estates are located. A superintendent of a leading company reported that a gang, with political backing, forcefully encroached on a 25-acre block of land. 

Despite efforts by estate management to involve local authorities and the police, political influence has hindered resolution. Additionally, plantation workers have been reported to remove tea bushes to expand the lands allocated to them, further exacerbating the issue.

The law forbids encroachment on both private and public property, and lease agreements for RPC-managed lands prohibit transfer or sale without government approval. Former President Gotabaya Rajapaksa had previously proposed and gained cabinet approval to reclaim under-utilized estate lands for the government. 

However, the implementation of this proposal faces challenges. Some estate lands have been cleared for crop cultivation, leading to further illegal grabs by politically backed groups. Additionally, unauthorized subleasing of these lands has occurred despite lease restrictions.

A notable incident involved a gang of around 200 individuals forcefully encroaching on 8.5 hectares at the Madampe estate in Rakwana. Legal action was taken, but the lack of decisive law enforcement against such encroachments has encouraged further illegal activities, especially prior to elections. 

This situation poses a significant challenge to the management companies and threatens the productive, commercial, and protected state lands. The new legislative measures aim to address these issues and secure land rights for plantation workers.

July 19, Colombo (LNW): Scope Cinemas is set to transform the cinema experience in Sri Lanka with the opening of its new IMAX®️ Theatre at Havelock City Mall on July 24, 2024. 

This much-anticipated event promises a groundbreaking level of audio-visual immersion for Sri Lankan moviegoers. IMAX®️ is globally acclaimed for its advanced technology and distinctive film presentation.

The IMAX®️ Theatre at Scope Cinemas Multiplex – Havelock City will feature IMAX®️ with Laser, a state-of-the-art laser projection system that offers the most advanced theatre experience available. 

This will be paired with IMAX®️ Precision Sound for remarkable audio and IMAX®️ Immersion by Design seating, which includes stadium-style seating for unobstructed views from every seat. Together, these elements create the most immersive cinematic experience in the world today.

Scope Cinemas, Sri Lanka’s first multi-sensory luxury entertainment company, has been a pioneer in the local cinema industry since 2017. 

The company initially gained attention with its reliable online booking system, transforming how Sri Lankans purchase movie tickets. 

This innovative system eliminated long queues and allowed customers to select seats and order food and beverages online. 

The experience was further enhanced by a mobile app, which made reservations and food orders easy from smartphones.

Scope Cinemas extends its commitment to luxury and convenience beyond technology. Its theatres offer gourmet dining options, including freshly made burgers and wraps, as well as a variety of hot and cold beverages, allowing moviegoers to enjoy a complete dining experience alongside their film.

 The VIP Gold Class theatres provide an even more luxurious experience with reclining seats, cozy blankets, and personalized service, ensuring a truly first-class movie experience.

 Additionally, the company is renowned for its excellent customer service, with staff trained to assist with everything from ticket reservations to delivering food and beverages directly to guests’ seats seamlessly.

Thushan Rangana Meemanage, Director and CEO of Scope Cinemas, expressed his excitement about the new IMAX®️ Theatre, stating, “Our IMAX®️ Theatre will be the crown jewel in our network, and we are proud to bring this experience to Sri Lanka for the first time.

 From our inception, Scope Cinemas has aimed to set international standards in the country and provide unparalleled cinema experiences he said adding that this remains our vision, and bringing IMAX®️ to Sri Lanka is a landmark moment on that journey. 

Naveed Cader, Executive Chairman of Scope Cinemas, added, “Giving Sri Lankans the opportunity to have a revolutionary cinematic experience is something we’re very passionate about. 

We have been working very hard to prepare for the IMAX®️ launch and ensure everything is perfect. We’re excited to elevate the movie experience by partnering with IMAX®️ to offer our customers a new, world-class, premium, large-format movie experience here in Sri Lanka.”

July 19, Colombo (LNW): The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE), in collaboration with the Asian Development Bank (ADB), recently hosted an issuer forum titled “Towards a Greener Horizon: Unlocking Opportunities through Sustainability Bonds” in Colombo. 

The forum aimed to raise awareness and build capacity among stakeholders, including government authorities, state-owned enterprises, potential issuers, investment banks, corporate finance advisors, verification/assurance providers, rating agencies, and others, to establish a sustainable bond ecosystem in Sri Lanka.

In his opening remarks, M Faizal Salieh, Chairman of the SEC, emphasized the challenge of quickly integrating these bonds and attracting ESG-conscious foreign investors, considering Sri Lanka’s default sovereign rating hurdle. 

He stressed the importance of building a local ESG-conscious investor base and called for stakeholders to collaborate to initiate issuances. 

Salieh also noted that expanding green finance instruments and fostering cooperation between investors, issuers, and regulators could accelerate the transition to a sustainable and resilient financial system.

. Chinthaka Mendis, Director General of the SEC, elaborated on this, highlighting the potential of sustainable bonds to alleviate government budget pressures and promote inclusive national participation. 

He cited Thailand as an example, where sustainable products in the capital market have supported development sectors such as renewable energy, sustainable transport, water management, and waste management post-COVID-19.

Takafumi Kadono, Country Director of the ADB, spoke on promoting sustainable capital market development as a key component of sustainable recovery, resilience building, and inclusive growth in Sri Lanka.

 He shared ADB’s experience, successful case studies, and resources available to support sustainable bond issuances in the country.

Rajeeva Bandaranaike, Chief Executive Officer of the CSE, highlighted the critical juncture at which Sri Lanka’s capital market currently stands.

 He emphasized the need for action and pathways for sustainable finance through Green, Social, and Sustainable Bonds. Bandaranaike also pointed out the global shift towards environmental sustainability in supply chains and the necessity for Sri Lanka to adopt these environmental policies to maintain its competitive edge in exports.

 He stressed that fostering a sustainable financial ecosystem would enable local businesses to access sustainable capital, enhance resilience to climate risks, and support a greener future.

The forum included several presentations providing a comprehensive overview of opportunities in sustainable finance. 

These presentations covered the global overview of green bonds, the latest developments, lessons learned in developing sustainable finance ecosystems, technicalities and intricacies in issuing Green, Social, and Sustainable (GSS) Bonds, the CSE regulatory framework for Sustainable Bonds, and DFCC Bank PLC’s experience in raising a green bond.

Overall, the forum aimed to catalyze action and create pathways for sustainable finance in Sri Lanka, aligning the country’s financial markets with global sustainability trends and practices.

July 19, Colombo (LNW): While the Sri Lankan government has made significant strides in economic stabilization and debt restructuring, political opposition remains skeptical, and the real impact on the populace is yet to be fully realized.

 The focus now is on maintaining the momentum of economic reforms and ensuring that the benefits of these measures are felt across all sectors of society

The government has implemented significant economic measures, including reducing fuel, electricity, and water tariffs, to alleviate the cost of living and stabilize the economy. 

This move comes after a series of economic challenges, including credit rating downgrades and the depletion of foreign currency reserves, which led to a temporary moratorium on servicing the country’s external debt in April 2022. 

The situation has improved following the government’s efforts to secure a $2.9 billion Extended Fund Facility from the International Monetary Fund (IMF), marking a significant turnaround under President Ranil Wickremesinghe’s leadership.

President Wickremesinghe, along with his cabinet, has made notable progress in correcting the economic missteps of previous administrations, achieving fiscal and debt stability.

 This has resulted in reduced fuel and electricity prices and other favorable economic indicators, which are expected to provide relief to the populace.

A key milestone in Sri Lanka’s economic recovery is the debt restructuring agreement with China Exim Bank, covering $4.2 billion in debt. 

The details of this agreement, as well as a framework agreement with international sovereign bondholders, are still being finalized. The Joint Working Framework aims to balance the interests of creditors and Sri Lanka in cases of economic performance variations.

The country is on the brink of being removed from its ‘restrictive default’ status, which has hindered potential investment. Experts are optimistic that the final approval from the IMF will confirm the negotiated terms with creditors, signaling a positive change in Sri Lanka’s economic status.

However, opposition political parties, including the Samagi Jana Balawegaya (SJB) and the leftist National People’s Power (NPP), have criticized the government’s economic policies.

 They argue that despite claims of economic recovery and progress in debt restructuring, tangible benefits have yet to be realized by the population. The SJB has also expressed concerns about the lack of clarity and transparency in the debt restructuring agreements.

Despite political opposition, Fitch Ratings Lanka Managing Director Maninda Wickramasinghe has acknowledged Sri Lanka’s significant recovery progress.

 He emphasized that once debt restructuring agreements are finalized, there should be no reason for rating agencies to maintain the country’s restricted default status. He also highlighted the importance of learning from past mistakes to avoid repeating them.

World Bank Lead Economist Gregory Smith and former Central Bank Governor Dr. Indrajith Coomaraswamy have shared similar views on Sri Lanka’s economic recovery. 

They stressed the need for the country to achieve a primary surplus target of 2.3% by 2025, improve tax revenue administration, and eliminate tax concessions to enhance fiscal stability.

 Dr. Coomaraswamy emphasized the importance of maintaining macro stability and implementing structural reforms to achieve sustainable economic growth.

The Joint Apparel Association Forum (JAAF) has welcomed the Public Utilities Commission of Sri Lanka’s decision to reduce industrial electricity tariffs by 25.3%, which is expected to boost the competitiveness of Sri Lanka’s apparel and export industries. 

This reduction follows a substantial increase in tariffs in 2022, which had negatively impacted apparel export revenue.

Despite the government’s efforts, the main opposition, SJB, continues to challenge the narrative of economic recovery. 

They argue that the government’s claims of progress are not reflected in the everyday lives of the people, citing market surveys indicating that over 91% of the population is spending more than they earn.