March 22, Colombo, LNW:For the fifth consecutive day this week, the US Dollar continues to trade below the Rs. 300 mark at several commercial banks in Sri Lanka, reflecting a sustained trend in the foreign exchange market.
At NDB Bank, the buying rate for the US Dollar has decreased marginally from Rs. 296.85 to Rs. 296.60, while the selling rate has also seen a slight reduction from Rs. 307.85 to Rs. 307.60.
Similarly, Peoples Bank reports a decline in both the buying and selling rates of the US Dollar, with rates dropping from Rs. 298.36 to Rs. 297.87 for buying and from Rs. 308.47 to Rs. 307.96 for selling.
Meanwhile, at Commercial Bank, the buying rate for the US Dollar has decreased from Rs. 297.93 to Rs. 297.51, while the selling rate remains steady at Rs. 307.25.
Similarly, at Sampath Bank, there have been no changes in the buying and selling rates of the US Dollar, which remain constant at Rs. 299 and Rs. 308, respectively.
The consistent performance of the US Dollar below the Rs. 300 threshold indicates stability in the foreign exchange market, providing a favorable environment for businesses and consumers alike.
March 22, Colombo, LNW: In a proactive move to combat the proliferation of illegal weapons and explosives, the Sri Lanka Police has introduced a new initiative aimed at incentivizing the reporting of such contraband. Under this program, individuals who provide credible information leading to the detection and seizure of illegal weapons and explosives will be eligible for cash rewards.
Recognizing the importance of confidential informants in maintaining public safety, the program offers rewards based on the severity and type of weapons seized by law enforcement authorities. This initiative not only aims to encourage the public to come forward with valuable information but also serves as a deterrent against the possession and trafficking of illicit arms.
By fostering collaboration between law enforcement and the community, Sri Lanka Police endeavors to enhance efforts in curbing the illegal circulation of weapons, thereby promoting a safer and more secure environment for all citizens.
March 22, Colombo, LNW: The International Monetary Fund (IMF) has announced that its staff, in conjunction with Sri Lankan authorities, have reached a staff-level agreement on economic policies, marking the conclusion of the second review of the 4-year Extended Fund Facility (EFF)-supported program and the 2024 Article IV Consultation.
Upon approval by IMF Management and completion by the IMF Executive Board, Sri Lanka is set to receive access to SDR 254 million (approximately US$337 million) in financing. This disbursement will bring the total IMF financial support provided under the arrangement to SDR 762 million (about US$1 billion).
The agreement reflects progress in macroeconomic policy reforms, with positive outcomes including rapid disinflation, robust reserve accumulation, and signs of economic growth. Notable achievements include strengthened public finances following substantial fiscal reforms and met performance criteria and indicative targets, with some structural benchmarks yet to be fully implemented.
Economic indicators point towards gradual improvement, with positive growth registered in the third and fourth quarters of 2023 and inflation decelerating significantly. Efforts to sustain reform momentum, address governance weaknesses, and tackle corruption vulnerabilities are highlighted as crucial for ensuring lasting recovery and stable, inclusive growth.
The IMF team also underscored the importance of fiscal reforms, revenue mobilization goals, revenue administration enhancements, and maintaining cost recovery in fuel and electricity pricing to mitigate fiscal risks. Efforts towards debt restructuring and agreements with official and private creditors are deemed vital for restoring debt sustainability over the medium term.
Furthermore, the authorities’ commitment to implementing governance reforms, as outlined in the recently published Action Plan, is commended. Continued efforts to improve social safety nets, particularly Aswesuma, are essential to safeguarding the vulnerable segments of society.
The IMF mission team, which engaged with various stakeholders including government officials, parliamentarians, private sector representatives, civil society organizations, and development partners, expressed gratitude for the collaboration of the Sri Lankan authorities.
March 22, Colombo, LNW: Shell Global is poised to initiate fuel distribution in Sri Lanka starting from Friday (22), marking a significant milestone in the country’s energy landscape.
Fuel enthusiasts across Sri Lanka will have access to Shell Global products at 150 filling stations, promising enhanced quality and reliability in their refueling experience.
The inaugural consignment of Shell-RM Parks fuel, a collaboration between Shell Global and RM Parks, has arrived at the Colombo Port on Thursday (21) morning, laying the groundwork for seamless distribution operations.
President Ranil Wickramasinghe has announced that both the presidential election and the subsequent general election will take place as scheduled. He emphasized his commitment to fostering economic stability within the country and expeditiously transitioning Sri Lanka into an export-oriented economy. Furthermore, highlighted ongoing discussions aimed at reinstating Sri Lanka’s status as a debt-paying nation on the global stage. These deliberations are anticipated to conclude by June and July.
IMF staff and the Sri Lankan authorities have reached staff-level agreement on economic policies to conclude the second review of the 4-year EFF-supported program and the 2024 Article IV Consultation. Once the review is approved by IMF Management and completed by the IMF Executive Board, Sri Lanka will have access to SDR 254 million (about US$337 million) in financing, bringing the total IMF financial support disbursed under the arrangement to SDR 762 million (about US$1 billion), the International Monetary Fund (IMF) said.
MP Anura Kumara Dissanayake, leader of the National Peoples Power (NPP), is set to engage in multiple public meetings across Canada this weekend. Departing for Canada in preparation for these gatherings, he will speak at events in Toronto on Saturday, March 23, 2024, and in Vancouver on Sunday, March 24, 2024.
The vote on the no-confidence motion against Speaker of the Parliament Mahinda Yapa Abeywardena, was defeated in the Parliament,following a three-day debate. The Speaker survived the no-confidence motion, moved by the Samagi Jana Balawegaya (SJB), by a majority of 42 votes.
The Governor of the Central Bank of Sri Lanka (CBSL) has informed the Committee on Public Finance (COPF) that they accepted all recommendations from COPF report on salary revisions, the Chairman of the COPF, MP Dr. Harsha de Silva said: also mentioned that President Ranil Wickremesinghe will appoint a committee to review salaries as soon as possible, until which salary increases will be deferred from next month.
Four persons including Frontline Socialist Party (FSP) activist Duminda Nagamuwa and youth activist Lahiru Weerasekara, who were arrested during the demonstration by the ‘Jana Aragala Viyaparaya’in Colombo yesterday, have been remanded until March 27 by the Fort Magistrate’s Court.
The Asian Development Bank (ADB) has launched a new country partnership strategy (CPS) for Sri Lanka covering the period 2024–2028. The strategy will focus on restoring the country’s macroeconomic stability, reviving growth, and establishing the foundation for sustainable recovery and resilience.
The Shell brand will enter the Sri Lankan fuel retailing market later this year after Shell Brands International AG (“Shell”) and RM Parks (Private) Limited signed a retail brand license agreement, and affiliates of Shell and RM Parks (Private) Limited signed a product supply agreement.
Parliamentarian and President’s Counsel M. A. Sumanthiran has formally requested that the Fundamental Rights application, which previously challenged the Speaker’s conduct during the passage of the Online Safety Bill and was subsequently dismissed, be reexamined in the presence of a new Supreme Court bench.
Sri Lanka Cricket has denied that they exploited any loopholes after the Wanindu Hasaranga Test ban fiasco has grabbed the headlines in recent times. Hasaranga, who had retired from the longest format of the game in August last year, performed a U-turn and was subsequently selected for the Test series against Bangladesh. However, in a major turn of events, the ICC would slap him with a ban on Tuesday, March 19.
March 22, Colombo, LNW: Allegations from the Maha Sangha, archaeologists, and intelligentsia regarding the slow response to addressing cracks emerging on the surface of the historic Jethawana Stupa in Anuradhapura Sacred City have spurred attention to the site’s preservation.
The Central Cultural Fund (CCF) refutes these claims, asserting that they are baseless and unfounded. However, reports indicate cracks, notably on the southwest side, extending vertically downwards and penetrating horizontally up to ten meters into the stupa.
The Jethavana Stupa, standing at 400 feet tall and built by King Mahasen, holds significant historical importance, being erected on the cremation site of the Most Venerable Arahant Mahinda Thera. Once the third tallest structure globally, its structural integrity remains paramount.
Ananda Jayawardhana, project manager for both Jethavana and Abayagiri sites, alongside Chief Preservation Supervisor Priyantha Kumara Rathnayaka, reassured that efforts have been underway since 2016 to monitor and preserve the stupa. Sophisticated strategies are being employed to identify the causes of eight cracking lines on the dome.
Since 1981, extensive explorations, excavations, and preservation endeavors have been ongoing. Despite restoration efforts after a thunderbolt strike in 2014, cracks were identified in 2016, with recent investigations revealing the depth of the southwest crack.
An exclusive Ground Penetrating Radar (GPR) test conducted in February 2022 prompted the removal of brick structures and the application of a special mixture to fill the crack. Additionally, the installation of rain gauges and mini prisms aims to monitor any structural changes and weather-related impacts.
Prof. Gamini Ranasinghe, Director General of the CCF, emphasized the importance of long-term vigilance and scientific maintenance. While acknowledging the stability of current cracks, he urged patience and adherence to advanced monitoring systems to safeguard the stupa’s cultural and religious significance.
An allocation of Rs. 128 million for 2024 underscores the commitment to restoring and maintaining the Jethavana Stupa, with ongoing support from experts, institutes, and professionals to avert irreparable damage. Efforts are underway to engage UNESCO for further assistance and intervention in this critical preservation endeavor.
March 22, Colombo, LNW: In a momentous meeting at the Presidential palace in Juba, Ambassador Kana Kananathan orchestrated a pivotal diplomatic exchange with His Excellency Salva Kiir Mayardit, the President of South Sudan. This cordial encounter emphasized the steadfast commitment to strengthening bilateral ties between the two nations, signaling the dawn of a new era of cooperation and mutual prosperity.
President Kiir, also the esteemed chairperson of the East African Community (EAC), warmly welcomed Ambassador Kananathan, acknowledging the significance of their discussions in nurturing diplomatic relations and promoting regional stability.
During the meeting, Ambassador Kananathan briefed President Kiir on the partnership between South Sudan and the Sri Lankan-based Mayleen Group, aimed at spearheading the construction of a cutting-edge airport in Akon city. Highlighting the project’s importance, Ambassador Kananathan underscored how this ambitious initiative represents a significant leap forward in South Sudan’s infrastructure development, poised to stimulate economic growth and enhance national connectivity.
With South Sudan’s vast oil reserves ranking among the largest in sub-Saharan Africa, they serve as a cornerstone of the nation’s economic landscape, constituting the primary source of export earnings.
The collaborative partnership between Sri Lanka and South Sudan stands as a testament to the efficacy of joint efforts in fostering prosperity and progress in both nations.
March 22, Colombo, LNW: President Ranil Wickremesinghe has announced ambitious immediate plans to develop the Mahaweli A and B zones, previously overlooked by the Mahaweli project, as part of Sri Lanka’s transition towards a modern agricultural economy. This initiative, he emphasized, would bring substantial benefits to the residents of these areas.
The President underscored the pivotal role played by the late Gamini Dissanayake in implementing the Mahaweli project, which revolutionized irrigation practices and facilitated self-sufficiency in rice production and electricity generation in Sri Lanka.
President Wickremesinghe made these remarks during the ceremony commemorating the 82nd birth anniversary of Minister Gamini Dissanayake on Wednesday (20), held at the Gamini Dissanayake statue on Ananda Coomaraswamy Mawatha in Colombo.
Paying tribute to the memory of Gamini Dissanayake, the President laid floral tributes at his statue, honoring his dedication as an exemplary model for all.
The commemorative event commenced with religious ceremonies led by eminent monks, followed by a minute of silence to honor the memory of national heroes, including those who perished in the Thotalanga tragedy alongside Gamini Dissanayake.
MP Mayantha Dissanayake, Vice President of the Gamini Dissanayake Foundation, delivered the welcome address, while former Speaker Karu Jayasuriya praised Gamini Dissanayake’s character as a political precedent, highlighting his popularity and service to the people.
Reflecting on his father’s legacy, Sabaragamuwa Province Governor Navin Dissanayake emphasized Gamini Dissanayake’s belief in the economic system of the United National Party and expressed hope for a future moderate right-wing movement.
The event was attended by Minister Dr. Wijeyadasa Rajapakshe, State Minister Aravinda Kumar, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayake, along with several MPs and political representatives, as well as family members of the late Gamini Dissanayake.
March 22, Colombo, LNW:In a significant operation conducted yesterday (21), officers from the Illegal Assets Investigation Division of the Criminal Investigation Department moved swiftly to seize properties valued at more than Rs. 100 million, believed to be owned by the primary kasippu (illicit liquor) smuggler in Nikaweratiya, under the purview of the Money Laundering Act.
According to police sources, the seized assets include a van, a lorry, various parcels of land, and multiple residential properties, some of which are registered under different individuals’ names.
A senior police official emphasized that the transfer or disposal of these assets is prohibited. Failure by registered owners to provide a legitimate explanation for the acquisition of these assets during court proceedings will result in their confiscation as unlawfully obtained property. The investigation stems from a complaint lodged with the Illegal Assets Investigation Division of the Criminal Investigation Department by Senior DIG Kithsiri Jayalath of the North Western Province.
It has been revealed that the detained individual has been involved in large-scale kasippu trafficking across the Kurunegala district in the North Western Province for over three decades, amassing substantial wealth and property through illicit means.
Additionally, investigators have announced plans to scrutinize both the dealer’s and his family members’ bank accounts to uncover any further financial irregularities linked to the illegal enterprise.
March 22, Colombo, LNW: Showers or thundershowers will occur at several places elsewhere in the island during the afternoon or night.
Fairly heavy showers above50mm are likely at some places in Western, Sabaragamuwa and North-western Provinces.
Misty conditions can be expected at some places in Central, Sabaragamuwa and Uva 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.
