June 27, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight depreciation against the US Dollar today (27) in comparison to yesterday at leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has increased to Rs. 299.89 from Rs. 299.74, and the selling price to Rs. 310.04 from Rs. 309.89.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 299.82 from Rs. 299.31, and the selling price to Rs. 309.50 from Rs. 309.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 300.75 from Rs. 300.50, and the selling price to Rs. 309.75 from Rs. 309.50.
June 27, Colombo (LNW): The International Monetary Fund (IMF) has hailed Sri Lanka’s recent finalisation of debt agreements with its key official creditors as a significant development.
IMF’s Senior Mission Chief for Sri Lanka Peter Breuer emphasised that these agreements mark a crucial milestone for Sri Lanka, bringing it closer to completing its debt restructuring and achieving sustainable debt levels.
“We anticipate rapid progress in reaching agreements with external private creditors in the near future,” Breuer told News1st.
These developments follow the concluded negotiations with the Official Creditor Committee (OCC) and China Exim Bank yesterday (26), representing substantial progress in stabilising its economic standing amidst recent financial challenges suffered by the island nation.
These agreements, totalling US$ 10 billion, involve restructuring arrangements with major bilateral lenders under the auspices of the OCC, co-chaired by Japan, India, and France.
Key committee members include Australia, Austria, Belgium, Canada, Denmark, Germany, Hungary, Korea, the Netherlands, Russia, Spain, Sweden, the United Kingdom, and the United States of America.
June 27, Colombo (LNW): China has expressed its readiness to collaborate with relevant nations and international financial institutions to assist Sri Lanka in achieving debt sustainability.
Speaking from Beijing, Chinese Foreign Ministry Spokesperson Mao Ning highlighted that the Export-Import Bank of China had preliminarily agreed on debt restructuring with Sri Lanka.
This agreement is pivotal for Sri Lanka’s fiscal reforms and gaining additional backing from global creditors.
Recently, Sri Lanka concluded debt treatment agreements in Beijing with China Exim Bank, aimed at restructuring US$ 4.2 billion in debt.
The President’s Media Division confirmed the signing of the Framework Agreement in Colombo, underscoring that this restructuring will provide substantial debt relief.
The move is expected to enable Sri Lanka to allocate more resources to essential public services and resume concessional financing for critical infrastructure development, as per the President’s Media Division.
Finance State Minister Shehan Semasinghe commented on the development, stating, “We are pleased to announce the signing of the debt treatment agreement with Export-Import Bank of China, restructuring USD 4.2 billion of Sri Lanka’s debt. This initiative forms part of our ongoing efforts to address the country’s financial challenges. The framework agreement, signed in Colombo, marks a crucial milestone in stabilising Sri Lanka’s economy and managing its debt crisis.“
We are pleased to announce that Sri Lanka signed debt treatment agreement with Export Import Bank of China to restructure USD 4.2 billion of its debt. This move is part of an ongoing effort to manage the country's financial challenges. The framework agreement for this debt… pic.twitter.com/zpKTZ8Je1s
June 27, Colombo (LNW): Agriculture Minister Mahinda Amaraweera revealed plans for a national week dedicated to the Youth Agri-Entrepreneurship Village Programme, scheduled from July 01 to 07.
This initiative aims to promote agricultural entrepreneurship among young people across 160 selected villages nationwide.
Speaking at a press briefing themed “Collective Path to Agricultural Stability” held at the Presidential Media Centre (PMC) yesterday (26), Minister Amaraweera outlined key agricultural strategies.
He highlighted the allocation of Rs. 10 million per village, totalling Rs. 1600 million, for developmental projects in the first phase.
Addressing agricultural challenges, Minister Amaraweera emphasised the importance of enhancing rice cultivation to achieve self-sufficiency.
He noted improvements in 2023, with rice production meeting the national requirement of 4.1 million metric tonnes, and outlined plans to double cultivation over the next five seasons.
Acknowledging issues in egg and milk production, the Minister announced a distribution of 160,000 chicks to entrepreneurs in the Youth Agri-Entrepreneurship Villages.
He also addressed concerns over coconut oil prices, proposing a reduction in the Rs. 150 per litre import charge to the Cabinet.
In response to rising fertiliser costs impacting crop yields, Amaraweera secured 55,000 metric tonnes of MOP fertiliser from the Food and Agriculture Organisation, which will be distributed free to paddy farmers for two upcoming seasons.
Additionally, subsidies for tea fertilisers are being provided at a 50 per cent discount through government-owned companies, costing Rs. 12 billion.
The initiatives aim to bolster agricultural productivity and support rural entrepreneurship amidst current challenges.
June 27, Colombo (LNW): Foreign Minister Ali Sabry is set to embark on an official visit to Japan starting July 01, at the invitation of his Japanese counterpart Yoko Kamikawa.
During the visit, Minister Sabry will engage in bilateral talks with his Japanese counterpart, aiming to build on the progress made during Minister Kamikawa’s visit to Sri Lanka in May 2024.
In addition, Minister Sabry is scheduled to meet with several high-ranking officials, including Chief Cabinet Secretary Yoshimasa Hayashi.
The Foreign Minister will be accompanied by senior officials from the Ministry of Foreign Affairs.
June 27, Colombo (LNW): Amid rising public discontent and complaints regarding the poor quality of food served in school and hospital canteens, Public Health Inspectors (PHIs) are intensifying their efforts with increased inspections nationwide.
Upul Rohana, President of the PHI Union, highlighted the widespread dissatisfaction with the food standards.
He disclosed that the PHIs have been inundated with complaints about the substandard quality of meals being provided.
According to the School Canteen Policy guidelines, canteens are required to limit deep-fried, high-sugar, high-salt, and high-fat foods, as well as eliminate junk food.
However, reports indicate a lack of enforcement, prompting PHIs to take decisive action.
The PHIs are committed to ensuring adherence to food quality standards through comprehensive inspections and raids, Rohana asserted.
There have been delays in taking necessary actions against non-compliant canteens in an ‘extremely slow’ progress, a report by Daily Mirror disclosed, citing comments from a non-disclosed senior Health Ministry official.
The official urged the public to report any issues directly to Medical Officers of Health (MOH) and encouraged the use of the hotline 0112112718 to lodge complaints regarding substandard food quality in canteens.
June 27, Colombo (LNW): The Samagi Jana Balawegaya (SJB) has raised concerns regarding the government’s decision to develop wind power stations in Mannar and Pooneryn in partnership with India’s Adani Green Energy Limited.
At a recent briefing, former SJB MP Ajith P. Perera accused the government, particularly President Ranil Wickremesinghe and Minister of Power and Energy Kanchana Wijesekera, of engaging in large-scale financial malpractice by granting the wind power project to Adani Green Energy.
Perera highlighted that the government had agreed to purchase power at $0.0826 per KW from the proposed wind power stations to be developed by Adani Green Energy.
He criticised the decision, stating that the project had been awarded without a competitive tender process, resulting in a projected loss of millions of dollars for Sri Lanka over the next 20 years.
In support of his claims, Perera noted that WindForce PLC, which holds a 100% stake in Hiruras Power (Pvt) Ltd, had proposed a wind power project at nearly half the cost quoted by Adani.
WindForce PLC had won a tender from the Ceylon Electricity Board (CEB) to build a 50 MW wind power station in Mannar, offering electricity at $0.0488 per KW.
Perera concluded by asserting that the government’s decision to proceed with Adani Green Energy’s more expensive proposal constitutes a significant financial fraud, potentially costing Sri Lanka over a billion US dollars.
June 27, Colombo (LNW): President Ranil Wickremesinghe has declared that the nation has finalised agreements for restructuring its external debt with bilateral creditors, in what he described as ‘a significant milestone’ in Sri Lanka’s recent history.
In his special address yesterday (26), Wickremesinghe highlighted the positive outcomes of the government’s diligent efforts, revealing that Sri Lanka has secured a final restructuring agreement for US$ 5.8 billion of debt with its bilateral lenders’ Official Creditor Committee in Paris.
Additionally, a debt treatment agreement has been signed with the Export-Import Bank of China in Beijing to restructure US$ 4.2 billion of debt.
The President affirmed that all necessary formalities are currently being implemented. He expressed optimism, stating, “For those who truly care about our country, this is excellent news. Sri Lanka has triumphed.”
President Wickremesinghe emphasised that these agreements enhance international confidence in Sri Lanka, describing them as an endorsement of the nation’s credibility. “The global community, which previously refused to accept our letters of credit, is now willing to vouch for us,” he noted.
Further, he announced that Prime Minister Dinesh Gunawardena will present these agreements to Parliament on 2nd July, urging all patriotic members to support their ratification.
He also underscored that the nation’s economic issues cannot be resolved through strikes or threats but through united efforts to strengthen the economy.
The President detailed the benefits of the debt restructuring agreements, including the postponement of bilateral loan payments until 2028 and the extension of repayment terms until 2043.
He noted that Sri Lanka had allocated 9.2 cent of its GDP to foreign debt payments in 2022, but this figure is expected to drop to less than 4.5 per cent between 2027 and 2032, marking a significant fiscal improvement.
President Wickremesinghe also reflected on the challenging journey since the country’s declaration of its inability to repay loans in 2022, which led to the suspension of foreign-funded projects and international transactions.
He highlighted that the successful debt restructuring now allows for the resumption of these projects and transactions.
Expressing gratitude to all parties involved, including ministers, officials, and the majority of citizens who supported the government’s efforts, President Wickremesinghe criticised those attempting to disrupt the country’s progress.
He assured that continued economic improvement would provide relief to the people and called for unity in strengthening the economy.
The President concluded by reaffirming his commitment to rebuilding the economy through planned policies, dedication, and international support, expressing confidence in Sri Lanka’s ability to achieve a developed economy by 2048.
June 27, Colombo (LNW): Chris Silverwood, the head coach of the national cricket team, has stepped down from his role, attributing his decision to personal reasons.
“Coaching at the international level demands long absences from family. After extensive discussions with my loved ones, I have decided it is time to return home and spend quality time with them,” Silverwood said in a statement.
He extended his gratitude to the players, coaches, support staff, and management of Sri Lanka Cricket (SLC) for their unwavering support during his tenure. “Your support was crucial to our successes,” he remarked.
Silverwood reflected fondly on his time with Sri Lanka Cricket, saying, “It has been an honour to be part of Sri Lanka Cricket, and I will cherish many fond memories.”
During his time as head coach, the national team achieved significant milestones, including winning the T20 Asia Cup in 2022 and reaching the finals of the 50-over Asia Cup in 2023.
The team also secured several bilateral series victories, notably a home series win against Australia in the 50-over format and two away Test series wins against Bangladesh.
Sri Lanka Cricket expressed its best wishes to Chris Silverwood in his future endeavours and thanked him for his valuable contributions.
June 27, Colombo (LNW): The Grama Niladhari Trade Union Alliance (GNTUA) has commenced a three-day strike, suspending their duties to protest the prolonged delay in addressing their demands.
The co-conveners of the alliance expressed frustration, noting that the government had swiftly resolved issues concerning administrative officers, while their own concerns have remained unaddressed for years.
“Our alliance has been discussing these issues for years, but solutions to our problems are continuously delayed,” they stated.
In response, the GNTUA began their strike on 26 June and will continue through 28 June.
The alliance has also decided not to work on weekends and special government holidays.
“If the government does not respond to our demands, the alliance will continue their strike at the district level,” they warned.
