June 21, Colombo (LNW): Showers will occur at times in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara Eliya, Galle and Matara districts. Fairly heavy showers above 75 mm are likely at some places in Western and Sabaragamuwa provinces and in Nuwara Eliya, Galle and Matara districts.
Showers or thundershowers may occur at a few places in Uva province and in Ampara and Batticaloa districts in the evening or night.
Strong winds of about (40-50) kmph can be expected at times over the Western slopes of the central hills, Northern, North-central and North-western provinces and in Trincomalee, Hambantota and Monaragala districts.
June 20, Colombo (LNW): Indian Minister of External Affairs S. Jaishankar met with Opposition Leader Sajith Premadasa in Colombo today (20).
During their discussion, Premadasa expressed his appreciation for India’s support and highlighted the long-standing friendship between the two countries, stressing the importance of its continuity.
Premadasa assured that the Samagi Jana Balawegaya (SJB) would uphold this relationship with India if it came into power.
The Opposition Leader acknowledged India’s contributions, especially in housing projects and the Suwa Seriya ambulance service.
He also commended India’s education policy and expressed his intent to implement a similar modernised education strategy in Sri Lanka.
Sajith Premadasa extended his congratulations to Prime Minister Narendra Modi on his reappointment.
Dr. Jaishankar conveyed Prime Minister Modi’s satisfaction with the Opposition Leader’s efforts to bolster bilateral relations.
He reaffirmed India’s commitment to maintaining close ties with Sri Lanka and expressed his enthusiasm for further developing this enduring friendship.
The meeting was attended by Parliamentarians Prof. G. L. Peiris, Eran Wickramaratne, Palani Thigamparam, Rauff Hakeem, Niroshan Perera, and V. Radhakrishnan, representing the Samagi Jana Balawegaya and Samagi Jana Alliance.
June 20, Colombo (LNW): President Ranil Wickremesinghe announced the establishment of a new development bank aimed at providing financial support to industrialists in Sri Lanka. This initiative will offer industrialists the opportunity to obtain loans at low interest rates.
Additionally, the President revealed plans to set up an Economic Commission to oversee these activities. A new institution, “Enterprise Sri Lanka,” will also be created to empower small and medium-sized entrepreneurs.
President Ranil Wickremesinghe made this announcement during the inauguration of the International Industry Expo 2024, the first event of its kind in Sri Lanka.
Organized by the Industrial Development Board under the guidance of the Ministry of Industry, and with the support of Industries and Health Minister Dr. Ramesh Pathirana, the exhibition will run from today until June 23 at the Sirimavo Bandaranaike International Conference Hall.
Over a thousand international industrial entrepreneurs from various countries, along with local large-scale and medium-scale industrialists, are participating in this event.
The expo features 1,307 exhibition booths, with the special inclusion of a separate green industrial zone for the first time. Additionally, an experimental academic conference on green industrialization will be held during the exhibition.
President Ranil Wickremesinghe inaugurated the International Industry Expo 2024 by cutting the ribbon and the President engaged in a tour of the exhibition.
In his address, the President remarked that some individuals have become accustomed to taking every development initiative to court. He emphasized that such actions hinder progress and stressed that the country can only be developed through a consistent national policy.
We were once a bankrupt nation. However, in the coming weeks, we anticipate shedding this label entirely he disclosed.
Negotiations for the related agreement are also slated for completion in the near future, facilitating smoother dealings with private creditors. These achievements have been realized over the past two years.
Yet, we must not rest on these achievements. Our focus must now shift to debt repayment strategies, as we aim to settle outstanding loans over an extended period, ideally extending until 2042, he revealed.
In this shift towards an export-oriented economy, the manufacturing sector plays a pivotal role. This sector needs to evolve into a competitive and digital economy, aligned with our goal of achieving zero carbon emissions and fostering a green economy.
The Government’s immediate priority is to enhance the competitiveness of existing industries through strategic plans.
Achieving competitiveness cannot happen overnight; neighbouring countries like India, particularly in states such as Tamil Nadu, Telangana, and Andhra Pradesh, have made significant strides in industrial development he claimed.
June 20, Colombo (LNW): Top economist Dr. Indrajit Coomaraswamy yesterday cautioned that social and political stability can be at stake if there are reversals in on-going frameworks for macroeconomic policy-making and structural reforms.
“The premium attached to getting it right this time is very high indeed given the sharp increase in income poverty and multidimensional vulnerability. Social and political stability can be at stake,” said Dr. Coomaraswamy, a former Governor of the Central Bank of Sri Lanka.
“It is true that there has been impressive stabilisation of the economy from where we were two years ago. Sri Lanka is over performing on the IMF targets on several key macroeconomic indicators, e.g. growth, inflation, Government revenue and the primary balance, the current account of the bop, external reserves, etc.
However, it is very important to remember that we have been here before in a number of previous IMF programs when stabilisation targets were achieved,” pointed out Dr. Coomaraswamy.
He emphasised two points. One is on the previous occasions, the good work on stabilising the economy was undone by fiscal indiscipline, often supported by loose monetary policy, during elections. “Clearly, the same mistakes need to be avoided this time around,” he stressed.
The second point according to him is that previously there has also invariably been a very poor record of implementing the structural reforms required to deliver sustained growth and higher value employment, primarily through constructing a competitive and outward looking economy that delivers export transformation.
“There is no need to reinvent the wheel. Several countries in Asia have achieved this, though it must be conceded the overall external environment is more challenging now.
As against this, India is a bigger opportunity than ever before,” Dr. Coomaraswamy said. He noted that the Economic Transformation Bill seeks to reverse many of the past failures by pushing through structural reforms across a range of policy issues.
What is different this time, according to Dr. Coomaraswamy, is that clear frameworks have been set out for macroeconomic policy-formulation and they are being embedded in laws.
Equally, an attempt is being made to embed in law several of the long overdue structural reforms contained in the Economic Transformation Bill. Having clear frameworks for macroeconomic policy-making and structural reforms with ongoing efforts to embed them in laws is a major advance, he added.
“It is still too early to tell whether the demoralising legacy of non-implementation or even outright policy reversal has been overcome as it is still not clear there is consensus on continuity.
This time around, post-Aragalaya, there is likely to be far less patience with inconsistent and unpredictable policies, particularly those which have clearly failed in 1970-77 and 2020-22,” recalled Dr. Coomaraswamy.
June 20, Colombo (LNW): In what seems to be a preface to Prime Minister Narendra Modi’s likely visit to Sri Lanka somewhere between July/August), External Affairs Minister S Jaishankar began his official visit to Sri Lanka today Thursday 20.
“Reaffirming India’s Neighbourhood First Policy, the visit underlines India’s continued commitment to Sri Lanka as its closest maritime neighbour and time tested friend.
The visit will add momentum to connectivity projects and other mutually beneficial cooperation across sectors,” said the Ministry of External Affairs (MEA).
The visiting Indian External Affairs Minister Dr. S. Jaishankar has called on President Ranil Wickremesinghe at the President’s House a short while ago.
Dr. S. Jaishankar is currently engaged in a one-on-one meeting with President Wickremesinghe, the President’s Media Division (PMD) said
Indian External Affairs Minister arrived in Sri Lanka this morning and he met the President this morning and discussed on wide-ranging issues of the partnership, the Indian High Commission in Colombo said.
This will be Jaishankar’s first bilateral visit after the formation of new Government under Indian Prime Minister Shri Narendra Modi.
“Reaffirming India’s Neighbourhood First Policy, the visit underlines India’s continued commitment to Sri Lanka as its closest maritime neighbour and time tested friend.”
The visit will add momentum to connectivity projects and other mutually beneficial cooperation across sectors, the PMD statement said
It is learnt that Jaishankar could also meet leaders across Sri Lanka’s political spectrum who are gearing up for national elections this year.
President Wickremesinghe was in Delhi on June 9 for PM Modi’s swearing-in ceremony for his third term as PM.
Jaishankar had called on Wickremesinghe on June 10 and they discussed the resumption of development projects funded and initiated in Sri Lanka with Indian investments which have been paused.
Jaishankar had also spoken about India’s plans for developing an industrial zone in the eastern part of Trincomalee.
It may be recalled that in a vision statement released during President Wickremesinghe’s visit to Delhi in July 2023, there was discussion on developing Trincomalee as a national and regional hub of industry, energy and economic activity.
Indian Prime Minister Narendra Modi is likely to visit Sri Lanka in August this year, officials from the President’s office told journalists here.
President Ranil Wickremesinghe who attended the swearing-in ceremony of Prime Minister Modi had invited the latter to visit Sri Lanka when the duo met on Sunday at Rasthrapati Bhavan.
Both the President and the Indian External Affairs Minister discussed the visit of the Indian Leader during which it was revealed that the visit is likely to take place in August this year.
June 20, Colombo (LNW): China is ready to continue providing assistance to Sri Lanka’s socio-economic development, supporting the country’s debt sustainability, the Chinese Foreign Ministry has said.
Sri Lankan President Ranil Wickremesinghe has also embraced Beijing’s position on key issues, including the AUKUS security alliance between Australia, the United States, and the United Kingdom, which he has labeled a “mistake,” and the term “Indo-Pacific,” which he has called an “artificial framework.”
He is proceeding cautiously during an election year for Sri Lanka. Colombo’s deals with Beijing, including the latter’s 99-year lease on the Hambantota International Port, have led to increased anti-China sentiment in the country in recent years.
In thi backdrop China is ready to continue providing assistance to Sri Lanka’s socio-economic development, supporting the country’s debt sustainability, the Chinese Foreign Ministry has said.
China’s Foreign Ministry Spokesperson Lin Jian responded to a question by reporters on the progress of reaching a final agreement between Sri Lanka and China’s Exim Bank and the China Development Bank.
“Chinese side has been providing assistance to Sri Lanka’s socioeconomic development to the best of our capability. We stand ready to continue to work with relevant countries and international financial institutions to support Sri Lanka’s debt sustainability,” he said, declining to comment further.
The question came after Sri Lanka and China concluded the 13th round of diplomatic consultations in Beijing, with the participation of Secretary of Foreign Affairs of Sri Lanka, Aruni Wijewardane, and Vice Minister of Foreign Affairs of the People’s Republic of China, Sun Weidong.
Both governments said that a range of matters, including debt restructuring, were discussed; however, they specified no details on reaching an in-principle deal.
China is Sri Lanka’s largest bilateral creditor and has indicated willingness to restructure external debt amounting to approximately US$37 billion.
President Ranil Wickremesinghe has expressed optimism this week that Sri Lanka will soon reach agreements with its official bilateral creditors, including India, Japan, and France.
China, however, did not join the official creditors’ platform, which negotiated the common debt treatment plan with Sri Lanka.
Sri Lanka’s actions may be driven by a commitment to strategic autonomy, but its motivations are as much about practicality as principle.
The country is emerging from an acute economic crisis, and it needs as much financial assistance as it can get. It’s easier to achieve that goal when it works with all the major powers.
It’s not coincidental that China, India, and the United States were three of Sri Lanka’s most generous donors during its crisis.
President Ranil Wickremesinghe outlines plans for Sri Lanka’s children, targeting economic recovery within two years and ensuring no child suffers: Initiatives like the Aswasuma for income support, Urumaya for land rights, and educational scholarships were emphasised during a ceremony where 5,108 students received awards directly from the President.
SJB activist Chamith Wijesundara alleges NPP Leader Anura Kumara Dissanayake has spent over Rs. 1.5 million on business class air travel while party members collect funds for Sri Lankan flood victims: questions why leader’s funds aren’t used for relief efforts, contrasting with SJB’s own contributions.
Cabinet approval was granted for Sri Lanka Ports Authority to sign a cooperation agreement with Virginia Ports Authority, facilitated by the US Embassy and Colombo Plan: The agreement aims to enhance expertise exchange between ports, focusing on professional development of executive staff from both sides.
Justice Minister Wijeyadasa Rajapakshe reveals corruption amongst lower court judges in Sri Lanka, including illegal electricity and water connections at the Mount Lavinia Magistrate’s residence and a Rs. 200 million whiskey disappearance from the Colombo Magistrate’s Court: criticises the Judicial Services Commission for inadequate investigations and lack of legal action.
Indian Minister of External Affairs S. Jaishankar emphasises Sri Lanka’s importance in India’s ‘Neighbourhood First’ and SAGAR policies during his visit: Greeted by officials, this is his first visit since reappointment: He will meet President Wickremesinghe, Prime Minister Gunawardena, and hold discussions with his Sri Lankan Counterpart Sabry.
The Prisons Department warns officers against trade union activities, stating strict disciplinary actions and legal proceedings will be enforced: Prisons Commissioner Gamini B. Dissanayake emphasises prison officers lack the legal right for such actions and noted a small faction coercing others: A senior officer will oversee the mandated disciplinary actions.
IGP Deshabandu Tennakoon announces the rehabilitation of 1,500 young drug users and plans for 285 new centres to treat 12,500 more: The Yukthiya operation, reducing crime by 23% since December 2023, will intensify next month to address remaining addicts.
Major General Rohitha Aluwihare assumes the role of Chief of Staff of the Sri Lanka Army, effective immediately: Aluwihare has a notable track record within the military: Recently, he chaired a seven-member committee tasked with investigating the unfortunate accident at the ‘Fox Hill Super Cross 2024’ racing event in Diyatalawa this past April.
Sri Lanka resumes its eye cornea donations to Pakistan, paused due to the Covid-19 pandemic: Five corneas were sent to Lahore for surgeries at Rawalpindi’s army hospital: Sri Lanka has donated over 88,000 corneas globally, including 36,000 to Pakistan: This initiative strengthens bilateral ties and supports 300 awaiting patients.
Tharushi Karunaratne achieves second place in the 600m race at the Bilbao Reunion International Athletic Meet in Spain, setting a new Asian Continental record with 1 minute 24.84 seconds: This performance, outside her usual 800m event, also contributes to Olympic 800m qualification points, positioning her for potential selection for the Paris Olympics.
June 20, Colombo (LNW): Inspector General of Police Deshabandu Tennakoon announced that around 1,500 young individuals have successfully undergone rehabilitation for drug use through a recent initiative by the Sri Lanka Police.
In a significant expansion of this effort, 285 new rehabilitation centres are planned across the country to treat 12,500 drug users, making it the largest drug rehabilitation programme in Sri Lankan history, Tennakoon stated.
Discussing the ‘Yukthiya’ special operation aimed at tackling drug and crime-related activities, Tennakoon mentioned that the programme will see increased intensity in the coming month.
“The Yukthiya operation will ramp up significantly over the next month, addressing the remaining drug addicts with a force akin to a tsunami,” he asserted.
Tennakoon lauded the effectiveness of the Yukthiya programme, noting that since its inception in December 2023, there has been a 23 per cent decrease in crime rates.
June 20, Colombo (LNW): Justice Minister Wijeyadasa Rajapakshe has unveiled instances of corruption involving lower court judges in Sri Lanka, bringing to light several troubling activities during a parliamentary address on Wednesday (19).
Rajapakshe disclosed that an illegal electricity connection had been discovered at the official residence of the Mount Lavinia Magistrate.
He stated that the electricity supply, intended for court premises, had been tampered with to power the magistrate’s residence illicitly.
This was uncovered when an electrician from the Justice Ministry was electrocuted while inspecting the power line but was rescued with considerable effort.
Further investigations revealed that the water supply to the magistrate’s residence had also been illegally connected, with bills being covered by the court’s accounts.
In another instance, Minister Rajapakshe brought attention to a complaint regarding the disappearance of whiskey valued at Rs. 200 million from court-seized goods at the Colombo Magistrate’s Court.
The incident allegedly occurred while a former justice was present. Contrary to initial claims of theft, the Government Analyst’s report indicated that the items had not been stolen but that someone had accessed the storage room using a key.
Minister Rajapakshe criticised the Judicial Services Commission for its inadequate investigation and lack of legal action concerning these corrupt practices.
He emphasised that his own efforts to address these issues have been largely unsuccessful and stressed the urgent need to eliminate such corruption within the judiciary.
June 20, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates further depreciation against the US Dollar today (20) in comparison to yesterday, as per leading commercial banks in the country.
At Peoples Bank, the buying and selling prices of the US Dollar have increased to Rs. 300.03 from Rs. 299.35, and to Rs. 310.19 from Rs. 309.48, respectively.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 299.31 from Rs. 299.06, and the selling price to Rs. 309.50 from Rs. 309.25.
At Sampath Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 300.50 and Rs. 309.50, respectively.
