By: Staff Writer

January 16, Colombo (LNW): The Parliament on Wednesday passed the Recognition and Enforcement of International Settlement Agreements Resulting from Mediation Bill.

The enactment of this bill marks Sri Lanka’s commitment to the United Nations Convention on International Settlement Agreements resulting from arbitration, commonly known as the Singapore Convention on Mediation.

The primary objective of this Act is to give effect to the provisions outlined in the Singapore Convention on Mediation.

The newly passed bill focuses on making provisions for the recognition and enforcement of international settlement agreements, aligning Sri Lanka with international standards for dispute resolution through mediation.

The bill’s provisions are designed to facilitate the recognition and enforcement of international settlement agreements, and it also addresses matters connected therewith or incidental thereto.

This legislative step is a crucial development in strengthening Sri Lanka’s legal framework concerning international mediation agreements.

Sri Lanka is now poised to ratify the Singapore Convention on Mediation. As per the convention’s terms, it will enter into force in respect of a State six months after ratification.

The Enforcement of International Settlement Agreements Resulting from Mediation Bill was published in the Gazette of October 16, 2023. Justice Minister Wijeyadasa Rajapakshe, P.C presented the Bill in Parliament and it received the support of all political parties to enact a statute that will be of benefit to Sri Lanka.

The Bill establishes a domestic regime to enforce international commercial settlement agreements that have resulted from mediation.

The provisions are based on the principles of the UN Convention on International Settlement Agreements Resulting from Mediation adopted by the UN General Assembly in December 2018, and which came into operation on September 12, 2020.

Sri Lanka signed the Convention when it opened for signature in Singapore on August 7, 2019. As of October this year, 56 States including five of the six largest economies of the world — the USA, China, Japan, India, and the UK — as well as South Korea which is one of the largest economies in Asia, have signed the Convention.

Twelve States have ratified the Convention, Singapore being one of the first and Japan being the most recent (October 1, 2023). Sri Lanka is poised to ratify the Convention after the enactment of the law. Known also as the Singapore Convention on Mediation, it is to international commercial mediated settlement agreements what the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) is to foreign arbitral awards.

By: Staff Writer

January 16, Colombo (LNW): President Ranil Wickremesinghe is to visit Uganda to attend the Non-Aligned Summit scheduled to be held in the Ugandan capital of Kampala. He is expected to fly straight to Uganda after his visit to Switzerland.

The Sri Lanka president is currently in Davos participating in the Annual Meeting of the World Economic Forum from 15–19 January in Davos, Switzerland.

The 19th Non-Aligned Movement Summit commenced yesterday morning at Speke Resort, Munyonyo, near Kampala.

The 5 day meeting, with a focus on deepening cooperation for shared global affluence, is expected to address and issue resolutions on various topics, including geopolitical tensions in the Middle East, South China Sea tensions, climate change, transnational crime, human rights, and more.

The 19th Non-Aligned Movement (NAM) summit kicked off on Monday in Kampala, Uganda amid global challenges including terrorism and climate change.

The five-day-long summit is the largest grouping of states worldwide after the UN, with 120 member states, 18 observer nations, and 10 organizations.

Uganda’s Foreign Minister Gen. Abubakar Jeje Odongo opened the summit in accordance with the norm and practice of NAM.

Today, we are faced with many challenges globally, including terrorism, climate change, debt burden, and famine, among others, and it is therefore befitting that this year’s summit will be held under the theme, Deepening Cooperation For Shared Global Affluence,” he said.

“NAM continues to hold significance as an organization, and in light of the intricate global landscape, the continued relevance of the 10-point Badung Principles remains evident in the present era,” he added.

In April, 1955, representatives from 29 governments of Asian and African nations gathered in Bandung, Indonesia to discuss peace and the role of the Third World in the Cold War, economic development, and decolonization.

The Bandung principles include respect for the sovereignty, equality and territorial integrity of all states, rejection of the possibility of an unconstitutional change of government, the preservation of the inalienable right for each state is free, without interference from outside, to determine its political, social, economic and cultural system, and refusal from aggression and direct or indirect use of force.

The NAM summit is held every three years, usually in a different continent. The last meeting was held in Baku, Azerbaijan in 2019, with the theme, Upholding the Bandung Principles to ensure concerted and adequate response to the challenges of the contemporary world.

The summit will be addressed by UN Secretary General Antonio Guterres, Commonwealth Secretary-General Patricia Scotland, and more than 50 heads of state and government, among others. Overall, between 1,000 and 1,500 delegates are expected to attend the event.

January 16, Colombo (LNW):Amid an island-wide strike initiated by health sector employees, the Ministry of Defence has deployed tri-forces personnel to support hospital operations. The 24-hour token strike, launched by approximately 72 trade unions in the healthcare service (excluding doctors), began at 6.30 a.m. The unions have opted to carry out only essential duties during this period.

The primary demand of the striking trade unions is the extension of the Rs. 35,000 allowance increase provided to doctors to other health sector employees. In response to the strike, Health Minister Dr. Ramesh Pathirana has invited the striking trade unions for discussions on the matter.

Acting Finance Minister Shehan Semasinghe has announced plans to meet with Health Minister Dr. Ramesh Pathirana later in the evening to address the concerns raised by the health sector and work towards finding suitable solutions.

1. President Ranil Wickrmasinghe expected to highlight SL’s commitment to sustainable development and green energy solutions at the World Economic Forum Annual Meeting in Klosters, Switzerland.
2. SLTPB Chairman Chalaka Gajabahu says SL has earned low tourism revenue despite having 1.5mn arrivals in 2023 due to the arrival of low to medium-end travellers from the top two tourist markets to SL, namely, Russia & India.
3. State Finance Minister Shehan Semasinghe says the new Micro-finance bill will be introduced soon: also says lenders are providing Micro-finance credit at over 360% interest: laments 95% of struggling borrowers are women whose financial literacy is very low: asserts that according to the new bill, no one will be able to grant Micro-finance loans without a licence.
4. Ministry of Public Security says 1,468 “wanted suspects” out of the list of 42,248 such suspects as shared with all police stations in connection with various crimes, have been arrested so far under the ‘Yukthiya’ operation.
5. Amnesty International, Human Rights Watch & International Commission of Jurists, together with several other “international human rights organisations” attempt to pressure the Govt to halt the ongoing “Yukthiya” operation which is targeting narcotics & underworld organized crime: express concern over alleged “drastic intensification of anti-drug operations, leading to significant human rights violations”.
6. Telecom arm of India’s Reliance Industries, “Jio Platforms” expresses interest in buying a stake in SL Telecom: Govt names Jio Platforms, Gortune International Investment Holding Ltd, and Pettigo Comercio International LDA as the 3 potential bidders for SLT: SL’s IMF programme is currently pushing hard for the privatisation of several State Owned Enterprises.
7. Telecom Engineers’ Union questions the presence of only 3 bidders for the proposed divestiture of the Govt’s stake of over 50% in SL Telecom: write to the President expressing their concerns.
8. Police arrest self-proclaimed “Avalokiteshvara Bodhisattva” Mahinda Kodituwakku: accuse Kodituwakku of “committing irreligious activities that are contrary to Buddhist teachings”: Colombo Fort Magistrate’s Court imposes an overseas travel ban on the suspect: complaint filed by the President of the Buddhist Information Centre, Ven. Agulugalle Sri Jinananda Thera.
9. Sectetary of the Govt Medical Officers’ Assn Dr Haritha Aluthge says the island-wide strike action organized by health sector employees is unjustified: also says only 50% of the “Disturbance, Availability and Transport” allowance and 15% of the requested increments have been received by the Doctors.
10. Senior Chartered Accountant and Tax Expert N R Gajendran says the current tax system is neither fair nor reasonable: also says any tax system had to be based on the “principle of capacity to pay”: lamebts that taxes have now become “unbearable”; previously, several Chartered Accountants and Chambers of Commerce had been at the forefront of advocating the increase in taxes.

January 16, Colombo (LNW): A team of senior officials from the International Monetary Fund (IMF), overseeing Sri Lanka’s USD 2.9 billion bailout program, recently visited the Tamil-dominated Northern district of Jaffna for the first time under the current agreement. Led by Peter Brueur, the IMF senior mission chief for Sri Lanka, the team engaged in discussions with Northern Province Governor PMS Charles and other officials on various issues.

The topics covered during the meetings included economic growth in the province, demining programs, resettlement of conflict-displaced individuals, compensation for conflict victims, educational matters related to Jaffna University, post-COVID operations, and the adverse effects of climate change in the northern region.

After their visit to Jaffna, the team returned to Colombo and is scheduled to engage with the finance ministry. Talks are expected to take place with Shehan Semasinghe, the state minister of finance, who leads the local IMF engagement under President Ranil Wickremesinghe. Discussions in Colombo are anticipated to focus on the targets outlined in the current IMF program, which advocates significant economic reforms in Sri Lanka.

During a meeting with President Wickremesinghe, Peter Brueur expressed satisfaction with Sri Lanka’s progress in implementing reforms aimed at revitalizing the economy. The IMF has commended Sri Lanka for its advancements in policy-oriented variables and fiscal consolidation. Sri Lanka, having declared its first-ever debt default in April 2022, secured the USD 2.9 billion IMF bailout agreement in the last quarter of 2022. The first tranche of USD 1.5 billion was released in March 2023, with the second installment of USD 337 million arriving in December 2023 following the first review.

January 16, Colombo (LNW): Mainly fair weather will prevail over the island.

Misty conditions can be expected at some places in Western, Sabaragamuwa, Central, Uva, North Western, Southern and North-central provinces during the morning.

There is a possibility of ground frost at some places in Nuwara-Eliya district during the early hours of the morning.