June 17, Colombo (LNW): The National Water Supply and Drainage Board (NWSDB) has announced an interruption in water supply to several areas.
Accordingly, Godagama, Homagama, Pannipitiya, Pelanwatta, Rukmalgama, and Mattegoda areas will experience a disruption in the supply of water until further notice.
The disruption is due to damage sustained by the transmission pipeline originating from the Kalatuwawa Treatment Plant.
Reports indicate that the pipeline ruptured at Godagama near the High-Level Road following a vehicular accident earlier today (17), resulting in significant damage to the infrastructure.
June 17, Colombo (LNW): President Ranil Wickremesinghe has underscored the Hajj celebration as a catalyst for fostering sentiments of equality and fraternity among all individuals, imparting a profound message for global peace.
In his address marking the Hajj festival, the President extended his sincere wishes to the Muslim community in Sri Lanka and across the globe, encouraging a meaningful observance where collective efforts converge to realise the universal aspirations of humanity.
President’s Full Statement:
“To achieve spiritual and worldly success, individuals must abandon selfishness and embrace a life of sacrifice and harmony. Muslims celebrate the Hajj festival each year with this noble aim in mind.
On this occasion, Muslims from around the globe gather at a single place of worship, united in purpose, to pray for communal values that embody the hope of humanity. The Hajj celebration fosters feelings of equality and brotherhood among all people, delivering a profound message for world peace.
I extend my heartfelt wishes to the entire Muslim community in Sri Lanka and around the world for a meaningful Hajj celebration, where everyone comes together to fulfill the aspirations of humanity.”
June 17, Colombo (LNW): Education Minister Susil Premajayantha announced during the inauguration of the new three-storey Faculty of Technology building at Natathandiya Dhammissara College that teachers would have the opportunity to opt for a Voluntary Retirement Scheme (VRS) after five years due to the absence of students in Ordinary Level (O/L) and Advanced Level (A/L) classes.
He emphasised the importance of teachers and principals actively participating in school activities without resorting to strikes.
Premajayantha highlighted the challenges in schools, noting that students may not enrol in GCE O/L and A/L classes within the next five years due to the current educational environment in government schools.
He stressed that students must continue to pass exams and seek knowledge through alternative means.
The Minister expressed concern that some students might choose to leave government schools and enrol in private institutions or pursue education abroad.
“The students will explore other avenues for their education as long as the issues concerning teachers and principals remain unresolved,” Premajayantha remarked.
June 17, Colombo (LNW): The management of Colombo Lotus Tower (Private) Limited has announced plans to illuminate the iconic structure in vibrant shades of green and white today (17), marking the occasion of the Eid al-Adha Hajj Festival.
This initiative seeks to celebrate and honour the significant cultural and religious event within the community.
June 17, Colombo (LNW): Several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts, the Department of Meteorology said in its weather forecast today (17).
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.
Marine Weather:
Condition of Rain:
Showers may occur at several places in the sea areas off the coast extending from Puttalam to Matara via Colombo and Galle.
Winds:
Winds will be south-westerly and wind speed will be (30-40) kmph. Wind speed can increase up to 60 kmph at times in the sea areas off the coasts extending from Kankasanthurai to Puttalam via Mannar and from Hambantota to Pottuvil. Wind speed can increase up to 50 kmph at times in the sea areas off the coasts extending from Puttalam to Hambantota via Colombo and Galle and from Trincomalee to Kankasanthurai via Mullaitivu.
State of Sea:
The sea areas off the coasts extending from Kankasanthurai to Puttalam via Mannar and from Hambantota to Pottuvil can be rough at times. The sea areas off the coasts extending from Puttalam to Hambantota via Colombo and Galle and from Trincomalee to Kankasanthurai via Mullaitivu can be fairly rough at times. Naval and fishing communities are requested to be attentive in this regard.
June 17, Colombo (LNW): Japan has expressed readiness to restart halted development initiatives in Sri Lanka once the country begins its debt repayment process, Foreign Minister Ali Sabry revealed.
Speaking at a press briefing held at the Presidential Media Centre, Minister Sabry disclosed his upcoming visit to Japan next month for further negotiations.
“Japan has indicated their intention to resume suspended projects upon the commencement of repayments. I am scheduled to travel to Japan in early July at the invitation of the Japanese Foreign Minister, aiming to finalise the restart of these projects prior to my visit,” Minister Sabry stated.
He added that Sri Lanka has received assurances from its longstanding creditor that all projects initiated with Japanese support will recommence once an agreement is reached with bilateral creditors.
June 17, Colombo (LNW): Inspector General of Police (IGP) Deshabandu Tennakoon has issued a directive to revise the incentives for traffic police officers.
According to the Police Media Unit, this adjustment comes after a lapse of 13 years and will be disbursed monthly.
Under the new scheme, Traffic Police Officers in Charge (OICs) and inspectors will receive a reward of Rs. 7,500, an increase from Rs. 2,500 and Rs. 2,000, respectively.
Similarly, police sergeants and constables will now be entitled to a monthly reward of Rs. 6,000, up from the previous amounts of Rs. 1,800 and Rs. 1,600.
Police constable drivers will receive Rs. 4,000, up from Rs. 1,200 previously.
June 17, Colombo (LNW): President Ranil Wickremesinghe announced yesterday (16) during a meeting of the Mannar District Development Committee that pilgrims visiting Madhu will receive full support to undertake their pilgrimage without obstruction.
At the Mannar District Secretariat, he expressed concern over the unfair treatment of pilgrims on their way to revered sites such as Madhu Church and Sri Pada, stressing that arrests and fines are unwarranted.
He instructed that any future arrests of pilgrims be promptly reported to the President’s Office.
During the session, the President directed the Sri Lanka Army to enhance both sides of the existing Madhu Road for the convenience of pilgrims visiting Madhu Church.
He coordinated efforts with representatives from the Bishop of Mannar, the Department of Forest Conservation, the Road Development Authority, and the Sri Lanka Police to ensure these improvements are completed before the forthcoming annual festival of Our Lady of Madhu Church.
The meeting, attended by political representatives and government officials, focused on future development plans for Mannar district, covering key sectors such as health, education, and irrigation. The President addressed several pressing issues directly and committed to immediate solutions.
In response to an urgent request from the hospital director, President Wickremesinghe pledged prompt provision of a CT scan machine for Mannar Hospital.
President Ranil Wickremesinghe affirmed his commitment to restoring developmental momentum in Mannar district, with initiatives set to commence this year.
He underscored the need for Sri Lanka to adapt to evolving weather patterns over the next five decades, anticipating increased rainfall in wet regions and decreased rainfall in dry areas.
Highlighting the district’s potential, especially post-war recovery, President Wickremesinghe outlined opportunities in tourism, fishing, and renewable energy sectors, including discussions with the Indian government on energy production and export.
He proposed leveraging Mannar’s capacity for wind and solar power generation to boost Sri Lanka’s economy through green energy initiatives.
Plans were also outlined for funding a new court complex in Mannar and exploring future road connectivity projects.
The President encouraged the development committee to convene and recommend facilities for a modern agriculture programme.
Measures to safeguard local lakes and secure water resources through the Malwatu Oya project were also prioritised.
President Wickremesinghe concluded by urging collaborative efforts towards making Mannar a significant contributor to the national economy through comprehensive development.
Several people on social media now comment negatively about how the current President handled the 2022 political and economic crisis.
None of them can deny that we were in a dire economic and political crisis, and we desperately looked to the world for relief to meet even our basic needs.
Without India’s and others help, Sri Lanka would have certainly become another Lebanon. Several countries around the world are still struggling to come out of their crisis. Many young people ran away in hordes from the country, anticipating a run on several fronts, the biggest among them a banking run. The heavy burden heaped on the population as a result of mismanagement and corruption is inescapable and cannot be heaped on the President.
Those responsible must be held accountable. The bankruptcy that was declared without proper consideration virtually brought our economy to a grinding halt. Forex Reserves were down to a few thousands.
Somebody had to restart it? Gotabaya Rajapakse looked to Ranil Wickremesinghe. He rose up to the challenge. That is what the President has done in the last 15 months. He has provided steady and consistent leadership through a historic reset of Sri Lanka. The challenging upheaval of the Aragalaya and the outbreak of international conflicts have all impacted Sri Lanka.
Mistakes were made, such as pushing lending rates by over 100 percent and declaring bankruptcy. Some of them were decisions of the former President. Going to the IMF for relief was the last resort. Some people now even claim we have mortgaged our future to the IMF and given up our sovereignty. In the IMF deal there are bitter pills to swallow. We could have been more sensible in the negotiations.
However, People’s sovereignty is protected when the rule of law is respected. When politicians instigate the public to suit their narrow political goals, it is certainly not a triumph for people’s sovereignty or democracy. It is misguided patriotism. What we need is a vision for our country that is not second to any in the region, that is intellectually rigorous, accessible, internationally engaged, innovative and efficient to enable all Sri Lankans to be part of a productive society with a broader economic and industrial base. That is what educated young people like us want from our leaders.
What lies ahead
As a country, Sri Lanka would have to prepare for further downside risks in 2025 with the growing debt problems and, the growth problems in Europe and the slowdown in Asia. Slower growth is already visible in weakening global trade and commodity prices. The key to improving our market competitiveness lies in raising our country’s capabilities; that is, to make appropriate investments in education through higher education and professional training to be more efficient in generating and managing new technologies. Young people in our country want jobs. Lessons learned from other successful countries in attracting FDI indicate that the ability to create a skilled human resource base is crucial for multinational companies to relocate firms and for world-class high-tech plants to enter new markets. In Sri Lanka, unfortunately, the education system in the country is not delivering the volume and quality desired, and to make things difficult, we are losing our trained talent to other developed markets. The areas of growth for the Lankan economy in the future would be the services sector. Therefore, it is the knowledge and training of the people that would finally matter to move us beyond our current bankruptcy. Therefore, we need leaders who understand this opportunity as a country irrespective of party color. They must come together for a common purpose because politics has to be about service.
Presidential Election
The late John F. Kennedy described politics as a “noble adventure, an adventure in which one joins hands with the masses for the service of man”. Not that the Kennedys didn’t play “politricks” in their heyday. But playing “politricks” with a nation’s well-being and her people’s vulnerable mindset is an unforgivable sin. Sri Lanka’s presidential election, scheduled for October 2024, looks set to defy many predictions and be a true competition, as the surveys suggest. As such, the polls threaten risks and promises to the entire community. For the country in general, there is an opportunity for long-term economic stability and reconciliation. The country certainly wants and needs capable leadership that can provide a vision for the country in which everyone could see themselves involved in its final recovery. Most mainstream parties unlike in the past must not play to the Sinhala Heartland, fuelling and fermenting further the disappointment, frustration, resentment and anger in Tamil and Muslim communities. Restructuring Sri Lanka’s debt, particularly with significant creditors such as India and China, still remains to be concluded. Sri Lanka’s strategic importance to China and India is growing, particularly concerning its trade and infrastructure connectivity in the Indian Ocean region under the Belt and Road Initiative. This entails navigating a delicate path between satisfying international creditors, balancing geopolitical interests between India and China, and implementing inclusive economic policies to reduce poverty and stimulate growth. Therefore, to steer the country through all this, we need a leader with competence, compassion, principles and resolve, young people no longer believe their values or interests carry the respect of those in parliament.
(The writer teaches Accounting and Finance at a UK University)
The International Monetary Fund (IMF) has granted access to US$ 330 million from its Extended Fund Facility and the government’s putting the country’s economy on a firm footing as Sri Lanka is nearning on finalising in-principle agreement with bondholders and the completion of such an agreement with China.
The issue with external bondholders on debt restructuring proposal will also be resolved soon following the latest meeting with the country’s Official Creditor Committee next week.
State Finance Minister Shehan Semasinghe announced that the Government is focusing on finalising an in-principle agreement with bondholders and is nearing the completion of such an agreement with the China Exim Bank.
Addressing a media briefing, Semasinghe indicated that while a specific timeline cannot be outlined, both parties are eager to finalise an agreement.
“We are very hopeful of reaching consensus with bilateral creditors soon, possibly by the end of this month,” he stressed.
Having encountered “some setbacks in the first round of sovereign bond restructuring talks in LondonIn April , the Steering Committee” of the Ad Hoc Group of Bondholders and the Sri Lankan official negotiators will continue dialogue to arrive at a consensusnext week , finance ministry sources confirmed.
The IMF supported program explicitly assists Sri Lanka’s efforts to restore macroeconomic stability and debt sustainability, safeguard financial stability, and enhance growth-oriented structural reforms.
Moreover, the nation’s impending presidential election exerts pressure on the government to fast-track the negotiation process, raising concerns about the sustainability of any deal struck with bond holders hastily under such circumstances.
In this context, there is a possibility of reaching an adverse agreement for the country he said adding that if t happens the debt repayments agreed may become a difficult task for Sri Lanka in the coming years which could lead to a second default.
However Krishna Srinivasan, Director of the Asia and Pacific Department at the International Monetary Fund, has expressed optimism regarding the prospect of a deal with Sri Lanka’s sovereign bond holders following further discussions.
The first round of direct discussions in London has ended in a dead lock, he confirmed disclosing that the Sri Lanka government has expressed willingness to explore bonds linked to economic performance.
Bondholders have submitted a proposal for governance-linked bonds as an alternative for defaulted bonds towards finding mutually beneficial solutions, he disclosed.
Sri Lanka has proposed a 28 percent haircut with a 1.8 percent upfront fee, aligned with the IMF baseline, with alterations based on economic performance a former treasury secretary divulged
He said that bond holder’s proposal of governance-linked bonds would be an issuance of cash coupons commencing from 2028 with interest rates ranging between 8 and 9.5 percent, conditional on the maturity.
According to indicative term sheet for Macro-Linked Bonds put forward by the bond holder’s side private creditors will get a high interest rate if the country is gained high GDP growth during the period of 2025-2027.
This is because of the interest rate is proportionate to the GDP, a former treasury secretary disclosed pointing out that Sri Lanka side rejected it as debt restructuring process is aimed at reducing the interest rates paid to creditors.
Under this set up the steering committee did not agree to an extension of the restricted discussions upon expiration of the current restricted period finance ministry sources said.
