August 23, Colombo (LNW): President Ranil Wickremesinghe warned against renegotiating the country’s agreements with the International Monetary Fund (IMF), stating that doing so could reverse Sri Lanka’s recent economic gains and potentially lead to another economic collapse. 

His comments came during a meeting with professionals from the development and construction sectors at the Water’s Edge Hotel in Battaramulla, themed “Constructing the Nation’s tomorrow.”

Wickremesinghe emphasized the need for a stable economy to drive national progress, noting that the government had already secured favorable terms from international financial institutions like the IMF, Asian Development Bank, World Bank, and Exim Bank of China, among others. He argued that further government intervention was unnecessary.

The President highlighted the critical role of the construction and development sector in the country’s economic recovery. The sector, which had been severely affected by the suspension of foreign-funded projects during the economic crisis, has seen some relief through government measures like bank concessions and payment settlements to contractors.

Looking to the future, Wickremesinghe announced large-scale hotel development projects in Galle, Kandy, Colombo, and Trincomalee, as well as new investment zones in Bingiriya, Jaffna, and Hambantota.

 He also updated the attendees on the Megapolis Development Plan, aimed at transforming Colombo, Galle, and Kandy into major urban centers.

In his address, Wickremesinghe stressed the interconnectedness of the challenges faced by the country, citing the compounded effects of pre-COVID fiscal measures and the global economic downturn triggered by the pandemic. 

He reaffirmed his administration’s commitment to economic stabilization, citing the passage of the Economic Transformation Act, the Central Bank Act, and the Public Debt Management Act as foundational steps. The President expressed optimism about achieving a 5% annual growth rate by 2027.

State Minister for Technology Kanaka Herath also addressed the gathering, emphasizing the construction industry’s importance as a key driver of economic growth, contributing 7% to GDP and providing livelihoods for around 5 million people.

 Despite the sector’s challenges, Herath credited the government’s bold decisions and steady leadership for the current economic stability.

During a panel discussion, President Wickremesinghe responded to questions from professionals in the construction industry, particularly regarding the potential repercussions of renegotiating with the IMF. 

He warned that such actions could jeopardize the delicate agreements reached with international creditors, emphasizing the difficulty and complexity of renegotiating the established framework.

The event underscored the government’s commitment to supporting the construction sector as a vital component of Sri Lanka’s economic recovery and future growth.

August 23, Colombo (LNW): Sri Lanka is advancing plans to create a major logistics hub focused on heavy industries, with the goal of attracting investments up to $1.5 billion, according to State Minister of Investment Promotion, Dilum Amunugama. 

The 600-acre industrial zone in Kappalthurai, Trincomalee, is set to become a key site connecting sea, air, and rail transport, making it the second such hub in Sri Lanka after the Hambantota investment zone.

Amunugama emphasized that the Trincomalee hub will be particularly attractive for heavy industries due to its strategic location and multi-modal transport connectivity. Discussions between Sri Lanka’s President Ranil Wickremesinghe and Indian Prime Minister Narendra Modi last year also focused on developing Trincomalee as an energy hub, a long-standing interest of India dating back to the late 1970s.

Trincomalee is known for its rich mineral resources, including ilmenite and rutile, among others, which has heightened its strategic importance. Despite past geopolitical concerns over Chinese-funded projects in Sri Lanka, Amunugama assured that the government intends to treat all investors fairly, avoiding geopolitical conflicts in this new investment zone.

The Sri Lanka Ports Authority (SLPA) Chairman, Keith D. Bernard, noted strong investor interest in the industrial zone, which will be developed in collaboration with the Board of Investment (BOI). 

Companies involved in fertilizer production, solar products, and other industrial sectors have already expressed interest. There are also plans to redevelop Trincomalee Port into an industrial port, with a master plan in place to guide this transformation.

Additionally, the Ceylon-Italy Blue Economy Association (CIBEA) is working on a project to introduce green hydrogen and e-fuel bunkering in the Indian Ocean, positioning Trincomalee as a global leader in sustainable maritime fuel transportation. This initiative involves collaboration with the Sri Lanka Ports Authority and universities in both Italy and Sri Lanka.

The Sri Lankan government has also approved Singapore’s Surbana Jurong to develop a tourism corridor from Verugal Aru to Arugam Bay, further solidifying Trincomalee’s role as a dynamic economic hub.

State Minister for Investment Promotion, Dilum Amunugama, announced that Sri Lanka has secured an export income of USD 9 billion in the first six months of this year.

He also highlighted that investment agreements totaling approximately USD 800 million have been signed during the same period.

The state minister further elaborated, that the Board of Investment of Sri Lanka currently facilitates 15 investment zones, with 1,575 companies operating within them, providing employment to over 500,000 people. 

Under the government’s new investment program, seven additional investment zones are planned for areas including Mankulam, Paranthan, Kankasanthurai, Trincomalee, Iranawila, Hambantota, and Bingiriya.

August 23, Colombo (LNW): According to provisional data from Sri Lanka Customs, Sri Lanka’s merchandise exports in July 2024 reached US$ 1,087.6 million, marking a 6.58% increase compared to July 2023.

 This growth was primarily driven by higher earnings from Apparel & Textiles, Tea, Coconut-based products, Spices & Concentrates, and Seafood. On a month-to-month basis, export performance also saw a slight rise of 0.98% compared to June 2024.

The estimated value of services exports for July 2024 was US$ 293.26 million, reflecting a 16.44% increase compared to the same month in 2023. Consequently, total exports for July 2024, combining both merchandise and services, amounted to US$ 1,380.84 million, an 8.53% increase year-on-year.

In July 2024, Apparel & Textile exports rose by 3.8% year-on-year to US$ 443.74 million, with exports to the USA up by 5.37%. Tea exports, constituting 12% of merchandise exports, increased by 8.25% to US$ 124.7 million, bolstered by strong demand in markets like the UAE, Saudi Arabia, and Iran.

Coconut-based products saw a significant increase of 18.41% in export earnings, with all major categories such as Coconut kernel products, Coconut fiber products, and Coconut shell products showing substantial growth.

 Spices and Concentrates export earnings surged by 63.07% to US$ 61.2 million, largely due to a 127% increase in Pepper exports to India.

Seafood exports grew by 27.71% to US$ 22.03 million, driven by increases in frozen and fresh fish exports. Meanwhile, earnings from Ornamental fish exports also rose by 7.78% to US$ 1.94 million.

However, some sectors experienced declines. Export earnings from Rubber and Rubber products fell by 3.16%, while Electrical & Electronics Components saw a 5.83% drop in July 2024 compared to July 2023. Exports of Other Export crops and Flowers & Foliage also decreased significantly.

For the first seven months of 2024, cumulative merchandise exports increased by 4.94% to US$ 7,231.94 million compared to the same period in 2023. Services exports during this period are estimated to have grown by 9.52% to US$ 1,907.56 million. 

As a result, total exports for the January-July period of 2024 reached US$ 9,139.5 million, up by 5.86% from the previous year.

Among key products, Tea, Rubber products, Coconut products, and Food & Beverages all recorded growth in export earnings. Notably, ICT exports are expected to rise by 11.95% for the first seven months of 2024.

Conversely, Apparel & Textile exports declined by 1.17%, and Electrical and Electronic Components exports fell by 17.9% during the same period. 

Despite these declines, the USA remained Sri Lanka’s largest export market, with a 5.21% increase in exports in July 2024 compared to July 2023, and a 1.12% rise over the first seven months of 2024. Exports to the UK also showed growth during this period.

1. President Ranil Wickremesinghe today acknowledged that postponing the Local Government elections is a violation of citizens’ basic rights. However, he stated that he does not regret this decision, as the time was dedicated to ensuring the people’s right to live and maintaining their safety. Emphasizing his respect for both the right to vote and the right to live, the President also noted that every hour was crucial in the effort to stabilize the country’s economy.
2. The Presidential Candidate of Sri Lanka Podujana Peramuna (SLPP) Namal Rajapaksa asserts that police and land powers will not be devolved to the Provincial Councils under his governance. Addressing his maiden rally in Anuradhapura, Rajapaksa stated that he believes their government was toppled by a conspiracy and that however, they did not let the state collapse.
3. The Chairman of the expert committee on public service salary disparities, Mr. Udaya Seneviratna, announced that the Cabinet has approved a basic salary increase for all public servants from January 2025. He stated that the salary increase ranges from 24% for lower grades and 24% to 50%+ for higher positions, based on qualifications, experience, and current roles
4. In the latest update from the National Election Commission, 771 complaints have been lodged concerning the ongoing presidential election. Within the past 24 hours alone, 54 complaints have been reported.
5. The merchandise export performance in July 2024 has amounted to USD 1,087.6 million, recording an increase of 6.58% compared to July 2023, according to the latest report from the Export Development Board (EDB).
6. Anura Kumara Dissanayake, the presidential candidate from the National People’s Power (NPP), issued a call for systemic change in Sri Lanka’s governance. Addressing the public, Dissanayake highlighted the long-standing issues that have plagued the country, emphasizing the need for a government that serves the people rather than the rulers.
7. The presidential candidate of the ‘Sarvajana Balaya’ alliance, entrepreneur Dilith Jayaweera has voiced his strong disapproval to the government’s plan to sell shares of Sri Lanka Telecom (SLT), calling it a ‘significant mistake’.
8. Cabinet approval has been granted to issue free tourist visas to visitors from 35 countries in an effort to boost the country’s tourism industry. Accordingly, tourists will be given 30-day visas under a six-month pilot programme that will start from October 1, Cabinet Spokesman and Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana said.
9. The Cabinet of Ministers has granted approval to initiate a pilot programme as an initiative to launch “Artificial Intelligence related Student Societies” in 100 schools.
10. Bangladesh Cricket Board (BCB) newly appointed president Faruque Ahmed reiterated his stance that Chandika Hathurusingha should not continue as head coach. Faruque Ahmed stated that he will make the final decision on Chandika Hathurusingha’s future after discussing it with his colleagues in the BCB.

August 23, Colombo (LNW): The Ministry of Health has intensified screening procedures at airports to detect any potential cases of Mpox, formerly known as monkeypox, that may enter the country. Health Ministry Secretary Dr. Palitha Mahipala confirmed that the nation’s healthcare system is fully prepared to handle any incidents, with isolation and treatment facilities already established at the Institute of Infectious Diseases in Angoda.

Dr. Mahipala emphasized that the Colombo Medical Research Institute is equipped with laboratory facilities capable of detecting Mpox. During an expert committee meeting at the Health Ministry on Tuesday (20), comprehensive guidelines were issued to ensure better preparedness and response to prevent the spread of the disease. These instructions have been circulated to all healthcare institutions.

The World Health Organisation (WHO) has declared Mpox a public health emergency of international concern following an outbreak in the Democratic Republic of Congo (DRC), which has now spread to at least 13 other African countries, with possible cases reported in Europe and Asia.

Mpox is a self-limiting viral infection caused by the Mpox virus. Common symptoms include fever, headache, muscle aches, back pain, fatigue, and swollen lymph nodes, followed by pox-like rashes that typically last two to three weeks. While the disease is generally self-limiting, it can be fatal, particularly in children and individuals with weakened immune systems

August 23, Colombo (LNW): Several spells of light showers will occur in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts.

Showers or thundershowers will occur at a few places in Eastern and Uva Provinces and in Polonnaruwa district during the evening or night.

Fairly strong winds about (30-40) kmph can be expected at times over Western slopes of the central hills and in Northern, North-central and North-western provinces and in Hambantota district.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

By: Staff Writer

August 22, Colombo (LNW): The civil society is to play a critical role in driving the National Sustainable Infrastructure Plan (NSIP) for Sri Lanka Emeritus Professor Chitra Weddikkara, from the University of Moratuwa said.

The Alliance for Sustainable Infrastructure (ASI) Sri Lanka held its inaugural Annual General Meeting (AGM) on 17 August at the Hector Kobbekaduwa Agrarian Training and Research Institute (HARTI), Colombo.

The event was a significant milestone in Sri Lanka’s journey towards sustainable infrastructure development, bringing together key stakeholders from government, civil society, and the private sector.

The ceremonial session of the AGM commenced with the arrival of the special guest, US Embassy Economic Officer Bradley Gardner, and the keynote speaker, Emeritus Professor Chitra Weddikkara, from the University of Moratuwa.

The session was highlighted by a keynote address delivered by Professor Weddikkara, who emphasised the critical role of civil society in driving the National Sustainable Infrastructure Plan (NSIP) for Sri Lanka.

 Her speech underscored the importance of integrating sustainability into infrastructure planning and execution to promote long-term environmental health, economic vitality, and social equity.

Professor Weddikkara’s address highlighted key objectives of the NSIP, including sustainable development, resilience to climate change, inclusive growth, and economic efficiency.

She also discussed the significance of the NSIP in protecting Sri Lanka’s biodiversity, stimulating economic growth, and promoting social equity. The professor called for a collaborative approach involving government, civil society, and the private sector to ensure the successful implementation of the NSIP.

The AGM also featured addresses from ASI Convenor Samantha Abeywickrama, and COSMI – ASI Coordinating Body President Nawaz Rajabdeen who both echoed the need for sustainable infrastructure that benefits all segments of society.

Centre for International Private Enterprise (CIPE) Country Representative Sarrah Sammoon further elaborated on the role of international cooperation in achieving sustainable development goals. The vote of thanks was delivered by SOND Executive Director S. Senthurajah, an ASI member organisation, followed by lunch and networking opportunities for the attendees.

The 1st Annual General Meeting of ASI marks the beginning of a concerted effort to promote sustainable infrastructure in Sri Lanka.

The organisation aims to create a framework that not only meets current needs but also safeguards the aspirations of future generations. With the active participation of all stakeholders, ASI is poised to lead the way in building a sustainable future for the nation.