International Labour Organisation Country Director for SL Simrin Singh says around 42% of SL’s existing Micro, Small & Medium Enterprises (MSMEs) are at risk of failure within a year: also says 50% of MSMEs are struggling to retain or hire employees due to their unaffordability to pay enough salaries due to the rising cost of living.
GMOA Secretary Dr Haritha Aluthge claims around 100 hospitals & medical specialists’ units are in danger of closure due to the lack of medical practitioners: says around 20 hospitals have already been closed due to the exodus of doctors.
CBSL data shows that only Rs 2,372mn (7.91%) of the original 364-day Treasury Bills offer of Rs 30,000mn had been issued at this week’s T-Bill auction: this was the 7th consecutive market week that the 364-day tenure was sparsely subscribed: CBSL data also shows the Govt was able to sell only Rs.158,202mn (95.9%) of the total value of Rs. 165,000mn offered, marking the 6th consecutive week where the Govt was unable to sell the totality of the T-Bills offered.
National Dengue Control Unit says the total number of dengue cases had risen to a startling 70,178, with a total of 43 dengue deaths so far: highest number of cases from Colombo District with 14,884 (21.1%): Gampaha & Kalutara Districts record 14,232 (20.4%) and 4,456 (6.4%) cases respectively.
Committee on Public Finance directs Ministry of Finance to tax companies that benefited from the recent ‘midnight gazette’ which increased import duty on sugar from 25 cents per kg to Rs.50 per kg: questions MOF officials about the “suspicious timing” of the duty increase & the surge in sugar imports by certain companies just before the duty hike: MOF officials say the duty increase was part of the fiscal-based revenue consolidation programme of the IMF.
Presidential Secretariat Director General on Trade Unions Saman Ratnapriya says the Opposition’s claim that sugar importers had benefited from the latest increase in the Special Commodity Levy from 25 cents per kg of sugar to Rs 50 per kg with effect from midnight Nov 1, is “unsubstantiated”: asserts only 520 MT of white sugar had been imported immediately before the upward revision of the levy.
Parliament unanimously passes the Joint proposal of the Govt & Opposition to remove the Office Bearers of Sri Lanka Cricket, without a vote: Opposition Leader Sajith Premadasa says the Speaker violated MP privileges by preventing voting by MP’s name.
Sri Lanka Cricket invites the 3 retired judges who were part of the Interim Committee formed by Minister Roshan Ranasinghe, to form an “independent committee” of their own: says the mandate of the committee could remain the same as outlined in the Gazette issued by the Minister.
President’s Secretary Saman Ekanayake hands over a draft Bill to introduce a new Constitution for SL Cricket to the Cabinet Sub-Committee appointed to “resolve” Sri Lanka Cricket issues: the draft Bill had been prepared by a Committee headed by former Supreme Court Judge K T Chitrasiri.
SL loses its last ICC Cricket World Cup 2023 match against New Zealand, by 5 wickets: SL – 171 all out (46.4 overs), Kusal Perera – 51, Mahesh Theekshana – 39*: NZ – 172/5 (23.2 overs), Angelo Mathews – 29/2: SL placed 9th out of 10, in the final points tally.
World Travel Market (WTM), the leading global event of Travel and Tourism Trade kicked off on 06 November 2023 at the Excel Exhibition Hall, London, UK promoting international travel throughout the world. The event was held for three days from 06-08 November 2023. With the intention of promoting Sri Lanka as a renowned destination in world travel, Sri Lanka Tourism Promotion Bureau (SLTPB) with the support of the Sri Lanka High Commission in London participated in the event, along with 73 partners of the industry.
The main objective of this year’s representation is to provide Sri Lanka travel industry an opportunity to meet, interact and network with travel and tourism industry partners from the UK and around the world to gain immediate competitive advantage for the Sri Lanka travel industry, stay abreast with the latest developments and to disseminate information about Sri Lanka along with the new products and services.
Sri Lanka pavilion at the WTM was declared open on 06 November 2023 by Duchess of Rutland Her Grace Emma Manners, and Minister of Tourism Harin Fernando, in the presence of High Commissioner of Sri Lanka to the United Kingdom Saroja Sirisena, Chairman of Sri Lanka Tourism Promotion Bureau Chalaka Gajabahu, Chairman, Sri Lanka Convention Bureau Thisum Jayasuriya, Country Manager, SriLankan Airlines Chinthaka Weerasinghe, other officials of Sri Lanka Tourism and distinguished guests representing the UK travel trade.
Minister Fernando and the Chairman of Sri Lanka Tourism conducted a series of B2B meetings with leading UK travel companies, associations, and travel media during the three days. A press conference by the Sri Lanka Tourism was organized for the UK mainstream and travel media on 07 November 2023 at the exhibition venue.
The Sri Lanka stall showcased traditional Sri Lankan dancing, providing an opportunity for the visitors to get a glimpse of the culturally rich traditions of Sri Lanka performed by a dance troupe based in London, under the overall theme of “You will come back for more”.
A Ceylon tea counter featured at the Sri Lanka stall to serve freshly brewed Ceylon tea to the visitors to the Sri Lanka stall throughout the three-days.
Sri Lanka is one of the most sought-after travel destinations among tourists with arrivals surpassed One Million for 2023, marking a significant milestone after enduring multiple challenges over the past three years. Among the key markets, the United Kingdom has been the second contributor with a share of 11%.
The participation of Sri Lanka at the WTM-2023 paved the way to project Sri Lanka among leading UK travel and tour companies, bloggers and social media enthusiasts, as a world class destination. WTM attracts more than 50,000 visitors, 5,000 trade partners (exhibitors) and over 3000 journalists around the world each year.
Showers or thundershowers will occur at several places in most provinces of the island after 01.00 p.m.
Fairly heavy showers above 75 mm are likely at some places in Western, Central, Sabaragamuwa and Uva provinces.
Showers may occur in Northern provinces and in Trincomalee district during the morning too.
Misty conditions can be expected at some places in Western, Sabaragamuwa, Central, North-central and Uva provinces during the morning.
The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
Colombo (LNW): The Parliamentary committee appointed to probe the altercation involving Tourism State Minister Diana Gamage and Samagi Jana Balawegaya (SJB) MPs Rohana Bandara and Sujith Perera has handed over its findings to the Speaker.
The committee concluded its proceedings today (09) and has provided Speaker Mahinda Yapa Abeywardena with a report outlining its recommendations, Deputy Speaker Ajith Rajapakshe saidl
On October 20, 2023, an altercation occurred within the Parliament premises between State Minister Diana Gamage and SJB MPs Rohana Bandara and Sujith Perera.
In the aftermath of the incident, the State Minister filed a complaint with the Welikada Police against SJB MP Sujith Perera, accusing him of assaulting her outside the Parliament Chamber.
Colombo (LNW): US International Development Finance Corporation extends 20 year financing worth $ 553 m to India’s Adani, SL’s JKH and SLPA owned Colombo West International Terminal costing $ 750 m.
DFC CEO Scott Nathan says funding will expand SL’s shipping capacity, creating greater prosperity without adding to sovereign debt whilst strengthening the position of its allies across the region.
Ambassador Julie Chung says support symbolic of US’ long-standing commitment to SL as its regain economic footing to further shared vision for a free and prosperous Indo-Pacific.
Govt. big wigs Foreign Minister Ali Sabry, National Security Advisor Sagala Ratnayake and Indian envoy witness loan agreement signing ceremony.
Deal signifies US, Sri Lanka and India fostering enduring legacy of cooperation in the development of sustainable infrastructure, like smart and green ports.
Colombo is the largest and busiest transhipment port in Indian Ocean and Sri Lanka one of the world’s key transit hubs with half of all container ships transiting through its waters.
Adani Ports CEO Karan Adani says DFC support is reaffirmation by the international community of Group’s vision, capabilities and governance.
Says deal will facilitate private sector-led growth and attract crucial foreign exchange to Sri Lanka to aid in its economic recovery.
JKH Chairperson Krishan Balendra says DFC investment an endorsement of potential of the CWIT project and a boost for investor confidence on SL.
Analysts term 20 year tenor of financing for entirety of debt component of project is attractive amidst SL’s default-Sovereign status and low credit rating.
The United States yesterday signified its biggest boost for Sri Lanka’s hub status for shipping in the Indian ocean with its International Development Finance Corporation (DFC) committing a 20 year financing worth $ 553 million to the upcoming Colombo West International Terminal (CWIT).
This is a joint venture involving Indian giant Adani, Sri Lanka’s top blue chip John Keells Holdings and the Sri Lanka Ports Authority.
Analysts said that given the 20 year tenor, the financing for the entirety of the debt component of CWIT is favourable.
It also comes at a time when Sri Lanka remains a default-Sovereign and low grade credit rating. The CWIT costs $ 750 million and the balance is funded by equity.
DFC said its commitment of over half a billion US Dollars to support the development of a deep-water shipping container terminal in the Port of Colombo, will provide critical infrastructure for the South Asian region.
The new terminal reflects DFC’s commitment to financing high-quality infrastructure that supports its partner’s development needs, invests in local communities, and is respectful of local financial conditions.
The investment further demonstrates the US enduring commitment to Sri Lanka’s economic growth and its regional economic integration, including with India.
When commissioned, CWIT will be the largest and deepest container terminal in Sri Lanka. With a quay length of 1,400 m and an alongside-depth of 20 m, CWIT will be equipped to handle ultra large container vessels with capacities of 24,000 TEUs.
The new terminal’s annual cargo handling capacity is likely to exceed 3.2 million TEUs. Last year the Colombo Port handled nearly 8 million TEUs.
Colombo (LNW): The Sri Lankan Rupee (LKR) indicates further depreciation against the US Dollar today (09) in comparison to yesterday, as per the official exchange rates list issued by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has increased to Rs. 323.15 from Rs. 322.50, and the selling price to Rs. 333.63 from Rs. 332.79.
The Sri Lankan Rupee, in the meantime, has also depreciated against several other foreign currencies, including Gulf currencies.
Colombo (LNW): The BAR Association of Sri Lanka (BASL) has expressed concern about court proceedings being discussed in Parliament.
The BASL issued a statement, expressing disturbance over allegations made by a Cabinet Minister regarding a case involving the appointment of an Interim Committee to Sri Lanka Cricket (SLC) and the alleged conduct of a judge of the Court of Appeal.
The BASL believes that making statements about ongoing court cases and mentioning judges while invoking parliamentary privileges poses a direct threat to the Independence of the Judiciary.
Given the serious nature of the allegations against the judge, the BASL suggests that independent and impartial individuals should be appointed to investigate the claims.
This follows a scathing attack on the judiciary by Sports Minister Roshan Ransinghe, who criticised a recent judgment suspending the Gazette issued on the Arjuna Ranatunga-led interim committee appointed for Sri Lanka Cricket.
Colombo (LNW): The Sri Lankan Rupee (LKR) indicates a slight depreciation against the US Dollar at leading commercial banks in the country today (09), in comparison to yesterday.
Accordingly, Peoples Bank reveals that the buying price of the US Dollar remains unchanged at yesterday’s Rs. 321.15, and the selling price has increased to Rs. 334.41 from Rs. 332.92.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. Rs. 322.63 from Rs. 321.15, and the selling price to Rs. 333 from Rs. 331.50.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 323 from Rs. 322, and the selling price to Rs. 333 from Rs. 332.
Colombo (LNW): Sri Lanka takes every possible step to expedite the implementation of all proposed renewable energy projects to add more power to national grid.
Minister of Power and Energy Kanchana Wijesekara reviewed the progress of 06 large-scale renewable energy projects at the Ministry of Power and Energy (MoPE) on Tuesday (07).
Sri Lanka government has identified over 60,000 acres of land for wind power development in the Northern Province and over 19,000 acres mainly in the North and East of the island nation for solar power plants, the latest official data showed.
The island nation has planned to have 70 percent of its energy generated from renewable energy in 2030 before being carbon neutral by 2050.
The new projects will help to generate 772 MW capacity of electricity through wind power plants and 3,863 MW from solar power plants.
Accordingly, Minister Wijesekara has instructed the officials of the ministry, the Ceylon Electricity Board (CEB) and the Sustainable Energy Authority (SEA) to expedite the evaluation, approval process and the power purchase agreements to have them ready by the end of the month, subject to Environment and Land Clearance approvals.
Taking into X (formerly Twitter), the Minister assured that the proposed 06 projects will add 1,110 MW to the national grid in the next 03 years.
Meanwhile, the CEB had recently called for expressions of interest (EOI) for the construction of two 100 MW floating solar power plants on the Samanalawewa Reservoir.
Interested parties are sought for the construction of floating solar photovoltaic (PV) power plants to be installed on the reservoir, with the goal of enhancing the country’s renewable energy capacity.
This initiative is reported to be a part of a broader effort to integrate solar power with the existing hydroelectric power generation during daytime hours.
The project, which is anticipated to have a 20-year contract period, is expected to be connected to the national grid as early as possible, including all necessary components such as transmission lines and substations.
Minor solar and wind power generating projects have been adding cumulatively up to 9 percent of the total electricity demand, the state-run Ceylon Electricity Board (CEB) data show.
State Minister for Power and Energy Indika Anuruddha said pending debt restructuring has delayed some renewable projects which had been in the process before Sri Lanka declared bankruptcy.
“For instance, all the projects signed under JICA, ADB, World Bank and Europe grants have been suspended until the debt restructuring discussions conclude,” he said.
Separately, Sri Lanka has planned some larger renewable power projects including $442 million worth two wind power plants by India’s Adani Green Energy Ltd.
The plan from the larger projects is to add 1,084 MW from ground solar power plants and 484 MW from wind power plants.
Colombo (LNW): China reiterated that their companies are willing to invest in the Northern Province of Sri Lanka in a big way in spite of India’s similar interest in Tamil dominated areas.
Chinese Ambassador Qi Zhenhong who recently visited the Northern Province for the second time said Chinese enterprises are keen to invest in the north.
China’s latest attempt to develop its footprint in northern Sri Lanka within the garb of infrastructure initiatives is welcome sign for the people living in once war torn area
The Chinese embassy said the ambassador made his second visit to donate 5,000 boxes of dry rations worth Rs. 37.5 million under the Faxian Charity Project to needy families in Jaffna, Vavunia, Mullaitivu, Kilinochchi, and Mannar.
Ten donation ceremonies were held in district secretariats, Buddhist temples, Hindu kovil, and church, benefiting a large number of local people.
Ambassador Qi Zhenhong, “China and Sri Lanka enjoy a longstanding traditional friendship which has withstood the test of the time. No matter what difficulty and challenge our Sri Lankan friends encounter, China has stood and will always stand firmly with you and provide assistance to the best of our capability.
By emphasizing the friendly relations of the two countries, Ambassador Qi further mentioned that the Chinese government has promised to donate Rs. 150 million to the Northern Province to buy food rations, fishing nets, and to build housing units.
He said, “President Wickremesinghe paid a successful visit to China, reaching an agreement with President Xi Jinping to facilitate the export of Sri Lankan seafood to China. China is the second largest economy with a huge market.
We look forward to importing more seafood from Sri Lanka instead of exporting them to you. Chinese enterprises are interested in investing in the Northern Province and I hope you will welcome and support them,” he said
However “Proliferation of Chinese economic activity and proposed infrastructure development projects in the Northern province of Sri Lanka, which could be later exploited for strategic reasons, is certainly a matter of concern for India,” indian media, highlighted.
Earlier, the Chinese initiatives have been largely restricted to southern Sri Lanka.
But the government is now facilitating several Chinese ventures in northern Sri Lanka as well.
India has already protested in opposition to Sri Lanka’s choice to award a $12 million hybrid wind and photovoltaic power undertaking to the Chinese Sinosar-Etechwin three way partnership in three islets off the Jaffna Peninsula.
With the islets being barely 50 km from the Tamil Nadu coast, India has countered with a suggestion of a $12 million grant to Sri Lanka for execution of the initiatives.
“Another Chinese joint venture has been allotted land in a coastal village in northern Sri Lanka for farming sea cucumber fish despite protests by local farmers.
