President Anura Kumara Dissanayake emphasises stabilising Sri Lanka’s economy is a priority before implementing structural changes: His government will resume discussions with the IMF and advance debt restructuring efforts to build stability and trust: also highlights plans for economic reforms, public service improvements, and social justice, aiming to enhance the nation’s future and restore confidence in governance.
Prime Minister Harini Amarasuriya emphasises public trust in political authority and public services is essential for nation-building: Addressing her office staff, she acknowledged negative perceptions towards politicians and public services but stressed the government’s commitment to fostering a strong, efficient, and people-focused public service, which is vital for the country’s development.
Former Minister and SLPP stalwart S.B. Dissanayake expresses confidence that President Anura Kumara Dissanayake and his government will likely win the upcoming general elections: praises the president’s leadership and progress since taking office, predicting the National People’s Power (NPP) will secure 6.5 million votes: also suggested other parties unite to form a strong opposition for the elections.
International credit agency Moody’s warns Sri Lanka’s credit risks may remain high despite President Anura Kumara Dissanayake’s tax cut pledges and potential IMF bailout changes: While reform disruption is unlikely, fiscal challenges may slow progress: Although revenue improvements have reduced the fiscal deficit, debt affordability remains weak, with interest payments expected to consume 40%-50% of revenues in the coming years.
Former MP Dilum Amunugama condemns NPP member Wasantha Samarasinghe’s remarks about vehicles at Galle Face, clarifying they were used by coordinating committee chairmen, not misused by MPs or Ministers: emphasises that all official vehicles were handed over, and any claims of theft should be investigated: criticises displaying the vehicles after their official return as unfair: Samarasinghe claimed hundreds of vehicles used by former ministry secretaries were found abandoned at Galle Face after Parliament’s dissolution: The NPP member condemned this as evidence of public asset misuse, highlighting missing vehicles and improper use of others, and praising the NPP government for addressing corruption and waste, emphasising efforts to hold those responsible accountable, including recovering misappropriated public funds.
The All Share Price Index (ASPI) of the Colombo Stock Exchange on September 25th surges by 325.59 points, closing at 11,659.71, a 2.87% rise from the previous day: This is the third consecutive time has the ASPI index indicated surge: The market turnover reached Rs. 3.96 billion, indicating robust trading activity.
The Election Commission releases details for the 2024 General Election, outlining the number of MPs to be elected per district: Gampaha District will elect 19 MPs, the highest number: The statement also provides information on candidate nominations, required deposits for independent groups, and the number of MPs per electoral district.
The Supreme Court remands Controller General of Immigration and Emigration Harsha Illukpitiya on contempt of court charges for failing to follow an interim order suspending the electronic visa system: This follows petitions by opposition MPs: The case will resume on January 22, 2025: The interim order halted a contract with private companies for visa issuance.
All Island Poultry Association President Ajith Gunasekara says Sri Lanka is now self-sufficient in chicken and egg production: Egg production has risen, but consumption has significantly dropped, affecting small and medium-scale producers: Egg prices range from Rs. 30 to Rs. 40, with production costs causing instability for smaller farms despite the market’s price decline.
The Sri Lanka U19 women’s team, captained by Manudi Nanayakkara, narrowly lost to Australia by 4 runs in their third match of the U19 Women’s T20 Tri-Series in Brisbane: Australia set a target of 116 runs, led by Samara Dulvin’s 45: Despite solid performances from Sanjana Kavindi and Vimoshka Balasuriya, Sri Lanka managed only 112 runs: Sri Lanka remains in second place and will face New Zealand again today.
September 25, Colombo (LNW): Russian Ambassador to Sri Lanka, Levan Dzhagaryan, extended his congratulations to newly elected President Anura Kumara Dissanayake, expressing hopes that the new leader will adopt a neutral foreign policy. Ambassador Dzhagaryan, along with Russian Election Commission member Evgeny Shevchenko, met with Election Commission (EC) Chairman R.M.A.L Rathnayake in Colombo.
Shevchenko, who was in Sri Lanka as an observer during the recent Presidential Election, joined the Ambassador in congratulating Rathnayake for overseeing a successful and well-organized election.
During the meeting, Ambassador Dzhagaryan highlighted Rathnayake’s visit to Moscow in March 2024, where the EC Chairman gained firsthand insight into the preparations for Russia’s upcoming Presidential Election.
The discussion between the Russian officials and Rathnayake also focused on enhancing cooperation between the two countries’ Election Commissions, with an emphasis on the potential introduction of Russian electronic voting technology in Sri Lanka.
September 25, Colombo (LNW):In a strategic effort to accelerate private sector development in Sri Lanka, President Anura Kumara Dissanayake held an in-depth dialogue with Macksons Chairman Milfer Makeen in Colombo. The discussion focused on advancing the nation’s industrialization and export promotion goals, both seen as key drivers for enhancing Sri Lanka’s economic prospects.
During the meeting, President Dissanayake reiterated his strong commitment to supporting industrial growth and empowering local industries to achieve global competitiveness. He emphasized the critical role these sectors play in uplifting the national economy and positioned them as central to the government’s long-term economic strategy.
Milfer Makeen, representing Macksons Holdings, shared the company’s ongoing initiatives aimed at contributing to the national vision, particularly in sectors where Sri Lanka has the potential to lead through innovation and quality manufacturing.
The President assured the private sector of his unwavering support for initiatives that enhance export capabilities, fostering a business environment where Sri Lankan industries can thrive on the global stage. He highlighted the necessity of close cooperation between the public and private sectors to drive sustainable economic development.
This meeting underscores the government’s dedication to strengthening ties with industrialists and entrepreneurs, as both parties agreed that collaboration is essential to achieving the broader goal of economic stability and growth for Sri Lanka.
September 25, Colombo (LNW):The Commonwealth Observer Group has deemed the 2024 Sri Lankan Presidential Election, held on September 21, as peaceful and well-organized. However, the Group highlighted that many voters and polling staff appeared to have a limited understanding of the country’s preferential voting system.
Sri Lanka’s preferential voting system allows voters to rank candidates by preference, with the option to select up to three preferences on their ballot. In light of the confusion observed, the Commonwealth Observer Group recommended greater efforts to educate the electorate on the voting system throughout the electoral cycle.
Led by former Seychelles President Danny Faure, the Group presented its preliminary findings during a press conference in Colombo. Faure commended the Election Commission of Sri Lanka for implementing key reforms, including campaign finance regulations, tactile frames for visually impaired voters, and sign language services at polling stations.
Praising the election procedures, the Group noted: “The pre-poll and opening procedures were meticulously followed at the stations observed. Polling stations opened on time, with few queues at the start of the poll. Voting proceeded peacefully and in an orderly atmosphere, with separate queues for men and women in some locations and clear signage inside and outside polling stations.”
The report also acknowledged the professionalism, transparency, and diligence of polling officials, especially in assisting elderly and disabled voters.
Overall, the Group concluded that the election was credible and transparent, applauding the high voter turnout and the peaceful conduct of the electorate. It expressed hope that the post-election phase would remain as peaceful as the voting process.
The Commonwealth Observer Group is expected to release a final report with detailed analysis and recommendations to further improve Sri Lanka’s electoral processes in the future.
September 25, Colombo (LNW): The International Monetary Fund (IMF) has announced its willingness to cooperate with newly elected President Anura Kumara Dissanayake in supporting Sri Lanka’s ongoing economic recovery. An IMF spokesperson stated that the organization looks forward to collaborating with President Dissanayake and his team to build on the hard-won gains that have placed Sri Lanka on the path to recovery following its severe economic crisis in 2022.
The timeline for the third review of the IMF’s Extended Fund Facility (EFF) program, which involves a comprehensive US$ 3 billion loan to Sri Lanka, will be discussed with the new administration at the earliest practical opportunity, according to the IMF.
Additionally, the IMF welcomed the announcement of an agreement in principle between Sri Lanka and international bondholders’ representatives, pending certification by Sri Lanka’s Official Creditors Committee. The committee is expected to review and confirm the agreement, a crucial step in the debt restructuring process.
Sri Lanka’s progress under the IMF’s EFF program has been significant, with the country receiving the third tranche of US$ 336 million in June 2024 following the successful second review of the program.
September 25, (LNW) Colombo : In particular, I would like to express my desire to inquire about the reasons for my interest in the new president by lankanewsweb. When I joined the Rugby administration and attempted to combat fraud and corruption while reducing the debt burden, even when a political leader who treated Rugby as his family’s asset interfered, it was LankaNewsWeb that reached out to me and gave me a voice. At that time, when I was striving to elevate Sri Lanka rugby, despite that politician bringing the greatest disgrace to Sri Lanka rugby on the international stage with the help of influential figures in Asian rugby and even removing sponsors, LankaNewsWeb stood as a courageous media outlet that spoke out fearlessly, undeterred by political pressure. Rizly Illyas, former president of the Sri Lanka Rugby administration and a prominent figure in the business world, has stepped forward to speak about the new leader. After spending much of my time at Isipatana College, I later attended St. Peter’s College and rose through the ranks by working hard and honestly, both in my profession and in rugby. That’s why the traditional elites, politicians, and administrators—who enriched themselves through fraud and deceit—attempted to pull me down. This is the way things are done across every field. Even now, similar signs are emerging against the new president AKD and the NPP. I firmly state that the people who have destroyed this country to such an extent that they cannot even mention its name, AKD and NPP cannot be allowed to do the same against it.The people must come together. I listened to everyone’s stiries up until the end of the election. Most were engaged in self-praise, slandering others, and acting arrogantly as if no one stood above them. But, like AKD and the NPP, what stood out were the discussions on real issues and the clear solutions they presented from the platform. Impressed by that, I became a supporter of this movement. They talk to those who say they know. There was a devil in some people’s head that they worked hard to get rid of. It’s similar to how I came across your website. Neither AKD nor the NPP knows about me here. I haven’t met them either, but I have done what any responsible citizen who loves their country should do. Investing money in meaningful initiatives and implementing development programs can sometimes be thwarted by corrupt individuals who unite to obstruct these efforts in Parliament. We seek to understand exactly what he did without opposing him. Educated individuals who know how to inform society about this must step in. Likewise, I believe that AKD and the NPP have taken note of the opinions expressed during this election. Even as he addressed the nation as president, he emphasized his responsibility to win over both those who voted and those who did not. A president was appointed for the country. Some people said that they are talking about religion and race first. In order to maintain power, the people of the country fought and created divisions. However, the new president held a brief ceremony and effectively conveyed what needed to be said. AKD has the vision and ability to manage time and get the most out of it from the little work done during this time. We strive to protect this good man whom we understand and feel for. In turn, he must also work to maintain our trust in order to safeguard us. There is a clear opportunity to address waste and corruption, halt political interference in the administrative system, and hold accountable those who have wronged this country. From my experience, I believe we need to minimize the amount of time the citizens lose in programs where politicians are heavily involved. Similarly, we must eliminate unnecessary expenses and impose limits on politicians who exploit unlimited resources. Even if the government’s income doesn’t significantly increase through these measures, we can save a substantial amount of unnecessary expenditures. These savings can then be redirected toward development. Even those who did not vote for NPP have a role to play in the next election. We must send a capable group of individuals to Parliament who are free from involvement in theft, fraud, and corruption. Political parties also bear a responsibility in this process. Do not give nominations from your parties to accused people. The most crucial aspect is that AKD’s victory has a significant impact on society. Finally, Illyas concluded his remarks by stating, “AKD has this to say: We will unite as a people to protect you. Uphold our trust and work towards making this country a just and law-abiding society. Eliminate unnecessary expenses. Stop wasting the people’s precious time at every turn. Just make this country a rich country.” That was Illyas’ vision. However, we are optimistic about the future. Everything will finally be decided on the matter of what is good and bad for the country.
September 25, Colombo (LNW): Sri Lanka’s newly elected President, Anura Kumara Dissanayake, announced on Tuesday that the country does not intend to be caught between major powers, especially China and India. In a statement signaling a firm and independent foreign policy, Dissanayake emphasized his government’s desire to avoid entanglement in global rivalries.
In an interview with Monocle magazine, Dissanayake outlined the National People’s Power (NPP) government’s plan to maintain balanced relations with China and India, two of Sri Lanka’s key neighboring nations, without aligning with any specific power bloc.
He reiterated the need for Sri Lanka to remain neutral, noting, “We won’t be a competitor in that geopolitical fight, nor will we be aligned to any party. We don’t want to be sandwiched, especially between China and India.
Both countries are valued friends, and under an NPP government, we expect them to become close partners. We also want to maintain relations with the EU, the Middle East, and Africa.”
Dissanayake underscored that this neutral approach is critical for protecting Sri Lanka’s sovereignty amid rising regional tensions. He affirmed that instead of engaging in power struggles between global superpowers, Sri Lanka will focus on building mutually beneficial diplomatic relationships.
in the past there were clearly defined lines dividing capitalist and socialist blocs. At that time, we adopted a non-aligned foreign policy.
But today there are many different blocs that have emerged. Under no circumstances will we get drawn into any geopolitical conflicts or become partners to any such conflicts. But our neighbour India is engaged in a geo-political race.
Hence when we formulated our foreign policy, we have taken into consideration the national security and concerns of India. Similarly, we also have to bear in mind the security concerns of others in the region.
Hence in our security policy, we have taken into consideration regional security as well. Our economic policy will give priority to projects that are favourable to our country and help us maintain foreign policy in which we build strong relations with all countries., he said.
It is not proper for a small country like Sri Lanka to have an isolationist foreign policy. Our foreign policy takes these issues into consideration.
Anura Kumara Dissanayake, a leftist leader, won the presidential election by defeating incumbent liberal President Ranil Wickremesinghe, securing 42.31% of the vote.
He leads the National People’s Power coalition, a diverse alliance of civil society groups, professionals, Buddhist clergy, and students.
Dissanayake was sworn into office on Monday after his victory, which marked the first presidential election since mass protests ousted Gotabaya Rajapaksa in 2022 following Sri Lanka’s economic crisis.
September 25, Colombo (LNW): The Hotels Association of Sri Lanka (THASL) and the Sri Lanka Association of Inbound Tour Operators (SLAITO), representing the formal hotel sector and inbound tourism, have congratulated Anura Kumara Dissanayake on his election as the 9th Executive President of Sri Lanka.
In a joint statement, the organizations expressed their confidence in the new leadership and pledged their full support to advance the country’s economic growth.
Tourism, a major driver of Sri Lanka’s economy, is recognized as the top net foreign exchange earner, with 100% of foreign income retained locally.
It has a unique multiplier effect, benefiting even the smallest stakeholders, such as micro-level restaurant and homestay operators. The industry is estimated to support more than 500,000 direct and indirect jobs, with over 10% of the population relying on tourism for their livelihood.
With a projected potential to grow into a $10 billion industry by 2030, tourism is a critical sector for Sri Lanka. The hotel industry alone represents private investments exceeding $20 billion, while inbound tour operators contribute significantly, bringing in around 65% of tourists and investing Rs. 3 billion annually to promote the destination internationally.
THASL and SLAITO emphasized the private sector’s contribution to tourism promotion through a 1% turnover contribution to the Tourism Development Fund, which supports public tourism institutions and marketing efforts without burdening the treasury. However, they also noted that tourism is highly sensitive to internal and external factors, which can quickly disrupt its growth.
The associations highlighted two key issues hampering the industry’s current performance: a recent decline in tourist arrivals and forward bookings. They attributed this downturn to the removal of an efficient online visa system, replaced by a more complex and costly process on April 17, 2024. The Supreme Court had ordered the reinstatement of the original Electronic Travel Authorization (ETA) system, but the ruling had yet to be implemented.
Additionally, stakeholders called for the immediate launch of a promotional campaign, originally scheduled for early September 2024. They emphasized that September is a critical period for securing bookings for the upcoming winter season, and the campaign’s timely rollout would enhance global awareness of Sri Lanka as a tourist destination.
In their closing remarks, THASL and SLAITO urged the President to prioritize tourism as a key sector for national development. They requested his intervention to reinstate the user-friendly ETA system and ensure the promotional campaign proceeds as planned. Both actions, they argued, would unlock the full potential of the upcoming tourist season and drive long-term growth.
The associations reaffirmed their commitment to supporting the government in achieving inclusive growth and developing a thriving tourism industry that benefits stakeholders at all levels.’
September 25, Colombo (LNW): Sri Lanka’s IT industry is poised to spotlight its innovation and strengthen international partnerships at GITEX Expand North Star, one of the premier technology and engineering events in the Middle East, North Africa, and Asian regions. The event will take place from October 13 to 16, 2024, in Dubai, UAE.
The Sri Lanka Export Development Board (EDB), in partnership with the Sri Lanka Consulate General in Dubai, is organizing a Sri Lankan pavilion at this prestigious event.
A series of activities, such as business meetings, networking sessions, and field visits across Dubai, will be held to highlight Sri Lankan tech capabilities and foster international collaborations. These efforts aim to boost Sri Lanka’s reputation as an emerging hub for technological innovation on the global stage.
This year, 10 Sri Lankan ICT companies and startups will participate in the GITEX Expand North Star event.
For the first time, the EDB is facilitating the participation of Sri Lankan companies in this global investor program, focusing on promoting small and medium-sized enterprises (SMEs) and startups.
The initiative is geared toward increasing the visibility of Sri Lankan businesses and helping them enter international markets.
Along with the pavilion at Dubai Harbour, the event will feature additional support from the Sri Lankan Consulate General, the Sri Lankan Business Council in the UAE, and the Sri Lanka IT Professionals’ Association in UAE.
These organizations will work together with the EDB to coordinate visits to the broader GITEX Global exhibition, a one-day networking event, and trips to startup incubators in Dubai, all aimed at creating connections and opportunities for Sri Lankan tech entrepreneurs.
GITEX is widely recognized as a leading technology and engineering event in the MENA region and has gained international prominence for its ability to attract global visitors and participants. Recently rebranded as GITEX Global, the event has expanded its reach beyond the MENA region to include Europe and Africa.
The EDB has been organizing Sri Lanka’s participation at GITEX since 2008, with only a few exceptions in 2013 and 2018. The 2023 edition of GITEX drew over 170,000 attendees and featured more than 6,000 exhibitors from 180 countries. The event covered a wide range of technology themes through 24 conference streams.
The 2024 GITEX event will center around nine core technology themes: Artificial Intelligence, Telecommunications, Cybersecurity, Future Mobility, Coders/Developers, the Metaverse, YouthX, Sustainability, and the CTO World Congress.
Additionally, GITEX Global will include nine co-located events, running simultaneously from October 14 to 18. These events will focus on AI, future urbanism, blockchain technology, and more.
September 25, Colombo (LNW): The International Monetary Fund (IMF) expressed its readiness to cooperate with Sri Lanka’s newly elected President, Anura Kumara Dissanayake, following the country’s preliminary agreement with international bondholders to restructure $12.5 billion in debt.
While the IMF acknowledged the progress made in Sri Lanka’s economic recovery, it emphasized the importance of continuing reforms to build on the hard-won gains made since the 2022 economic crisis. The IMF also stated it would schedule the next review of Sri Lanka’s current program soon.
Despite historically opposing IMF policies, President Dissanayake recognizes the necessity of continuing the IMF program due to Sri Lanka’s economic troubles.
However, he has vowed to renegotiate certain conditions, aiming to make the program more “people-friendly” by proposing tax exemptions on essential goods and raising the personal income tax threshold.
His administration also plans to create more public sector jobs, which could raise government expenditures. While these populist policies could threaten economic stability, Dissanayake has promised to improve tax collection to fund his initiatives without jeopardizing the country’s recovery.
One of Dissanayake’s key promises is to renegotiate the $2.9-billion IMF bailout package, along with improving the terms of agreements with international creditors.
However, this renegotiation could create uncertainty and delay the inflow of funds from the IMF, posing challenges to economic recovery. Adding to the complexity, Dissanayake appointed a new prime minister, Harini Amarasuriya, following the resignation of the previous officeholder.
Sri Lanka’s economic outlook remains fragile, as the nation deals with mounting debt that consumes over half of government revenues. Dissanayake’s election has cast doubt on whether the current debt restructuring deal will be finalized. The IMF was expected to review Sri Lanka’s reforms by October, but this timeline may shift due to the political changes and the potential renegotiations.
Though Dissanayake’s pledges to tackle corruption and bring fairness to the political system have appealed to many Sri Lankans, his intentions to alter the IMF bailout program raise concerns. Investors worry that these moves could cause further delays in debt restructuring.
Moreover, his coalition holds only three out of 225 seats in parliament, making it difficult to pass legislation or secure significant political support for his reforms.
The prospect of snap parliamentary elections, promised within 45 days of Dissanayake taking office, adds another layer of uncertainty. While these elections could strengthen his political position, they may delay crucial economic decisions and reforms.
As Sri Lanka faces this delicate balance between debt restructuring, economic recovery, and political realignments, the IMF and international creditors remain cautious. Dissanayake’s administration has not yet engaged directly with bondholders or Sri Lanka’s bilateral creditors, further delaying resolution of the country’s debt crisis.
Despite the challenges ahead, the new president has vowed to change Sri Lanka’s political culture and work toward a fairer future for its citizens. However, his economic policies and approach to debt management will be pivotal in determining Sri Lanka’s path forward.
