May 03, Colombo (LNW): President Ranil Wickremesinghe announced the appointment of two new Governors for the Southern and North Western Provinces yesterday (2).
Lakshman Yapa Abeywardena was officially sworn in as the Governor of the Southern Province, while Nazeer Ahamed took the oath of office as the Governor of the North Western Province.
Secretary to the President Saman Ekanayake graced the occasion with his presence.
May 03, Colombo (LNW): Showers or thundershowers will occur at a few places in Western, Sabaragamuwa and Central provinces and in Galle and Matara districts after 2.00 p.m.
Misty conditions can be expected at some places in Western, Sabaragamuwa and Central provinces and in Galle and Matara districts during the morning.
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
May 02, Colombo (LNW): In a move set to enhance passenger experience and expand commercial offerings, the Government announced plans to set up a gold shop in the departure/transit area of Bandaranaike International Airport (BIA) in Katunayake.
“At present, the departure/transit area of BIA does not feature a gold shop, leaving a gap in the range of retail options available to travellers.
Recognising this untapped potential, the Airports and Air Services (Sri Lanka) Ltd., aims to capitalise on the lucrative business opportunity presented by the absence of such facilities within the airport premises,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing on Tuesday.
The decision to proceed with this venture was endorsed by the Cabinet of Ministers, following a proposal submitted by the Ports, Shipping and Aviation Minister Nimal Siripala De Silva.
“The Cabinet approved to float tenders through the international competitive procurement method to select a suitable operator for the operation of the gold shop, in line with the principles of transparency and fair competition,” he added.
He noted that by inviting tenders from qualified operators, the aim is to ensure that the gold shop meets the highest standards of service excellence and product quality.
“The introduction of such a facility is expected to not only enhance the retail offerings at the airport but also provide passengers with a convenient avenue to purchase premium gold products during their transit or departure,” Gunawardena said.
Authorities in Sri Lanka have limited the import of gold jewellery to 22 carats per person in a bid to curb illegal gold smuggling operations.
A special permit is now required for any individual to enter Sri Lanka carrying gold jewellery weighing more than 22 carats.
Sri Lanka remains in the midst of economic chaos with inflation reaching a record of 70 per cent. Months of significant food shortages, as well as a lack of access to medicine, fuel, and electricity have plagued the country.
State minister of finance Ranjith Siyambalapitiya said that approximately 50 kilograms of gold is smuggled into Sri Lanka each day. The cost of these practices was estimated at $US360 million annually.
The report also revealed details of a police raid in early December 2023 which led to the recovery of 22 kilograms of gold, the second largest gold smuggling seizure in Sri Lankan history.
By: Staff Writer
May 02, Colombo (LNW): Indian government has agreed to provide a grant of US$ 61.5 million to fully develop the Port of Kankesanthurai (KKS).
The Cabinet of Ministers at its meeting on Monday approved accepting of a financial grant from India to proceed with the renovation of the Kankesanthurai Port (KKS) in Jaffna.
Originally slated for implementation under the Indian credit facility, the project faced setbacks due to higher-than-expected costs estimated by consulting service agencies. Consequently, discussions were initiated with the Government of India to explore alternative funding options.
“Identifying the significance of the project, the Government of India has generously agreed to provide the entire estimated cost required for the renovation of the KKS port,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said on Tuesday at the post-Cabinet meeting media briefing.
Given the setbacks faced by the project, further discussions m were held with the Government of India to explore the possibility of completing the project through a public-private partnership (PPP) model.
The move comes following a communiqué issued by the Ports, Shipping and Aviation Ministry in March, noting that the Government of India has pledged $ 61.5 million grant to fully develop KKS port in Jaffna (https://www.ft.lk/news/India-pledges-61-5m-grant-to-develop-KKS-Port/56-759703).
It added that the message was conveyed during a meeting between Indian High Commissioner Santosh Jha and Ports, Shipping and Aviation Minister Nimal Siripala De Silva.
“As part of the project, a new breakwater will be constructed and the port will be dredged up to a depth of 30 meters to accommodate deep-draft vessels,” it read.
Originally, on 2 May 2017, the Cabinet approved implementation of the KKS port renovation project under Indian loan funds, with further approval for Project Management Consultant Services given on 18 December 2019.
The proposal to this effect presented by the President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policy Minister received unanimous approval from the Cabinet of Ministers.
The Indian High Commissioner to Sri Lanka, Santosh Jha, says the Indian Government has agreed to provide a grant of USD 61.5 million to fully develop the Port of Kankesanthurai (KKS).
This was revealed during a recent meeting between . Minister of Ports, Shipping, and Aviation, Nimal Siripala de Silva, and the Indian High Commissioner at the Ministry office.
As part of the project, a new breakwater will be constructed, and the port will be dredged up to a depth of 30 meters to accommodate deep-draft vessels.
During the discussion, the Indian High Commissioner expressed India’s commitment to enhancing regional cooperation between the two nations and pledged the fullest assistance to attract more Indian tourists to Sri Lanka. He also stated that the Indian Government has designated Sri Lanka as the top travel destination for Indian tourists. Furthermore, the Minister mentioned the construction of a new terminal costing Rs. 600 million at the KKS port to cater to the convenience of Indian tourists.
By: Staff Writer
May 02, Colombo (LNW): The EU-funded project ‘Capacity Development for the Wellness Tourism Industry of Sri Lanka’ t aims to raise the quality standards of the wellness tourism and it will aid in better positioning Sri Lanka as the preferred destination for wellbeing.
As part of the European Union’s (EU) response to support the revitalisation of the Tourism Industry in Sri Lanka, two Train the Trainer workshops were held in March to prepare for the launch of new wellness tourism courses followed by a certification ceremony on 24 March.
Representatives from the Delegation of the European Union, Sri Lanka Tourism Development Authority, and the Sri Lanka Wellness Tourism Association were in attendance.
Following a national call for applications, over 50 people from hotels, resorts, Ayurveda centres, colleges and universities received a comprehensive training covering both theoretical and practical aspects on implementation of the new curriculum.
The trainers were given a hands-on training on how to coach and the mentor therapists and spa/wellness centre managers were thought key techniques, know-how and skills to upgrade and strengthen the efficiency and quality of their services.
Speaking at the event, Ms. Beatrice Bussi, Head of Cooperation, EU Delegation to Sri Lanka stated, “Wellness tourism is about responding to the growing wish that vacation is used to revitalise oneself. Sri Lanka offers a unique experience for wellness by combining rich biodiversity, healthy and tasty food, as well as spiritual practice rooted in cultural heritage.
The EU has set up this training programme to support Sri Lanka’s efforts to become part of the global wellness map”.
The project supported by the Sri Lanka Tourism Development Authority and the Sri Lanka Wellness Tourism Association is part of the broader EU support of 2,8 billion rupees extended to the tourism sector.
Moreover, recognising the importance of promoting Sri Lanka as tourist destination, the EU is launching a special campaign building on the work carried out through the 8 ongoing EU-funded projects to help revive the tourism sector.
The EU has provided around Euro 1 billion (approximately LKR 390 billion) of assistance to Sri Lanka so far, through a variety of bilateral, regional, and global programmes in different sectors. Financial support is based on the country’s policies and priorities, as well as EU strategic interests and values.
By: Staff Writer
May 02, Colombo (LNW): Consequent to Iranian President Ebrahim Raisi’s pledge to forge stronger ties with Sri Lanka during his recent visit to the island, Iran expresses willingness to further expand cooperation in trade and agriculture.
Agriculture Minister Mohammad-Ali Nikbakht has stressed the need to further expand cooperation with Sri Lanka in trade and agriculture.
Last year, Iran imported over US $70 million of products, especially tea and coconut, from Sri Lanka, Nikbakht has pointed out, IRNA reported.
Importing tea from Sri Lanka, through a barter mechanism, is a proper step, Ebrahim Raisi Iranian noted.
Iran imports more than 70,000 metric tons of dried tea leaves annually, he said, adding that nearly 30,000 mt of the product is produced in northern parts of the country.
The Islamic Republic is ready to provide Sri Lanka with its know-how in various fields of livestock, fisheries, and aquaculture, the official noted.
Earlier this month, Iran’s President Ebrahim Raisi paid an official visit to Sri Lanka to pursue the expansion of ties between the two countries.
Iran, which is still grappling with a 2012 economic sanction imposed by the United States is exploring new ventures and trade and investment in Sri Lanka, the island nation which is still recovering from an unprecedented economic crisis.
Sri Lanka is unable to pay for Iran investment and imports due to the US sanctions, but it has successfully started paying for the dues in crude imports before 2012 through a “tea for oil” deal.
“There is a huge potential for further corporation in multi-faceted areas. During discussion, Itan addressed key areas of mutual of interests. Including political, economic, and cultural corporation, reflecting very solid bilateral relations.”
Before the 2012 US sanctions, Sri Lanka heavily depended on Iranian light crude to its only refinery constructed by Iran in 1969. The island nation is now paying US $250 million due for crude imports through tea exports.
Iran is keen to cooperate with Sri Lanka in future projects utilizing their expertise in energy, water, agriculture, nanotechnology, medicine and biotechnology.
“Iran has also agreed to provide another 31 million euro grant for the rural electrification project,” Prime Minister’s office said in a statement.
“The Iranian side agreed that trade should be done in Asian currencies instead of US dollars. Agriculture Minister of Iran said adding that banking arrangements have already been made to trade with Iran.
May 02, Colombo (LNW): The Sri Lankan Rupee indicates slight appreciation against the US Dollar today (02) in comparison to April 30, as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 291.49 from Rs. 292.57, and the selling price to Rs. 301.36 from Rs. 302.48.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 290.58 from Rs. 291.74, and the selling price to Rs. 300.73 from Rs. 301.
At Sampath Bank, the buying price of the US Dollar has dropped to Rs. 293 from Rs. 293.50, and the selling price to Rs. 302 from Rs. 302.50.
May 02, Colombo (LNW): Sri Lanka’s gross official reserves (GOR) surged to US$ 5 billion by the end of March 2024, marking a substantial increase from USD 4.4 billion at the close of 2023, the Central Bank of Sri Lanka (CBSL) said.
The CBSL, in its report on External Sector Performance for March, attributed this growth in GOR to significant net purchases of foreign exchange from the domestic market, amounting to US$ 715 million in March alone and totaling US$ 1.2 billion in the first quarter of 2024.
Import coverage of GOR, bolstered by a swap facility from the People’s Bank of China worth around US$ 1.5 billion, has remained above 3 months of imports since December 2023.
Furthermore, the trade deficit narrowed to US$ 369 million in March 2024 from US$ 412 million a year earlier, driven by a notable increase in exports outpacing import growth.
However, this deficit widened compared to February 2024 (US$ 319 million).
Merchandise export earnings rose by 9.8 per cent year-on-year to US$ 1,139 million in March 2024, with notable increases observed across major export categories, particularly industrial exports.
Industrial goods exports saw a significant boost, primarily driven by petroleum products due to increased bunkering and aviation fuel exports.
Textiles and garments exports also showed notable improvement during this period.
Meanwhile, expenditure on merchandise imports increased by 4.0 per cent to US$ 1,508 million in March 2024 compared to the same period last year.
Expenditure across major import categories rose, with intermediate goods, particularly fuel imports, registering the highest increase.
Consumer goods imports rose due to increased expenditure on food and beverages, despite a decline in non-food consumer goods imports, mainly attributed to lower medical and pharmaceutical imports.
Investment goods imports saw a broad-based increase, propelled by higher imports of building materials and machinery and equipment.
March 2024 imports also surged compared to February 2024, primarily due to normalised fuel expenditure.
Regarding the tourism sector, earnings in March 2024 were estimated at US$ 338 million, while workers’ remittances amounted to US$ 572 million, indicating steady performance compared to previous months and the same period last year.
May 02, Colombo (LNW): Finance Minister Shehan Semasinghe is set to represent Sri Lanka at the Asian Development Bank (ADB) annual meetings, scheduled to take place from the May 02 to 05 in Tbilisi, Georgia.
As a founding member of the ADB, Sri Lanka has actively contributed to fostering partnerships aimed at effectively addressing the country’s developmental challenges.
The collaboration between Sri Lanka and the ADB has played a crucial role in driving sustainable progress and growth across various sectors of the economy.
The annual meetings serve as a valuable forum for networking with other member countries and stakeholders, facilitating discussions on key developmental issues and strategies for regional cooperation.
