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.

May 02, Colombo (LNW): The release of the results for the 2023 GCE Advanced Level Examination may be possible by the final week of May, The Department of Examination anticipated.

The results are expected to be disseminated within this month, according to sources.

A significant number of candidates, totaling 346,976, participated in the 2023 GCE Advanced Level Examinations, which were conducted in January.

Among these candidates, 281,445 were school applicants, while 65,531 were private applicants.

May 02, Colombo (LNW): President Ranil Wickremesinghe delivered a address at the United National Party (UNP) May Day rally in Colombo yesterday, urging political parties to unite in safeguarding the country’s economic stability and supporting the agreement with the International Monetary Fund (IMF).

Wickremesinghe emphasised the importance of collaboration and continuity in economic policies to prevent regression and ensure sustained progress for Sri Lanka.

Under the theme “A Proud Nation that will Never Fall Again,” the UNP rally attracted a significant turnout of party members from across the island, underscoring the party’s commitment to national development and prosperity.

Notable among the attendees was Monaragala District Member of Parliament representing the Sri Lanka Podujana Peramuna (SLPP), Dr. Gayashan Navanandana, who expressed support for the UNP’s initiatives.

In his address, President Wickremesinghe reaffirmed the UNP’s pivotal role in revitalising the economy and overcoming challenges faced by the nation.

He highlighted the democratic and economic resurgence witnessed in Sri Lanka, citing the symbolic return of the opposition leader to Galle Face for the May Day rally, a testament to the country’s vibrant democracy.

President Wickremesinghe outlined a comprehensive plan to foster a robust export economy, emphasising the importance of creating employment opportunities and securing a brighter future for the nation’s youth.

He called for unity and collaboration across party lines to advance these initiatives and safeguard economic stability.

Acknowledging past challenges and achievements, President Wickremesinghe underscored the significance of the UNP’s role in steering the country through difficult times and driving progress.

He urged political parties to prioritise the well-being of the nation and support measures aimed at economic transformation and development.

Reflecting on historical milestones and challenges faced by the UNP, Wickremesinghe emphasised the party’s resilience and determination to lead Sri Lanka towards prosperity.

He called upon the entire country to rally behind efforts to propel the nation forward while upholding its economic stability and advancing its development agenda.

May 02, Colombo (LNW): In a comprehensive array of electoral commitments, the Samagi Jana Balawegaya (SJB) unveiled a series of pledges during its May Day rally, outlining proposed actions upon assuming office.

The pledges encompassed a wide spectrum, including the full implementation of the 13th Amendment to the Constitution, a thorough probe into the Easter Sunday carnage, initiatives to foster smart farming and fishing practices, the creation of investor-friendly environments, the generation of employment opportunities, and the establishment of Silicon Valley-style IT hubs in every district.

Additional commitments featured plans to offer higher interest rates on deposits for senior citizens and the establishment of smart educational facilities.

Notably absent were proposals specifically addressing labour rights, a focal theme on International Workers’ Day.

Addressing the rally, SJB leader Sajith Premadasa emphasised the party’s dedication to fulfilling its promises, highlighting a commitment to inclusivity, minority rights, and counter-extremism efforts.

He pledged to initiate fresh investigations into the Easter Sunday attacks, vowing to bring the perpetrators to justice in collaboration with the Archbishop of Colombo, His Eminence Cardinal Malcolm Ranjith.

Premadasa pledged to revoke all existing liquor licences through parliamentary resolution upon assuming governance.

Furthermore, the Opposition Leader emphasised the integrity of his party members, affirming their resistance to monetary inducements.

May 02, Colombo (LNW): Leader of the National People’s Power (NPP), MP Anura Kumara Dissanayake, delivered a resolute message during the NPP’s May Day rally yesterday (01), calling upon the Samagi Jana Balavegaya (SJB) to confirm a date for the proposed debate on economic policies before May 20.

Speaking at the rally organised by the NPP, Dissanayake emphasised that this would be the party’s final May Day event under what he characterised as the governance of corrupt individuals.

“Today, as we gather for the last May Day rally under the rule of those who have tarnished our nation, the National People’s Power stands firm,” Dissanayake asserted.

Addressing the ongoing dialogue with the SJB, Dissanayake expressed frustration, stating, “The constant badgering from the SJB… They persistently call for a debate. We provided them with a four-day window. However, they claim to be occupied during all four days and nights. Therefore, we have requested them to propose a date before May 20.”

The NPP Leader further declared that they remain prepared for any day, as only then can they put an end to this persistent insistence.

The NPP held a vibrant May Day rally yesterday, advocating for worker rights and economic justice amidst a backdrop of national challenges. The rally gathered supporters and activists from across the country to voice concerns and propose solutions to pressing issues facing workers and citizens.

Addressing the rally, Dissanayake emphasised the importance of prioritising the welfare of workers and ensuring their rights are upheld in all sectors of the economy.

He underscored the need for fair wages, safe working conditions, and protection against exploitation and discrimination.

The NPP’s key proposals included, living wages advocating for minimum wage reforms to ensure that all workers receive fair compensation for their labour, enabling them to meet their basic needs and support their families, worker protections, calling for stronger labour laws and enforcement mechanisms to safeguard workers’ rights, including provisions for collective bargaining, workplace safety regulations, and protection against unfair dismissal, economic justice, highlighting the need for policies that promote economic equality and reduce wealth disparities, such as progressive taxation, redistribution of resources, and support for small-scale enterprises and cooperatives, and solidarity and unity, stressing the importance of solidarity among workers, trade unions, and social movements in advocating for meaningful change and holding those in power accountable.

The rally also featured cultural performances, speeches by labour leaders, and displays of solidarity with workers’ struggles worldwide.

Photo Courtesy: Ajith Senevirathne

By: Isuru Parakrama

May 02, Colombo (LNW): Showers or thundershowers will occur at a few places in Western, Sabaragamuwa, Central and North-western provinces and in Galle, Matara and Mannar districts after 2.00 p.m., the Department of Meteorology said in its daily weather forecast today (02).

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 minimise damages caused by temporary localised strong winds and lightning during thundershowers.

Marine Weather:

Meanwhile, heat index, the temperature felt on human body is expected to increase up to ‘Caution level’ at some places in Northern, North-central, Western, Sabaragamuwa, Eastern, Southern and North-Western provinces and Monaragala district, the Natural Hazards Early Warning Centre of the Dept said.

The public, therefore, is urged to stay hydrated and take breaks in the shade as often as possible, check up on the elderly and the sick, never leave children unattended, limit strenuous outdoor activities, find shade and stay hydrated, and wear lightweight and white or light-coloured clothing.