July 27, Colombo (LNW): Sri Lanka plans to fully operationalize its Public Debt Management Office (PDMO) by January 2026, following its establishment in the fourth quarter of 2024 under the new Public Debt Management (PDM) Law. 

Thailand and Sri Lanka’s Ministry of Finance signed a Record of Discussion (RoD) to launch a Capacity Building Program for officials associated with the upcoming PDMO. 

This development was discussed at a recent Committee on Public Finance (COPF) meeting. The PDMO will operate within the Ministry of Finance, as outlined in the proposed PDM Bill, and is expected to be set up by Q4 2024 according to guidelines from the International Monetary Fund (IMF).

Deputy Secretary to the Treasury, A.K. Senavirathna, mentioned that the proposed PDM bill would introduce a Medium Term Debt Management Strategy (MTDMS) for parliamentary approval. 

This strategy will guide the government’s future debt-raising activities and will be updated annually along with the budget over a five-year period, based on the fiscal rules in the proposed Public Financial Management Bill once it is enacted.

Central Bank Governor Nandalal Weerasinghe explained that the Minister of Finance, who will have exclusive authority to raise debt, along with the PDMO, will need to adhere to the Parliament-approved MTDMS.

Ajith Abeysekara, Director General of the External Resources Department, noted that the IMF initially wanted Sri Lanka to create an independent debt management authority. 

However, due to Sri Lanka’s traditional democratic setup, establishing an independent authority was considered challenging, leading to the creation of the PDMO with operational autonomy within the Treasury under the Finance Minister.

To enhance Sri Lanka’s fiscal framework and public debt management capacity, the Neighbouring Countries Economic Development Cooperation Agency (NEDA) of Thailand and Sri Lanka’s Ministry of Finance signed a Record of Discussion (RoD) to launch a Capacity Building Program for officials associated with the upcoming PDMO. 

This cooperation is a significant step towards efficient public debt management.

The agreement was signed following an invitation from the Department of External Resources of the Finance Ministry. A NEDA delegation, led by President Perames Vudthitornetiraks, met with Treasury Secretary Mahinda Siriwardana in Colombo.

This initiative is crucial as Sri Lanka aims to establish the PDMO by the end of the year to enhance its public debt management practices and ensure long-term fiscal sustainability.

 Treasury Secretary Siriwardana noted the government’s fiscal and monetary policy initiatives that have significantly contributed to the country’s recovery from its recent economic crisis. 

He emphasized the government’s commitment to preventing future economic crises and highlighted the longstanding cultural and religious ties between 

Thailand and Sri Lanka, particularly through Theravada Buddhism. Siriwardana also expressed optimism about future development cooperation between the two countries.

NEDA President Perames Vudthitornetiraks praised the Sri Lankan government’s progress and affirmed NEDA’s readiness to share its expertise in public debt management. 

July 27, Colombo (LNW): Scope Cinemas is set to revolutionize the cinematic experience in Sri Lanka with the grand opening of its new IMAX Theatre at Havelock City Mall on July 24. . 

This eagerly awaited launch provided an unprecedented level of audio-visual immersion for Sri Lankan moviegoers, marking a significant milestone in the country’s entertainment landscape. 

Globally renowned for its cutting-edge technology and unique film presentation, IMAX’s latest theatre at Scope Cinemas Multiplex will feature the advanced IMAX with Laser projection system. 

This next-gen laser system, combined with IMAX Precision Sound and stadium-style seating designed for optimal viewing, promises the most immersive cinematic experience available today.

Scope Cinemas, Sri Lanka’s first multi-sensory luxury entertainment company, has been a leader in the local cinema industry since its inception in 2017.

 The company initially gained popularity with its reliable online booking system, transforming how Sri Lankans purchase movie tickets by eliminating long queues and offering the convenience of selecting seats and ordering food online. 

The customer experience was further enhanced with the introduction of a mobile app, enabling users to make reservations and food orders directly from their smartphones.

Beyond technological advancements, Scope Cinemas is dedicated to providing luxury and convenience. Its theatres offer gourmet cinema dining, including freshly made burgers, wraps, and various beverages, ensuring a complete dining experience alongside the movie.

 The VIP Gold Class theatres elevate this experience with reclining seats, cozy blankets, and personalized service, offering a truly first-class movie experience. 

The company is also known for its exceptional customer service, with staff trained to assist with ticket reservations and deliver food and beverages directly to guests’ seats seamlessly.

Scope Cinemas Director and CEO Thushan Rangana Meemanage expressed pride in the new IMAX Theatre, describing it as the crown jewel in their network. He highlighted Scope Cinemas’ ongoing mission to set international standards and provide unparalleled cinema experiences in Sri Lanka.

 Bringing IMAX to the country represents a landmark achievement in this vision, and Meemanage looks forward to dazzling audiences with the new technology.

Executive Chairman Naveed Cader echoed this enthusiasm, emphasizing the company’s passion for offering Sri Lankans a revolutionary cinematic experience. Cader noted the hard work invested in preparing for the IMAX launch to ensure perfection.

 He expressed excitement about elevating the cinema experience by partnering with IMAX, providing customers with a world-class, premium, large-format movie experience right in Sri Lanka

July 27, Colombo (LNW): The Sri Lankan government has approved a lease of Bird Island, located on Beira Lake, to the Sri Jinarathana Vocational Technical Training Centre for 50 years.

 The decision aims to transform the island into a cultural heritage site to attract tourists. The proposal was made by the Chief Incumbent of the Gangarama Temple and supported by the Urban Development and Housing Minister Prasanna Ranatunga, receiving Cabinet approval.

Bird Island covers 143 perches on the southwest part of Beira Lake and was originally transferred to the Urban Development Authority (UDA) in 2000 under the Beira Lake Restoration Project, part of the Colombo City Development Plan. 

The lease value is based on the government’s Chief Assessor’s valuation. Minister Bandula Gunawardena stated that this development would enhance Colombo’s cultural and tourist appeal, contributing to the city’s vibrancy.

Tourism and Lands Minister Harin Fernando revealed plans to transform the Beira Lake area into a major entertainment destination, inspired by Clarke Quay River in Singapore, featuring amusement, dining, and entertainment. 

The initiative, personally assigned by President Ranil Wickremesinghe, includes floating restaurants, street food corners, and other amusement options. The goal is to develop an active district while preserving the cultural value of the country.

The UDA will manage the cleaning and maintenance of Beira Lake to support the new operations. Additionally, Sri Lanka has partnered with Extreme, a global adventure brand, to introduce high-profile adventure sports like hot air ballooning, skydiving, and bungee jumping, aimed at attracting tourists and boosting spending on these activities.

Minister Fernando announced ambitious tourism targets, aiming for over USD 2.5 billion in revenue from 1.6 million tourist arrivals in 2023, with projections to increase to 2.5 million arrivals and USD 4 billion in revenue by 2024.

 This would position tourism as Sri Lanka’s second-largest foreign exchange earner, surpassing the apparel sector. The strategy includes attracting high-spending tourists from new source markets such as Japan, Korea, and Australia.

Fernando highlighted that 33% of Sri Lanka’s tourists are repeat visitors. The country has promoted itself with the marketing concept “Sri Lanka Come Back for More” and “Sri Lanka, a Safe Destination to Travel” on platforms like the World Travel Market (WTM).

The efforts have encouraged more airlines to add Colombo to their destinations, and several international hotel chains are showing interest in opening properties in Sri Lanka. As Minister of Lands, Fernando mentioned that land for these projects could be offered with minimal bureaucracy and favorable conditions, further boosting tourism development

1. President Ranil Wickremesinghe emphasized the crucial role of the Sri Lankan tea industry in transitioning the country towards an export economy. He underscored the need for a comprehensive promotion strategy, developed in collaboration with both public and private sectors. The President noted that “Ceylon Tea” is a world-renowned brand and should be further promoted through a new strategic program.
2. The National People’s Power (NPP) has launched an Election Monitoring Centre, following the official announcement of the Presidential Election to be held on September 21. The NPP has named an eight member operational committee comprising former ministry secretaries and retired senior Police officers.
3. The Sri Lanka State-Owned Enterprise Restructuring Unit (SOERU) has issued a statement clarifying what it said were inaccurate reports on the divestitures of Hotel Developers Lanka Ltd (HDL) and Sri Lanka Telecom PLC (SLT). Contrary to reports, the land involved in the divestiture of HDL, the owning company of the Colombo Hilton, amounts to 4.61 acres, with an additional 1.875 acres to be leased, not 7 acres as claimed, SOERU said. Dismissing the claim of a USD 124 million valuation, the statement said that the Government Chief Valuer’s previous assessment was in Sri Lankan Rupees and was lower than its current valuation.
4. Tamil National Alliance (TNA) MP M.A. Sumanthiran says that the Ilankai Thamil Arasu Katchchi (ITAK) will not nominate a candidate for the upcoming Presidential Election. However, the party will hold discussions with the main candidates, he said.
5. Sri Lanka’s tourism sector has experienced a notable surge, with 127,925 tourists arriving in the past three weeks, according to the Sri Lanka Tourism Development Authority. The majority of these visitors were from India, accounting for 30,442 arrivals. A high volume of tourists also arrived in the island from Britain, China, Germany, and the Netherlands.
6. As the upcoming presidential election has been announced by the Election Commission, State Minister of Defence Premitha Bandara Tennakoon has instructed the security chiefs to take all necessary measures to ensure the security of the presidential candidates, citizens and the entire country during this election period.
7. Foreign Secretary Aruni Wijewardane will lead Sri Lanka’s delegation to the Seventh Round of Bilateral Political Consultations between Sri Lanka and Pakistan, scheduled to be held in Islamabad on 30 July 2024, the Ministry of Foreign Affairs said. The Seventh Round of Bilateral Political Consultations will be co-chaired by Foreign Secretary Aruni Wijewardane and the Foreign Secretary of Pakistan Muhammad Syrus Sajjad Qazi.
8. The National Police Commission has rejected the Inspector General of Police’s request for the immediate transfer of 210 police officers. The decision was made because the relevant recommendations were not made in accordance with transfer policies.
9. The Sri Lanka Navy successfully conducted mobile dental services for children of Batticaloa area. The dental services, organized by the Directorate of Naval Dental Services of Sri Lanka Navy, were held for the benefit of children of Kirimichchaiodai Tamil School, Mathurankernikulam Tamil School and Kokuvil Tamil School in Batticaloa. Around 156 children participated in these programmes, which significantly enhanced their knowledge of good oral hygiene practices as well.
10. All-rounder Ramesh Mendis has been called up for the Sri Lanka T20 squad for the series against India. This decision comes as fast bowler Binura Fernando is suffering from a fever, putting his participation in the upcoming matches in doubt, according to sources.

July 27, Colombo (LNW): Leader of the House and Education Minister Dr. Susil Premajayantha told Parliament yesterday (26) that resolving the current issue regarding the position of Inspector General of Police (IGP) falls under the responsibilities of the Constitutional Council.

He made this statement while clarifying the interim order issued by the Supreme Court concerning the IGP’s position. The Leader of the House further elaborated, “The role of a Leader of the House is to support the operations of the House, which is what I am attempting to do. I explained the principle of separation of powers. The Speaker is the head of the Constitutional Council. The Constitutional Council confirms the names for positions mentioned in the schedule of the Constitution, which the President nominates.

“We can discuss the decision in a case. Otherwise, we cannot learn or teach the law. The Supreme Court can issue an interim order to suspend the IGP. According to Article 126, this is correct. As a lawyer, I agree with it. The suspension does not vacate the position but stops the function.

“Can an order be given to vacate the position? When taken as an argument, if it is an executive part, it should be referred back to the appointing body, and beyond that, the responsibility falls on Parliament. According to this process, the question is whether the IGP position is vacant or not. How can an acting appointment be made if the position is not vacant? The issue arises whether another person can be appointed to act when there is someone in the position. I suggest that this issue should be referred back to the Speaker.

“Accordingly, it is up to the Constitutional Council to decide whether to convene or not, and if the position is vacant, to appoint an acting official. If the position is not vacant, how can an acting official be appointed? There is no constitutional provision for appointing acting ministers when ministers travel abroad. However, appointments and other matters under Article 7(a) of the Constitution are different and fundamental to the Constitution. Therefore, the acting minister position when a minister travels abroad and the positions in this process are different. It is constitutional and cannot be violated.”

Dr. Premajayantha clarified these points to address the queries raised about the current situation regarding the IGP position in Parliament.

July 27, Colombo (LNW): Several spells of showers will occur in Western and North-western provinces and in Galle and Matara districts.

Strong winds of about (50-55) kmph can be expected at times over Western slopes of the central hills and in Northern, North-central and North-western provinces and in Trincomalee, Monaragala and Hambantota districts.

Fairly strong winds about (30-40) kmph can be expected at times elsewhere of the island.