April 24, Colombo (LNW): Despite initial challenges in discussions between the Government of Sri Lanka and private bondholders, the International Monetary Fund (IMF) remains hopeful for positive outcomes in the future.

Krishna Srinivasan, Director of the Asia and Pacific Department (APD) at the IMF, expressed satisfaction with Sri Lanka’s progress under the four-year Extended Fund Facility (EFF) programme. Srinivasan highlighted that Sri Lanka’s economic recovery efforts are yielding promising results, as evidenced by several key indicators.

During the IMF press conference on the Regional Economic Outlook for Asia and Pacific in Washington DC, held on Thursday, April 18, Srinivasan noted early signs of economic recovery in Sri Lanka. He cited a 3 percent year-on-year expansion of real GDP in the second half of 2023, a significant decrease in inflation from a peak of 70 percent in September 2022 to 0.9 percent in March 2024, and an increase of US$ 2.5 billion in Gross Official Foreign Reserves in 2023. Additionally, Sri Lanka achieved a surplus of 0.6 percent of Gross Domestic Product (GDP) in its primary balance in 2023.

While acknowledging the challenges ahead for Sri Lanka’s full economic recovery, Srinivasan expressed optimism about the progress being made in terms of economic growth and inflation. He highlighted the ongoing debt restructuring negotiations, commending the positive strides made with official creditors and expressing confidence in reaching agreements with private sector creditors in due course.

Regarding the debt restructuring discussions with private sector creditors, Srinivasan emphasized that negotiations are ongoing, with the IMF anticipating favorable outcomes in the future.

Srinivasan reaffirmed the importance of Sri Lanka’s commitment to IMF-recommended reforms, particularly in fiscal management and structural adjustments. He underscored the significance of addressing governance issues and reducing corruption as integral components of Sri Lanka’s reform agenda for sustained economic recovery.

April 24, Colombo (LNW): The Consular Affairs Division of the Ministry of Foreign Affairs is set to move to its new premises on the 16th floor of “Suhurupaya”, Sri Subhuthipura Road, Battaramulla, effective from 2nd May 2024. This relocation aims to provide enhanced services to the public in a more convenient and modern setting.

Starting from the aforementioned date, all consular services will be provided to the public at the new office premises during regular office hours, from Monday to Friday, 8:30 am to 4:15 pm.

To facilitate the smooth transition of the Electronic Document Authentication System (e-DAS) to the new premises at Suhurupaya, document authentication services provided by the Consular Affairs Division in Colombo will be temporarily suspended on 29th and 30th April 2024.

However, during this transition period, the Regional Consular Offices in Jaffna, Trincomalee, Kurunegala, Kandy, and Matara will remain open to the public during regular office hours. Applicants can submit their applications for document authentication to the Regional Offices as usual. Authenticated documents will be delivered to the applicants on Thursday, 2nd May 2024.

April 24, Colombo (LNW): In a landmark meeting at the State House in Banjul yesterday, Ambassador Kana Kananathan, the inaugural Ambassador of Sri Lanka to The Gambia, engaged in bilateral discussions with President Adama Barrow. This crucial dialogue served as a pivotal moment in fortifying the bonds of friendship and cooperation between the two nations.

The discussions between Ambassador Kananathan and President Barrow focused on avenues for enhancing collaboration across various sectors, with a particular emphasis on trade and investment. Both sides expressed their firm commitment to exploring new opportunities for mutual benefit and shared prosperity, underscoring the potential for deeper cooperation.

President Barrow extended his heartfelt appreciation to President Wickremesinghe for his remarkable efforts in stabilizing Sri Lanka’s economy within a notably short span of time. He commended Sri Lanka’s astute leadership and effective economic policies, which have significantly contributed to the nation’s economic resilience and growth.

A significant highlight of the discussions was the upcoming Organisation of Islamic Cooperation (OIC) Summit, slated to be hosted by The Gambia in the first week of May. Ambassador Kananathan conveyed Sri Lanka’s congratulations and unwavering support for The Gambia in successfully organizing and hosting this prestigious event. The summit is expected to convene leaders from across the Islamic world to address pressing global issues, further cementing The Gambia’s position on the international stage.

Reflecting on the productive meeting, Ambassador Kananathan emphasized, “Today’s discussions exemplify the deep-rooted friendship and shared values that bind Sri Lanka and The Gambia together. As the first Ambassador of Sri Lanka to The Gambia, I am committed to nurturing this relationship and exploring new avenues for collaboration that will benefit our peoples and contribute to regional and global stability.”

President Barrow expressed his appreciation for Sri Lanka’s steadfast support and emphasized the importance of further strengthening ties between the two nations.

April 24, Colombo (LNW): The President of the Islamic Republic of Iran, Dr. Ebrahim Raisi, is set to embark on a significant journey to Sri Lanka. His mission? To inaugurate the long-awaited Uma Oya Multipurpose Development Project (UOMDP), marking a historic milestone in the bilateral relations between the two nations.

This visit comes in response to a special invitation extended by Sri Lankan President Ranil Wickremasinghe, marking the first visit of an Iranian President to Sri Lanka since the notable visit of former President Dr. Mahmoud Ahmadinejad in April 2008.

The highlight of President Raisi’s itinerary will be his participation in a public ceremony marking the inauguration of the Uma Oya Multipurpose Development Project (UOMDP) this morning. This project, akin to the grand Mahaweli Development Project, stands as one of Sri Lanka’s largest irrigation endeavors, aiming to address water scarcity in the southeastern dry region of the country.

President Raisi’s visit is not merely ceremonial; it holds substantial diplomatic weight as well. Five Memorandums of Understanding (MoUs) are set to be signed during his visit, aiming to strengthen bilateral relations between Iran and Sri Lanka, showcasing a commitment to mutual cooperation and development.

The Uma Oya Multipurpose Development Project (UOMDP) is a crucial initiative for Sri Lanka, aiming to redirect an annual average of 145 million cubic meters (MCM) of excess water from the Uma Oya basin to the Kirindi Oya basin. This redirection, executed with careful environmental considerations, aims to benefit agricultural, industrial, and domestic sectors in the region.

The project, which commenced with an agreement signed in 2007, faced numerous challenges during its construction phase, including technical complexities, financial hurdles, and the impact of the global Covid-19 pandemic. Despite these obstacles, the project persevered, with its completion marking a significant achievement in engineering and bilateral cooperation.

Upon completion, the Uma Oya Multipurpose Development Project will not only address water scarcity issues but also contribute to agricultural development, energy generation, and regional infrastructure enhancement. It symbolizes the unwavering commitment of both nations towards mutual progress and prosperity.

The visit of President Raisi underscores the longstanding ties between Sri Lanka and Iran, dating back centuries. It reflects the depth of their diplomatic relations and the shared vision for a future marked by cooperation and mutual growth across various sectors.

April 24, Colombo (LNW): Showers or thundershowers will occur at several places in Western, Sabaragamuwa, Central and North-western provinces and in Galle and Matara districts after 2.00 p.m.

Showers or thundershowers may occur at a few places in Uva province and in Anuradhapura district during the afternoon or night.

A few showers may occur over the coastal areas of Puttalam to Galle via Colombo during the morning too.

Fairly heavy showers more than 50 mm are likely at some places in Western and Sabaragamuwa provinces and in Galle and Matara districts.

Misty conditions can be expected at some places in Sabaragamuwa, Central and Uva provinces 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

April 23, Colombo (LNW): Despite the government’s rescue efforts with ADB assistance the economically critical yet troubled Micro, Small and Medium Enterprises (MSMEs) have united to launch a new lobby group to evolve effective solutions to their plight thereby ensuring stability and prosperity in the country.

The government said a significant number of small and medium-scale entrepreneurs involved in manufacturing, import, export, tourism, apparel and various other commercial operations have found it very difficult to continue running their enterprises as a result of the economic downturn and the impact of external factors beyond their control.

The Asian Development Bank has agreed to provide working capital support for the small and medium enterprise sector as a relief, the Government Info. Department said.

Rs. 20 billion will be spent on the entire project which has two components. Out of this, Rs. 15 billion rupees will be used to strengthen existing and new enterprises and the remaining amount of Rs. 05 billion will be used to support enterprises under the non-performing loan category.

Named the “Ceylon Federation of MSMEs” the promoters said it represents 1.1 million formal MSMEs in the country and the grouping is apolitical.

The launch coincided with the fifth anniversary of the 2019 Easter Sunday attacks which was the beginning of multiple crises including the COVID-19 pandemic, and political and economic chaos in 2022.

Special guest Prof. Harald Steger, an ex-banker from Switzerland, said being an entrepreneur is very challenging and hence needs support with an enabling environment.

He stressed the need for a development bank dedicated entirely to MSMEs as they are key to socio-economic stability and prosperity.

Ceylon Federation of MSME President Sashika De Silva said the new grouping will be the platform to unite all entrepreneurs in the country and champion the growth of MSMEs.

“The Federation will be the platform designed with a clear vision, strategic approach, and innovative solutions to propel Sri Lanka’s entrepreneurs to new heights,” she said at the launch ceremony held at the BMICH attended by MSMEs from multiple districts, Members of Parliament, politicians, and state sector officials.

She said central to the Federation’s vision is the imperative need for Sri Lanka to transition towards a manufacturing economy, a transformation that cannot be realised within the current framework of laws and regulations primarily favouring imports and trade.

“Recognising the limitations in the Government’s capacity to single-handedly create the necessary environment for this transformation, we have identified key gaps, strategic imperatives, and actionable solutions.

Vice President Mahendra Perera revealed that multiple crises in the country have led to Rs. 1.6 trillion worth of loans in default accounting for 13% of total bank lending.

“The Federation will champion the need to restructure existing debt and obtain working capital,” he added.

1. The Presidential Secretariat responds to concerns about rice quality at the Veyangoda warehouse, ensuring only rice approved by a health expert committee will be used for school meals: addresses allegations from the Public Health Inspectors’ Union, highlighting rigorous quality checks with endorsements from expert committees and analytical reports: instructs health sector teams to re-inspect and strategise the use of rice stocks by May 1: stresses the role of health officials and School Nutrition Committees in ensuring food safety and compliance with international standards: The reassurance came after a thorough inspection by diverse health sector representatives, confirming rice suitability.
   
2. SLPP Chief Organiser Minister Prasanna Ranatunga says he still has no knowledge of any presidential candidate to be put forward by the Party: adds no such decision has yet been taken by the SLPP: suggests that he is no ‘SLPP Leader’ and a decision regarding candidacy may be taken at a future polit-bureau meeting.
   
3. The National People’s Power (NPP) responds to the Samagi Jana Balawegaya’s (SJB) proposition of having a debate between the two opposition parties on which course of action would the JVP-led alliance take to resolve the economic crisis under an NPP-rule: asserts a debate between their leaders, Anura Kumara Dissanayake and Sajith Premadasa: sends a letter offering several dates (May 7, 9, 13, or 14) for the debate and emphasises the importance of setting a clear date to avoid confusion.
   
4. The ‘Sri Ramayan Trails’ project launched in Colombo, aiming to boost tourism by showcasing nine significant sites from the epic Ramayana: Led by His Holiness Swami Govind Dev Giri Maharaj, the initiative seeks to deepen cultural ties between India and Sri Lanka: Using advanced technology like AI, AR, and VR, the project offers an immersive experience for visitors. Notable dignitaries attended the launch, highlighting its significance.
   
5. The Meteorology Department warns of further increase of heat index up to ‘caution level’ in most parts of the island, despite the recurrence of showers: advises the public 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, wear lightweight and white or light-coloured clothing.
   
6. The Central Bank identifies eight more entities involved in prohibited pyramid schemes, warning the public against participating in such schemes as they are punishable offenses: These entities are Beecoin App/Sunbird Foundation, Fast Win (Pvt) Ltd, Fruugo Oline App/Fruugo Oline (Pvt) Ltd, Genesis Business School/Era Miracle (Pvt) Ltd, Isimaga International (Pvt) Ltd, Ledger Block, Qnet/Questnet and Ride to Three Freedom (Pvt) Ltd.: reaffirms its commitment to protecting consumers and maintaining the integrity of the financial system by cracking down on illicit financial activities.
   
7. The Census and Statistics Department reports a drop in the Y-o-Year inflation rate to 2.5% in March 2024 from 5.1% in February: Food group inflation remains at 5.0%, while non-food group inflation decreases to 0.7%: Notable price decreases were observed in categories like housing and clothing, while increases were seen in alcoholic beverages and restaurants: Core inflation rose to 3.4%, suggesting underlying inflationary pressures: Analysts emphasise the need for robust economic policies to address living costs despite signs of stability.
   
8. H.M.K.W. Bandara, the General Manager of Railways, tragically passes away this morning (23) after succumbing to a sudden and unexpected illness.
   
9. The Sri Lanka Army clarifies that scheduling the ‘Fox Hill Super Cross’ race on April 21st, coinciding with the Easter Attacks anniversary, was unintentional: Amid criticism, the Army stated the date selection was not deliberate and the event’s resumption after four years was due to public demand: emphasises no involvement in an after-party and reiterates their immediate race cancellation in 2019 after the attacks.
   
10. Afghanistan ‘A’ cricket team arrives today (23) for a series against Sri Lanka ‘A’, featuring five one-day games and one four-day game: Sri Lanka ‘A’ squad, led by Sahan Arachchige, awaits ministerial approval: Avishka Gunawardena coaches Sri Lanka ‘A’, while his former assistant takes on a role with the national team.