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, 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.

September 25, Colombo (LNW): President Anura Kumara Dissanayake held an important discussion with the Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe, and the Secretary to the Ministry of Finance, Mahinda Siriwardene, to address the country’s ongoing economic challenges.

The meeting, which took place last evening (24) at the Presidential Secretariat, focused on the current economic situation and explored measures to stabilize the economy. According to the Department of Government Information, the discussion covered a range of critical issues impacting the nation’s economic health.

The President, CBSL Governor, and Finance Secretary deliberated on potential strategies to support economic recovery, demonstrating the administration’s commitment to finding solutions to the financial difficulties facing Sri Lanka.

September 25, Colombo (LNW): Indian External Affairs Minister (EAM) S. Jaishankar extended his congratulations to Vijitha Herath on his recent appointment as Sri Lanka’s new Foreign Minister. In a post on X, Jaishankar reaffirmed India’s commitment to strengthening the deep-rooted civilizational ties and close bonds of friendship between the two nations.

Jaishankar stated, “Congratulate Vijitha Herath on his appointment as Foreign Minister of Sri Lanka. Committed to reinforcing our civilizational ties, strengthening our traditionally close bonds of friendship, and expanding our multifaceted cooperation for the benefit of both our peoples.”

Herath’s appointment came as part of President Anura Kumara Dissanayake’s new government formation. On Tuesday, Dissanayake also appointed Harini Amarasuriya as Sri Lanka’s 16th Prime Minister. Amarasuriya, an academic and social justice advocate, is a key figure in the National People’s Power (NPP) party and becomes the third woman in Sri Lanka’s history to hold the office of Prime Minister, following Sirimavo Bandaranaike and Chandrika Bandaranaike Kumaratunga.

Harini Amarasuriya entered Parliament in 2020 through the NPP national list and has been a prominent voice for educational reform and human rights. Her appointment is seen as a significant milestone in Sri Lankan politics, signaling a new direction under President Dissanayake’s leadership.

President Anura Kumara Dissanayake is set to deliver a special address to the nation tonight at 7:30 PM, where he is expected to outline his administration’s future plans and key initiatives.

The address comes following significant political developments, including the appointment of Dr. Harini Amarasuriya as the new Prime Minister yesterday.

The President also announced the formation of a streamlined Cabinet, comprising 15 ministries under the leadership of three ministers. This new structure reflects the administration’s commitment to efficient governance and targeted policy implementation.

The nation eagerly awaits President Dissanayake’s address, which is expected to set the tone for his government’s future direction.