By: Staff Writer

March 19, Colombo (LNW): The National Unity Alliance (NUA) has called for the initiation of a Presidential Commission to thoroughly investigate the tumultuous saga of SriLankan Airlines.

The NUA expressed serious concerns regarding the government’s recent endeavours to sell the beleaguered national carrier, shedding light on the staggering debt exceeding USD 1 billion that plagues the airline.

Attributing these financial woes to years of mismanagement exacerbated by political interference, the NUA underscored the pivotal role played by the tenure of former President Mahinda Rajapaksa.

Specifically, the NUA recalled the appointment of Rajapaksa’s brother-in-law to the chairmanship of SriLankan Airlines, despite lacking any pertinent experience or expertise in aviation management. The result, according to the NUA, was nothing short of a disastrous mishandling of the national airline’s affairs.

Expressing dismay over the absence of any inquiry or Presidential Commission to scrutinize the actions of the former chairman and the mismanagement that ensued, the NUA raised suspicions of a concerted effort to conceal the transgressions of the Rajapaksa administration.

The absence of transparency, they argued, only perpetuates the cycle of impunity and shields wrongdoers from being held accountable.

“If there is to be pure transparency, one needs to have a full inquiry,” remarked a spokesperson for the NUA.

“The people of Sri Lanka deserve to know the truth behind the collapse of their national airline and the reckless squandering of their hard-earned money,” they added.

Emphasizing the urgency of the situation, the NUA cautioned against the prospects of salvaging SriLankan Airlines in its current state, asserting that any viable solution would necessitate a radical restructuring to ensure efficiency and fiscal responsibility.

National Unity Alliance political party dedicated to promoting unity, progress, and prosperity for all citizens of our great nation.

Ir is led by the esteemed M. Azath S. Salley, Former Governor of the Western Province of Sri Lanka, who serves as both leader and general secretary.

National Unity Alliance, believes that the only way to move forward as a nation is by working together, setting aside our differences, and focusing on what unites us.

The  party’s ideology is based on the principles of justice, equality, and inclusivity, and we are committed to working tirelessly to ensure that these values are upheld in every aspect of our society.

By: Staff Writer

March 19, Colombo (LNW): The Committee on Public Finance informed the Secretary to the Ministry of the Investment Promotion to intervene with immediate effect to arrive at a decision regarding a duty-free shopping mall to be established in the port city of Colombo, as the opinion of the Attorney General and the opinion of the Commission are contradicting with each other.

This was stated at the Committee on Public Finance Chaired by. (Dr.) Harsha de Silva, Member of Parliament which met recently in Parliament focusing on the legal authority of the Port City Economic Commission to establish a duty-free shopping mall.

Ms. Anoja Herath, Acting Secretary of the Ministry of Investment Promotion stated that the new regulations related to a duty-free shopping complex have been submitted to the cabinet for approval.

The Committee Chair also stated that the Attorney General has informed that the Commission does not have the authority to specify duty-free goods up to 5000 dollars.

In yjis contect the Chair stated that a private law firm hired by the Port City Commission has informed the Committee on Public Finance in a letter that the Port City Commission has full legal powers to legislate for a duty-free shopping mall and that the opinion of the Attorney General is wrong.

It was discussed that it is concerning to have been notified that the opinion of the Attorney General is wrong through a private law firm and that exercise the power to make laws without the approval of the Parliament is also concerning.

Officials of the Attorney General’s Department who were present at the meeting stated that although the Commission has the power to make laws, it does not have such unfettered powers.

The Committee was also questioned at length about the process of purchasing goods from the duty-free mall, its practicality and impact.

Accordingly, the Chair also informed to conduct a comprehensive study and report on the possible impact on the business entities of the sale of goods in Sri Lanka and the impact on the tax process in relation to the Ministry of Finance.

Dr de Silva also expressed his displeasure that the Chairman of the Port City Economic Commission did not appear in the recent meetings of the Committee.

However, the Committee Chairman pointed out that the participation of the Chairman and the members of the Commission is important to discuss certain important issues, and thus, it should be looked into.

Furthermore, the attention of the Committee was drawn to the non-appointment of a permanent officer for the position of Director General of the Commission.

Furthermore, the Committee pointed out that although the Attorney General has informed that it is against the law to grant temporary licenses for the land parcels of the city, it will continue to happen. 

By: Staff Writer

March 19, Colombo (LNW): Sri Lanka will be entering into five Free Trade Agreements: A Path to Economic Stability and Growth

FTA talks underway between India, Indonesia, Malaysia, Vietnam, and China Minister of Foreign Affairs Ali Sabry disclosed.

By the end of 2024, Sri Lanka aims to finalize free trade agreements with India, China, Singapore, Indonesia, Malaysia, and Vietnam. These agreements have the potential to significantly expand market access for Sri Lankan businesses and attract even more foreign investment.

Sri Lanka and Indonesia formally launched the negotiations for a Preferential Trade Agreement (PTA) between the two countries recently. .

The Ministers conveyed that the commencement of the Sri Lanka-Indonesia PTA negotiations would serve as a step towards a Free Trade Agreement (FTA).

He highlighted the recent FTA with Thailand as a historic step towards achieving President Wickremesinghe’s vision of a stable economy. He emphasized that this agreement has already provided Sri Lanka access to a USD 2.2 billion market, representing a significant advancement.

Sri Lanka and Indonesia Preferential Trade Agreement (PTA) talks held virtually State Minister of Foreign Affairs Tharaka Balasuriya led the Sri Lanka delegation and Indonesia’s team was led by its Vice Minister of Trade Jerry Sambuaga.

The Ministers conveyed that the commencement of the Sri Lanka-Indonesia PTA negotiations would serve as a step towards a Free Trade Agreement (FTA).

They agreed that both countries are keen to strengthen bilateral trade relations and achieve meaningful market access under the proposed PTA. The Ministers expressed the hope that the PTA negotiations will be conducted

International Trade Office Chief Negotiator K.J. Weerasinghe revealed that following the Free Trade Agreement (FTA) signed with Thailand on 3 February, Sri Lanka was looking to enter into a PTA, with discussions in this regard scheduled for March.

As part of the Government’s drive to expand Sri Lanka’s inventory of trade agreements, it was announced recently that Sri Lanka would also be seeking to enter into an FTA with Malaysia.

According to Weerasinghe, the first round of talks between Sri Lanka and Malaysia is likely to take place end-March. However, he said that both parties were yet to agree on a date and location.

In addition to these PTAs being considered, Sri Lanka has also been negotiating with India to upgrade the existing trade agreement between the two nations.

While India and Sri Lanka have entered into the Indo-Sri Lanka Free Trade Agreement (ISFTA), both nations have since attempted to upgrade the agreement by entering into an Economic and Technology Cooperation Agreement (ETCA).

Accordingly, Cabinet Spokesman Bandula Gunawardana on Monday (19) revealed that the 14th round of talks between Sri Lanka and India on the ETCA was scheduled to be held in New Delhi soon.

March 19, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates further appreciation against the US Dollar today (19) in comparison to yesterday, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).

Accordingly, the buying price of the US Dollar has dropped to Rs. 299.29 from Rs. 300.05, and the selling price to Rs. 308.90 from Rs. 309.67.

The Sri Lankan Rupee indicates appreciation against several other currencies as well.

1. Sources reveal that President Ranil Wickremesinghe has clarified that the presidential election will be held before the general election, instructing the cabinet to prepare accordingly based on the country’s constitution.
   
2. Former MP Hirunika Premachandra files a FR petition with the Supreme Court, seeking to block Deshabandu Tennakoon from becoming IGP due to his alleged involvement in assault cases: The petition names several respondents, including the Attorney General and members of the Constitutional Council, citing concerns about public interest and violations of constitutional provisions.
   
3. NPP Leader MP Anura Kumara Dissanayake says a future NPP government should include ministers from the North: emphasises discussions with moderate Tamil leaders for this inclusion, aiming to address Tamil issues like language and land: pledges constitutional amendments to secure political rights for Tamils, promising to resolve language concerns and ensure the right to engage with the state in Tamil.
   
4. Today marks the start of the two-day parliamentary debate on the no-confidence motion against Speaker Mahinda Yapa Abeywardena: The debate will run from 9:30 a.m. to 5:30 p.m. today and is expected to conclude by 4:30 p.m. tomorrow, March 20, with a vote to follow: The motion, submitted on March 5, alleges that the Speaker disregarded Supreme Court recommendations on the Online Safety Bill and unconstitutionally confirmed the appointment of IGP Deshabandu Tennakoon.
   
5. The Finance Ministry launches a loan programme to aid private mill owners in paddy procurement during the Maha season, disbursing Rs. 1,500 million with a total projected loan amount of Rs. 9,000 million: No funds were allocated to the Paddy Marketing Board due to outstanding dues of Rs. 28,600 million owed to the Treasury.
   
6. The tourism industry celebrates a milestone as tourist arrivals exceeded 500,000 in the 1Q24’, with March alone welcoming over 100,000 visitors: This rapid recovery, reaching levels not seen since the pandemic’s onset, signifies strong momentum: Despite March’s weekly data suggesting a slight dip compared to February, the sector’s overall growth remains impressive: Major source markets include Russia, India, Germany, the UK, France, and China: The tourism sector’s revenue in the first two months of 2024 reached US $687.5 million, a substantial increase from the same period in 2023, contributing significantly to the country’s economic stability.
   
7. The Inland Revenue Department plans to boost tax compliance among high-income earners by targeting a group of 100 taxpayers with significant reported incomes: Using various data sources like real estate holdings and bank records, the IRD aims to ensure fairness and confidence in tax administration: A dedicated unit, the High Wealth Individuals Unit (HWIU), to oversee this effort.
   
8. Transport and Highways Minister Bandula Gunawardana aims to accelerate the completion of the third phase of the Central Expressway, spanning from Pothuhera to Galagedara, within two years: The initial phase from Pothuhera to Rambukkana is targeted for completion by 2025, with the entire project expected to conclude by July 2026: This expressway will improve connectivity from Mirigama to Rambukkana, with construction activities ongoing for four interchanges along the route.
   
9. The Sri Lankan Rupee appreciates against the US Dollar to the point where the buying price reaches below the Rs. 300 threshold at leading commercial banks: Peoples Bank’s buying price Rs. 298.36; selling price Rs. 308.47: Commercial Bank’s buying price Rs. 298.67; selling price Rs. 308: Sampath Bank’s buying price Rs. 299.50; selling price Rs. 308.50.
   
10. The Sri Lanka Cricket Selection Committee finalises a 17-member squad for the upcoming Test series against Bangladesh: Dhananjaya De Silva will lead the team, with Kusal Mendis as vice-captain: The series will kick off on March 22 in Sylhet.

March 19, Colombo (LNW): The government faces an additional financial burden of Rs.11 billion should a snap parliamentary election be declared before the constitutionally mandated Presidential Election, a report by Daily Mirror disclosed.

This expenditure would be on top of the already allocated over Rs.10 billion in the 2024 budget to the Election Commission for the upcoming Presidential Election.

A spokesperson for the Election Commission confirmed that no funds were earmarked in the current budget for a General Election, as one is not slated for this year.

However, President Ranil Wickremesinghe retains the authority to dissolve Parliament at his discretion, potentially prompting a snap general election.

In such a scenario, he holds the power to allocate funds from the Consolidated Fund to facilitate the election.

As per the Constitution, the President has the prerogative to dissolve Parliament and set a date for a general election.

If Parliament has not already provided for such expenses, the President, after consulting with the election authorities, can authorise allocations from the Consolidated Fund for the necessary expenditure, according to report.

Presently, the Sri Lanka Podujana Peramuna (SLPP), which provides parliamentary support to the President’s administration, advocates for a general election.

Conversely, the United National Party (UNP), led by the President, contends that holding a general election at this juncture would be ill-advised.

March 19, Colombo (LNW): The Ministry of Finance has launched a loan programme designed to provide support to private mill owners engaged in paddy procurement activities during the Maha season.

Under this initiative, a substantial loan amounting to Rs. 1,500 million has been disbursed to assist private mill owners in their paddy purchases.

It is projected that a total of Rs. 9,000 million in loans will be extended through this programme.

Notably, despite the commencement of the loan programme, the Ministry of Finance has not allocated funds to the Paddy Marketing Board for paddy procurement during this period.

This decision stems from the outstanding dues owed by the Paddy Marketing Board to the Treasury, which currently amount to Rs. 28,600 million.