March 12, Colombo (LNW): Bangladesh’s Foreign Minister Dr. Hasan Mahmud voiced a strong commitment to bolstering trade and commerce ties with Sri Lanka during discussions with Sri Lankan High Commissioner Dharmapala Weerakkody at the Foreign Ministry in Dhaka yesterday (11).
The meeting, which delved into matters of mutual interest, saw Mahmud expressing contentment with the current bilateral relations between Bangladesh and Sri Lanka.
He extended gratitude to the High Commissioner for conveying congratulatory messages to Bangladeshi Prime Minister Sheikh Hasina from the Sri Lankan Head of State and Head of Government following the victory in the 12th National Parliamentary elections.
Mahmud also commended Sri Lanka’s economic recovery efforts and reaffirmed Bangladesh’s solidarity during times of crisis.
Emphasising the need to tap into the full potential of bilateral relations, Mahmud proposed intensifying cooperation in trade, agriculture, fisheries, ICT, hospitality, shipping, maritime connectivity, and people-to-people exchanges.
He suggested expanding bilateral trade by exporting high-quality pharmaceuticals and garments to Sri Lanka and sought increased Sri Lankan investment in Economic Zones.
Mahmud underscored the importance of promptly concluding bilateral instruments, including the Preferential Trade Agreement (PTA).
High Commissioner Weerakkody briefed the Foreign Minister on Sri Lanka’s current economic landscape, highlighting its phase of economic recovery with support from friendly nations like Bangladesh.
He underscored the potential for further expanding sectoral cooperation for mutual benefit.
Furthermore, Mahmud sought Sri Lanka’s support for the early repatriation of Rohingyas and proposed extensive cooperation within regional bodies like SAARC, BIMSTEC, and IORA.
The Foreign Minister conveyed his best wishes to the High Commissioner for a successful tenure in Bangladesh and assured him of full support.
March 12, Colombo (LNW): Showers or thundershowers may occur at a few places in Colombo, Kalutara, Ratnapura, Galle and Matara districts in the evening or night, and a few showers are likely in Ampara, Batticaloa and Hambantota districts during the morning, the Department of Meteorology said in its daily weather forecast today (12).
Mainly dry weather will prevail in the other areas of the island, the statement added.
Misty conditions can be expected at some places in Western, Sabaragamuwa and Uva provinces and in Galle and Matara districts during the morning.
Meanwhile, the heat index, the temperature felt on human body is expected to increase up to ‘Caution level’ at some places in Western, North-western, Southern and Sabaragamuwa provinces and in Anuradhapura, Mannar, Trincomalee and Batticaloa districts.
The public is advised to stay hydrated and takes 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-colored clothing.
Marine weather:
Condition of Rain:
Showers or thundershowers may occur at a few places in the sea areas extending from Hambantota to Batticaloa via Pottuvil.
Winds:
Winds will be north-easterly in direction and wind speed will be (20-30)kmph. Wind speed may increase up to (40-45) kmph at times in the sea areas off the coasts extending from Colombo to Kankasanthurai via Puttalam and Mannar and from Matara to Pottuvil via Hambantota.
State of Sea:
The sea areas off the coasts extending from Colombo to Kankasanthurai via Puttalam and Mannar and from Matara to Pottuvil via Hambantota can be fairly rough at times.
March 11, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight appreciation against the US Dollar today (11) in comparison to last week’s Thursday, 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. 302.62 from Rs. 303.09, and the selling price to Rs. 311.98 from Rs. 312.43.
However, the Sri Lankan Rupee has depreciated against several other foreign currencies. Meanwhile, it indicates fluctuation against Gulf currencies.
March 11, Colombo (LNW): Sri Lanka is under pressure to show its commitment to tackle corruption in the country as the island nation prepares for the second review of its International Monetary Fund bailout package at present.
The government has published an action plan to combat corruption, which includes reforms to a bribery commission, public tendering, state enterprise governance and an asset recovery law, following a governance diagnostic report published as part of an International Monetary Fund program
“At the request of Sri Lanka, a Governance Diagnostic Assessment (GDA) was concluded by the IMF and based on recommendations the Ministry of Finance has published the Government Action Plan on the 29th Feb 2024,” State Minister of Finance Shehan Semasinghe said on x (twitter).
“This further demonstrates the government’s commitment to building a sustainable economy and good governance in the country,” Semasinghe said.
The IMF’s Governance Diagnostics Assessment recommended implementing 16 directives. “A government action plan will inform next steps in the implementation of recommendations,” the IMF had said at the time.
It was recommended that Sri Lanka update and publish the Action plan on an annual basis every February.
Eradication of bribery and corruption from a country requires a vision. That vision must be displayed to the entirety of the nation in the form of a Plan.
. As such, the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) was entrusted with the task of formulating a National Action Plan for Combating Bribery and Corruption in Sri Lanka.
The Commission to Investigate Allegations of Bribery or Corruption along with the Presidential Secretariat and the Ministry of Public Administration brought together all relevant stakeholder institutions to gather and collate the opinions/ suggestions of the public.
As such, 50 consultations have been carried out throughout Sri Lanka which concluded with 4 such meetings being held at the Parliament.
Public representatives were given an opportunity to share their ideas. Furthermore, this endeavor includes the input of various sectors including state officials, professionals, civil societies and artiste.
The collation of all these suggestions and recommendations have contributed to the formulation of the National Action Plan for Combating Bribery and Corruption in Sri Lanka, which received Cabinet approval.
The Action Plan is premised on 04 strategies for combating bribery and corruption in Sri Lanka. They are namely, Prevention Measures, Value-based Education and Community Engagement, Institutional Strengthening of CIABOC and other Law Enforcement Agencies and Law and Policy Reforms.
Additionally, 04 Handbooks will be released alongside the Action Plan, exploring decisive factors which would shape the course of combating bribery and corruption in the nation.
March 11, Colombo (LNW): In a ground-breaking move, ATIRE Ltd., the rapidly growing industrial solid tire company based in Sri Lanka, has redefined the standards of environmental responsibility by becoming the world’s first carbon-neutral industrial solid tire manufacturing company.
This incredible milestone, certified by the Sri Lanka Climate Fund – under the Ministry of Environment of Sri Lanka, highlights ATIRE’s commitment to pioneering sustainable industrial practices.
Established in 2019, ATIRE has rapidly become a leading manufacturer and distributor of world-class specialty solid tires, serving diverse industrial sectors across over 40 countries worldwide. Renowned for their performance and longevity, ATIRE’s products cater to various applications, including material handling, construction, agriculture, accessibility, and ports.
Founded in 2019, ATIRE is one of the fastest growing solid tire brands in the industry. Founder and Chairman, Deshamanya Anurath Abeyratne is a highly reputed Sri Lankan entrepreneur and philanthropist, who started by producing solid tires in the year 2000 for globally renowned brands such as Watts and Continental.
After producing over four million tires, in 2019 he started ATIRE, to build high-performance industrial specialty tires, whilst advancing the industry’s progress towards sustainability and serving the unmet needs of the market.
As a member of Anunine Holdings, a diversified conglomerate with a strong focus on sustainability, ATIRE is part of a broader mission to drive positive change across multiple industries.
“Looking ahead, ATIRE is committed to aggressively innovating to further improve our environmental impact, by embracing emerging technologies, and challenging the norms of our industry.
Our goal being to ensure the advantages of these innovations extend to our customers, enabling them to minimise their footprint, and support their own journey in becoming carbon-neutral,” stated Atire CEO and Director Saveen Abeyratne.
The ceremony presenting the certificate of Carbon Neutrality for ATIRE was presented by the Secretary to the Ministry of Environment Prabath Chandrakeerthi on 19 February 2024 to ATIRE Directors Saveen Abeyratne and Sonali Abeyratne, alongside the key management personnel of Atire at the Ministry of Environment Sri Lanka, marking a significant milestone for the entire global solid tire industry.
ATIRE was certified as Carbon Neutral on 13 November 2023, for both scope 1 and 2 levels during the emissions accounting year ending 31 March 2023, in compliance with the inventory reporting certification ISO 14064-1:2018.
“We are delighted to state that ATIRE is now the world’s 1st carbon neutral solid tire company, which includes its state-of-the-art tire manufacturing facility based in Sri Lanka, which is now a net-zero emissions manufacturing plant.
ATIRE’s journey to carbon neutrality is paved with innovative sustainable practices. We have fully embraced renewable energy, with over 85% of its facility’s roof covered in solar panels.
Advanced Nano-technologies have been utilised to reduce energy consumption significantly, particularly saving over 15% in the tire curing process, one of the most energy-intensive stages in solid tire manufacturing.” enthusiastically stated Atire’s Carbon Neutral Production Facility General Manager Ajith Dharmasiri.
March 11, Colombo (LNW): Thailand became the second Regional Comprehensive Economic Partnership (RCEP) economy to sign a free trade agreement (FTA) with Sri Lanka, following the FTA signed earlier with Singapore.
A major goal of an FTA is to lower trade costs by reducing border tariffs and eliminating behind-the-border barriers for competitively traded products.
Salient features of the SLTFTA tariff schedules include immediate concessions for a limited number of products, a 15-year phased tariff reduction plan for most of the products, and uncommitted products which are excluded from any commitment for tariff reduction or elimination.
The Sri Lanka Export Development Board (EDB) in collaboration with the Ministry of Industries and Department of Commerce organized a seminar on “Exploring Opportunities and Implications of the Sri Lanka-Thailand Free Trade Agreement” at the Auditorium of Postgraduate Institute of Management (PIM) on 29th February, 2024 for Sri Lankan exporters.
The seminar aimed to raise awareness among the Sri Lankan business community and provide a platform for exploring new business opportunities available in the “Trade in Goods Chapter” under Sri Lanka Thailand Free Trade Agreement (SLTFTA).
Notably, the tariff liberalisation programme is not limited to custom duties, but also expands to para-tariffs.
Given that 25.6% of products are already under zero tariffs in the case of Thailand, the SLTFTA commits to reduce or eliminate tariffs on 59.4% of products for Sri Lanka.
Thailand provides immediate concessions for Sri Lanka over 2,188 products, while tariffs on 4,597 products will be subject to phased reduction within 15 years. Thailand’s uncommitted list includes 1,708 (or 15% of products).
By contrast, only 17.4% of products are under zero tariff currently in the case of Sri Lanka, implying that Sri Lanka will reduce or eliminate tariffs on 67.6% of products through the SLTFTA.
Under the agreement, Sri Lanka commits to immediate concessions for 2,722 products (or 33.4%), reducing or eliminating tariffs on 2,796 products within 15 years, and maintaining 1,224 products on the uncommitted list (15%).
By the end of the tariff phase-out, both countries will have 85% of products under zero tariffs, or tariffs liberalised under the SLTFTA.
The seminar featured eminent panel comprising Mr. K.J Weerasinghe, Chief Negotiator, Office for International Trade, Presidential Secretariat, Mr. K.A Vimalenthirajah, Director General, Department of Trade and Investment Policies, Ministry of Finance, Mr. Sanjeewa Pattiwila, Director of Commerce, Department of Commerce, who shared valuable insights on SLTFTA.
The session witnessed the participation of over 150 representatives from the exporter community, public sector and academia.
Through presentations and spirited discussions under Q & A session, participants gained a deeper understanding of the strategic framework requirements which are shaping the bilateral trade relationship between Sri Lanka and Thailand in terms of exploration of potential, visualizing a landscape suitable with opportunities for growth, innovation, and prosperity.
Thailand became the second Regional Comprehensive Economic Partnership (RCEP) economy to sign a free trade agreement (FTA) with Sri Lanka, following the FTA signed earlier with Singapore.
A major goal of an FTA is to lower trade costs by reducing border tariffs and eliminating behind-the-border barriers for competitively traded products.
Salient features of the SLTFTA tariff schedules include immediate concessions for a limited number of products, a 15-year phased tariff reduction plan for most of the products, and uncommitted products which are excluded from any commitment for tariff reduction or elimination.
The Sri Lanka Export Development Board (EDB) in collaboration with the Ministry of Industries and Department of Commerce organized a seminar on “Exploring Opportunities and Implications of the Sri Lanka-Thailand Free Trade Agreement” at the Auditorium of Postgraduate Institute of Management (PIM) on 29th February, 2024 for Sri Lankan exporters.
The seminar aimed to raise awareness among the Sri Lankan business community and provide a platform for exploring new business opportunities available in the “Trade in Goods Chapter” under Sri Lanka Thailand Free Trade Agreement (SLTFTA).
Notably, the tariff liberalisation programme is not limited to custom duties, but also expands to para-tariffs.
Given that 25.6% of products are already under zero tariffs in the case of Thailand, the SLTFTA commits to reduce or eliminate tariffs on 59.4% of products for Sri Lanka.
Thailand provides immediate concessions for Sri Lanka over 2,188 products, while tariffs on 4,597 products will be subject to phased reduction within 15 years. Thailand’s uncommitted list includes 1,708 (or 15% of products).
By contrast, only 17.4% of products are under zero tariff currently in the case of Sri Lanka, implying that Sri Lanka will reduce or eliminate tariffs on 67.6% of products through the SLTFTA.
Under the agreement, Sri Lanka commits to immediate concessions for 2,722 products (or 33.4%), reducing or eliminating tariffs on 2,796 products within 15 years, and maintaining 1,224 products on the uncommitted list (15%).
By the end of the tariff phase-out, both countries will have 85% of products under zero tariffs, or tariffs liberalised under the SLTFTA.
The seminar featured eminent panel comprising Mr. K.J Weerasinghe, Chief Negotiator, Office for International Trade, Presidential Secretariat, Mr. K.A Vimalenthirajah, Director General, Department of Trade and Investment Policies, Ministry of Finance, Mr. Sanjeewa Pattiwila, Director of Commerce, Department of Commerce, who shared valuable insights on SLTFTA.
The session witnessed the participation of over 150 representatives from the exporter community, public sector and academia.
Through presentations and spirited discussions under Q & A session, participants gained a deeper understanding of the strategic framework requirements which are shaping the bilateral trade relationship between Sri Lanka and Thailand in terms of exploration of potential, visualizing a landscape suitable with opportunities for growth, innovation, and prosperity.
March 11, Colombo (LNW): International Finance Corporation (IFC) has stepped into assist Sri Lanka establish the new Secured Transactions Registry, Small and medium enterprises (SMEs) which aims to facilitate the use of moveable assets as collateral for loans while ensuring financial stability and fostering economic growth in the country.
With technical assistance from the International Finance Corporation (IFC), the new Secured Transactions Registry Act will address legal and operational challenges in the existing law.
This is a collective effort led by the Credit Information Bureau (CRIB), in collaboration with the Central Bank of Sri Lanka and the Ministry of Finance.
SMEs comprise more than 75% of enterprises while accounting for 45% of employment and 52% of the country’s GDP. Yet they cite access to finance as one of the key obstacles, hindering their growth potential.
Against this backdrop, a robust legal framework to register security interests over movables assets will help unlock the full potential of small businesses in Sri Lanka through easier access to loans.
“The enactment of the new law and consequential amendments to 7 related laws is a critical step in developing a fully-fledged secured transaction framework to mortgage moveable assets in Sri Lanka that protects the rights of all types of regulated financial institutions, encouraging them to provide financing secured by moveable collateral,” said Credit Information Bureau of Sri Lanka Director/General Manager Pushpike Jayasundera.
Globally, businesses are restricted from using movable collateral (such as machinery, inventory, accounts receivables, crops, and equipment) to obtain financing because many countries do not have functioning laws and registries to govern secured transactions. Secured transactions reform is also an avenue that can help encourage women—they are more likely to have movable assets to pledge—to start or expand a business.
“An effective credit infrastructure is key to strengthening Sri Lanka’s financial sector. IFC assisted CRIB in drafting the new law, which incorporated several rounds of consultations and expert input, thus ensuring that small businesses and entrepreneurs with few fixed assets can obtain the financing they need to thrive.
We greatly appreciate the perseverance and commitment of all the stakeholders to see this legislation come to fruition,” said IFC Country Manager for Sri Lanka and Maldives Alejandro Alvarez de la Campa.
IFC’s efforts to improve access to finance and foster inclusion in Sri Lanka span across several initiatives. Apart from supporting secured transactions regimes, IFC helped the Central Bank of Sri Lanka launch the country’s first national financial inclusion strategy and develop a financial literacy roadmap, strengthening financial consumer protection and increasing the uptake of digital finance.
March 11, Colombo (LNW): The Sri Lankan Rupee (LKR) has further appreciated against the US Dollar today (11) in comparison to last week’s Thursday, as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 301.60 from Rs. 302.05, and the selling price to Rs. 312.11 from Rs. 312.57.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 301.15 from Rs. 301.89, and the selling price to Rs. 310.50 from Rs. 311.75.
At Sampath Bank, the buying price of the US Dollar has dropped to Rs. 302.50 from Rs. 303, and the selling price to Rs. 311.50 from Rs. 312.
President Ranil Wickremesinghe says the principles of the United National Party (UNP) do not exist in the Samagi Jana Balawegaya (SJB): asserts only the UNP had a plan to build the country: invites the SJB to rejoin the UNP to save the country from debt and build a safe country for future generations: publicly humiliates the National Peoples Power (NPP) by displaying a slide featuring photographs of JVP Leader Anura Dissanayake and one of their previous manifestos, and questioning whether the NPP has any plan.
The Tamil National Alliance (TNA) accepts President Ranil Wickremesinghe’s invitation for opposition parties to meet with representatives of the International Monetary Fund (IMF): TNA leader R. Sampanthan will participate, while other major opposition parties like the Samagi Jana Balawega (SJB) and the National People’s Power (NPP) have opted out.
JVP/NPP Leader MP Anura Kumara Dissanayake is set to visit Canada, based on an invitation extended by the Canadian branch of the NPP: The NPP Leader will visit Canada on March 23 and 24: Public gatherings are scheduled to take place in Toronto on 23 and Vancouver on 24.
Sabaragamuwa Province Governor Navin Dissanayake expressed disappointment after being excluded from the speakers list at the United National Party (UNP) rally in Kuliyapitiya: questions the decision-making process within the party: Minister Harin Fernando was also absent from the rally, which was attended by President Ranil Wickremesinghe.
President Ranil Wickremesinghe in his capacity as the Finance Minister authorises the import and re-export of several spices, such as pepper, ginger, nutmeg, and turmeric, through a gazette notification: Importers must ensure a minimum local value addition of 35% before re-exporting the spices, with approval from the Controller General of Imports and Exports.
Employees at the Central Mail Exchange in Colombo initiated a 24-hour token strike due to a year-long malfunction of the building’s elevator, causing difficulties for nearly 40% of women workers: The United Postal Trade Unions Front (UPTUF) announced the strike, emphasising the need for elevator repairs, with a warning of continued action if the issue remains unaddressed after a month.
The government returns 109.56 acres of land in Jaffna and Kilinochchi, previously held by the military, to the lawful owners: This marks the 24th consecutive release of such properties: Only 0.5% of land remains under military control for security purposes.
The National Water Supply and Drainage Board (NWSDB) faces challenges in maintaining consistent water distribution due to dry weather, leading to reduced pressure or restrictions in some areas: launches a hotline, 1939, to address the issue, aiming for proactive management.
Sri Lanka’s official foreign currency reserves in February slightly increased to US$ 4,517 million, with the Central Bank maintaining efforts to bolster reserves by accumulating foreign currency from banks: The subdued demand for foreign currency, along with debt repayments, has allowed for reserve accumulation: Despite signs of economic recovery, import demand remains modest, but there are indications of a potential uptick fuelled by upcoming festivities and improving lending rates.
Right-arm paceman Nuwan Thushara shone in the recent T-20 match between Sri Lanka and Bangladesh, securing a 28-run victory for Sri Lanka and a 2-1 series win: Thushara’s exceptional bowling performance of 5 for 20, including a hat trick with his first three balls, earned him the man of the final award: Chasing a target of 174, he achieved the hat trick in the fourth over of the innings: This was his 8th T-20 international appearance, showcasing his remarkable talent despite being initially benched for the series.
March 11, Colombo (LNW): Amidst prevailing dry weather conditions, the National Water Supply and Drainage Board (NWSDB) has underscored difficulties in ensuring uninterrupted water distribution across different locales.
The escalating daily demand for water has intensified the strain, leading to diminished water pressure in certain areas or imposition of restrictions.
Highlighting the imperative for preemptive actions, the NWSDB has introduced measures to tackle these issues proactively.
In a bid to streamline public grievances and provide prompt resolutions, the NWSDB has inaugurated a hotline, 1939, for reporting any disruptions in water supply.
