By: Staff Writer
March 12, Colombo (LNW):The Sri Lanka Banks Association (SLBA) yesterday said the unilateral decision by the Government to suspend debt recovery via parate laws is a knee-jerk response to intense lobbying by a few individual defaulters that do not represent the wider business community.
The association noted that it will have a far-reaching negative impact on the banking sector, which functions as the heart and lifeblood of the economy.
The SLBA represents all banks licenced by the Central Bank of Sri Lanka (CBSL) including state banks, public listed companies and branch offices of international banks.
It said banks were s alarmed over state intervention to curb debt recovery laws, pointing out that there had been no consultation with the banks, and cautioning that the cost of borrowing will increase for all borrowers as a result of the Government decision.
The association members also emphasised that the suspension of parate execution will not preserve a mortgaged asset of a defaulter, as banks will continue to exercise mortgage action through the courts of law.
“The ‘parate’ execution provision is only one option available to banks in the debt recovery process, that mitigates the impact of the delays in the process,” the SLBA pointed out.
Until existing laws are amended by Parliament, banks will, where appropriate, use the parate remedy as a last resort, prior to going to court.
The process requires each individual case to be put to the banks’ boards of directors and the publication of notices in the media. It is not a process that can be implemented at the whim of any bank officer.
Bank’s deploy depositors’ funds when lending to the public, and the inability to recover money due from defaulters or extended delays in recovery, will potentially place public deposits at risk
The suspension of parate action will interrupt and stall ongoing initiatives of international agencies such as the IMF, World Bank Group, and the ADB as well as the Central Bank which are working with the banks to establish a resolution process that includes revival of distressed debt of banks by helping borrowers towards rehabilitation and preservation of residual value of such business assets
The banks have already absorbed the cost of extending relief to borrowers especially MSMEs during recent crises affecting the economy including the April 2019 terror attacks, COVID pandemic and on-going economic crisis where the parate process was suspended for as long as possible
The SLBA said its members have observed with alarm, the statements attributed to a decision made by the Cabinet of Ministers, that the debt recovery remedies available to banks, under the current laws may be amended.
Banks express dismay over suspension of parate execution for benefit of defaulters
Sri Lanka unveils the vision of attracting 4 million tourists by 2030
By: Staff Writer
March 12, Colombo (LNW):Sri Lanka Tourism’s ambitious vision of attracting 4 million tourists by 2030, accompanied by a comprehensive National Tourism Policy aimed at holistic promotion, and sustainability has been revealed by Tourism Minister Harin Fernando.
“Sri Lanka is no longer just a destination on a bucket list; it is an experience, a connection that visitors forge with our country. It is about the positive energy and transformative experiences that compel them to return, he said
Fernando opined that Sri Lanka’s tourism industry achieved a robust revival in 2023 attracting almost 1.5 million visitors and generating a US$ 2.1 billion, showcasing its resilience after facing multiple challenges.
He also said that during the first two months of 2024 the industry has welcomed over 400,000 tourists and generated nearly $ 700 million, reflecting a positive trajectory.
As per the Minster the 360-degree marketing blitz will include various facets of advertising including digital marketing, mainstream media, Netflix, social media influencers such as Nas Daily, cooking shows and sports personalities.
Highlighting the inclusivity of Sri Lanka’s tourism strategy, Fernando noted that the country welcomes travellers from various backgrounds, ranging from backpackers to high-end tourists, with accommodation options tailored to diverse preferences.
“We have accommodation available from $ 20 home stay units to $ 14,000 villas per day to cater to the broad spectrum of visitors,” he said, adding that top international hotel brands are expanding their presence countrywide.
“ITC Ratnadipa Colombo hotel is poised to open its doors this month and it is their first project outside India. A 65 key Ritz Carlton hotel is coming up in Arugam Bay in the Eastern Province of the country, an Intercontinental Hotel will be opened soon along with home-grown Cinnamon Life opening with 800 rooms to cater to the inflow of tourists,” the Minister elaborated.
Fernando announced the launch of Marine Tourism on 31 March, a plan which he unveiled to position Sri Lanka as a premier marine tourism destination in 2024 to attract high-end travellers, particularly the ‘rich Indians’.
This initiative will feature the exploration of 143 shipwrecks dating back to World War II, offering unique experiences for visitors and divers from around the world.
Underscoring the significance of the recently approved National Tourism Policy, Fernando outlined its role in ensuring policy consistency amid regime changes. “Tourism is our lowest hanging fruit and with this policy, we aim to maintain consistency and reliability in our approach,” he stated.
The Minister also highlighted the tourism sector’s commitment to sustainability, citing initiatives such as the introduction of electric vehicle fleets for tourism, the adoption of renewable energy practices in hotels, and eco-friendly tourist activities like the Pekoe Trail.
“We will import 1,000 electric vehicles for tourism and change the famous tuk-tuks to electric ones. The tuk-tuk conversion project is supported by the Asian Development Bank (ADB),” he disclosed.
With focus on promoting responsible tourism and enhancing visitor experiences, the Minister said Sri Lanka aims to position itself as a premier destination while preserving its natural and cultural heritage for future generations.
Port City introduces Business Center meeting professional excellence.
By: Staff Writer
March 12, Colombo (LNW):Port City Colombo has marked a significant milestone today with the ground-breaking ceremony for its premier business park, the Business Centre.
CHEC Port City Colombo Ltd., said the event transcends a simple building construction – it signifies the dawn of a new era for Sri Lanka’s economic landscape.
Strategically located within close proximity to Colombo’s existing central business district, the Business Centre offers a unique commercial ecosystem for diverse businesses.
For example, the Business Centre will feature distinct zones – an IT Park and a Commercial District – all with a focus on sustainability through modern workspaces like garden offices.
CHEC Port City Colombo Ltd., said this ground-breaking is an important catalyst for Sri Lanka’s growth and for the entire region.
“This project, the largest public-private partnership in Sri Lankan history to date, underscores the government’s commitment to becoming a regional leader in technology and commerce. Join Sri Lanka towards breaking new ground – for investment, collaboration, and a brighter future,” official sources said.
The parliament of Sri Lanka recently approved a comprehensive incentives programme proposed by the Commission in consultation with the Minister of Investment Promotion, in relation to the guidelines for granting exemptions or incentives to businesses designated as Businesses of Strategic Importance (BSI).
Established under the Colombo Port City Economic Commission Act, No. 11 of 2021 (Act), the Commission aims to attract global investors, promote economic stability, and position Sri Lanka as a leader in service exports.
In accordance with the Act, the Commission identified businesses important for the success of the Colombo Port City to be designated as a BSI and recommended exemptions or incentives from the scheduled statutes of the Act.
‘To offer a competitive value proposition to potential investors, the Commission engaged with top international advisory firms such as PricewaterhouseCoopers, Ernst & Young, KPMG, and Boston Consulting Group for international benchmarking of selected factors.
These collaborations resulted in a proposed framework that establishes Colombo Port City as a globally competitive SEZ with transparent regulations and good governance principles, along with proposed sector incentives.
‘Businesses of Strategic Importance in Colombo Port City are classified into two groups: “Primary Businesses of Strategic Importance” and “Secondary Businesses of Strategic Importance”. Primary businesses involve the development of physical infrastructure of USD 100 million per land plot or USD 25 million in the Marina or Social Infrastructure.
Secondary businesses encompass sectors such as international trade, shipping logistics, banking and financial services, information technology, and tourism, among others.
‘For “Primary Businesses of Strategic Importance,” two optional incentive schemes are available. Scheme A offers exemptions or incentives from relevant enactments for 25 years, along with 50% off the prevalent corporate tax rate for 10 years after the initial 25-year period.
Scheme B provides an enhanced capital allowance of 300% on depreciable assets used within Colombo Port City, with deductions allowed for up to 40 years.
Official exchange rates in Sri Lanka today (March 12)
March 12, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight appreciation against the US Dollar today (12) in comparison to yesterday, as per the official exchange rates issued by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has dropped to Rs. 302.07 from Rs. 302.62, and the selling price to Rs. 311.45 from Rs. 311.98.
The Sri Lankan Rupee has also appreciated against several other foreign currencies as well.
Proposal to expand English medium education in schools receives Cabinet committee nod
March 12, Colombo (LNW): The Cabinet Committee tasked with formulating and executing a National Education Policy Framework (NEPF) has put forth a proposal to augment the number of schools offering education in the English medium.
As reported by the President’s Media Division (PMD), this proposition was deliberated upon during a session of the NEPF Committee chaired by President Ranil Wickremesinghe at the Presidential Office.
The Committee noted that despite the introduction of eight English medium subjects in schools since 2000, only 765 schools currently offer instruction in English medium, a figure deemed inadequate given the substantial demand for English medium education in society.
In response, the Committee proposed increasing the number of schools offering English medium education to 1,000 by the year 2025, with the objective of accommodating approximately 200,000 students.
President Ranil Wickremesinghe directed the immediate recruitment of 2,500 new teachers to facilitate the swift implementation of this initiative.
In light of the urgency, the President also advised the expedited hiring of 1,000 retired teachers proficient in English medium instruction on a contractual basis for three years.
Additionally, the directive includes recruiting 1,100 graduates proficient in English medium teaching through an open competitive examination, along with 400 College of Education (Vidyapeeta) teachers set to graduate from Colleges of Education providing training in English medium teaching.
The NEPF Committee, comprising eight ministers including Prime Minister Dinesh Gunawardena and Education Minister Susil Premjayantha, underscores education’s pivotal role in contemporary economic transformation.
It focuses on short-term and medium-term strategies to revamp the education sector, with particular emphasis on addressing immediate challenges.
To this end, a Bill establishing a National Council for Teachers, aimed at enhancing teacher participation in decision-making and elevating the professionalisation of teaching services, will be presented to the Council of Ministers and subsequently to Parliament within a month.
This legislation aims to enhance the status of the teaching profession, introduce a comprehensive professional development framework, and reassess teacher salary structures to align with emerging professional standards.
Moreover, the Committee has decided to issue a Certificate of Completion to every student, effective from this year, to recognise various skills and subjects mastered during their schooling, in addition to the school leaving certificate currently provided upon completion of junior and senior secondary education.
Sri Lanka Original Narrative Summary: 12/03
- President Ranil Wickremesinghe convenes a meeting with party leaders to discuss IMF proposals: Treasury Secretary Mahinda Siriwardena provides update, aiming to conclude negotiations by June: TNA MP Sumanthiran raises concerns about missing IMF reports for parliamentary discussions: The President assures transparency and offers to share reports with Parliament: The Central Bank Governor stressed adherence to IMF recommendations: The President Wickremesinghe invites opposition members to engage directly with the IMF: Sumanthiran expresses readiness for constructive dialogue.
- Opposition Leader Sajith Premadasa says the policies of this country so far were organised with the knowledge of the ministers, organisers and elites: adds these policies from top-to-bottom were made in air-conditioned palaces of the capital for the people of the villages: asserts the SJB organises its policies at the ground, rural level, from bottom-to-top, being fed by the opinions of the general public.
- NPP MP Dr. Harini Amarasuriya leaves for England to attend the ‘Gehenu Api Eka Mitata’ summit organised by the party in London: The summit is set to be held on March 16.
- The government is pushing for amendments to the Parliamentary Elections Act ahead of the national elections: Justice Minister Wijeyadasa Rajapakshe proposes a mixed electoral system, combining First Past the Post (FPTP) and proportional representation (PR): The plan allocates 160 seats via FPTP and 65 seats via PR: While some parties support the proposal, others oppose it, citing past electoral irregularities with PR: The timing of the initiative raises speculation as elections approach.
- The Ministry of Agriculture suspends a recent gazette permitting the import and re-export of spices like pepper: Agriculture Minister Mahinda Amaraweera raises concerns about its impact on local farmers and the quality of Sri Lankan spices: Following Cabinet discussions, the notification was suspended to safeguard local spice cultivation and maintain quality standards.
- Sri Lanka’s health authorities dispute The Lancet study’s portrayal of child malnutrition and underweight girls, citing inaccuracies: The study alleges a high prevalence of underweight girls in Sri Lanka, ranking it second globally after India: However, health officials contest these findings, asserting inconsistencies with the country’s actual situation: cite recent data showing a decrease in severe acute malnutrition cases: This dispute follows the rejection of a previous UNICEF report on child malnutrition in Sri Lanka.
- The Sri Lanka Banks’ Association (SLBA) emphasises that suspending parate execution would not protect mortgaged assets of defaulters, as banks would pursue legal action instead: Parate execution is a last resort for debt recovery, used when borrowers fail to cooperate: The SLBA warned of increased borrowing costs and project disruptions if parate action is suspended, urging policymakers to consider national economic interests over lobbying efforts.
- Finance State Minister Ranjith Siyambalapitiya says 92% of the sanitary towels required in Sri Lanka are domestically manufactured, with no tax imposed: The remaining 8% are imported by a single company as finished products, subject to a 22.5% tax aimed at protecting local producers.
- Healthcare workers plan protests today outside certain hospitals due to delayed salary increments and administrative obstacles: The demonstrations, led by Ravi Kumudesh of the Health Service Trade Unions, aim to address these issues and will begin at noon.
- The Police Sports Club won the prestigious Clifford Cup by defeating Havelock SC 19-12 in the final at Colombo’s Racecourse grounds: Coached by Nilfer Ibrahim, the team displayed remarkable strength throughout the tournament: Sergeant Akash Madushanka named the Best Player: Minister Harin Fernando attended the final and awarded the team one million rupees: The team will also tour Australia, and all members will receive cash prizes and promotions promised by the IGP: This victory marks the Police Sports Club’s return to past glory after 33 years, with support from officials like Senior DIG Ranmal Kodithuwakku and SSP Nizam Jamaldeen.
USD value at SL banks today (March 12)
March 12, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates further appreciation against the US Dollar today (12) in comparison to yesterday, as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 301.21 from Rs. 301.60, and the selling price to Rs. 311.71 and Rs. 312.11.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 300.48 from Rs. 301.15, and the selling price to Rs. 310.25 from Rs. 310.50.
At Sampath Bank, the buying price of the US Dollar has dropped to Rs. 302 from Rs. 302.50, and the selling price to Rs. 311 from Rs. 31.50.
A good request for the next generation of Sri Lankan women’s cricket
March 12, Colombo (LNW): An opportunity has been organised for the Sri Lankan under-19 women’s cricket team to meet the under-19 teams of England and Australia, who have the highest level of playing style in the world women’s cricket arena, in Sri Lanka.
Providing international competition experience to the team as well as the under-19 team, as well as the organisation of national-level competitive matches, the spread of women’s cricket has also increased and as another rich step in the programme, the organisation of England, Australia and Sri Lanka under-19 women’s cricket tournament in Sri Lanka. It can be called being.
The tournament includes 6 T20 matches and 3 ODI matches.
The first T20 match starting on March 28 is scheduled to start at Mahinda Rajapaksa International Cricket Stadium, Hambantota.
The one-day matches will be held at the Galle International Stadium on the 5th, 6th and 7th of April.
Sri Lanka’s T20 matches will be played on March 28 (vs. Australia), March 30 (vs. England), April 01 (vs. Australia) and April 03 (vs. England).
Sri Lanka’s ODIs will be held on April 05 (vs. Australia) and April 09. (with England).
Most likely the women’s national team will also leave for a foreign tour by this date, so it is possible that the Sri Lankan team, which won the Trilateral Under-19 Championship held in Bangladesh last time, will not be represented in this tournament.
Because of the performances seen in the National Women’s Cricket League matches held in and after, it is possible to think that the under-19 team can join the national team.
Adapted from original article, “ලාංකේය කාන්තා ක්රිකට් ඊළඟ පරපුරට හොඳ ඉල්ලමක්” by Nishman Ranasinghe published on 12 03 2024.
The Game Played By A Superior Of The National Rugby Administration With The Life Of A Lumbini Coach
March 12, Colombo (LNW): Sri Lanka Rugby administration is becoming an irresponsible place, and it is also seen that different people can speak on behalf of the association based on different affiliations. An organization called “Adi Lumbini Rugby Association” sends a letter directly to Sri Lanka Rugby inquiring about the coaches recruited for Lumbini College rugby.
That union sent a letter to Sri Lanka Rugby on February 26. But according to our knowledge, no one else can have the legal authority to send such a letter except the principal who is the administrative head of the college. The principal has the discretion to delegate specific powers to an official Alumni Association but does not permit all Alumni Associations formed on the basis of supporting College sports to be responsible for that College sport. No matter who comes to train, a teacher will be appointed to take charge of the sport, the Ministry of Education holds the primary responsibility for all students in these schools, and individuals under its authority are accountable to the Ministry of Education. Now the issue is whether the Rugby administration can legally release the information to a non-liable union.
Sharing personal information with a friend, close associate, or a chosen service provider is often inevitable. (I won’t mention suitability) But if someone calls two organizations that they represent to the limits of privacy and uses them, there is a problem. If the transaction between “Lumbini Adi Sisu” and Sri Lanka Rugby happens like that, the Sports Development Department will also have to inquire about the irresponsibility of what Sri Lanka Rugby has done under the supervision of the Sports Development Department.
In response to a letter addressed to the President and Secretary of Sri Lanka Rugby, Real Admiral Udaya Hettiarachi, the chief of the tournament committee, initially provides inaccurate information. Isn’t it surprising that a senior officer in the Navy behaved in this way when there was a committee to provide information on trainers or other technical matters? During the time of Asanga Senaviratne and Lasitha Gunaratne, when problematic situations arose, or even when there were financial collapses, such actions that made dog’s work as a donkey did not take place. The administration that Udaya Hettiarachchi and others have gained power and is currently operating is an administrative system that fought relentlessly with Asia to preserve the personality of Sri Lanka Rugby. But for that personality, Rizly Illyas, who had no ambitions for positions, worked for the second time because he loved the sport so much that he left his positions. (There has also been a resignation from the post of secretary.) Following Illyas’ departure, the acting president himself has become directly involved in his actions, and the former real admiral, who is now approving the behavior of others to suit the leadership, has also become a hobbyist letter writer about what related to him and what does not relate to him.
Udaya Hettiarachchi, who uses his hobby in such a way that he can be cruel without even thinking about the death of the other, refers to the letters of three persons as “False documentation submitted” in the letter replying to Lumibini Adi Rugbi Association and that the documents are fake. This is an act of unrighteousness before an association of individuals.
It is proved the next day that it is a criminal defamation that should not be done by an officer of an irresponsible national association, with a letter that states that the fake documents are not such.t states that the fake documents are not such. The absence of information certifying certain documents and providing an opinion on others could be attributed to the possibility that Udaya Hettiarachchi is not affiliated with the relevant department as an officer.
After he has been quick to praise someone for others, he presented facts about the criminal impersonation of a person in the first article and accused him in front of a society, if he was not a person who has actually played and trained, he would have made a decision that could have been harmful to his life.
Therefore, it is not possible to allow a national sports association to behave in this way. We are not saying that under the leadership of the Sports Minister, politically influenced and let the consultants destroy rugby. If there was such a situation, the league championship and knockout championship that ended wonderfully this time and the order of the title of relegation would have been destroyed.
Officials such as Udaya Hettiarachchi, who engage in writing letters and making jest of matters unrelated to them, should be subject to control. Acting President behaves as if he has a need to see the beauty of the regular President. Therefore, he is behaving as if he has forgotten his own decisions. He is an Air Force officer, while Udaya is a Navy officer. It is difficult to imagine whether these retired people behave in the arrogant mentality that their subordinates should behave as they want.
But Secretary Jamaldeen, who was a police officer who has more professional competence in public law and a closer association with the society than the army, should also pay more attention to protecting Rugby while protecting the president before proposing to investigate the behavior of the officers of his union in a presidential commission.
Also, we believe that Professor Real Admiral Shemal Fernando, who held the administrative responsibilities of the Navy, will be able to explain to the Real Admiral of the Sri Lanka Rugby that he is doing improper work and making irresponsible statements on behalf of a responsible association that endangers human lives without responsibility.
Also, we are curious to know what the principal and the Main Alumni Association, which is mainly responsible for the alumni, have to say about the actions taken by this union in a way that brings disrepute to Lumbini College.
Also, if the principal authorized the Adi Lumbini Rugby Association for this purpose, then the Principal should also say why the Sri Lanka School Rugby Association, which deals with the National Association in such an event, did not intervene in obtaining this information.
Also, we reserve our space to present evidence on how Udaya Nanayakkara can be assigned the responsibility regarding the rugger coaches in this incident. Also, if information is provided to an association claiming to be a group of Sri Lanka Rugby about a person who has submitted false data and that person creates any harmful situation based on that wrong information, we would like to know whether Sri Lanka Rugby is responsible for it, or Udaya Hettiarachchi who pretended to be Sri Lanka Ruby and spread the false information.
We do not publish related documents. That’s because the coaches who tried to be prejudiced by it are embarrassed by it. However, we are attaching photos of the Rugby President, who seems to alter decisions made on principle, and Udaya Nanayakkara, working with official fervor while disregarding matters unrelated to him, potentially causing harm to someone’s life through the responses he provides. We emphasize that the tumultuous events occurring within Rugby should be scrutinized with the same commitment to safety as that of the President. Failure to do so will be viewed as negligence of responsibility, and we have attached the photo of the secretary to underscore this point.
*Adapted from original article, “ලුම්බිණි පුහුණකරුවෙක්ගෙ ජීවිතය ගැන ජාතික රගර් පරිපාලනයේ ලොක්කෙක් කළ සෙල්ලම” by Nishman Ranasinghe published on 10.03.2024
SLBA clarifies stance on Parate Execution suspension
March 12, Colombo (LNW): In a recent media statement, the Sri Lanka Banks’ Association (SLBA) representing all licensed banks, including state banks, public listed companies, and branch offices of international banks, emphasised that the suspension of parate execution would not safeguard mortgaged assets of defaulters.
This is because banks would continue to pursue mortgage actions through legal channels.
The SLBA clarified that the mortgage action process involves presenting individual cases to bank boards of directors and publishing notices in the media.
It cannot be unilaterally implemented by bank officers.
Parate execution, one option available to banks in debt recovery, helps mitigate delays in the process.
However, it is utilised as a last resort before resorting to legal action, until laws are amended to incorporate the proposed suspension approved by the Cabinet.
Highlighting the parate rights of banks as a crucial legal remedy for debt recovery, the SLBA emphasised its necessity when borrowers fail to cooperate in developing feasible debt repayment plans.
Continuing unsustainable businesses is not viable, it noted, especially considering the interests of bank depositors.
Expressing concern over state intervention in debt recovery laws without consulting banks, the SLBA warned of increased borrowing costs for all borrowers due to government decisions.
It argued that unilateral interventions weaken banks’ ability to support economic revival.
Key Issues Raised:
- Some defaulters seek amendments to existing debt recovery laws.
- Good borrowers may face funding constraints as banks become cautious.
- Borrowing costs may rise due to added risk premiums.
- Banking sector efforts to support economic revival could be hampered.
- Inability to recover funds risks public deposits.
- Banks have already absorbed costs to support borrowers during recent crises.
Warning on Project Interruptions:
The SLBA cautioned that suspending parate action could disrupt ongoing projects with international donor agencies such as the IMF, World Bank Group, ADB, and the Central Bank.
These agencies collaborate with banks to resolve distressed debts and rehabilitate borrowers, preserving residual business assets.
The SLBA urged policymakers to base decisions on data and national economic interests rather than the lobbying of a small group of defaulters.