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IMF approves Sri Lanka’s third tranche of bailout package worth US$ 330 mn

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June 13, Colombo (LNW): The International Monetary Fund (IMF) has greenlit Sri Lanka’s second review within the Extended Fund Facility (EFF) programme, paving the way for the country to access approximately US$ 330 million in its third tranche, confirmed Foreign Minister Ali Sabry.

In a statement on ‘X’, Sabry hailed the approval as a testament to Sri Lanka’s commitment to driving forward economic reforms for the betterment of all Sri Lankans.

Julie Kozack, the Director of the IMF Communications Department, verified that the Article IV Consultation and the second review under the EFF were slated for discussion during the IMF Executive Board meeting on June 12.

During a press briefing on June 6, Kozack expressed confidence that Sri Lanka would soon secure agreements with external commercial creditors in line with programme parameters.

On March 21, an agreement was reached between IMF staff and Sri Lankan authorities on economic policies, marking the conclusion of the second review of the economic reform programme and the 2024 Article IV Consultation.

State Minister of Finance Shehan Semasinghe noted June 12 as a pivotal moment for Sri Lanka’s economy, expressing optimism that international partners would continue to support the nation’s efforts.

He underscored that a favourable outcome from the review is expected to unlock the third tranche, further bolstering confidence in ongoing economic reforms and growth.

Furthermore, the Central Bank of Sri Lanka (CBSL) expressed confidence in the IMF’s approval of the third tranche under the EFF programme, with Assistant Governor Dr. Chandranath Amarasekara stating that they anticipated an announcement from the IMF regarding the release of the tranche.

In a subsequent statement, the IMF disclosed that the Executive Board had completed the second review under the 48-month EFF Arrangement, enabling authorities to draw approximately US$ 336 million.

This brings the total IMF financial support disbursed so far to about US$ 1 billion. Additionally, the Executive Board concluded the 2024 Article IV Consultation with Sri Lanka.

The EFF aims to restore Sri Lanka’s macroeconomic stability and debt sustainability, mitigate the impact on the poor and vulnerable, rebuild external buffers, safeguard financial sector stability, and strengthen governance and growth potential.

Despite signs of economic recovery, vulnerabilities remain, underscoring the need for continued reform efforts.

Coastal communities alerted: High winds and rough seas forecasted

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June 13, Colombo (LNW): Several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Galle and Matara districts, with showers or thundershowers being expected to occur at a few places in Uva province and in Ampara and Batticaloa districts in the evening or night, the Department of Meteorology said in its weather forecast today (13).

Strong winds of about (40-50) kmph can be expected at times over the Western slopes of the central hills, Northern, North-central, and North-western provinces and in Trincomalee, Hambantota and Monaragala districts.

General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.

Marine Weather:

Condition of Rain:
Showers or thundershowers will occur at several places in the sea areas off the coast extending from Puttalam to Hambantota via Colombo and Galle.
Winds:
Winds will be south-westerly and wind speed will be (30-40) kmph. Wind speed may increase up to (60-70) kmph at times in the sea areas off the coasts extending from Trincomalee to Puttalam via Kankasanthurai and Mannar and in the sea areas off the coasts extending from Hambantota to Pottuvil. Wind speed may increase up to 60 kmph at times in the sea areas off the coasts extending from Pottuvil to Batticaloa. Wind speed may increase up to 50 kmph at times in the sea areas off the coasts extending from  Puttalam to Hambantota via Colombo and Galle.
State of Sea:
The sea areas extending from Kankasanthurai to Kalpitiya via Mannar and from Hambantota to Pottuvil can be very rough at times. The sea areas extending from Pottuvil to Batticaloa can be rough at times. The sea areas off the coasts extending from Puttalam to Hambantota via Colombo and Galle can be fairly rough at times. Naval and fishing communities are requested to be attentive in this regard. Temporarily strong gusty win

President to launch Digital Education Platform

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Daily News : President Ranil Wickremesinghe will launch a digital education platform titled publiclearn.lk, on 13 July at the Presidential Secretariat, making it easier for Sri Lankans to find free courses and achieve their education and professional goals via digital means. Public Learn is a one-stop shop signposting users to free courses from some of the world’s leading universities.

The Platform has been put together by Regent Global. Regent Global’s joint CEOs Tharshiny Pankaj and Dr. Selva Pankaj, they were both born in Sri Lanka and spent their early years in the country before leaving for the UK. Public Learn democratises learning by inducting hundreds, if not thousands, of formal outside-in education courses on almost any subject.

Outside-in education is the process of acquiring new knowledge. PublicLearn also gives Sri Lankans access to several courses that offer inside-out education. Inside-out education is about growing as a person; developing the character, attitude and mindset needed to succeed in life.

Sir Gavin Williamson, Former Secretary of State for Education UK will do a virtual address.

The Time Has Come to Lay a Strong Foundation for the Future of Our Motherland – NMSJ

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Proposed Special Statement

The time has come to lay a strong foundation for the future of our motherland.

1. Since the beginning of the national movement for a just society, we have continuously and courageously advocated for building a just government and society, creating national harmony, and abolishing the title of Executive President.

2. In order to build mutual trust between the North and the South, we have appealed to the honorable President and various political party leaders to take steps to solve the burning issue of racism and bigotry before the next election from the 9th Parliament, without deferring it to the next generation and the diaspora.

3. Since the Leader of the Opposition made a public statement about this yesterday, and since the Janatha Vimukti Peramuna and former President Mahinda Rajapaksa have mentioned this a long time ago, we once again request that an all-party roundtable discussion be convened to resolve this issue without further delay.

4. We believe that since a significant group of the diaspora has come forward in good faith and received the majority of Sri Lankan society’s support, we can garner the support of that group as well.

We respectfully point out that all serious political leaders have a special responsibility to solve these problems face to face, without boycotting the proposed discussions for any reason.

We again appeal to the entire Parliament, led by the President, to take advantage of this opportunity, setting aside narrow political interests. We believe that future generations will inevitably accuse us of neglecting this opportunity as an act of treason.

Cardinal Ranjith and Prophet Jerome no difference

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Prophet Jerome made one of the worst mistakes by making a stupid statement about Buddha. His ignominious and inglorious utterances, derogatory of the Buddha and Buddhism, caused an uproar amongst the Buddhist majority of the country. The Government reacted by asking the Criminal Investigation arm of the State to initiate inquiry into the matter. Then he recently asserted that Prophet Jerome says holy sprit likes money and the most respect Holy Father says that the Clergy must only engage in service of mankind. Cardinal Ranjith who dabbles in power and politics to date has not said a word condemning this statement. But has the audacity to get involved in national matters from the appointment of the IGP to the attorney general . He hides behind the Catholic Bishops Conference and makes statements that is bringing disrepute to the Church. Cardinal Ranjith has been the most controversial and non saintly archbishop of Colombo according to several Catholics.

They believe he is destroying the work of his predecessors. Who stayed away from politics. It is well known he promoted Gotabaya Rajapakse openly and then dumped him. Now he is going behind Anura Kumara and Sajith Premadasa. He makes people believe he is the head of the Catholic Church . When he is only the head of the Colombo archdiocese. It is now alleged that the controversial Saliya Pieris who rode a wave during the aragalaya influenced the Cardinal to protest against the extension to support another senior judge who is eyeing to become The Chief Justice of the Supreme Court of Sri Lanka. The Cardinal once again is being taken for a ride .

The government should officialy complain to the holy father about the conduct of the Cardinal. Who is appointed for a term by the Vatican .All priests vow obedience to the Church under the authority of their Order. They promise to place the interests of the Church and the community before their own and abide by the teachings of Jesus Christ. Usually their views are geared toward serving God and the church. It almost always includes a vote of celibacy, poverty and to help the poor, the sick and to save souls. They are consecrated to at one time the only one that could touch the Eucharist. Cardinal Ranjith had taken it to another extreme and politicized and is embarrassing his brethren. By his conduct he is no different to Pastor Jerome.

Adolf

IDB to hold national vehicle parade with all domestically value-added vehicles

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June 12, Colombo (LNW): A vehicle parade of locally manufactured and assembled vehicles organised by the Industrial Development Board (IDB) along with the Ministry of Industries (MOI), Sri Lanka Automobile Component Manufacturers Association (SLACMA) and Automobile Assemblers Association will be held on 18 June.

The third parade of its kind will tour through Galle Face, Lotus Roundabout, Fort, Technical Junction, Punchikawatta, Maradana, Borella, Borella cemetery junction and to BMICH from 4 p.m. onwards.

The IDB under the Ministry of Industries is a key stakeholder in the Standard Operating Procedure which facilitates automobile assembly and component manufacturing in the country. The roadshow will see a fleet of over 200 locally assembled vehicles parade the streets.

IDB Chairman Dr. Saranga Alahapperuma said: “The IDB which is the statutory body responsible for the development of all industries in Sri Lanka, has a mission to provide the strategic, technological and commercial foundation needed to encourage, promote and develop all industries in the country.

 Hyundai, Proton, Chery, BAIC, DFSK, Wuling, Mahindra, TATA, JMC, Lanka Ashok Leyland, TVS and Bajaj are few of the brands that are assembled in Sri Lanka with the approval and certification of the Industrial Development Board.”

The services of the IDB are of great benefit to the automobile and auto component manufacturing and automobile assembly industry in the country.

 It is the authority responsible for overseeing the auto component development, design, testing and certification for industries, automotive component costing and process/product optimisation services, raw material testing and selection for automotive components, plant, machinery, equipment, tool appraisal and valuation and incubator facilities for automotive component developers.

 It is also the national tooling centre for automotive component development and provides services such as foundry and metallurgy services for automotive component developers, technical inspection services, rubber compound development for automotive components and electro-plating services for automotive components through a network of district offices covering the entire island.

The IDB also provides industrialists with industry information services, incubator facilities, and even an electricity subsidy.

“The facilities provided by the IDB will help create a very favourable environment for the automobile manufacturing and assembly industry and the automotive component manufacturing industry to match world standards. 

The Sri Lanka Automobile Component Manufacturers Association (SLACMA) and Automobile Assemblers Association both are committed to help organise the vehicle parade annually, to whom I thank for their efforts,” Alahapperuma added. 

Adani Wind Power Project faces legal tussle in Sri Lanka Supreme Court

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June 12, Colombo (LNW):Indian billionaire business Magnet Gautam Adani’s Mannar Wind Power Project has faced a legal tussle in Sri Lanka Supreme Court.  

Three eminent environmentalistsRohan Pethiyagoda, Prof. Nimal Gunatilleke, and Prof. Sarath Kotagama together with the Bishop of Mannar Rev. Fr. Bastian filed a fundamental rights petition (SCFR/167/2024) in the Supreme Court.

The case has been filed in the public interest, against the procurement and construction of the proposed 250 MW Mannar Wind Power Project in Mannar that is reported to have been awarded to Adani Green Energy PTE Ltd and/or Adani Green Energy S L Limited.

The case names 67 Respondents including the Cabinet of Ministers, the Sri Lanka Sustainable Energy Authority (SLSEA), the Central Environmental Authority, the Board of Investments, the Ceylon Electricity Board, the Public Utilities Commission Sri Lanka and the Hon. Attorney General among others.

The petition raises concerns regarding the credibility of Environmental Impact Assessment (EIA) carried out in respect of the project, the role played by the SLSEA, raises certain procedural issues in the awarding of the purported contract, and questions the characterisation of the project as a Government-to-Government deal.

It also calls into question the basis for the negotiated tariff to be fixed at USD 8.26 cents per kilowatt-hour for a period of 20 years when the EIA conducts its assessment based on a cost of USD 4.6 cents, potentially causing considerable financial loss to the country and a burden on consumers.

In seeking their relief, the petitioners pray that the Supreme Court declare that there is a violation of the fundamental rights of the petitioners and citizenry at large, declare that the decisions made to award the project to Adani as wrongful, and calls for any consequential actions undertaken, to be declared illegal.

The petition states that the case has been filed to further the national interest, to preserve and protect public property, including the environment, flora and fauna, public finances and to safeguard the rights and freedoms of the general public of Sri Lanka and its future generations.

Adani Group plans to invest over USD 1 billion in setting up projects in Sri Lanka to generate electricity from wind in what would be the island nation’s single largest foreign direct investment and the biggest ever power project, sources said. Group firm Adani Green Energy Ltd (AGEL) will set up two wind farms in Sri Lanka’s Mannar town and Pooneryn village in the northern provide with a total installed capacity of 484 megawatt at an investment of about USD 740 million

CoPF directs to take immediate measures to regulate Online Casinos

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June 12, Colombo (LNW): The Government is now compelled to regulate online casinos consequent to its previous decision to regularise Sri Lanka’s casino industry to ease difficulties faced, in collecting taxes, by the Inland Revenue Department (IRD).

The Casino Business (Regulation) Act No. 17 of 2010 and the Betting and Gaming Tax Act No. 40 of 1988 provide for the regulation of the casino industry, and under Act No. 17 of 2010, licenses are required to operate casino businesses in Sri Lanka.

The Cabinet of ministers has approved a proposal submitted by Prime Minister Ranil Wickremesinghe in his capacity as the Finance Minister, regarding the regularisation of the casino industry in Sri Lanka, official sources said.

During the recent meeting of the Committee on Public Finance (CoPF), it was disclosed that even though it is clearly stated by law that online casino operations cannot be carried out in the country, online casinos operate in the open depriving the state of the revenue due without any implications. 

The Chair of the committee Dr. Harsha de Silva directed that a letter be sent to the Minister of Finance requesting for his immediate attention regarding the matter.

This was taken into discussion at the Committee on Public Finance which met under the Chairmanship of Dr. de Silva recently (06), according to the Communication Department of Parliament.

The importance of establishing a Casino Regulator was also highlighted at the Committee on Public Finance, the statement said. 

Officials representing the Ministry of Finance and the Central Bank were also of the view that many issues pertaining to casinos can be resolved following the establishment of a Casino Regulator.

The Chair instructed the officials present to take immediate measures and not to delay further the necessary laws to establish a regulatory authority which is very important to attract foreign investors and to collect the revenue due to the government from the casino business. 

Following the aforesaid discussions, the Committee took into consideration the Regulations under Section 4 read with section 3 of the Casino Business (Regulation) Act No. 17 of 2010 and an Order under Section 4 read with section 3 of the Casino Business (Regulation) Act No. 17 of 2010. The Regulation and Order was then approved by the Committee following careful consideration. 

The Committee on Public Finance also took into consideration the Notification under Section 27 of the Welfare Benefits Act, No. 24 of 2002 and was approved by the Committee.

Electricity Tariff Revision Approval Expected by Mid-July

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June 12, Colombo (LNW): The Public Utilities Commission of Sri Lanka (PUCSL) has announced that approval for the new electricity tariff revision proposed by the Ceylon Electricity Board (CEB) is expected to be finalized by mid-July. PUCSL Chairman, Prof. Manjula Fernando, stated that public consultations on the tariff revision proposal will be held before making a final decision.

Prof. Fernando mentioned that the PUCSL’s conclusion regarding the tariff revision will be communicated to the CEB by the second week of July. This timeline follows a recent statement by the Minister of Power and Energy, Kanchana Wijesekera, who informed Parliament that electricity tariffs are expected to be reduced starting from July 1.

Teachers and Principals to Stage Island-Wide Protests Over Salary Discrepancies

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June 12, Colombo (LNW): Members of the teachers’ and principals’ unions, represented by the Ceylon Teachers’ Union (CTU), will hold island-wide protests on Wednesday, June 12, demanding the resolution of salary discrepancies.

CTU General Secretary Joseph Stalin stated that despite numerous requests to the Ministry of Education, no favorable solution has been implemented. A ministerial committee has presented recommendations to address the salary discrepancies, but Stalin claims the government is delaying their implementation until next year.

The protests will commence at 2 PM on Wednesday and will take place around all zonal education offices. Additionally, the protests will also be held at GCE Ordinary Level examination paper marking centers on the same day.

Stalin highlighted that members from nearly 30 teacher-principal unions will be participating in the protest to press the government for immediate action.