Page 36 - Sri Lanka

Coordinated assistance programme vital for SL's recovery from crisis

Wickremesinghe, who also holds the Finance portfolio, presented Sri Lanka's development programme associated with the economic recovery and growth

No point in economic reforms when we don't have an economy: Sri Lanka Prez

President Ranil Wickremesinghe has acknowledged that there was no point in economic reforms in Sri Lanka because the cash-starved island nation didn't have an economy, as he made a strong pitch for a new economic model. Sri Lanka is going through its worst economic crisis since its independence in 1948, triggered by a severe paucity of foreign exchange reserves. In mid-April, Sri Lanka declared its international debt default due to the forex crisis. Addressing the inaugural session of the Sri Lanka Economic Summit 2022 on Monday, Wickremesinghe said the country's beleaguered economy cannot be set right through outdated economic systems. As Sri Lanka's economy went into a perpetual tailspin in recent times, Wickremesinghe acknowledged that economic reforms were not the antidote for the current malaise. What is the plan for reform? Frankly, I have no plan for it. What reforms when we don't have an economy, the Daily Lanka Mirror newspaper quoted Wickremesinghe as saying. "What we w

Lanka to resume flights from Jaffna to India next week: Aviation ministry

Sri Lanka will resume flights from the northern Jaffna peninsula to Chennai by next week, a senior minister has said, a move that will help the cash-strapped country's tourism sector and provide a fillip to its beleaguered economy. The tourism sector is the main source of foreign exchange earnings for Sri Lanka. However, the onset of the pandemic in 2020 severely crippled the tourism sector and was one of the major reasons for Sri Lanka's economic travails. The island nation's earnings from international tourist arrivals for November touched USD 107.5 billion, with the cumulative tally in the first eleven months of the year notching up a whopping USD 1129.4 million, according to the Central Bank of Sri Lanka. "The flights to India from Palaly will resume soon, most probably by December 12," Sri Lanka's Aviation Minister Nimal Siripala de Silva told Parliament on Monday. Flights will be operational between Jaffna and Chennai, the minister said. "There are still some improvements t

NDDB, Amul to provide tech support to boost milk production in Sri Lanka

India will provide technical support to Sri Lanka to enhance its dairy industry and milk output, a move aimed at reducing the cash-strapped country's dependence on imported milk products, the Sri Lankan President's Office said on Monday. Officials of the National Dairy Development Board (NDDB) and the Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets milk under the Amul brand, have taken steps to provide necessary technical support for the production of milk in Sri Lanka, the President's Media Division said in a statement. A preliminary discussion was held on the issue at the Presidential Secretariat on Monday, it said. Sri Lankan President Ranil Wickremesinghe has also appointed a panel consisting of representatives from the public and private sectors to work with the multi-disciplinary team of the NDDB to prepare a short, medium and long-term plan to increase local milk production to reduce the country's dependence on imported milk powder, it said. During Monda

Sri Lanka earns over $1,129 mn this year as revenues through tourism

Sri Lanka's earnings from tourist arrivals stood at well over USD 1,129 million in the first eleven months of this year, the cash-strapped country's central bank has said, an impressive surge buoyed by the resumption in international flights and easing of curbs related to the coronavirus. The tourism sector is the main source of foreign exchange earnings in the country. However, the onset of the pandemic in 2020 severely crippled this sector, and one of the major reasons for Sri Lanka's economic travails. Sri Lanka welcomed 59,759 tourists to the country in November, an impressive 42 per cent rise compared to the previous month, the Central Bank of Sri Lanka said in a statement on Sunday. Consequently, the island nation's earnings from international tourist arrivals for November touched USD 107.5 billion, with the cumulative tally in the first ten months of the year notching up to a whopping USD 1129.4 million, it said. In October this year, the country had earned USD 75.6 million

Sri Lanka inflation dips marginally to 61% in November from 66% in Oct

Sri Lanka's key inflation rate dipped marginally to 61 per cent in November, down from 66 per cent in October, the country's statistics office said on Wednesday, as the crisis-hit economy showed signs of recovery. The 12-month inflation by the Colombo Consumer Price Index peaked at 69.8 per cent in September and the National Consumer Price Index peaked at 73.8 per cent. The consumer price index in Colombo eased to 61 per cent in November, marginally down from 66 per cent reported in October, the Census and Statistics Department said. This is the second straight month that the key inflation rate has eased this year. Central Bank Governor Nandalal Weerasinghe on Wednesday said the dipping inflation rate after peaking to 70 per cent was a good indicator that the economy was trudging along the path of recovery. The Central Bank of Sri Lanka has raised borrowing costs by 950 basis points this year, taking the key rate to 15.5 per cent to tame rising prices. Colombo seeks to secure the

Indian govt allows Lankans to hold $10,000 worth of rupee in cash

SL banks must open nostro accounts with Indian banks

China announces to provide free fuel to farmers, fishermen in Sri Lanka

Over 12,32,749 farmers will be provided with fuel and over 3,796 fishing vessels in Sri Lanka

Sri Lanka to check gold smuggling by airline passengers: Minister

Sri Lanka has directed its custom department to take stringent measures to stop gold smuggling into the country by airlines passengers in a bid to prevent illegal business of the yellow metal, according to the nation's minister of state for finance Ranjith Siyambalapitiya. In a statement issued on Saturday, the finance ministry said that no one would be allowed to wear gold valued over 22 carat. The government has decided to take legal action against those who wear unnecessary amounts of gold jewelry as they fly in with the aim of doing illegal business. Accordingly no one would be allowed to wear gold valued over 22 carats, Siyambalapitiya was quoted as saying in the statement. The customs officials have been instructed to deploy technology to detect gold over 22 carat. A gazette is to be issued this week, the release said. Over 50 kilos of gold are being smuggled into the country by unscrupulous racketeers. Estimated that over 30 million dollars are being lost monthly to the ...

Sri Lanka's Tamil parties to discuss federalism ahead of talks with govt

Sri Lanka's all Tamil political parties based in the East and the North are set to meet on Friday to push for federalism ahead of President Ranil Wickremesinghe's proposed all-party meeting next month to address the long-held demand for political autonomy for the minority community in the country. The meeting will be held at the Colombo residence of R Sampanthan, the 89-year-old leader of the Tamil National Alliance, sources in the party said. Wickremesinghe told parliament on Wednesday that it was important to build trust between the majority Sinhalese and the Tamils to resolve the long-standing conflict. He proposed the all-party meeting under his chair to discuss the issue to strike a solution by February 4 next year which is the 75th anniversary of the country's independence from Britain. "Regardless of inter and intra-party differences, the bottom line is that all Sri Lankan Tamil nationalist parties are firmly supportive of a power-sharing arrangement based upon federal ...

HRW urges China, Japan, India to help restructure Sri Lanka's debts

International human rights organisation, Human Rights Watch (HRW) urged Sri Lanka's major foreign creditors, including China, Japan, and India to help restructure debts

Sri Lanka asks ICC to probe match-fixing allegations during Pak Test series

Sri Lanka Cricket (SLC) on Wednesday said it has asked the ICC to probe match-fixing allegations concerning the home Test series against Pakistan held in July. Opposition member of parliament Nalin Bandara had alleged match fixing during the drawn series (1-1) played in Galle. The executive committee of SLC decided today to invite Mr Alex Marshall, the General Manager of the ICC anti corruption unit to Sri Lanka to investigate recent allegations of match fixing made by a parliamentarian regarding the recently concluded Pakistan tour," a statement from SLC said. The SLC accused Bandara of tarnishing its reputation by making the allegation.

Lanka court summons Gotabaya over presidential pardon to murder convict

Sri Lanka's ousted President Gotabaya Rajapaksa was issued a notice by the Supreme Court on Thursday over a presidential pardon granted by him to a former lawmaker of his party who was convicted in a murder of a party colleague in 2011. Rajapaksa, who pardoned Duminda Silva-- a former parliamentarian from his Sri Lanka Podujana Peramuna (SLPP) party, has been issued a second summons since he left office in July this year. Silva who was sentenced to death in 2017 for involvement in the 2011 murder of a party colleague and ex-MP, Bharatha Lakshman Premachandra, and four others, was freed in June 2021 after Rajapaksa granted him a presidential pardon. However, the Supreme Court in May this year quashed the pardoning and ordered Silva to be arrested again. He is expected to appear as a respondent before the Supreme Court on December 16 for the hearing of a fundamental rights petition filed by Premachandra's wife and daughter. Similarly, in mid-October, the highest court issued a summo

SL President rules out early elections, vows to crush anti-govt protests

Sri Lankan President Ranil Wickremesinghe on Wednesday rejected the opposition's demand for early parliamentary elections and vowed to use the military to crush any future anti-government protests aimed at regime change. Wickremesinghe, 73, who took over as the President of Sri Lanka in July this year after then-president Gotabaya Rajapaksa fled Colombo in the face of the country's worst economic crisis since 1948, said that he will not dissolve the parliament until the economic crisis is resolved. "I will not dissolve parliament early until the economic crisis can be resolved," he said while speaking in Parliament. Wickremesinghe has a mandate to serve out the rest of Rajapaksa's term, which ends in November 2024. However, the opposition parties are demanding early parliamentary elections, claiming that Wickremesinghe's government lacks electoral credibility. The next presidential election is scheduled to be held in 2024. Sri Lanka has witnessed its worst economic crisis since ear

Sri Lanka may miss next month's deadline for securing IMF loan: Report

Sri Lanka is likely to miss next month's deadline for securing the International Monetary Fund (IMF) loan

Sri Lanka govt drafting new anti-terror law to replace controversial law

The Sri Lankan government is drafting a new counter-terrorism law to replace the controversial Prevention of Terrorism Act (PTA), Justice Minister Wijeyadasa Rajapakshe said on Sunday. The PTA was introduced as a temporary arrangement to counter the campaign of separatist violence by the Tamil minority militant groups in 1979. Addressing reporters in the central district of Kandy, Rajapakshe said: The drafting of a new act is currently in the process after careful examination by a group of experts." International rights groups and Tamil parties dubbed it a draconian law that held Tamils in detention over decades without charges being filed in courts. We are keen to bring in an anti-terrorism law so as to ensure the protection of national security," the minister stressed. The government had also come under pressure from the European Union (EU) to repeal the PTA. The EU parliament in mid-2021 resolved that the preferential trade facility of (Generalised System of Preferences) GSP+

Sri Lanka must use its ports for economic growth: President Wickremesinghe

Sri Lanka must use its ports and strategic location for its economic growth, President Ranil Wickremesinghe said on Friday while expressing regret over scrapping of the country's trilateral deal with India and Japan to develop the Colombo Port's Eastern Container Terminal. Former prime minister Mahinda Rajapaksa's office said on February 1 last year that his government has decided to run the Colombo Port's Eastern Container Terminal (ECT) as a fully-owned operation of the state-run ports authority. India, Japan and Sri Lanka inked an agreement in 2019 on the development of the Eastern Container Terminal project. Our strategic location is also a means of enhancing our economic prospects. Firstly, our location says we should be a logistics centre with three good harbours, he said. Wickremesinghe said it was regrettable that the trilateral agreement with India and Japan to develop the ECT was scrapped. Last time when I was the Prime Minister, I wanted to push it forward. We had an ..

Sri Lanka's Budget for 2023 aims a way out of current economic crisis

In September, Sri Lanka clinched a deal with the IMF for a 4-year $2.9 billion

Coast Guard apprehends 2 Sri Lankan boats for fishing in Indian waters

The Coast Guard has apprehended two Sri Lankan fishing boats with 11 crew onboard for fishing in Indian exclusive economic zone (EEZ) and escorted them to Kakinada for further investigation. The fishing boats from the neighbouring country were apprehended by ICGS Vigraha, about 175 nautical miles from Kalingapatnam, on November 10 and brought to the shore on Saturday for interrogation. The Lankan vessels were engaged in fishing in Indian EEZ without valid licences and documents, according to an official release. As per the Maritime Zones of India Act 1981, fishing and poaching by foreign vessels in Indian EEZ is an offence and the Lankan vessels violated the Act along with provisions of the United Nations Convention on the Law of the Sea (UNCLOS). Joint investigation and rummaging is being carried out with Marine Police, Fisheries Department, Customs and Intelligence Bureau at Kakinada. Subsequently, the fishing boats and crew will be handed over to Marine Fisheries Department and

Top headlines: Adani to build plants in SL, active Indian firms near 1.5 mn

Business Standard brings you the top headlines this hour