News

The Public Utilities Commission of Sri Lanka approved power cuts of 1 hours and 20 minutes on 15th and 16th and 2 hours and 20 minutes on 17th October.

Accordingly, power cuts will take place as follows;

15th & 16th – Groups ABCDEFGHIJKLPQRSTUVW – 1 hour and 20 minutes during night

17th – Groups ABCDEFGHIJKLPQRSTUVW – 1 hour during daytime and 1 hour and 20 minutes during night.

The Monetary Board, with the concurrence of the Minister of Finance, has promoted Mrs. K M A N Daulagala, Assistant Governor and the Secretary to the Monetary Board, to the post of Deputy Governor of the Central Bank of Sri Lanka (CBSL) with effect from 07 October 2022.

K M A N Daulagala has over 31 years of service at CBSL in different capacities in the areas of supervision and regulation of non-bank financial institutions, macroprudential surveillance, finance, international operations, risk management, regional development, human resource management and training and development.

She has served as the Chief Accountant and Director of Supervision of Non-Bank Financial Institutions and Financial System Stability and has contributed towards strengthening the legal framework and governance in the non-bank financial institutions sector.

Prior to the appointment as a Deputy Governor, Mrs. Daulagala held the position of Assistant Governor and was in-charge of the Macroprudential Surveillance Department and the Centre for Banking Studies and served as the Secretary to the Monetary Board. She also served as Secretary to the Board Risk Oversight Committee, Monetary Board Advisory Audit Committee and the Ethics Committee.

Further, she was on release to the Ministry of Finance and Planning where she served as the Director General of the Department of Public Enterprises. While holding the position at the Ministry, she served as an Ex-Officio Director of the Bank of Ceylon representing the Treasury and as a member of the Employee’s Trust Fund Board.

At present Mrs. Daulagala serves as the Chairperson of the Sri Lanka Accounting and Auditing Standards Monitoring Board.

Mrs. Daulagala holds a Master of Science Degree in Financial and Business Economics from the University of Essex, United Kingdom, and a Master of Business Administration Degree from the University of Sri Jayewardenepura. She is a Fellow member of Chartered Institute of Management Accountants, United Kingdom

The wholesale price of wheat flour has been reduced by Rs. 85, the Essential Food Commodity Importers & Traders Association announced today (14).

The Association said the wholesale price of wheat flour has been reduced from Rs.375 per kilo to Rs.290 per kilo.

The price reduction will come into effect from midnight today, it added.

However, Sri Lanka’s primary wheat flour suppliers are yet to announce price revisions to their wheat flour products.

Former Minister Johnston Fernando and two other defendants were again served indictments today at Colombo High Court today (Oct 11) for allegedly incurring a loss to the government by using the employees of Cooperative Wholesale Establishment (Sathosa) for political activities while serving as the Minister of Cooperatives and Internal Trade.

The indictments filed by the Bribery Commission were handed over to former Minister Johnston Fernando, former Cooperative Wholesale Establishment (CWE) chairman Eraj Fernando and former CWE Working Director Mohamed Shakeer, when the relevant case was taken up today before Colombo High Court Judge Amal Ranaraja.

Later, the High Court judge, who ordered the defendants to be released on two cash bails each worth Rs. 50,000 and two personal bails each valued at Rs. 500,000, also called for a report on their fingerprint analysis.

Further, he ordered to impose an overseas travel ban on the three defendants including former Minister Johnston Fernando and to take up the case again on November 29.

During the administration of the former government, the Bribery Commission had lodged the case before Colombo Magistrate’s Court against Johnston Fernando and the other two accused for allegedly using 153 employees of Lanka Sathosa in political activities while serving as a minister between 2010 and 2014 and incurring a loss to the tune of Rs 40 million to the government.

Erik Solheim, Norway’s former Climate and Environment Minister, has been appointed as Sri Lankan President Ranil Wickremesinghe’s International Climate Adviser.

Erik Solheim arrived in Sri Lanka on Monday (10), and met with President Ranil Wickremesinghe yesterday (11).

In response to the meeting, Solheim announced his appointment as the President’s International Climate Adviser, alongside Maldivian Parliament Speaker, Mohamed Nasheed.

Erik Solheim further said President Ranil Wickremesinghe has a great vision for green economic recovery and for Sri Lankan climate leadership.

Earlier, Solheim served as the mediator between the Government and the LTTE during Sri Lanka’s civil war.

He served as the mediator during the period when Ranil Wickremesinghe was the Prime Minister and the tenure of Mahinda Rajapaksa as President.

Laugfs Gas PLC has also slashed the prices of liquefied petroleum (LP) gas cylinders.

Accordingly, the price of a 12.5kg cylinder has been reduced by Rs. 500. The revised price will be Rs. 5,300.

Meanwhile, the price of a 5kg cylinder has been reduced by Rs. 200 to Rs. 2,120.

President Ranil Wickremesinghe says the participation of children at public protests must be prohibited.

Stating that the laws of the country seek to protect children, he said, however, parents are bringing children to protests for vengeance, similar to what late LTTE Leader Prabhakaran did during the war.

“In the event, children are brought to protests, then the Police will have to be informed to prohibit such acts as this might result in even university students bringing children for their protests,” he said.

Reading excerpts from the Constitution of Sri Lanka, the President pointed out that, “the state shall promote with special care the interest of children and youth so as to ensure their full development physical, mental, moral, religious, and social, and to protect them from exploitation and discrimination.”

President Wickremesinghe further said the Attorney General’s advice must be obtained in this regard, if not it will result in an issue.

Questioning the delay in introducing a Child Rights Act, he further said that apart from the prohibition of children at public protests, stringent laws must also be introduced to prevent the sexual abuse of children in Sri Lanka.

The President made the observation during a special discussion on the protection of the Fundamental Rights of children, that was held at the Presidential Secretariat today (12).

Sri Lanka needs a stable national policy that does not change with every change in government, President Ranil Wickremesinghe said today.

He made the statement during the opening of a pharmaceutical manufacturing facility in Katunayake.

The President further pointed out the need to work under a common national policy irrespective of party differences in order to rebuild the country.

“A strong economic policy and political stabilization are essential to improve Sri Lanka’s economy and place it in the international sphere,” he said.

President Ranil Wickremesinghe further said discussions on a strong national policy can take place using the National Council as the platform.

The President vowed to form a national policy using competitive and new technology, and one that strengthens export earnings.

The Welfare Benefit Fast Track Program ‘Leave No One Behind’ targeting low-income families, which was initiated as per the instructions of President Ranil Wickremesinghe, has so far received 2.3 million applications, according to the Welfare Benefit Board.

The applications are being promptly entered into the system through Welfare Benefit Information Units established in 341 Divisional Secretariats throughout the country and as of today (12), 624,714 applications have been entered into the system.

It is expected that the 600,000 families that have been downgraded to the low-income category, in the face of the second COVID-19 wave and the economic crisis faced by the country, as reported by the United Nations Development Program, are also eligible to apply for this Welfare Benefit Fast Track Program.

This is in addition to the 3.3 million families that are currently receiving welfare benefits or those who are already on the waiting list.

Accordingly, it is estimated that 3.9 million families would apply for this social welfare program. Hence, 3.9 million low-income families are to be benefitted from this program.

The Welfare Benefit Board says that the program would be implemented under six phases and the second phase is also implemented concurrently with the first phase. It also says the next step is to collect data through a door-to-door campaign.

Those who are already receiving Samurdhi, Elderly, disabled and kidney patients’ welfare benefits as well as those who are seeking new welfare benefits should register under this program.

The registration application forms were published on August 30, 2022, and the number of applications entered into the data system stood at 100,000 by September 29, 2022.

The Welfare Benefit Board said that the publicity given by the President Media Division recently has also helped to increase the number of applicants.

The closing date for applications has been set as October 15.

It further stated that the pilot project conducted in this regard was a resounding success and the list of qualified applicants would be announced at the Divisional Secretariat level by December 15.

Japan and Sri Lanka signed a Memorandum of Cooperation on the Joint Crediting Mechanism (JCM) for Low Carbon Growth Partnership on Monday (10) at the Presidential Secretariat.

The Memorandum of Cooperation on the JCM was signed by Dr. Anil Jasinghe, Secretary to the Ministry of Environment, and Misukoshi Hideki, Japanese Ambassador to Sri Lanka.

The President’s Media Division (PMD) said that thereafter, the Japanese Ambassador met with President Ranil Wickremesinghe and engaged in a cordial discussion.

After its withdrawal from the Second Commitment Period of the Kyoto Protocol, Japan introduced the Joint Crediting Mechanism (JCM) in 2013 to contribute to the global effort of reducing greenhouse gas (GHG) emissions.

This mechanism has been developed to reduce GHG emissions jointly with developing countries and share the greenhouse gas emissions reduced as the percentage between Japan and the agreed party country.

Japan introduced this mechanism as agreed at the 21st Conference of Parties to the United Nations Convention on Climate Change to adopt the Paris Agreement to achieve the commitments of the Nationally Determined Contributions.

Japan is currently implementing projects under the JCM mechanism in 17 countries such as Mongolia, Bangladesh, Ethiopia, Kenya, Maldives, Vietnam, Laos, Indonesia, Costa Rica, Palau, Cambodia, Mexico, Saudi Arabia, Chile, Myanmar, Thailand, and the Philippines.

Through implementing the proposed projects under this mechanism the benefits such as introducing new technologies and technical expertise, capacity building, generation of green jobs and new infrastructure development could be achieved.

The Government of Japan and its private sector will provide technical assistance and part of the capital investment to implement this mechanism in developing countries. Under this mechanism, projects in energy, industry, transport, waste, forestry and agriculture sectors for reducing GHG emissions are expected to be implemented.

Moreover, Sri Lanka ratified the Paris Agreement on Climate Change on 21st September 2016. Sri Lanka also has submitted its Nationally Determined Contributions (NDCs) to the United Nations Framework Convention on Climate Change (UNFCCC).

Therefore, the implementation of the Joint Crediting Mechanism in Sri Lanka will support achieving the GHG emission reduction targets under the Paris Agreement and contribute to the global effort of reaching the global temperature goal of the Paris Agreement.

Approval from the Ministry of Foreign Affairs and the Attorney General’s Department has been obtained for the implementation of the Joint Carbon Crediting Mechanism between Japan and Sri Lanka. Further, Cabinet approval has been received on 05 September 2022 for the implementation of the mechanism in Sri Lanka.

The PMD said that when implementing this mechanism in Sri Lanka, a Joint Committee co-chaired by the Governments of Japan and Sri Lanka and representatives of both countries will be established to approve the projects.

Minister of Environment Naseer Ahmed, Senior Adviser to the President on National Security and Chief of Presidential Staff Sagala Ratnayake, Presidential Adviser on Climate Change Ruwan Wijewardana, and others attended the event.

Public security minister Tiran Alles today (11) hosted a meeting at his ministry in Colombo with a top Foreign, Commonwealth and Development Office of the UK, Ben Mellor.

The director of the India and Indo-Pacific Ocean Directorate was accompanied in the visit by British high commissioner Sarah Hulton.

At the discussion, director Mellor highlighted the importance of no one getting aggrieved when police deal with public gatherings.

Minister Alles noted the police had to act when such meetings are held without obtaining prior permission.

Both UK officials conceded the main responsibility of the police was to maintain law and order.

Together with minister Alles, they also agreed that small children should not be used as a shield during public meetings.

The minister requested the UK's assistance to train the police on how to control gatherings of the public.

The World Bank in its October 2022 update says that it will be imperative to protect the poor and vulnerable by providing immediate additional assistance to the poorest in need, while comprehensively reforming the social protection system.

The World Bank warns that poverty has increased sharply since 2021, and it is likely to increase further in the absence of effective mitigation measures and made several recommendations.

– In the short run, increasing financing for social assistance should be a priority.

– The government will need to invest in the establishment and operationalization of the Welfare Benefits Board and a Social Registry.

– The generosity of cash transfers needs to be revisited, particularly for some vulnerable groups

– Sri Lanka also needs to adopt more modern payment systems for cash transfer programs.

– Given its increasing vulnerability to shocks, Sri Lanka would also benefit from developing a social protection system that can scale up and phase out where needed.

– In the medium to long term, Sri Lanka needs to transition to a more fiscally sustainable and inclusive social insurance and aged care system.

– Sri Lanka also needs to strengthen its productive inclusion programs.

– Finally, a social protection strategy is needed to guide the overall social protection reform

The World Bank said that Rising debt vulnerabilities and weak competitiveness, resulting from years of risky borrowing and poor fiscal and monetary policy choices, along with weak governance, led to an unsustainable debt and a severe balance of payments crisis.

It warned that a delayed response allowed the crisis to spread to all key sectors of the economy.

The World Bank said that a significant economic contraction is likely in 2022, as the economy undergoes a large correction of fiscal and external imbalances.

It said that a strong and credible fiscal and structural reform program is warranted to avoid a prolonged crisis and address the root causes of the current economic difficulties, adding that firm resolve of political leadership and the Sri Lankan citizens would be needed to overcome the crisis through structural reforms. Meaningful outcomes of debt restructuring, and collective support of international partners would also be needed to maintain the reform momentum and chart the course for a speedy and robust economic recovery with a sustainable growth path.