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President Ranil Wickremesinghe has signed a Gazette notification, a short while ago, declaring several services related to ports, airports and passenger transport services as essential services, with immediate effect, the PMD reported.

Accordingly, the special Gazette declares public transport services for passengers or goods, discharge, carriage, landing, storage, delivery and removal of articles of food or drink, or coal, oil, fuel from vessels within any port as defined for the purposes of the Customs Ordinance (Chapter 235), the provision and maintenance of facilities for transport services by road, rail or air, including roads, bridges, culverts, airports, ports and railway lines, as essential services with immediate effect.

Managing Director of the International Monetary Fund Kristalina Georgieva says a more predictable, timely, and orderly processes are needed for Sri Lanka.

Speaking at the first meeting of the G20 Finance Ministers and Central Bank Governors in Bengaluru, India, Managing Director of the International Monetary Fund Kristalina Georgieva said that it is imperative for the G20 to strengthen the debt architecture.

She said, "In light of rising debt vulnerabilities in many countries, I strongly endorse efforts to strengthen the debt architecture and improve the speed and effectiveness of debt resolution."

She said that sovereign debt vulnerabilities is particularly the case for "developing and low-income countries with very limited policy space and huge development needs."

Georgieva stressed that a more predictable, timely, and orderly processes are needed both for countries under the Common Framework (CF) and for those not covered by it, including Sri Lanka and Suriname.

She added, "This means that we must enhance dialogue and collaboration on debt issues."

Admiral Muhammad Amjad Khan Niazi, Chief of the Naval Staff (CNS) of Pakistan Navy, who is currently on an official visit to Sri Lanka met President Ranil Wickremesinghe at the President’s Office this morning (27) and engaged in a discussion.

During the discussion, emphasis was placed on enhancing the maritime regional cooperation between Sri Lanka and Pakistan, alongside exploring opportunities for the further expansion of maritime activities between the two nations, the PMD said.

Symbolizing this meeting, the Pakistan Navy Chief presented a commemorative gift to President Wickremesinghe.

A group of senior naval officials from both countries attended the event, it said.

28 people have been hospitalised following the protest march organised by the Jathika Jana Balavegaya in Colombo on Sunday (26).

Police fired tear gas and water cannons to disperse the protest march which commenced at the Vihara Maha Devi Park in Colombo.

The injured have been admitted to the National Hospital for treatment.

The protest was held citing several concerns including delays in conducting the Local Government Election.

Earlier in the day, the Fort Magistrate Court issued an order preventing a group of 26 including Leader of the Jathika Jana Balavegaya Anura Kumara Dissanayaka from entering areas around the President's Office, President House and Galle Face from 01 pm - 08 pm on Sunday (26).

This was in reponse to a request made by the Fort, Kompannavidiya and Colpetty Police.

The Police had made the request taking into consideration the inconvenience to the public owing to the JJB protest to be held in Colombo on Sunday (26) afternoon.

Similarly, the Maligakanda Magistrate Court issued an order preventing a group including Leader of the Jathika Jana Balavegaya Anura Kumara Dissanayaka from protesting or marching around the Colombo Hospital Square.

This was in response to a request made by the Maradana Police OIC.

The Maradana Police had made the request considering the possible inconvenience to patients and people visiting the hospitals including the National Hospital and Eye Hospital.

According to the court order, the protesters were prevented from marching from the Lipton Roundabout to Deans Road, as well as blocking the road and pavement leading upto the Seamans Road Junction.

The court order applies to 26 including JJB Leader Anura Kumara Dissanayaka, Tilvin Silva, Vijitha Herath, Nalinda Jayatissa, Bimal Rathnayake and Sunil Handunnetti.

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To support Sri Lanka amid an ongoing economic crisis, the International Finance Corporation (IFC) is providing a cross-currency swap facility to three of the country's leading national banks that deal with over 30 percent of Sri Lanka's remittances and exports. It will support the private sector with critical financing, contributing to the country's urgent need to stabilize the economy.

Sri Lanka has been facing its worst economic crisis in decades. The country's output is estimated to have fallen by 9.2 percent in 2022 and drop a further 4.2 percent in 2023.

To support the country, the IFC facility will provide $400 million over one year to Commercial Bank of Ceylon (CBC), Nations Trust Bank (NTB), and Sampath Bank to help facilitate imports of essential goods—food, medicine, fertilizers—most of which are traded in US dollars (USD). The facility will further support the banks financing of exports of goods and services for their clients while allowing them to make USD-denominated debt repayments.

"In our almost 20-year relationship, IFC has engaged extensively with us to help grow our operations, including new opportunities in trade, climate finance, small and medium enterprises, and was also instrumental in establishing our comprehensive women banking portfolio. This new facility will help us deploy our foreign currencies more efficiently, while lowering our foreign currency exposure, resulting in effective risk mitigation," said Sanath Manatunge, Managing Director/Chief Executive Officer of Commercial Bank of Ceylon.

"Sri Lanka's economy continues to feel the severe US dollars (USD) funding constraints. IFC's cross-currency swap facility will provide critical forex liquidity, helping support the private sector and encouraging longer term funding flows to the market," said Joon Young Park, IFC's Portfolio Manager, Financial Institutions Group for South Asia. "We expect this financing to boost confidence in the investor community, attract fresh capital inflows to support the Sri Lankan economy. We are also working on further plans to support our client banks with other long-term funding and advisory services in the future."

This new swap facility follows the reactivation of trade finance lines with IFC partner banks—under the Global Trade Finance Program—in January 2023, which have been cautiously managing their risks in a challenging operating environment. With this facility, CBC and Sampath Bank will now be able to improve access to medium and long-term finance for its clients, helping local businesses sustain operations.

"IFC's support through the cross-currency swap facility is timely, given the liquidity stress faced by the industry and the overall economy. This transaction will strengthen our hand in our efforts to increase foreign currency lending to our key client groups and thereby support economic revival across key industry sectors. By arranging this facility, IFC is providing a few selected banks including Nations Trust Bank, an additional avenue to manage liquidity risks which we believe is a positive signal for Sri Lanka at this current juncture. This transaction is also a testament to the long-standing relationship between IFC and Nations Trust Bank that spans over 20 years and we are thankful to IFC for its continued confidence in our Bank as a key banking sector partner in Sri Lanka," said Hemantha Gunetilleke, Chief Executive Officer of Nations Trust Bank.

"The facility provided by IFC comes at a juncture where the Sri Lankan economy is facing a challenging time. The transaction will enable Sampath Bank to better manage our foreign currency holding by borrowing at lower rates and manage our foreign currency exposure, while facilitating foreign currency lending to our customers across the whole economy. The transaction will also renew the longstanding relationship with IFC, which was spread across many business areas such as trade, foreign exchange, and financial services. Sampath Bank is also grateful for the trust placed by IFC by continuing to engage as a major business partner in Sri Lanka and is confident that this will lead to a long and fruitful relationship," said Nanda Fernando, Managing Director of Sampath Bank PLC.

This facility is aligned with IFC's work in Sri Lanka over the past five decades. This includes IFC's strong countercyclical role in Sri Lanka during the COVID-pandemic, where IFC invested over $830 million, providing much needed long-term capital and trade financing to help sustain businesses and preserve jobs.

The Fort Magistrate Court has issued an order preventing a group of 26 including Leader of the Jathika Jana Balavegaya Anura Kumara Dissanayaka from entering areas around the President's Office, President House and Galle Face from 01 pm - 08 pm on Sunday (26).

This was in reponse to a request made by the Fort, Kompannavidiya and Colpetty Police.

The Police had made the request considering the inconvenience to the public owing to a JJB protest to be held in Colombo on Sunday (26) afternoon.

The protest will be held citing several issues including the rise in electricity tariffs, unjust tax regime and delay in the local government election.

One of the demonstrators engaged in the protest march orginased by the National People’s Power (NPP) in Colombo yesterday (26) and got beaten by the Police has reportedly died succumbing to his injuries.

The deceased was a NPP contender for the Nivithigala Pradeshiya Sabha, said Janatha Vimukthi Peramuna (JVP) Chief Secretary Tilvyn Silva.

“About 28 people were hospitalised, and some of them discharged themselves. Some of them are still in care. The conditions of two of them were reported to be critical. Now we learn that one of them has lost his life. He was Nimal Amarasiri, a comrade who served as a contender in our Nivithigala Pradeshiya Sabha in Ratnapura District,” Silva said.

President Ranil Wickremesinghe announced a new chapter in military medicine, establishing a separate unit to send military personnel overseas to assist in times of health disaster.

He went on to say that it will be established in addition to the group that is sent during natural disasters. He also pointed out that plans are being made to send a group of military personnel to Türkiye to assist in this time of medical disaster.

President made these remarks while speaking at the inauguration ceremony for the sixth annual academic sessions of the Sri Lanka College of Military Medicine (SLCOMM) on the theme of “Resilience of Military Medicine in Times of Crisis,” which was held in Katunayake.

He also said the Government had sent a group of military personnel to Nepal during natural disasters.

“However, I am considering using our military medical personnel to send oversees when people face health disasters. Health disasters occur more frequently than natural disasters, and I would discuss this with the military in order to establish a unit in this regard. So that is a new chapter in the history of military medicine,” he noted.

The President also said the Government will obtain more medicine through the Indian credit line in order to address the shortage of medicine during this crisis situation.

The Indian Naval Ship (INS) ‘Sukanya’ arrived at the Port of Colombo on an official visit this morning (27th February 2023). The visiting ship was welcomed by the Sri Lanka Navy in compliance with naval traditions.

INS ‘Sukanya’ in a 101m long Offshore Patrol Vessel manned by 106 crew members. Meanwhile, the Commanding Officer of the ship CImages and Linksommander Pranav Anand called on the Commander Western Naval Area, Rear Admiral Suresh De Silva at the Western Naval Command Headquarters this morning.

Further, a group of children of Diyakithulkanda Primary School in Galle will visit the ship and arrangements are in place to hand over school supplies, donated by the Indian Navy, to those children as well.

During the stay in the country, the crew of the ship will take part in several programmes organized by the Sri Lanka Navy to promote cooperation between two navies and visit some of the tourist attractions.

Concluding her official visit, ‘INS Sukanya’ will depart the island on 01st March and she is expected to engage in a Passage Exercise (PASSEX) with a ship of the Sri Lanka Navy off Colombo.

An earthquake with a magnitude of 6.1 hit off the eastern part of Japan’s northern island of Hokkaido on Saturday, authorities said, and no tsunami warning was issued, Reuters reported.

The quake hit off the Nemuro peninsula at a depth of 61 kilometres (38 miles), according to the National Research Institute for Earth Science and Disaster Resilience (NIED).

There were no immediate reports of injuries or damage.

In two municipalities in Hokkaido, the quake registered as a “lower 5” on Japan’s 7-point intensity scale, which measures ground motion.

President Ranil Wickremesinghe has urged young lawyers to specialise in offshore economy law and a form a committee to lead new legal developments in the Port City.

Addressing the Annual General Meeting (AGM) of the Royal College Lawyers’ Association held at the Blue Ballroom of the Hilton Hotel Colombo yesterday (25 Feb.), the Head of State proposed the forming of a committee of lawyers focusing on offshore economy law, following the development of the Colombo Port City as a financial hub.

Wickremesinghe encouraged young lawyers to get a head-start on the legal areas in relation to making the Port City into a financial centre and emphasised the importance of taking on responsibility and leadership roles.

Highlighting the important role that Royal College has played in shaping the law and legal system in Sri Lanka, President Wickremesinghe suggested new areas of law that may emerge in the future.

He also remphasisied his commitment to making tough decisions for the good of the economy and the country, even if they are unpopular.

In a lighter vein, the President joked that he cannot make all the lawyers President’s Counsels but is happy to make them all Royal Counsels.

Meanwhile, the Welcome Speech was delivered by the President of Royal College Lawyers’ Association Rohan Sahabandu (PC) while outgoing Secretary of the Royal College Lawyers’ Association Harshana Matharaarachchi presented the report.

Rohan Sahabandu (PC) was re-elected as the President of the Royal College Lawyers’ Association. Newly elected secretary Lasitha Kanuwanaarachchi delivered the vote of thanks.

Attorney General Sanjay Rajaratnam, and Principal of the Royal College R. M. Ratnayake were also present at the occasion.

A suspect who was arrested at Katunayake Airport has fled police custody.

The suspect was arrested when he arrived at Katunayake Bandaranaike International Airport (BIA) to fly out to Dubai under a fake name, and later, he had escaped from police custody there.

It has been revealed that the suspect was involved in several crimes including murders and that an overseas travel ban was previously imposed on him.

Police Media Spokesperson, SSP Nihal Thalduwa mentioned that investigations have been initiated in order to arrest the suspect.