Aug 30 (EN) SL will enact a new monetary law to prevent money printing and political interference Prez Ranil Wickremesinghe said as the country suffers the worst currency crises in the history of the existing central bank. “The new Central Bank Act will be implemented as a key legislation to strengthen the monetary sector in the country,” Prez said. “This legislation would provide the framework for effective implementation of inflation targeting and prevent monetary financing of the budget deficit more..

Aug 30 (GT) There are lots of posters pinned everywhere at the Embassy of SL in China, including along the fence outside highlighting significant milestones in the long-abiding friendship at the 65th anniversary of the establishment of diplomatic ties between China and SL this year; several staff members busied themselves preparing the ambassador's recommended SL Ceylon Black Tea and coconut water for the livestream more..

Aug 30 (FT) SL Tourism has requested UK Govt for a greater win over the travel advisories imposed on the country, insisting that the ground realities have improved significantly. “I have written to the British HC in Colombo further explaining reasons we feel that the travel advisories should be further softened. I have highlighted the remarkable improvements in the ground situation with no gas shortages, whilst fuel for tourists’ movement has been facilitated with a greater level of efficiency,” more..

Aug 30 (EN) SL will exclusively purchase electric vehicles for use in the state sector, Prez Wickremesinghe said. Presenting an interim budget for the remainder of the year, Wickremesinghe told parliament that the purchase of fuel-run vehicles for state services will be stopped. SL is going through an energy crisis in the midst of the country’s worst economic crisis since independence. Fuel queues, which had eased following the implementation of a digital quota system, more..

Aug 30 (Reuters) Japanese Finance Minister Shunichi Suzuki said on Tuesday it was important for all creditor nations of Sri Lanka to gather to discuss Colombo's debt issue, adding that Tokyo would coordinate with other creditors on the matter. Sri Lanka's President Ranil Wickremesinghe told Reuters last month that Sri Lanka would ask Japan to invite the main creditor nations to talks on restructuring bilateral debts. more..

Aug 30 (EN) Stocks gained on Tuesday (30) for the first time in six sessions and recovered from a near three-week low on the hopes the IMF deal would be signed soon, brokers said. Analysts believe the index to gain during the week due to possible optimism in the interim budget presented by Prez Ranil Wickremesinghe as the country’s finance minister. The ASPI up 1.52% or 132.93 points to 8,865.40, rising from its lowest close since August 10 hit on the previous day. more..

Aug 30 (CO) There are several different paths toward increasing one’s influence in global politics. Spreading values similar to what you share, democracy and free markets, via soft power is one. Brute military force is another. A middle path most recently pursued by China relies on providing economic inducements but also establishing economic dependencies. In some cases, China has even been accused of conducting a debt trap diplomacy toward other countries, more..

Aug 30 (AD) President Ranil Wickremesinghe says that the outstanding loans obtained by small-scale paddy farmers from state-owned banks will be waived off, excluding interest. Accordingly, the outstanding loan amounting to Rs. 688 million, currently in default to the state-owned banks, will be written off for a total of 28,259 farmers who own less than 2 hectares of cultivation land and are in repayment arrears of cultivation loans given by the state-owned banks as of May 31, 2022. more..

Aug 30 (AD) Another petition has been filed before the Court of Appeal requesting the court to punish SLPP MP Sanath Nishantha on charges of contempt of court. Attorney-at-law Vijith Kumara has filed the petition naming MP Nishantha as the respondent of the petition. On Monday, Attorney-at-Law Priyalal Sirisena filed a petition against MP Nishantha seeking punishment for contempt of court, while Attorney General, BASL and MP Sanath Nishantha were named as respondents in the petition. more..

Aug 30 (TM) The CEB owes Rs. 76 billion to the private sector power plants that supplied renewable energy for the last 10 months, as the CEB has not been able to make payments from the revenue earned, said Minister of Power and Energy Kanchana Wijesekera. Speaking in Parliament yesterday, Minister said that the recently announced price hike on electricity was decided upon with great difficulty as the CEB should make payments more..

Aug 30 (AD) The visiting delegation of the IMF called on Opposition Leader Sajith Premadasa this morning. The delegation consisted of Mission Chief Peter Breuer, Deputy Chief Masahiro Nozaki and IMF’s Resident Representative Dr. Tubagus Feridhanusetyawan. The two sides held a discussion about solving the island nation’s ongoing financial crisis. The IMF delegation is in Colombo from Aug 24 to 31 to finalize a staff-level agreement for a possible USD 3 billion bailout package for SL, more..

Aug 30 (EN) Sri Lanka’s bakery owners who helped create a crisis in the poultry sector after demanding price controls on eggs are now demanding price controls on wheat, dealing a body blow to the social market economy of President Ranil Wickremesinghe. “There is a market gap for flour in Sri Lanka. If there is no flour, we simply cannot produce,” , N K Jayawardena, President of the All Ceylon Bakery Owners’ Association (ACBOA), said speaking to reporters on Tuesday August 30. more..

Aug 30 (EN) SL reduced the retirement age of state employees to 60 with immediate effect among many other measures to reduce state sector expenditure in a reform to cut down capital expenditure from the state coffers as the country reels from an unprecedented economic crisis. “As a part of efficient expenditure management, I propose to rationalize the number of govt employees,” Prez Wickremesinghe, more..

Aug 30 (TM) Around 8.5 million persons are listed in the Credit Information Bureau of SL (CRIB) due to the increase of interest rates and their inability to make the due payments. Leasing and Loan Repayment Members Association (LLMA) Chairman Asanka Pothupitiya said that the people are unable to pay the interest due to the current economic crisis. “We held a protest against the increase of interest rates. The loan interest has increased from 8.5% to 18%; leasing rate from 12% to 34%. more..

Aug 30 (DM) Prez Ranil Wickremesinghe has a challenge to introduce a credible and internationally trusted mechanism to probe the enforced disappearances and mete out justice to those who affected, missing journalist Prageeth Eknaligoda’s wife Sandya Eknaligoda said today. Human rights activist Sandya Eknaligoda, addressing a press briefing held today to mark the International Day of the Victims of Enforced Disappearances said the UN and the int'l human rights organisations more..

Aug 31 (TM) The Morning yesterday reported that a staggering 8.5 million persons have been listed in the Credit Information Bureau of SL (CRIB) due to their inability to make due payments pertaining to loans or leasing payments schemes due to increased interest rates. According to the Leasing and Loan Repayment Members’ Association (LLMA), the inability to make due payments is a result of the prevailing economic crisis & increased interest rates, loan interest rate went from 8.5% to 18% more..

Aug 31 (CT) Performance art is an offshoot of visual arts where the artist uses his or her body as a medium of communication. Performance art has always been interconnected with society and politics. Artists often fuse comments on everyday life with political engagement, creating actions and performances that respond to and are fuelled by the socio-political environment. Thus, performance art could be regarded as a form of political activism of the artist. Politically motivated art and more..

Aug 31 (CT) Recently an agreement has been signed between the Colombo Municipal Council (CMC) and a private company to start a vegetable farming project using modern technology in the lawn belonging to the CMC. This is being implemented as a CSR project of a leading company dealing with Agro-farming and it is said that its primary objective is to educate people about modern cultivation technology & cultivation methods. more..

Aug 31 (ST) If it was thought that the draconian Prevention of Terrorism Act had laid long entombed in crypt with stake riven through its heart, last week showed it was far from dead but alive and kicking. It was resurrected again when Galle Face struggle activist and University student leader Wasantha Mudalige was arrested along with 18 others while staging an anti-govt protest march in Colombo 2. They were produced before the court when 16 of them were freed on bail. more..

Aug 31 (CT) The ruling party has requested Prez Wickremesinghe to facilitate the return of former Prez Rajapaksa to the country and his appointment as prime minister. Former president left the country when large numbers of protestors who had been actively protesting against the economic collapse and corruption in the country took over his presidential residence. Few would wish to see a former president going from country to country seeking asylum. more..

Aug 31 (TM) The movement known as the aragalaya (struggle) has been interpreted in many ways. While it has a strong political aspect to it, it is also a movement against the dire economic situations that the people are going through. After the Galle Face protests came to an end, it is now being alleged by various parties, especially politicians representing the Govt, to be an anti-Govt or an anti-State conspiracy. more..

Aug 31 (CT) UNP Leader, Prez and Finance Minister Ranil Wickremesinghe, presenting the 2022 Interim Budget in Parliament mentioned three things of socio-economic importance. One was on revenue and the other two were on the fertiliser and cooking gas issues, respectively. He said, beginning from next month, VAT would be lifted to 15% bringing it in line with what it was, the last time he was in power three years ago in 2019. The other two were US aid to the tune of USD 180 million to alleviate more..

Aug 31 (Island) Trade unions in the power and energy sectors are up in arms against a govt move to restructure Ceylon Electricity Board (CEB) and Ceylon Petroleum Corporation (CPC). They would have the public believe that the blame for the staggering losses the two institutions have been incurring should be laid at the feet of politicians. Successive govts have mismanaged the state-owned enterprises (SOEs), but the blame for ruining them should be apportioned to their workers. more..

Aug 31 (CT) Avishka Madonza and Madumali Fernando of SL Army (SLA) won the men’s and women’s elite races respectively at the Nestomalt Cycling Challenge 2022 concluded successfully last Sunday. In the men’s elite race (48km), in a tight finish Avishka Madonza clocked 1.06.03 to finish on top, while Sandaruwan Pinto (SLA) and Prabash Madushanka (SL Navy) ended second and third respectively, also clocking 1.06.03. Meanwhile, in the closely contested elite women’s race, more..

Aug 31 (DM) Prez Wickremesinghe submitted his govt’s interim budget to parliament. It comes at a time of desperation among the populace. UN points out more than a quarter of our population of 22 million is struggling to secure at least a single nutritious meal per day. Just yesterday, Bakers’ Association claimed the price of a loaf of bread could rise to Rs. 300 per loaf! The spokesperson for UNICEF SL a few days ago, emphasized that SL’s economic crisis is a children’s crisis, more..

Aug 31 (FT) SL’s merchandise exports have sustained the growth momentum in July, increasing 2.25% to an all-time high of $ 1.28 billion propelling the first seven months performance by 12% to over $ 7.6 billion. Previously, the highest earning for a month was recorded in June with $ 1.21 billion, after a lapse of seven months in Oct 2021 which recorded $ 1.16 billion. In the first seven months of 2022, merchandise exports more..

Aug 31 (ST) Minister Wijeyadasa Rajapakshe has appointed a 3-member committee headed by former CJ Asoka de Silva to look into issues raised by the Tamil Diaspora representatives. This is after he initiated a first meeting with Tamil Diaspora members through a teleconference. The minister held a lengthy teleconference last Sunday with Canadians for Justice and Equality–a Canada based Diaspora organisation–and Diaspora representatives in four other countries including Australia & France. more..

Aug 31 (FT) The United Nations yesterday said Sri Lanka needs to do more to win the confidence of the families of victims enforced disappearances and provide credible processes for addressing their grievances in accordance with international standards. This recommendation was made by United Nations in SL Resident Coordinator Hanaa Singer-Hamdy in a statement marking the International of the Victims of Enforced Disappearances 2022 which fell yesterday. more..

Aug 31 (FT) People’s Bank yesterday announced the results for its six months period ended 30 June 2022 with total operating income rising by 54.9% to reach Rs. 69.3 billion, whilst total operating expenses grew by 3.7% to Rs. 20.8 billion reflecting sound cost control and efficiency improvements despite mounting inflationary pressures. Impairment charges rose by 319.9% to Rs. 32.8 billion reflecting macro-economic stresses including those relating to its key customer segments. more..

Aug 31 (Island) “The recent lockdowns and the increased isolation that it caused have led to an increase in mental health related issues. Hence, the need for a WhatsApp based solution is very much the need of the hour. The majority who reach out through the chat-line tend to be young Sri Lankans who are struggling to cope, National Institute of Mental Health (NIMH) Senior Consultant Psychiatrist Dr. Pushpa Ranasinghe said. “Text messaging is of course a great solution, especially for young more..

Aug 31 (TM) Earnings from merchandise exports increased by 2.25% year-on-year (YoY) to $ 1,128.7 million in July 2022. This was mainly due to the increase in earnings from export of apparel and textiles. Exports of apparel and textiles increased by 21.55% YoY to $ 550.05 million in July 2022, driven by both apparel and textiles. Export earnings from tea in July 2022, which made up 11% of merchandise exports, more..

Aug 31 (Island) The magisterial inquiry into acomplaint against Reverend Father Amila Jeevantha Pieris will continue today before the Fort Magistrate Thilina Gamage. The priest is suspected of having ignored a magisterial order and walked along York Street, Colombo Fort with some Aragalaya protesters. At the last hearing, Rienzie Arsecularatne, PC, told the Court that the priest was concerned about the poor and therefore had taken part the Aragalaya. more..

Aug 31 (FT) SL’s pioneer shipbuilding and ship repairing facility, Colombo Dockyard PLC, teamed up with Master Divers Ltd., experts in all types of diving services in and outside ports, and Prudential Shipping, who offers ship agency/husbandry services to all ships calling at the ports of SL, to participate in one of the biggest int'l maritime exhibitions Posidonia 2022 in June at the Metropolitan Expo Centre, Athens, Greece. These three companies constituted the SL pavilion more..

Aug 31 (HRW) SL’s Prez Ranil Wickremesinghe should immediately end the use of draconian counterterrorism laws to target peaceful protesters and release those in custody, Human Rights Watch said. The authorities detained three student activists who participated in an Aug 18, demonstration under the abusive Prevention of Terrorism Act (PTA), which allows up to a year’s detention without trial. more..

Aug 31 (ST) SL’s economic crisis has affected demand for legally produced liquor by 40% with patrons staying away from liquor bars and wine stores in the country at present, the Excise Department head divulged. Commissioner General of Excise M.J. Gunasiri said that the demand for liquor has dropped significantly due to unbearable price hike of arrack and other alcoholic beverages by manufacturing companies and present economic hardships faced by the people. more..

Aug 31 (DM) An employee of the airport duty-free shopping complex was arrested last night while he was attempting to leave the Katunayake airport with 60 gold biscuits worth Rs. 157 million. The suspect was a 35-year-old man from the Ja-Ela area. The gold biscuits weighed 6.995 kg. He prepared these gold biscuits in six parcels of ten each and strapped them to his waist. The suspect was arrested by a group of Katunayake airport security officers at 7.00 pm last night. more..