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The country is built not for us but for future generations. The best way for the opposition to gain power is to unite with the government, said President Ranil Wickremesinghe.

If the opposition had supported the government during the economic crisis, the country could have been saved from bankruptcy a few months ago.

President Wickremesinghe emphasized that the nation is designed with a long-term perspective, focusing on the well-being of future generations rather than the present.

Nonetheless, the President expressed concern that the opposition seems primarily self-oriented. He suggested that the most effective route for them to attain power is through collaboration with the government. By actively participating and leveraging the experience gained from such collaboration, the opposition can strive to attain governmental authority in the upcoming election, contributing to the overall progress of the nation.

In a meeting convened yesterday afternoon (25), President Ranil Wickremesinghe addressed the Political Authority in Matale District at the Matale District Secretariat Auditorium.

The gathering included representatives from the Matale District Sri Lanka Podujana Peramuna, United National Party and Labour Congress, all of whom engaged in discussions with the President concerning the challenges they currently encounter.

During the discourse, President Wickremesinghe not only acknowledged the issues raised by the attendees but also took proactive measures to offer immediate solutions to specific problems.

In response to the recent economic challenges, President Ranil Wickremesinghe acknowledged that, in the absence of any immediate volunteers to steer the country, he assumed responsibility at the behest of the ruling party. Expressing gratitude, the President recalled the unwavering support extended to him by all political parties across the nation.

President Wickremesinghe highlighted that, under his leadership, the nation successfully navigated toward the correct course, achieving economic stability.

Despite uncertainty from opposition politicians who asserted a prolonged recovery period of five years, the President emphasized that the country was effectively rescued from the brink of economic crisis within a remarkably brief span of 16 months.

Additionally, the President underscored that had the opposition politicians rallied behind the government during the economic crisis, the nation could have averted bankruptcy several months prior.

Despite this, local political authorities commended the initiatives spearheaded by President Ranil Wickremesinghe, expressing a commitment to extend unwavering support to the program in the future.

President Ranil Wickremesinghe offered additional remarks, stating,

“In 2021, our nation encountered an economic problem, and by 2022, it had evolved into a full-blown crisis.

During this period, all facets of the country experienced a standstill, resulting in financial losses and diminished income. Simultaneously, developmental projects ground to a halt, compounded by the fact that being a financially bankrupt nation, we lost foreign aid.

During that challenging period, no individuals stepped forward to shoulder the responsibility for the country. In response, I willingly assumed that responsibility, consciously distancing myself from those who merely claimed to possess solutions for the nation’s issues.

Collaboration with groups across the political spectrum, irrespective of affiliations, played a pivotal role in navigating this endeavour.

Upon assuming this responsibility, numerous individuals predicted a four to five-year timeline for the reconstruction of the ailing economy. Facing such uncertainty, a significant number even opted to leave the country, convinced that a viable solution was indefinite.

Presently, active negotiations are underway with the International Monetary Fund (IMF) and other nations. With these on-going efforts, it is anticipated that by the year’s end, the nation will no longer bear the burden of the bankruptcy label.

The comprehensive initiatives undertaken thus far have spanned a period of 16 months. Notably, had the opposition extended their support, this endeavour could have been expedited by an additional two to three months.

Our journey has been marked by challenges, yet we have achieved significant milestones. Commencing next year, we have successfully implemented an allowance of Rs. 10,000 for government employees, a feat that many deemed doubtful. Furthermore, similar to the enhancement in ‘Samurdhi’ benefits, the ‘Aswesuma’ allowance has seen a threefold increase. These initiatives were undertaken with the intention of providing support for the advancement of small and medium-scale projects.

However, my commitment to alleviating the hardships faced by the people extends beyond monetary support.

Recognizing the country’s agricultural sector as a cornerstone, a substantial modernization program has been conceived.

The inaugural phase of this modernization initiative centres on providing ownership, with plans to commence the distribution of free deeds to individuals holding permits under the Land Ordinance Act in February.

I have directed the coordination of these activities to the District Development Committees, seeking the collective support of all for the success of this initiative.

This program represents an achievement that transcends mere words; it required collaborative effort and collective dedication to transform ideas into action.

Our paramount responsibility is to forge a promising future for the youth of our nation, crafting a legacy not for our immediate gratification but for the prosperity of generations to come.

Our collective mission is to construct a nation that stands as a testament to our commitment to the well-being of our children and their children.

However, it is disheartening that the opposition seems fixated on self-interest, solely preoccupied with the pursuit of power.

I convey to the opposition that the most effective route to wielding power lies in collaborative efforts with our administration. I urge them to consider joining forces with us, leveraging the wealth of experience we have accumulated.

By aligning with our shared goals and vision, they can gain valuable insights that will serve them well in their pursuit of leadership.

Let us transcend political divides and work collectively to advance the nation. Together, we can move forward, building a stronger and more prosperous country for all.

The event was attended by notable figures such as State Minister for Defense Pramitha Bandara Thennakoone, State Minister for Sports and Youth Affairs Rohana Dissanayake, Central Province Governor Lalith U. Gamage, Member of Parliament Janaka Bandara Thennakoone, Matale District Coordination Committee Chairman Member of Parliament Nalaka Bandara Kottegoda, Secretary to the President Saman Ekanayake and Central Provincial Council Chairman D. Nimalasiri.

Today (23), on the second day of the Committee Stage of the Appropriation Bill for the year 2024, the budget head of the Ministry of Defence (103) taken up for debate was passed by a 68 majority votes.

Following the debate of the Committee Stage held today at around 6:00 pm, Member of Parliament of the All Ceylon Tamil Congress G. G. Ponnambalam, called for a division for the budget head of the Ministry of Defence, and accordingly, 76 votes were cast in favor of it and 8 votes were cast against.

Sri Lanka's Central Bank Chief is positive that the country will be able to get its IMF program approved in December 2023.

"We will be able to get the IMF program approved within the month of December. We are making good progress, and what is required are assurances from the official bilateral creditors, that is both the OCC (creditor committee) and the Chinese Exim Bank," said Dr. Nandala Weerasinghe during a briefing at the Central Bank on Friday.

He said that following the first review and the approval, additional flows from ADB, World Bank, and IMF Budget Support would help the government with better financing measures. 

 China's Separate Approach:

China's separate approach to Sri Lanka’s debt treatment 'has made life difficult', said the Ranil Wickremesinghe, the President of the island nation of 22 million people. 

Speaking to India's FirstPost, Wickremesinghe said that Sri Lanka's economy is not out of the woods yet.

Noting the China is the largest bilateral creditor to Sri Lanka, the President said that it is the international Sovereign bonds held by private creditors that are the biggest creditors.

"China has been in it separately, we negotiate with them separately. This has nothing to do with Sri Lanka or any other country. They are not satisfied with the terms they are getting from the IMF and the World Bank, they feel that they should have a bigger role to play in the IMF so they've decided to opt out of it and they're going separately. It's making life more difficult for all of us who are in debt. But this is the reason. It's something that has to be sorted out by the big boys," elaborated Wickremesinghe.

He said that China is sending a message to the IMF and others so it is upto them to sort it.

The Export-Import Bank of China reached a preliminary agreement with Sri Lanka in September on the disposal of China-related debts.

The agreement in principle covers approximately USD 4.2bn of outstanding debt. It constitutes a key step towards restoring Sri Lanka's long-term debt sustainability and will pave the way to a prompt economic recovery.

 ‘We are doing what we can to help Sri Lanka’

China said that it is closely following the difficulties and challenges that Sri Lanka is facing, and said that it is doing what it can to assist the economic and social development of the island nation.

China's Foreign Ministry Spokesperson Wang Wenbin speaking to reporters, said that since last year, China’s relevant financial institutions have been in close touch with Sri Lanka on the debt issue involving China, engaged in active bilateral consultations, and provided a financing support document to Sri Lanka in a timely manner to help it obtain loans from the IMF. 

He said that Chinese financial institution has taken part in all the creditors’ meetings as an observer and maintained friendly communication with other creditors to share with them the progress of the debt treatment.

 US wants China to share debt restructuring plan

In early November, US Ambassador to Sri Lanka Julie Chung said that the Chinese Exim Bank restructuring proposal with Sri lanka should be shared with the other creditors.

She was speaking exclusively on 'The People's Plaform' program on News 1st, and said that the US is waiting on China to share the debt restructuring proposal that it pur forward via the Chinese Export and Import Bank.

"We hope that there is an equal, comparable approach by all creditors," she said. 

The US Ambassdor said that with the proposal made available Sri Lanka can move forward with the IMF restructuring and then be able to address some of its macro-economic policies and governance issues of the past.

Sri Lanka Podujana Peramuna (SLPP) MP Sanath Nishantha has written to the Speaker over the decision to suspend him from Parliamentary sittings for a period of 2 weeks.

In his 06-point letter, MP Sanath Nishantha expressed regret over the incident that occurred in Parliament leading to his suspension, while he also acknowledged that such an incident should not have taken place in Parliament.

MP Sanath Nishantha further outlined the cause for his actions and also pointed out various violations that had taken place by Opposition Leader MP Sajith Premadasa and Samagi Jana Balawegaya (SJB) MP Nalin Bandara at the time.

Claiming that action being initiated only against him was a violation of his Parliamentary privileges, MP Sanath Nishantha urged the Speaker to investigate and initiate proper action against MPs Sajith Premadasa and Nalin Bandara in this regard.

C.D. Wickramaratne retired today (25) as the inspector general of police after having completed a third service extension.

He telephoned all DIGs and informed them of his retirement, said police headquarters sources.

Wickramaratne refused to accept the traditional farewell guard of honour and party.

According to the sources, senior DIG of western province Deshabandu Tennakoon is to be appointed the acting police chief.

The leader of the National People’s Power, Anura Kumara Dissanayake, demanded a vote in Parliament this evening (22), protesting the allocation of expenditure heads for former presidents in the 2024 Budget.

However, a total 62 MPs voted in favor of the proposal while only 03 votes against it. NPP parliamentarians Anura Kumara Dissanayake, Vijitha Herath and Harini Amarasuriya were the only MPs to vote against when the division was called.

Accordingly, the Speaker Mahinda Yapa Abeywardana informed the House that Heading No. 01 was passed with amendments during the Committee Stage.

The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on 23 November 2023, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points (bps) to 9.00 per cent and 10.00 per cent, respectively.

The Board arrived at this decision following a careful analysis of the current and expected developments in the domestic and global economy, with the aim of achieving and maintaining inflation at the targeted level of 5 per cent over the medium term, while enabling the economy to reach and stabilise at the potential level.

The Board took note of possible upside risks to inflation projections in the near term due to supply-side factors stemming from the expected developments domestically and globally.

However, the Board viewed that such near-term risks would not materially change the medium-term inflation outlook, as inflation expectations of the public remain anchored and economic activity is projected to remain below par in the near to medium term.

Further, the Board viewed that with this reduction of policy interest rates, along with the monetary policy measures carried out since June 2023, sufficient monetary easing has been effected in order to stabilise inflation over the medium term.

Hence, the Monetary Policy Board underscored the need for a swift and full passthrough of monetary easing measures to market interest rates, particularly lending rates, by the financial institutions, thereby accelerating the normalisation of market interest rates in the period ahead.

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President Ranil Wickremesinghe has announced that the Presidential and Parliamentary elections will be held next year.

Addressing the Parliament today (Nov 22), President Wickremesinghe further assured that the two elections will not be postponed.

“How can you say we are scared to hold elections? The elections will be held. Both the Presidential and Parliamentary elections will be held next year,” he said.

The President further said all the local and provincial council elections could be conducted the following year, adding that there were no issues in carrying it out.

He made the announcement while joining the Parliamentary debate on the Appropriation Bill for the fiscal year 2024.

The President made the remarks in response to a question raised by Chief Opposition Whip MP Lakshman Kiriella.

The proposed 18 percent Value Added Tax (VAT) increase will not be effective for diesel and kerosene, Power and Energy Kanchana Wijesekera assured today.

“The final decision on the proposed VAT increase will be made on December 10 this year. However focus is made to exempt kerosene and diesel from the VAT,” the Minister said.

The construction of Sri Lanka’s second oil refinery in Hambantota is to begin next month, Minister of Power and Energy Kanchana Wijesekera told Parliament today.

Minister Wijesekera said the Cabinet sub-committee has already approved the project and the Cabinet is expected to approve it next week.

“Sri Lanka will go for petro-chemicals and petroleum products export once the second refinery comes into operation,” he said.

Also, the Minister said the government will finalize six major power projects next month. This includes the construction of a 500 MW wind power plant in Mannar by the Adani group, a 700 mw solar power station in Poonaryn and a 150 MW plant in Hambantota.

Further, the Minister said solar panels will be provided to all 27,000 places of religious worship in Sri Lanka, universities, schools, Divisional and District Secretariat offices within a year.

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The 2024 Advanced Level Examination will not be postponed, the Ministry of Education said today (Nov.22).

One of the fundamental rights (FR) petitions filed seeking the postponement of the exam has been dismissed by the Supreme Court, while the other was withdrawn by the petitioners.

As such, the 2024 A/L exam will be held as scheduled, from January 04 to 31 next year, the ministry said further.

Retired SSP Shani Abeysekara has filed a case at the Colombo District Court seeking compensation of Rs. 1 billion from four senior police officers for his wrongful arrest and prosecution.

Inspector General of Police (IGP) C.D. Wickramaratne, Senior Deputy Inspector General (SDIG) in charge of the Western Province Deshabandu Tennakoon, IP Jagath Nishantha and ASP Neville Silva from the Colombo Crimes Division (CCD), and the Attorney General have been cited as respondents in the case.

Through the case, Abeysekara has accused the officers of the CCD of allegedly having framed him by fabricating evidence related to the case filed in connection to the murder of the late businessman Mohamed Shyam.

Claiming that the investigation in this regard had been conducted under the instructions of the IGP and SDIG Tennakoon, Abeysekara alleged that the two officers from the CDD had been threatened to make false statements against him.

Stating that based on the statements he had been arrested and remanded after being produced before the Gampaha Court, Abeysekara said he had been released on the orders of the Attorney General months later.

Abeysekara pointed out that he has sought compensation from the four Police officers for misusing the court process and causing grievances to him.

Earlier, Abeysekara had also sent a letter of demand to the four senior police officers, alleging that the respondents had victimized him and abused the court process.

Shani Abeysekara was arrested in July 2020 and was charged under the Offensive Weapons Act and Explosives Devices Act.

Abeysekara, the former senior superintendent of police who headed the CID, was accused of fabricating evidence in the case against former DIG Vaas Gunawardena, his son and four other police officers related to the murder of late businessman Mohamed Shyam in 2013.

The Court of Appeal discharged Abeysekara from the case in August this year, prompting the Attorney General to withdraw the charges filed against him.

State Minister Sanath Nishantha has been suspended from parliament for a period of two weeks due to his unruly behaviour inside the Chambers on Tuesday (Nov.21).

Speaker Mahinda Yapa Abeywardena communicated the announcement to the Members of Parliament after the Third Reading or the Committee Stage debate on the 2024 Budget kicked off this morning.

Abeywardena said he vehemently deplores the tense situation that ensued during Tuesday’s parliamentary session.

As Opposition Leader Sajith Premadasa raised questions about the individuals including the Rajapaksa brothers who were held responsible by the Supreme Court for the economic crisis facing the country, several SLPP MPs including State Minister Sanath Nishantha had disrupted his speech and surrounded his seat, creating a commotion.

As the ruckus grew out of hand, the Speaker had suspended the parliamentary session and walked out of the Chamber.

State Minister Nishantha was also accused of snatching the opposition leader’s binder containing official documents during the uproar.

Meanwhile, Chief Opposition Whip Lakshman Kiriella has requested the Speaker to take disciplinary action against the group of parliamentarians who interrupted Premadasa.