News

Health Minister Keheliya Rambukwella has expressed concern over a shortage of 190 types of drugs in central drug storage.The minister made these remarks at the President's Media Centre.

In addition, the Minister of Health stated that efforts are underway to address the situation, and by the end of this year, the country aims to produce 20 types of medicines domestically, reducing dependence on imports.

The National Lotteries Board and the Development Lotteries Board have announced an increase in lottery ticket prices.

Accordingly, the lottery prices will be increased from Rs. 20 to Rs. 40.

The price hike will be effective from July 06, 2023.

The Resolution on Domestic Debt Optimization (DDO) was passed in Parliament with amendments a short while ago (01 July).

Accordingly, the DDO strategy was passed in Parliament with a majority of 60 votes, with 122 votes in favour and 62 votes against.

Meanwhile, the Secretary General of Parliament Kushani Rohanadeera has informed the Secretary to the Ministry of Finance, in writing, that the DDO strategy was passed in Parliament.

A full-day special parliamentary session took place today, during which lawmakers debated the restructuring of local debt, initially proposed in a bid to achieve debt sustainability and economic recovery.

On 28 June, the Cabinet of Ministers unanimously approved the proposed sovereign domestic debt restructuring strategy for restoring sovereign debt sustainability.

Following two days of extensive discussions on the strategy and its impact, the Committee on Public Finance (COPF), chaired by MP Dr. Harsha de Silva on 30 June, gave its approval for the proposed plan, with amendments binding the Finance Ministry to the proposed plan, ensuring adherence to the approved concept paper and addressing concerns about potential deviations.

The Governor of the Central Bank of Sri Lanka (CBSL), Secretary to the Finance Ministry and its officials, creditors including banks, superannuation funds EPF/ETF and insurance funds were invited to the COPF sessions to discuss the matter at length and to hear their views.

In response to questions on the DDO’s impact on superannuation funds EPF, ETF and the guarantee given to ensure 9% interest rates, CBSL Governor Dr. Nandalal Weerasinghe assured that their calculations indicate no net present value loss to the EPF. However, COPF chairman has advocated for legislating a minimum return, as done in the 1958 EPF Act.

Further, concerns were raised about the burden falling on the EPF, the largest superannuation fund in the country, without the consent of the depositors.

The COPF chairman, Dr. Harsha de Silva said the committee members called for balanced burden sharing among all creditors, not entirely on the superannuation funds, in order to uphold equity in the DDO.

Meanwhile, COPF members also raised concerns about the government’s commitment to the proposed plan and adherence to the principles of the resolution. Finance Ministry officials acknowledging these concerns, pledged to strengthen the Fiscal Management Responsibility Act (FMRA) for compliance.

Domestic debt restructuring is a key condition in the International Monetary Fund (IMF) program, through which a bailout package of USD 3 billion was approved for Sri Lanka in March 2023. The IMF program unlocks more help from international funding agencies. Accordingly, the World Bank, earlier this week, approved USD 700 million in financing as budgetary and welfare support for Sri Lanka.

After defaulting on its foreign debt for the time in May 2022, Sri Lanka has been working to get the economy back on track and to meet the conditions set by the IMF. Sri Lanka aims to restructure its sovereign domestic debt before the second IMF review in September 2023 as the release of second tranche of the bailout package due in October would require notable progress on debt restructuring. The island nation received the first tranche to the tune of USD 330 million in March soon after the IMF Board approved the 48-month Extended Fund Facility (EFF).

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Air Vice Marshal Udeni Rajapaksa has been appointed to the post of Air Force Commander.

The President’s Secretary, Mr. Saman Ekanayake, handed over the appointment letter to AVM Rajapaksa at the Presidential Secretariat yesterday (28).

In recognition of his exceptional service and in line with his new appointment as the Commander, President Ranil Wickremesinghe has promoted Air Vice Marshal Udeni Rajapaksa, to the rank of Air Marshal, effective from tomorrow, the 30th.

As the 19th Air Force Commander of the country, Air Vice Marshal Udeni Rajapaksa proudly represents his alma mater, Ananda College, Colombo, being the first Air Force Commander to be appointed from Ananda College.

His journey began in 1988 when he joined the Kotalawala Defence College as a cadet, and subsequently, he excelled in flight training at the Anuradhapura Camp No. 01, achieving the distinction of being the best cadet in the 33rd Air Cadet Course.

With a combination of local and foreign training, he demonstrated outstanding performance as a flight officer. Prior to his current appointment, he held the second position of command within the Air Force, as the Chief of Staff, and now assumes the prestigious role of Air Force Commander.

The prices of cigarettes have been increased under four categories following the increase in Excise Duty.

Thereby, the prices will be increased by Rs. 5, Rs. 15, Rs. 20, and Rs. 25, with effect from today (July 01).

Sri Lankan President Ranil Wickremesinghe has come in for sharp criticism in the social media for his comment when he mocked a questioner - “if you can’t speak in English, speak in Tamil, I understand Tamil" - thereby avoiding to answer a core question from Dr. Sockalingam Yogalingam, a Tamil based in London.

He hit back saying, “I hope there are others who understand my English”.

“What is being done to stop happenings in the North, such as genocide, militarization, land grabbing, Buddhistization?," he questioned the island nation’s president.

Dr. Yogalingam representing the Transnational Government of Tamil Eelam (TGTE) raised the above question when Ranil Wickremesinghe was interacting at a meeting organized by the Conservative Environment Network in London. A few years back in Oxford too he confronted Wickremesinghe and was arrested.

Instead of answering his question, Ranil mocked him when the questioner said, “It is called a democratic Sri Lankan government, which I don’t believe in”. Immediately intervening, President Wickremesinghe said he can “understand Tamil”.

The chair of the meeting Thomas Heilmann - a member of the German Parliament Bundestag cut short Dr. Yogalingam. The meeting was also attended by Elbegdorj Tsakhia, former President of Mongolia and Vicky Ford, former UK Minister for Development.

Netizens have condemned Ranil's reaction as ‘arrogant’ and ‘unbecoming of a president’. They have also questioned ‘if Ranil can understand Tamil, why doesn’t he understand the Tamils' issues?’

A few weeks earlier, he snubbed the Director General of Archeology Anura Manathunga in a meeting saying “if he doesn’t know history he will teach him”.

The Public Utilities Commission of Sri Lanka (PUCSL) has approved the electricity tariff revision of the Ceylon Electricity Board (CEB) with effect from tomorrow (July 01).

Accordingly, the electricity tariffs in the domestic category using less than 30 units will be reduced by 65%, while the unit price will be slashed by Rs.10.

Award-winning writer and teledrama director Gaya Ramya Alwis has died, aged 52.

Alwis, who worked as a senior producer at Sri Lanka Rupavahini Corporation, had been admitted to Ragama Hospital due to illness, where he breathed his last.

He was the youngest son of renowned songwriter Dalton Alwis.

Three newly-appointed High Commissioners and seven Ambassadors presented their credentials to President Ranil Wickremesinghe today (June 30).

Credentials were presented during a ceremony held at the President’s House in Kandy for which a special traffic plan was also in the city.

The newly-appointed high commissioners represent the Republic of Trinidad and Tobago, the Republic of Uganda, and the Republic of Seychelles.

Meanwhile, ambassadors have been appointed to represent the Republic of Panama, the Kingdom of Belgium, the Hellenic Republic, the Syrian Arab Republic, the Republic of Peru, the Republic of Korea, and Hungary.

The newly-appointed foreign envoys are listed below:

1. Dr. Roger Gopaul High Commissioner-designate of the Republic of Trinidad and Tobago based in New Delhi

2. Mr. Eligio Alberto Salas De Leon Ambassador-designate of the Republic of Panama based in Ha Noi

3. Mr. Didier Vanderhasselt Ambassador-designate of the Kingdom of Belgium based in New Delhi

4. Prof. (Ms.) Joyce K. Kikafunda High Commissioner-designate of the Republic of Uganda based in New Delhi

5. Mr. Dimitrios Ioannou Ambassador-designate of the Hellenic Republic based in New Delhi

6. Dr. Bassam Al-Khatib Ambassador-designate of the Syrian Arab Republic based in New Delhi

7. Mr. Javier Manuel Paulinich Velarde Ambassador-designate of the Republic of Peru based in New Delhi

8. Ms. Lee Miyon Ambassador-designate of the Republic of Korea based in Colombo

9. Mr. István Szabó Ambassador-designate of Hungary based in New Delhi

10.Mrs. Lalatiana Accouche High Commissioner-designate of the Republic of Seychelles based in New Delhi

President Ranil Wickremesinghe assured that the restructuring of domestic debt will have no impact on the membership balance of any public funds, including the Employees’ Provident Fund (EPF).

He emphasized that the rate of return for superannuation funds will not be affected in any way.

Furthermore, the President stated that the restructuring of domestic debt will not pose any threat to the stability of the country’s banking system, whether it be public or private banks.

He specifically mentioned that the deposits of more than 50 million bank depositors will remain unaffected, and there will be no changes to the current interest rates paid on bank deposits.

President Ranil Wickremesinghe also announced that proposals for restructuring both foreign and domestic debt will be presented to the Cabinet tomorrow (28).

The President made these statements while inaugurating the Gampaha District Secretariat Administrative Complex, ‘Laksiyane Mandiraya,’ which has been constructed with the aim of providing efficient and regular government services to the people of the Gampaha district.

The complex, with an expenditure of nearly Rs. 4 billion, stands at seven stories tall.

It was highlighted that Sri Lanka’s total public debt, comprising both domestic and foreign debt, amounted to $83,700 million by the end of 2022, representing 128.3% of the Gross Domestic Product (GDP).

Of this amount, the foreign debt totalled $41,500 million, accounting for 63.6% of the GDP. The President also noted that the domestic debt at that time stood at $42,100 million, which constituted 64.6% of the GDP.

The President highlighted the urgency of restructuring the country’s debt, stating that without such measures, the public debt would exceed 100% of the GDP by 2035.

He emphasized that foreign creditors have already expressed their agreement to participate in the debt restructuring process.

To ensure debt sustainability in Sri Lanka, the President emphasized the need for restructuring both external and domestic debt.

Acknowledging the significant burden carried by foreign creditors, he mentioned that the country is set to receive 17 billion US dollars from them in the next five years.

The President emphasized the importance of local creditors also contributing to this effort.

The proposed debt restructuring plan has been designed with the primary objective of safeguarding the public’s bank deposits.

The President underlined the responsibility of protecting the depositors of all banks regulated by the Central Bank. He assured that the proposed domestic debt restructuring method poses no harm to bank depositors and will not lead to a collapse of the banking system. On the contrary, it will pave the way for a restructuring process that can rebuild the economy.

The President further stated that the country’s economic recovery, reduction in interest rates, the government’s ability to provide subsidies easily, and the reduction of both domestic and foreign debt burden in the next decade will yield positive results benefiting the people of the country.

During his official visit to France, the President engaged in discussions with Commonwealth Secretary General Patricia Scotland, International Monetary Fund Managing Director Kristalina Georgieva, Netherlands Deputy Prime Minister and Finance Minister Sigrid Kaag, American Treasury Secretary Janet Yellen, and Japanese Foreign Minister Yoshimasa Hayashi regarding foreign debt restructuring. The President highlighted the progress being made in Sri Lanka’s financial sector during these discussions. He expressed satisfaction that they were all eager to assist in reversing the crisis in Sri Lanka and affirmed their commitment to contribute significantly to the country’s economic recovery.

The President also said that during a recent telephone conversation with the Indian Finance Minister, Mrs. Nirmala Sitharaman, she had expressed her country’s intention to positively contribute to Sri Lanka’s debt restructuring and economic stability. The President said that he would hold detailed discussions on the matter during his upcoming visit to India.

The President also mentioned that Foreign Minister Ali Sabri, who is currently on an official visit to China, has agreed to enhance bilateral relations and strengthen economic ties between the two countries. Minister Sabri held fruitful discussions with China’s Foreign Minister, Mr. Qin Gang, sharing their views on deepening cooperation.

President Ranil Wickremesinghe further revealed that, during a meeting with the Chinese Finance Minister, Liu Kun, in Beijing, he was briefed on the economic stabilization and progress plan of the country. Minister Ali Sabri expressed gratitude for China’s special contribution during the previous crisis.

During the visit, the President held discussions with the Chairman of the Chinese Exim Bank, Wu Fulin, and other Chinese officials appointed for the purpose of restructuring Sri Lanka’s foreign debt. They assured their commitment to contribute to the debt restructuring process in the best possible manner.

President Ranil Wickremesinghe has issued instructions to ensure the effective execution of the “Aswasuma” social welfare initiative, aiming to leave no one behind, the President’s Media Division (PMD) reported.

Moreover, the PMD mentioned that those who were unable to register previously for the welfare benefits scheme would be given the opportunity to do so during the month of August.

Additionally, provisions have been put in place to allow the submission of written appeals and objections until July 10, according to the PMD.

The Ceylon Electricity Board (CEB) has announced the launch of the next phase of its e-billing system, which will come into effect from July 01, 2023.

In a press release, the CEB said the customers residing in Dehiwala, Kelaniya and Sri Jayewardenepura areas would ‘exclusively’ receive their electricity bills in a digital format, either through SMS or e-mail.

With the introduction of the e-billing system, the conventional practice of issuing printed paper bills will be discontinued.

The CEB is encouraging its customers to promptly register for the e-billing system, as the issuance of printed paper bills will gradually be suspended in the coming month.

Seeking the attention and cooperation of the public to ensure the successful implementation of the e-billing system, the CEB said this initiative is expected to save approximately 100 million sheets of paper annually.

“In light of this significant environmental impact, we invite all our customers to join us in embracing this digital transformation and take advantage of the CEB’s digital services ahead of the mandatory rollout.”

Registration via SMS: Type REGfollowed by A/C Number and send it to 1987.

Online registration: Visit http://ebill.ceb.lk and follow the instructions