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Sri Lanka, like many developing nations, faces refinancing risks in the coming years and should execute a concerted and coordinated policy response to mitigate such risks, Minister of Finance and Media Mangala Samaraweera said during his opening remarks at the two-day technical forum of the Intergovernmental Group of Twenty-Four (G-24), on International Monetary Affairs and Development, which commenced today, at the BMICH.

Because of a verity of impending developments in the global financial markets, the World Bank and IMF jointly formulated a new framework on Debt Sustainability for Low-Income Countries, as announced in October last year.”

Samaraweera added that this new framework will be implemented in the second half of 2018 and would help guide countries and donors in mobilizing financing for development needs.

“The new framework would help mitigate the risk of an excessive build-up of debt in the period ahead.”

The Minister also stated that according to the IMF’s Fiscal Monitor, within the group of low-income developing economies, over 90% of the countries had debt levels over 30% of the GDP as at end 2016.

However, the average government revenue within the same group of countries is 15% of the GDP, the primary deficit is around 3% of GDP on average, and exports are dominated by primary products.

These structural factors are not conducive to effective debt management and entails repayment risks even at modest levels of absolute debt, the Finance Minister added.

A committee comprising ministers Dr. Rajitha Senaratne, D.M. Swaminathan and Ajith P. Perera was appointed to expedite measures against corruption and fraud, the Prime Ministers Office said. The secretary to the Ministry of Law and Order will function as the secretary to the committee.

Meanwhile, Co-cabinet spokesman Dr. Rajitha Senaratne said that the prime minister only took over the Ministry of Law and Order for two weeks and that Minister Sarath Fonseka will be appointed to that position, despite the objection of some senior police officers.

The United States and Sri Lanka have signed an agreement to re-establish the Peace Corps program in Sri Lanka, the US embassy announced today.

With Prime Minister Ranil Wickremesinghe and US Ambassador Atul Keshap in attendance, Sheila Crowley, Acting Director of the U.S. Peace Corps, and Sri Lankan Foreign Minister Thilak Marapana, signed a new bilateral agreement to re-establish the program in Sri Lanka.

Peace Corps’ efforts in Sri Lanka will focus on English language education. Once in Sri Lanka, volunteers will undergo three months of comprehensive cultural, language and technical training before they are given their assignments to serve for two years. The first Peace Corps Volunteers are scheduled to arrive in Sri Lanka in September 2019.

“I am delighted that Peace Corps is returning to Sri Lanka. Our volunteers embody and promote the ideals of equality, shared prosperity, and a common interest in a peaceful, stable world,” said U.S. Ambassador to Sri Lanka and Maldives Atul Keshap. When signing the Executive Order that created the Peace Corps, President John F. Kennedy said, “Our Peace Corps is not designed as an instrument of diplomacy or propaganda or ideological conflict. It is designed to permit our people to exercise more fully their responsibilities in the great common cause of world development.”

From 1962 to 1998, more than 370 Peace Corps volunteers served in Sri Lanka, working in education, health and youth development. The program was closed in 1998 due to political instability. Peace Corps’ Crisis Corps, now Peace Corps Response, returned to Sri Lanka to support relief efforts in the aftermath of the 2004 Indian Ocean tsunami. In 2016, the Government of Sri Lanka invited Peace Corps to return to work and assist in furthering the country’s development goals.

“The return of Peace Corps to Sri Lanka is an opportunity to deepen the enduring friendship that has grown between our two countries over the past 70 years,” said Acting Peace Corps Director Sheila Crowley. “We are grateful to the Government and people of Sri Lanka for their invitation to, once again, have Peace Corps volunteers serve side-by-side with Sri Lankans in their beautiful country.”

Dubai Police said today that the initial investigation shows that Bollywood actress Sridevi drowned in the bathtub of her hotel room.

They found traces of alcohol in her body and this may have led to the accident.

“The investigation is still going on to determine the circumstances surrounding the accident as the forensic report only says that she drowned,” an official told Gulf News.

The police are trying to piece together the sequence of events and find out who was with her when the incident happened.

(Gulf News)

The Assistant Superintendent of Police (ASP) in Wennappuwa has been arrested by officers of the Bribery Commission today while allegedly soliciting a bribe of LKR 30,000.

The ASP had demanded a bribe from the owner of an Ayurveda massage parlour and was arrested during the transaction.

An individual is reportedly missing after a vehicle plying from Bandarawela to Mahiyanganaya plunged off the road and into the Vienna canal in Mahiyangana, this morning.

Four individuals including the driver and a woman have escaped the tragedy. The woman who escaped was admitted to the Mahiyangana Hospital due to minor injuries.

Mahiyangana Police is conducting a search for the missing individual. The area is known to be accident prone Police said.

Sri Lanka Tourism has embarked on a promotional roadshow in Jeddah, Saudi Arabia, as part of an ongoing effort to boost the number of tourists visiting the island from the GCC.

A delegation of Sri Lanka Tourism officials as well as Sri Lanka’s leading hotels and tourism stakeholders gathered at the Radisson Blu hotel on February 26 to meet with Jeddah's leading travel and tourism companies.

Sri Lanka Tourism showcased its colourful glamour once again at the Jeddah International Travel and Tourism Exhibition (JTTX) which was held from 15-17 February at the convention Centre – Jeddah Hilton, Saudi Arabia.

A total of 14 industry partners from Sri Lanka-based aviation, tourism and hospitality entities joined the roadshow to promote the country’s unique hospitality services and attractions including; Movenpick Hotel Colombo, Centauria Travels, Asian Adventures, Holiday Park, Walkers Tours, Exotic Global Holiday, Lanka Holidays.net and Figco Lanka Holidays, among others. As part of the promotional activities, Jeddah-based travel agents and tourism professionals were provided the latest information and updates on Sri Lanka’s touristic offerings through presentations, workshops and a series of business development meetings.

Madubhani Perera, director of marketing, Sri Lanka Tourism Promotion Bureau, said: "Sri Lanka is one of the preferred destinations for Gulf tourists as we offer a distinctive, adventure-packed, eco-friendly and family-focused experience and offering. With our rich nature, heritage and culture, year-round schedule of festivals and special events, numerous parks and eco centers and luxury resorts and wellness centres, Sri Lanka has many reasons for Saudi Arabian families to return to the island again and again.”

During 2017, Sri Lanka received a total of 35,481 tourists from Saudi Arabia. The island aims to double these numbers and achieve 20 per cet increase from Saudi Arabia by the end of 2018.

Saudi Arabia makes up the largest number of GCC tourists to Sri Lanka, followed by Oman and UAE as second and third largest number of GCC tourists to the island.

To critics of Mahinda Rajapaksa, local-council elections that were held in Sri Lanka on February 10th felt like a horror film, as the controversial ex-president rose from his silk-lined political coffin to declare victory. And what a victory it was for Mr Rajapaksa, a brash populist whose exit in 2015 after ten bloodstained and corruption-tainted years in power was widely heralded as a bright new dawn for the civil-war-battered island republic. His party won no fewer than 239 out of 340 contests. Some commentators have described it as the biggest electoral upset in Sri Lankan history. Mr Rajapaksa swiftly declared that the current national government had lost its legitimacy and should resign.

That is unlikely. The coalition headed by the prime minister, Ranil Wickremesinghe, may be ineffectual and unpopular, but it still holds a solid majority in parliament. Elections for the legislature are not due before 2020. Even if Mr Wickremesinghe’s conservative United National Party (UNP) gets jilted by its junior partner, the centrist Sri Lanka Freedom Party (SLFP)—which happens once to have been Mr Rajapaksa’s own party—it could probably hang on as a minority government, reliant on smaller parties that loathe the former president even more than they dislike Mr Wickremesinghe.

Most likely the coalition government will continue to bumble along in clumsy cohabitation with President Maithripala Sirisena, a former minister under Mr Rajapaksa who in 2015 split the SLFP to challenge and narrowly defeat his boss. Fortunately for the prime minister, changes to the constitution that were designed to prevent a repeat of Mr Rajapaksa’s excesses have stripped Sri Lankan presidents of most powers. That means Mr Sirisena has only the wherewithal to obstruct, not to topple, Mr Wickremesinghe’s government.

Humiliating though its electoral drubbing appears, the coalition may take comfort from something else. The council polls were the first to be held under a new system that combines first-past-the-post with proportional representation. Under the old rules Mr Rajapaksa’s new party vehicle, the Sri Lanka Podujana Peramuna (SLPP), could indeed claim to have won a crushing victory even though it got just 44.6% of votes. In practice, under the new rules it will have to find partners to run any council where it has less than 50% of seats. Government supporters are also keen to point out that both in percentage and in total numbers, Mr Rajapaksa got fewer votes to “win” this election than he did in the election in 2015 that he lost to Mr Sirisena.

But the ruling coalition cannot afford to be complacent. Its poor showing, particularly for Mr Sirisena’s SLFP, reflects more than a surprise groundswell of support for Mr Rajapaksa. Many of those who voted to oust the former president in 2015 have been so disappointed by his replacement that this time they did not bother to vote. Critics of the yahapalanaya or “good governance” coalition cite numerous weaknesses, from its failure to enact a promised new constitution and its lack of progress in punishing crimes dating from the civil war of 1983-2009, to its abstinence from economic reforms and its failure to investigate Mr Rajapaksa or his extended family despite widespread allegations of corruption and human-rights abuse.

Still, it may be that the next time Sri Lankans vote, fear of Mr Rajapaksa’s return could prompt even critics of the government to turn against him. “Those who chose not to cast their lot with imperfect beasts have now to contend with monsters,” commented a human-rights lawyer, Gehan Gunatilleke, in a local newspaper.

There are many Sri Lankans who do not regard Mr Rajapaksa as a monster but rather as a hero, particularly among the island’s Buddhist, ethnically Sinhala majority. He was the person who led them to victory in the long civil war with the Tamil minority. They want a strong man like him back at the helm. In fact, says Alan Keenan of the International Crisis Group, a think-tank, the former president never really went away. His grassroots support remained, nurtured by the well-financed family political machine. “He has a strong core constituency, a clear narrative and a good set of issues,” says Mr Keenan, “whereas the government has to pull together a range of minority constituents—Tamils, Muslims, Sinhala liberals—and find something to deliver to each one.”

The prognosis: Sri Lanka is set on a bumpy course. With Mr Rajapaksa gleefully stoking Sinhala chauvinism, the country could slip backwards into the kind of polarisation that led to its long civil war.

This article appeared in the Asia section of the print edition under the headline "Beasts and monsters". (The Economist)

The much-anticipated launch of the ‘National Policy on Reconciliation and Co-existence’, along with the premiere of the film, ‘HER. HIM. THE OTHER’, a production undertaken by the Office for National Unity and Reconciliation, will be held today (27), at the Regal Cinema in Colombo at 5.30 pm.

President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe will also be in attendance.

The National Policy on Reconciliation and Co-existence has been formulated by the Office for National Unity and Reconciliation, under the guidance of former President Chandrika Bandaranaike Kumaratunga.

The United Nations High Commissioner for Human Rights Zeid Ra'ad Al Hussein has called on the UN Human Rights Council (UNHRC) to explore other avenues, including the extension of Universal Jurisdiction, to foster accountability in Sri Lanka.

In his report on Sri Lanka to the 37th session of the Human Rights Council, which meets in Geneva from 26 February to 23 March 2018, the High Commissioner reiterates his appreciation for the constructive engagement of the Government of Sri Lanka with the Office of the High Commissioner for Human Rights (OHCHR) and United Nations human rights mechanisms since January 2015.

However, Zeid Ra'ad Al Hussein said that as he noted in March 2017, this constructive collaboration must be accompanied by the implementation of key commitments.

He says the fulfilment of the transitional justice commitments made under Human Rights Council resolution 30/1 has been virtually stalled for more than a year.

Progress with some confidence-building measures has often been insufficient and inconclusive, and the structures set up to coordinate implementation have not consolidated enough or did not receive sufficient political support to move things forward.

In statements and reports issued since 2015, the High Commissioner, while expressing concern over the lack of progress on accountability and reforms, was encouraged by the positive improvement of the general human rights situation.

However, 2017 was marked by intermittent inter-ethnic tensions and attacks on minorities which are unlikely to dissipate completely.

While the Government has managed to steer many of these worrying events in a positive direction, this type of violence in a country that has experienced cycles of extreme violence roughly every 10 years is deeply troubling, particularly when accompanied by hate speech, misinformation and agitation through social media and political manipulation.

The continuing allegations of torture and surveillance and the lack of sufficient progress in implementing critical confidence building measures, such as the release of land, the repeal of the Prevention of Terrorism Act and the solution to the pending cases under the Act, have antagonized key constituencies that could be instrumental to the Government's reform efforts, the High Commissioner's report on Sri Lanka said.

The High Commissioner urges the Human Rights Council to continue to play a critical role in encouraging progress in accountability and reconciliation in Sri Lanka.

He also called on Member States to explore other avenues, including the application of universal jurisdiction, that could foster accountability.

(NewsIn.Asia)

The Government's aim is to create a generation of youth capable of taking on the modern world while defeating tribal thinking says Minister of Finance and Media Mangala Samaraweera. The development of a country is ensured by the younger generation continuing to pursue education, he points out.

The minister said that the government is committed to ensuring this. Mangala Samaraweera made this statement at the opening of the school of St. Thomas 'Girls' High School in Matara and the foundation stone laying for a new four storied building.

Speaking further, the Minister said :

 ‘We've heard of agricultural, industrial, technological revolution. Today it is all about the digital revolution. Our aim is to create a suitable young generation for this. We have an era that talks about artificial intelligence” he said.

In the 2014 budget were allocated for education in the country at just under Rs. 196 billion. We have allocated Rs. 333 billion for education from the 2018 budget. The Minister said this shows the governments dedication to education.

 The Minister also voiced his opinion on an incident that had taken place on the day. “When I arrived here today a student who I believe is a prefect handed me a sheaf of betel and worshipped me” he said adding that this should not be done. No one should bend before power, the Minister said. According to him, people should only worship their religious leaders, parents and teachers. “That is enough” he said adding that people have not got used to worshipping various politicians.

:Who knows what illegal things I do back at home so only worship those who should be worshipped” he said. “We must create a society that is able to work with a backbone” he said.

The two-day Technical Group Meeting of the G- 24 countries will be held tomorrow at the Bandaranaike Memorial International Conference Hall.

Over 45 delegates consisting of Secretaries of Ministry of Finance and the Governors of the Central Bank or their representatives at a very senior level from the member countries will participate at this two-day technical committee meeting. The Group of 24 (G24), a chapter of the Group of G-77 countries, was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters.

The G – 24 group, which is officially called the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, receives the secretariat services from the IMF. Its meetings usually take place twice a year, prior to the International Monetary and Financial Committee and Development Committee meetings, to enable developing country members to discuss agenda items beforehand.

The G-24 Bureau is the executive arm of the G-24 and consists of the Chair, First Vice-Chair, Second Vice-Chair, and two previous Chairs. Currently, the Bureau is headed by Minister of Finance and Media Mangala Samaraweera.

The G-24 Technical Group Meeting (TGM) serves as the main forum for discussing the key work program priorities of the Group and preparing for the plenary meetings of Ministers and Deputies. The TGM is also a forum for peer learning, and sessions include discussions of the country and regional experiences.

The 2018 TGM covers as its first theme debt management and sustainability. In this regard, the discussions will focus on key debt management and sustainability challenges faced, and strategies used, by policymakers, both in terms of addressing macroeconomic linkages and improving liability management. The second and related theme will be mobilizing external sources of capital in light of current, tightening global and market conditions.

This will involve sessions on the role of trade and investment agreements in boosting investment opportunities and the challenge of managing capital flow volatility, with a special session on the potential role of SDRs in improving the international monetary system. The discussions in the TGM will focus on the challenges faced by policymakers in these areas and the multilateral actions necessary to support domestic policy efforts.