Author: TELO Admin

The Asgiri Chapter of the Siam Sect said that the Government must be impartial and more sensitive when handling issues in the North and East areas of the country before blaming Buddhist monks for their conduct.

Speaking to The Daily Morning yesterday (1 November), the Secretary of the Supreme Sangha Council of the Asgiri Maha Viharaya Ven. Dr. Medagama Dhammananda Thera said that it seems that the Government and the law enforcement authorities do not listen properly to the voice of the people who have been living in these areas since the three-decade ethnic conflict, and therefore urged the public not to misinterpret the situation by highlighting the conduct of one particular Buddhist monk.

When queried about the conduct and recent statements made by Ven. Ampitiye Sumanarathana Thera who is the chief incumbent of a temple located in the borders of the Trincomalee and Batticaloa Districts, Dhammananda Thera said that his conduct cannot be accepted, yet, some unique issues faced by him (Sumanarathana Thera) and his community have made them so.

“As I was a member of a committee appointed by the previous Government, I personally know the issues faced by him and his people. Some people have no permanent residency in either of these two districts due to these racial issues. I don’t blame this Government, but, almost all governments have neglected these issues. Some look at this issue from another perspective,” he said.

He further stated that since these issues are very complex, the Government should look into these matters very deeply and where its roots are, before making decisions. He said that if they make inquiries partial, it would badly affect the existence of the country’s social fabric.

Recently, the Illankai Tamil Arasu Kadchi (ITAK) submitted a formal letter to the Inspector General of Police, urging action against Sumanarathana Thera. The monk has come under scrutiny for his alleged incendiary remarks that have raised concerns about communal harmony in the country. In a recently circulated video that has sparked outrage, the monk is seen making threats against the Tamil community in the Southern region of Sri Lanka. The ITAK contends that these statements pose a serious threat to communal harmony and have the potential to incite violence and hatred, and therefore demanded his arrest under the International Covenant on Civil and Political Rights Act.

Several attempts made to contact the Police in this regard proved futile.

State Bank of India (SBI), the largest public bank in India, will open two new branches in Sri Lanka this week, extending the services to the island nation’s Northern Jaffna peninsula and Eastern port district of Trincomalee where India is already dominating.

Indian Finance Minister Nirmala Sitharaman will inaugurate the new branches during her three-day official visit, the Indian government said in a statement.

SBI, the largest bank in India with over 20 percent market share by assets, has been in Sri Lanka for more than 150 years, serving both corporate and retail clients.

India has been expanding its businesses into Sri Lanka’s North and East after the end of a 26-year war in 2009.

India has already built a Cultural Centre in Jaffna, once the de facto capital of separatist Liberation Tigers of Tamil Eelam (LTTE), where predominantly ethnic minority Tamils are living. Tamils are more close to South Indian Tamil Nadu state by culture and language.

India, one of the World’s fastest growing economies, has already got an oil tank farm in the Eastern port district of Trincomalee and is involved in more than a third of fuel business by volume in Sri Lanka.

Trincomalee is also rich in mineral mines.

Currently SBI Sri Lanka is operating through 5 branches namely Fort & FCBU branches at main building in fort, Colpetty branch, Wellawatta branch and Kandy branch.

SBI Sri Lanka has the product range from all types of deposit accounts, financing working capital, term loans, vehicle loans, housing loans and trade finance.

China says it will continue to support Chinese financial institutions in actively consulting with Sri Lanka.

Foreign Ministry Spokesperson Wang Wenbin speaking at the Regular Press Conference on Tuesday (31) said that China will continue maintaining friendly communication with other creditors and jointly play a positive role in helping Sri Lanka navigate the situation, ease its debt burden and achieve sustainable development.

He told reporters that, as an official creditor, the Export-Import Bank of China tentatively agreed with Sri Lanka on the debt treatment, and the Sri Lankan side has released relevant information.

On the 11th of October 2023, the Ministry of Finance of Sri Lanka issued the following statement with regard to the agreement reached with the Exim Bank of China:

The Government of the Democratic Socialist Republic of Sri Lanka is pleased to announce that it has reached an agreement on the key principles and indicative terms of a debt treatment with the Export-Import Bank of China (“China Exim bank”).

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.

The indicative terms agreed will provide the necessary fiscal space for Sri Lanka to implement its ambitious reform agenda.

The Sri Lankan Government commends the engagement and continuous support of China Exim bank in reaching this agreement in principle, which demonstrates a mutual commitment in line with the goal/objective of restoring public debt sustainability consistent with the IMF-supported program.

The Sri Lankan authorities hope that this landmark achievement will provide an anchor to their ongoing engagement with the Official Creditor Committee and commercial creditors, including the bondholders.

It should also facilitate approval by the IMF Executive Board of the first review of the IMF-supported program in the coming weeks, allowing for the next tranche of IMF financing of about US$334 million to be disbursed.

The Secretary to the Treasury Mr. K M Mahinda Siriwardana issued the following statement:

“Yesterday marked a big step for Sri Lanka as we reach this landmark agreement in principle on debt treatment terms with our largest single creditor. We thank China Exim bank for the support in resolving our country’s debt situation. This agreement constitutes a key milestone in Sri Lanka’s ongoing efforts to foster its economic recovery.”

In the next few weeks, the Sri Lankan authorities and China Exim bank will actively work on formalizing and implementing the agreed parameters of the debt treatment.

Indian Finance Minister Nirmala Sitharaman called on the Mahanayake Theros in Kandy on Wednesday (1).

Nirmala Sitharaman called on the Mahanayake of the Malwathu Chapter of the Siam Sect, the Most Venerable Thibbatuwawe Sri Siddhartha Sumangala Thero.

During her meeting with the Mahanayake, Nirmala Sitharaman reiterated the strong connect the people of India feel through the Prime Minister of India for the people of Sri Lanka.

The Indian Finance Minister had also noted that on Thursday (2) she will attend the the exchange of the Memorandum of Understanding for Solar Electrification of Religious Places in Sri Lanka wherein India will allocate INR 82.40 crores out of the GOI grant assistance of INR 107.47 crores earmarked for the promotion of Buddhist ties.

According to the Indian Ministry of Finance, the exchage of MoUs will take place in the presence of President Ranil Wickremesinghe.

Most Venerable Thibbatuwawe Sri Siddhartha Sumangala Thero had acknowledged the deep cultural ties with India and the shared Heritage between the two nations.

The Mahanayake Thero also thanked the Indian Finance Minister for the economic assistance given during the time of economic crisis in Sri Lanka and highlighted that as Sri Lanka’s most trusted friend, India was the first to reach out to help Sri Lanka in moment of economic crisis.

The Indian Finance Minister also called on the Mahanayake of the Asgiri Chapter of the Siam Sect, the Most Venerable Warakagoda Sri Gnanarathana in Kandy.

Indian Finance Minister Nirmala Sitharaman discussed the continued tradition of strong historical and cultural ties between India and Sri Lanka.

Most Venerable Warakagoda Sri Gnanarathana Thero had acknowledged the cordial relations between the two countries and expressed gratitude for the support from India during the times of economic hardship in Sri Lanka.

The Indian Finance Minister also elaborated on the Solar Electrification of Religious Places in Sri Lanka project, and the Mahanayake Thero thanked India for the assistance and indicated that it is a timely and supportive step towards their energy needs.

The Second Reading of Appropriation Bill (Budget) for the fiscal year 2024 (the Budget Speech) is to be presented to the Parliament by President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilization and National Policies, at 12 noon on 13 November.

Thereafter, the Second Reading of the 2024 Budget will be debated for a period of one week, from the 14 to 21 November.

The vote for the Second Reading of the Budget is scheduled to be held at 06:00 p.m. on 21 November, following which the Committee Stage debate will be held for a period of 19 days from 22 November – 13 December.

Accordingly, the vote on the Third Reading of the 2024 Budget is slated to be held at 06:00 p.m. on 13 December.

Accordingly, during the period in which the Budget is slated to be debated, the debate is scheduled to be held from 09:30 a.m. to 06:30 p.m. every day, while the Adjournment debate will be held from 06:00 p.m. to 06:30 p.m. everyday, except on the date of vote.

Inflation in Sri Lanka rose to 1.5% in October 2023, compared to 1.3% in September the same year.

The Department of Census and Statistics releasing the Colombo Consumer Price Index for October 2023 reported that Food Inflation remained at -5.2%.

The Overall Rate of Inflation as measured by the Colombo Consumer Price Index (CCPI) has increased to 1.5% in October 2023, according to the Department of Census and Statistics.

The latest report by the department states it was an increase from the 1.3% reported in September 2023.

The department further said food inflation remains unchanged at -5.2% in October as it was in September.

However, non-food inflation has increased to 4.9% in October from the 4.7% recorded in September this year.