Author: TELO Admin

Expressions of interest have been called from private investors to develop the Trincomalee Port as an industrial port, Sri Lanka Ports Authority (SLPA) Chairman Prasantha Jayamanne said today.

“There are 2400 hectares of land in Trincomalee Port and we have called for expressions of interest from the potential investors to develop it as an industrial port. We are mainly focusing on local investors,” Jayamanne told a press conference.

At the same time Mr. Jayamanne and heads of private terminals and a major stakeholder Ceylon Association of Shipping Agents claimed that Colombo Port is functioning smoothly despite the FOREX issue.

“We have decided to allow local customers who face issues to make payments in rupees instead of dollars,” he said. The SLPA earlier notified all customers to make payments in dollars. He said this concession will be given to local customers only.

Ceylon Association of Shipping Agents (CASA) Chairperson Shehara de Silva said the member companies of the association had not received any complaint about the port to date.

“Colombo Port is not about container distribution but other services are also carried out by it,” she said.

Chief Operating Officer South Asia Gate Terminal (SAGT) Romesh David said the Port and the SAGT are functioning smoothly despite minor setbacks.

SLPA claimed that Colombo Port had achieved a 4.3% growth in terms of TEU (containers and a 5% growth in transshipment in 2021 and the SLPA Chairman assured that the Port will achieve a growth this year as well.

Chinese Ambassador Qi Zhenhong highlighted a five–point assistance from China to Sri Lanka in view of the economic crisis, fast-track ongoing projects and more FDI (Foreign Direct Investment) and Trade, bilateral debt settlement, support to Sri Lanka in its talks with the International Monetary Fund (IMF) and regarding International Sovereign Bonds and tourism after Covid, a statement from the Embassy said.

He, along with his spouse Jin Qian started their three-days visit to the Eastern Province of Sri Lanka on May 24 from Trincomalee. They are grateful to receive a warm welcome by Governor Anuradha Yahampath and children from different backgrounds.

Ambassador Qi and Ms. Yahampath co-chaired a business forum with the Chinese Business Chamber representatives. China encourages more investment to Sri Lanka including EP to overcome current difficulties.

After the meeting, Ambassador Qi Zhenhong took a boat visit to the Trincomalee Harbour and China Bay.

The Sri Lankan Ports Authority and the Eastern Province invite Chinese investment to the port-related industries and tourism.

To support low-income families to overcome difficulties, Ambassador Qi handed over food packs (Rs. 5200 each) donated by the people of Yunnan Province of China to Trincomalee, Batticaloa and Ampara Districts.

In total, 10,400 underprivileged families in the Eastern Province of Sri Lanka have received the support from the people of Yunnan.

Ambassador Qi Zhenhong and Madam Jin Qian also donated a batch of sports equipment supporting local youth in Kalmunai.

On May 26, Ambassador Qi visited the Kayakerni archaeological site where the China sherd of the China Song Dynasty (960–1279), the glass from ancient Europe and the stone bridge uncovered show that Sri Lanka’s eastern coast has always been an important global trade hub on the Maritime Silk Road.

During his visit, Ambassador Qi visited the Kuchchaveli Pichchamal Viharaya.

Sri Lanka’s Cabinet of Minister approved the proposal to to submit a supplementary estimate to the Parliament for the provision of Rs. 695 billion under the “Budget Assistance Services and Emergency Responsibilities” project of the National Budget Department.

The proposal was made by the Prime Minister in his capacity as Minister of Finance, Economic Stabilization, and National Policies, said the Department of Government Information.

“The government has introduced a assistance package for Samurdhi Beneficiaries, Estate Communities, Pensioners and Government Servants at the beginning of 2022 to reduce the hardships faced by the public due to the adverse economic conditions,” said the Department in a statement.

The Department of Government Information noted that it was decided to submit a supplementary estimate to Parliament to cover the cost and secure the necessary funds to maintain the essential public services without hindrance.

Social activist and Sri Lankan YouTuber Rathidu Suramya Senaratne, popularly known as “Ratta”, has been granted bail by the Fort Magistrate’s Court.

He was released on bail after being produced before the court, a short while ago.

Popular Sri Lankan YouTuber Rathindu Suramya Senarathna, also known as Ratta, was arrested Monday (30) for allegedly obstructing the duties of police officers during a protest in front of the Fort Magistrate Court on Thursday (25), police said.

The protest had taken place demanding the arrest of suspects allegedly connected to the Black Monday violence by government supporters on peaceful protestors on May 09.

Ratta, who has 1.4 million subscribers on YouTube, was a prominent figure in Sri Lanka’s anti-government protests demanding the resignation of President Gotabaya Rajapaksa and his government over the country’s worsening economic crisis. While his usual content focused on comedy and satire, he has been using his platforms to share information regarding the protests since they began.

According to fellow protestor and civil activist Shehan Malaka, Ratta was summoned to courts a few days ago. “He went to give his statement today, and after he did, the police arrested him.”

The government has to find/borrow another US $ five billion immediately for day-to -day expenditure, to provide essential services to citizens this year, even with the complete restructuring of debt by other countries. This amount has to be generated through credit lines, currency swaps, a couple of investments into the country and selling of assets, which also give temporary relief to the country, Prof Sirimal Abeyratne said.

“We are now in the early stage of bankruptcy and I am not surprised at the position in which we are today because of our excessive spending. This resulted in a Balance of Payments problem for the country, Prof. Abeyratne, who is a senior economist attached to the University of Colombo and a former chairman of the Monetary Policy Consultative Committee of the Central Bank of Sri Lanka explained.

Abeyratne made these observations while addressing the Colombo South Rotary Club on the topic, “Sri Lanka’s Current Debt Crisis and Beyond”, last week at the Dutch Burgher Union Hall in Colombo.

Abeyratne added: ‘In 2007 Sri Lanka raised US $ 500 million through International Sovereign Bond issues. During the period 2009 to 2019, Sri Lanka issued US $ 17 billion in sovereign bonds with a 5 to 10 year maturity span. Therefore, we have to pay US$ 6 billion every year for those bonds but unfortunately the country does not have a financial buffer to arrest the situation.

‘Due to the Covid-19 pandemic situation the revenue that came from the tourism sector and inward worker remittances that came to the country from the Middle East, dramatically dropped.

‘This crisis was predicted two years ago but the relevant authorities never heeded the warning. When we were having budget deficits we spent beyond our capacity and in the internal financial area major tax cuts soon after the presidential election, which cost more than Rs 500 billion annually to government coffers, left us with insufficient finaces to pay our debts.

‘Amid these developments, young educated professionals who could contribute to the economy will leave the country and ultimately we will be left with a poor set of people. This happened in Venezuela, where more than five million young educated professionals left for other countries. This set of people could play an important role in economic development.

‘Since our country’s foreign reserves ran dry and due to major tax relief provided, we are facing a major rupee shortage in the country and are unable to pay salaries for government servants and for day- to- day operations.

‘At this moment we have to build trust in the eyes of the international community to attract direct foreign investments into the country. Foreign investors do not trust our politicians. If we could build trust we could attract direct foreign investments. Sri Lanka should take every possible step to drive exports, which is the most important task at this juncture.’