Author: TELO Admin

Cabraal says IMF involvement and debt restructuring not needed

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Central Bank Governor, Ajith Nivard Cabraal, who insists that a home-grown solution is the key to address Sri Lanka’s debt issues, says IMF involvement and debt restructuring are not required.

International investment banks have been told that Sri Lanka is willing to settle the debt maturing in January ahead of time, the Central Bank governor revealed.

He further stated that a road map outlining the work the Central Bank and the government will do is expected to be unveiled on October 01.

However, former Acting Chief Economist of the World Bank Group, Prof. Shantha Devarajan suggested that Sri Lanka should to the IMF with a programme consensually devised within the country.

Arguments for and against seeking help from the International Monetary Fund in dealing with Sri Lanka’s financial issues were put forth at a webinar on Friday.

“A programme with the IMF enables Sri Lanka to get budget support from the World Bank and the Asian Development Bank,” Prof. Devarajan said further.

The support of the IMF to this programme will be a signal of confidence to the international community, he pointed out adding that it is time for Sri Lanka to start debt restructuring.

Meanwhile, former Prime Minister and Leader of the United National Party, Ranil Wickremesinghe warned of an imminent crisis.

He insisted on addressing the gradual decline in foreign exchange reserves in the country.

Speaking further, the former prime minister said a lifting of the current lockdown could be put off to mid-October due to a possible delay in the arrival of diesel supplies purchased for the local market.

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Sri Lanka reports 71 Covid-19 deaths on Sunday, toll rises to 12,680

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Sri Lanka Sunday reported 71 deaths due to COVID-19 after the figures were confirmed by the Director General of Health Services on Saturday, September 25.

Among the deaths reported today, 32 are of males and 39 of females. The majority of deaths – 56- are of elderly people in the 60 years and above age group. One female below 30 years of age also succumbed to the disease.

According to the data reported by the Government Information Department, the total deaths due to Covid-19 since the pandemic began last year has now risen to 12,680.

Ahead of polls, big allocations for local-level projects

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Members of Parliament presiding over District Development Committees and their deputies, former provincial council members and sitting local council members are to be allocated funds for development projects in their respective areas, Minister Gamini Lokuge told the Sunday Times.

He said that according to the proposal, an MP presiding over the District Development Committee would be allocated Rs 100 million for projects and a deputy Rs 50 million.

The move comes ahead of the local council elections scheduled for next year.

Under the proposal, former Provincial Council members representing both the ruling party and the opposition would be allocated Rs. 2 million each while Pradeshiya Sabha members from both the ruling party and opposition would be allocated Rs 4 million each, he said .

The funds would be allocated for projects which could be completed within a year.

Minister C.B. Ratnayake told the Sunday Times that former Provincial Council members were to be allocated funds on the grounds that development activities could not be carried out during their period due to lack of funds and therefore they would be given an opportunity to develop the respective area.

Meanwhile, some of the Ministers and MPs have already started discussions at Grama sevaka level to identify proposals for projects.

Under the proposal, livelihood, infrastructure development, sustainable development and social welfare projects are to be given priority.

The Sunday Times learns that al though the local elections are scheduled for early next year the polls may be delayed by few months.

Sri Lanka’s apparel industry on tenterhooks over EU trade scrutiny

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Reuters – Sri Lanka’s preferential trade access to the European Union, which is the biggest market for its $5 billion apparel industry, is in doubt with an investigation into the island country’s human rights and governance concerns set to start on Monday.

The European Parliament in mid-June adopted a resolution inviting the EU to consider withdrawing Sri Lanka’s access, citing “deep concern” over the country’s deteriorating human rights situation.

A five-member delegation is scheduled to meet government and company representatives, civil society, trade unions and United Nation officials during a week-long stay and submit a report that will be presented to the European Parliament in 2022.

“The monitoring will focus on Sri Lanka’s compliance with 27 international conventions related to GSP+ (Generalised Scheme of Preferences Plus) covering human rights, labour, environment and governance to which Sri Lanka has acceded,” Colombo EU Delegation Chargé d’affairs Thorsten Bargfrede told Reuters.

Sri Lanka exported 45%, or $2.7 billion, worth of garments to the EU in the first seven months of 2021, up from $2.2 billion last year.

As much as 60% of the nation’s apparel exports to the region benefit from the EU’s GSP+ concessions, a 9.5% cost benefit, and are the country’s second highest foreign exchange earner.

Hard hit by closures and reduced sales during the pandemic, the apparel industry sees GSP+ as crucial to attracting foreign investment and helping the sector to reach its target of $8 billion earnings by 2026, a 60% increase from current levels.

Industry sources say the government has pledged to engage with the EU to retain GSP+ but stakeholders estimate a loss of about $600 million if the facility is removed.

Sri Lanka, which gained GSP+ access for the first time in 2005, has previously had it withdrawn.

The EU withdrew the facility in 2010, highlighting insufficient efforts by Sri Lanka to address human rights and reconciliation issues in the aftermath of a 27-year civil war, but it was reinstated in 2017.

The Joint Apparel Association Forum (JAAF) is worried about the threat of factory closures – particularly among small and medium manufacturers that employ 350,000 direct and 700,000 related industry employees, of which 80% are rural women.

“To retain our access, be competitive and expand our market share we must have this trade agreement. We are still very optimistic that GSP+ will continue but if it is lost, investment to this sector will be questioned,” JAAF Chairman A. Sukumaran said.

No need for undue alarm over rumors of Islamic State WhatsApp group: SL Police

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Sri Lanka Police say there is no need for undue alarm over the rumors circulated on social media regarding an alleged WhatsApp group affiliated with the Islamic State (ISIS)

Police Media Spokesperson SSP Nihal Thalduwa says that the notice on the relevant WhatsApp group was on an unconfirmed fact.

He further detailed that the message shared on WhatsApp is of information received by the security forces that was forwarded for further investigations.

SSP Thalduwa pointed out that such notifications are common within the Police Department, and went on to say that the facts mentioned in the relevant message have not been confirmed.

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Five-year visas for resident foreigners under new amendment

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The Consultative Committee on Defence has given its nod to amend the Immigrants and Emigrants Act No. 20 of 1948 to increase the current visa issuance period for foreigners from two to five years, parliamentary sources said.

The decision was made during the Defence Ministry Consultative Committee meeting held at the parliamentary complex on Wednesday (22).

Accordingly the committee decided to permit the presenting of Immigrants and Emigrants (Amendment) Bill to Parliament for a second reading.

The Consultative Committee on Defence met on Wednesday with State Minister of National Security and Disaster Management Chamal Rajapaksa (in the chair) and attended by MPs Anura Priyadharshana Yapa, Pradeep Undugoda, Charles Nirmalanathan and Tiran Allas.

Officials including the Controller General of Immigration and Emigration U.V. Sarath Rupasiri joined the committee meeting via zoom.

Controller General Rupasiri said that the Section 14 of the Immigrants and Emigrants Act No. 20 of 1948 would be amended to increase the current visa issuance period from two to five years for foreigners to encourage foreign investments. The period for which visas can be granted with the approval of the Minister, would be further increased from five to ten years.

He said that these amendments will introduce a Permanent Resident Visa status and the relevant regulations will be formulated in the future.

Rupasiri said the issuance of long-term visas has a number of socio-economic benefits, including providing a safer environment for foreign investors to invest in businesses.

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Country likely to reopen on 1st Oct., subject to restrictions – Keheliya

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Health Minister Keheliya Rambukwella has said authorities hope to re-open the country on the 01st of October 2021, subject to restrictions.

He said the final decision in this regard will be reached on September 30th,

Responding to questions raised by journalists following an inspection tour at the Nawalapitiya District Hospital, the Health Minister said the present situation is being closely monitored, adding that the prevailing situation is somewhat favorable to reopen the country.

Commenting on the COVID-19 vaccination drive, Minister Rambukwella said Sri Lanka, which was ranked among the first 10 countries for completing the vaccination of those over the age of 30-years — is now ranked among top nations that conducts its vaccination drive effectively.

He said that the vaccination of those aged between 20 to 29 is currently ongoing, while the vaccination of children in the age group of 12 to 19-years with congenital disorders also commenced yesterday (24).

According to the Health Minister, there is a reduction in the rate of COVID-19 infected patients, as well as the deaths.

Minister Keheliya Rambukwella urged the public to act in compliance of the COVID-19 health guidelines once the country opens, in order to defeat the pandemic.

Whilst pointing out that the health authorities are doing their best, he emphasized that as citizens we must also act responsibly and assist the efforts to contain the virus.

Sri Lanka reports 79 Covid-19 deaths on Saturday, toll rises to 12,609

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Sri Lanka Saturday reported 79 deaths due to COVID-19 after the figures were confirmed by the Director General of Health Services on Friday, September 24.

Among the deaths reported today, 41 are of males and 38 of females. The majority of deaths – 57- are of elderly people in the 60 years and above age group.

According to the data reported by the Government Information Department, the total deaths due to Covid-19 since the pandemic began last year has now risen to 12,609.

Deadline to submit proposals for foreign currency term financing facility extended

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Prospective lenders have been given extra time until October 05, to respond with proposals for a foreign currency term financing facility, the finance ministry said.

The extension was given because some investors requested more time to get internal approvals, Treasury Secretary Sajith Attygalle said.

The Expressions of Interest was originally expected to close on September 22.

Banks, investment houses or institutional investors could submit proposal for fixed or floating rate term loans in minimum tranches of 50 million US dollars or equivalent.

The loans will have to be a minumum of one year.

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Ratwatte makes a comeback at the SLPP Batticaloa meeting

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State Minister of Gem & Jewellery related Industries and Former State Minister of Prison Management & Prisoners’ Rehabilitation Lohan Ratwatte made a comeback at the Sri Lanka Podujana Peramuna (SLPP) Batticaloa District Leaders’ meeting, held today (25) at SLPP’s Main Party Office in Batticaloa.

Ratwatte chaired the meeting and shared images of the meeting on his Facebook page.

“SLPP Batticaloa leaders meeting was held today at the Batticaloa main party office under the patronage of Minister of State Lohan Ratwatte” said Ratwatte on his official Facebook page.

Ratwatte resigned from his portfolio as State Minister of Prisons and Prisoners’ Rehabilitation last week further to a controversy regarding incidents which took place in Welikada and Anuradhapura prison premises earlier this month.

He maintained a low-profile since then, and this has been his first public appearance ever since the incident.

Following the accusations directed at him for allegedly storming the prison premises and threatening prisoners with a firearm, Ratwatte denied the incident ever took place, whereas stated in his resignation that he was compelled to do so further to the request by the Prime Minister.