Category: News

Switzerland has offered to help Sri Lanka recover stolen assets moved overseas.

The Ambassador of Switzerland to Sri Lanka and Ambassador designate to the Maldives, Dr. Siri Walt, has assured Switzerland’s support in recovering assets that have been moved out of Sri Lanka.

During discussions, Ambassador Walt provided guidance on the international measures required for reclaiming such assets and expressed Switzerland’s readiness to extend support whenever necessary by providing essential resources and assistance.

Ambassador Walt made these remarks during a meeting held at the Presidential Secretariat with the Secretary to the President, Dr. Nandika Sanath Kumanayake.

The discussion also focused on utilizing Switzerland’s expertise and technical knowledge to assist Sri Lanka’s on-going anti-corruption initiatives.

The Swiss government reiterated its commitment to providing technical and financial support for Sri Lanka’s priority programs, including the “Clean Sri Lanka” program.

The Ambassador additionally expressed Switzerland’s commitment to supporting Sri Lanka in addressing social challenges, promoting national reconciliation, and assisting with the development of the Northern region through necessary aid and resources.

The meeting was attended by Senior Additional Secretary to the President, Roshan Gamage.

Political sources indicate that Sri Lanka Freedom Party (SLFP) organizers are firmly advocating for contesting the upcoming elections under the ‘hand’ symbol.

The party remains divided into multiple factions due to an ongoing internal crisis.

While one group insists on contesting under the ‘chair’ symbol, another faction strongly supports using the ‘hand’ symbol.

Many SLFP organizers argue that the party should be formally legalized and contest under the ‘hand’ symbol, emphasizing that this is essential for the party’s future political strength.

Although this stance was raised several years ago, conflicting opinions among the party leadership and appointed secretaries prevented its implementation.

Accordingly, organizers have reiterated that if the SLFP is to regain power and reestablish itself as a dominant political force, it must contest under the ‘hand’ symbol in the upcoming elections.

India’s Adani wind power projects in Sri Lanka are under review to re-evaluate already approved tariffs to ensure that the project terms align with the new government’s current priorities and energy policies, Adani Group said.

President Anura Kumara Disanayake during his election campaign promised to review proposed Adani’s wind power projects in Northern Mannar and Pooneryn.

His ruling National People’s Power (NPP) has said it wants to review the tariff which it considers expensive.

According to documents filed in court a cabinet decision on January 02, 2025 revoked a May 2026 decision on the Adani project proposal.

In May Sri Lanka said Cabinet approval has been given to pay 8.26 cents per unit to for the 484MW project, triggering a controversy over the price and court litigation by activists.

The cabinet also approved the appointment of a Project Committee and Cabinet Appointed Negotiating Committee to re-evaluate the proposal submitted by Adani Green Energy.

“The Sri Lankan Cabinet’s decision of 2 Jan 2025 to re-evaluate the tariff approved in May 2024 is part of a standard review process, particularly with a new government, to ensure that the terms align with their current priorities and energy policies,” an Adani Spokesman said in a statement.

“Adani remains committed to investing $1 billion in Sri Lanka’s green energy sector, driving renewable energy and economic growth.”

Adani’s projects have run into controversy after activists went to courts over possible impact on the environment and higher tariff.

The government has said it cannot make a final decision on the proposed deals by India’s Adani Group as there was an ongoing court case

Sri Lanka will go ahead with the free trade agreement with Singapore, on the basis of policy continuity, Deputy Finance Minister Harshana Suriyapperuma has said.

“This is a decision taken by previous governments,” Minister Suriyapperuma told the parliament’s Committee on Public Finance according to a published video.

“On that basis, and as part of the agreement has already been implemented, we decided to go ahead with it on a stand alone basis.”

The FTA envisages phased reduction of import duties and so-called para tariffs over 5 and 6 year periods.

Import duties have been lowered on two sets of goods (HS Codes) already.

The current items related to the first set of goods on which Port and Airport Levy is lowered.

Government members of the COPF had asked to study the matter, when it was previously taken up by the committee.

The decision was arrived at after a study, Deputy Industries Minister Chathuranga Abeysinghe said.

Sri Lanka had created access for a lot of goods under free trade deals but they were still not used by industry, he said.

COPF chairman Harsha de Silva said he supported the reduction of the PAL reduction was also in favour of creating a free trade area with Singapore.

The agreement was signed in 2018 but then President Maithreepala Sirisena had suspended the agreement during the so-called coup incident, de Silva said.

The economic credentials of the then so-called Yahapalana administration was blown to smithereens after the central bank triggered two stop-go cycles in the process of flexible inflation targeting and potential output targeting.

In the first inflation and stabilization crisis the rupee fell from 131 to 151 to the US dollar. In the second one the rupee fell from 152 to 182 to the US dollar.

On the day before the coup the rupee had fallen to 173 as money was printed through open market operations and dollar rupee swaps to cut rates.

Singapore does not have a policy rate to create forex shortages and therefore does not have to control trade or go to the International Monetary Fund after cutting rates.

Monetary Authority of Singapore is also has the Finance Minister as its Chairman. Successive finance ministers have believed in stability rather than ‘monetary accommodation’.

Exchange rate appreciation is used to keep inflation close to zero and avoid social unrest.

Tamil Nadu Congress Committee (TNCC) president K Selvaperunthagai on Thursday criticised BJP president K Annamalai for his remarks against former Prime Minister Indira Gandhi for giving Katchatheevu to Sri Lanka.

In a statement, Selvaperunthagai defended Indira Gandhi, saying Katchatheevu was given to Sri Lanka as “strategic step”.

The island covers an area of 285 acres, which is not fit for human habitation, he said, adding in the same agreement, the fishermen of Tamil Nadu were given the right to fish in the Wage Bank in Kanniyakumari south, which is under the control of Sri Lanka government, to compensate Katchatheevu.

Further questioning Annamalai, Selvaperunthagai asked what the BJP had done for stopping Sri Lanka from arresting 530 Tamil Nadu fishermen and auctioning 73 of their boats.

Source: New Indian Express

India’s Public Accounts Committee chairperson K. Selvaperunthagai said on Thursday that the committee would recommend to the State government to facilitate the return of refugees who wish to go back to Sri Lanka.

The committee members, including MLAs J. Mohamed Shahnawaz, Agri Krishnamurthy, C.V.M.P. Ezhilarasan, S. Chandran, Kadarbatcha Muthuramalingam, S. Murugesan and R.M. Karumanickam, District Collector Simranjeet Singh Kahlon, Additional Collector (Development) Veer Pratap Singh, DRO R. Govindrajulu, Wildlife Warden R. Murugan, District Forest Officer Hemalatha, Paramakudi sub-collector Abilasha Kaur and Legislative Assembly Joint Secretary Revathy visited the Mandapam Rehabilitation Camp, Mandapam Rehabilitation Centre, sea turtle hatchery process, and government high school at Mandapam Camp.

The refugees, who came here from the island nation following economic crisis, had been provided shelter by the State government since the last two or three years. Around 280 people, including women and children, lived there.

Following representations to the PAC chairperson, Mr. Selvaperunthagai, who is the Tamil Nadu Congress Committee president, told presspersons that they would recommend to the government to take steps for safe return of the refugees to Sri Lanka as per the law.

Later, the panel visited the school at the Mandapam Camp and enquired with the children about the infrastructure facilities. When a few members of the public sought certain facilities, the committee promised to take it up with the government.

Arichalmunai beach

Following a large number of tourist arrivals at the Arichalmunai beach, the PAC members said they would recommend to the government to sanction funds with which additional mobile phone towers, assistance counter for the visitors, health centre, better toilets, and street lights could be provided.

The committee members interacted with the district officials at the Ramanathapuram Collectorate when eight subjects were discussed.

Mr. Selvaperunthagai said since 2021, the promises made by the DMK had been fulfilled. The officials explained to the committee the housing projects and other development work completed in the district. “We are immensely satisfied with the performance of the Ramanathapuram district administration in taking the government’s programmes to the people,” he lauded.

The objective of the government was to not only provide welfare assistance, but also to give them adequate infrastructure, he added.

Source: The Hindu