Remarkable Achievement: 71-Year-Old Mullaitivu Resident Clinches Gold at Masters Athletics Championships in the Philippines

In a stunning display of athleticism and perseverance, 71-year-old Akila Thirunayaki, a resident of Mullaitivu’s Mulliyavalai village, has secured two gold medals and a bronze medal at the Masters Athletics Championships held in the Philippines.

Representing Sri Lanka on the international stage, Thirunayaki dominated the competition, claiming the top spot in both the 1,500 and 5,000 meter races, showcasing her exceptional endurance and speed. Additionally, she secured a well-deserved bronze medal in the 800 meter race, highlighting her versatility in various track events.

Thirunayaki’s journey to success is even more remarkable considering her fourth-place finish in the fiercely competitive 400 meter race. Her outstanding performance across multiple events has earned her accolades not just from her local community but also from the broader athletic community in Sri Lanka.

A retired prison officer, Thirunayaki’s dedication to athletics has not waned with age. Her achievement serves as an inspiration to individuals of all ages, proving that passion and determination can overcome any barriers, including age.

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Presidential and parliamentary elections will not be postponed – President

President Ranil Wickremesinghe says that the Presidential Election and the Parliamentary Election will both be held next year and that neither of the elections will be postponed.

He stated this while delivering a special statement in the Parliament today (22) regarding several matters including the existing cricket crisis.

“We have established democracy in this country. So, now how can you say that we are afraid of an election? We will hold the elections. The Presidential Election and the Parliamentary Election will both be held next year. None of them will be postponed.”

“The year after that, we can hold the Provincial Council and Local Government elections all that. There is no problem,” he said.

Meanwhile the State Minister for Plantations, Enterprise Reforms and Finance, Ranjith Siyambalapitiya, had announced that a dedicated allocation of Rs. 10 billion has been reserved for potential future elections.

This provision, while not explicitly outlined in the budget proposals, has been included in the estimates, he said during a press briefing held at the Presidential Media Centre (PMC) on Tuesday (21).

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Sri Lanka budget for 2024 passed

Sri Lanka’s budget for 2024 was passed with 122 of the 225 house voting in favour, Parliamentary Speaker Mahinda Abeywardana said.

There were 77 opposing votes.

The budget lays the foundation for the economy to grow by 1.8 percent in 2024, State Minister for Finance Shehan Semasinghe said.

Sri Lanka is hoping to boost revenues to 13 percent of gross domestic product in 2024 with value added tax raised from 15 to 18 percent, many exemptions removed, and broadening the income tax base.

The budget also creates a framework for investors to come to the country, Foreign Minister Ali Sabry said.

Opposition legislator Harsha de Silva, who chairs the Committee on Public Accounts said the budget violated a Fiscal Management Responsibility Law and an amendment should be moved as the deficit was higher than 5 percent of GDP.

Semasinghe said a new Fiscal Management Law would be brought next year, but the issue can be discussed.

US$5bn China oil refinery project to Sri Lanka cabinet next week: Minister

A agreement for a 5 billion US dollar refinery to be built by China in Sri Lanka’s Hambantota district will be submitted to cabinet for consideration next week, Energy Minister Kanchana Wijesekera said.

“We have included in the agenda of the cabinet the awarding of the contract for the Hambantota new oil refinery,” Minister Wijesekera told parliament.

“If the cabinet approves, after the agreement is signed, it will be the single largest investment project ever. A 5 billion US dollar investment.”

The project will take about four to five years to complete.

“After it is completed, it will create jobs, provide energy security and give an opportunity to increase exports,” Wijesekera said.

Sri Lanka is giving state land in the Southern Hambantota district for the project. China’s Sinopec was awarded the project after the second short-listed contender pulled out, Minister Wijesekera said last month.

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Katunayake & Jaffna Airports to become Smart Reading Airports

Magzter, the World’s largest digital newsstand (www.magzter.com), is set to revolutionize the airport passenger experience in Sri Lanka, by transforming the Bandaranaike International Airport in Katunayake and the Jaffna International Airport into Smart Reading Airports.

Issuing a statement, the Airport and Aviation Services (Sri Lanka) (Private) Limited (AASL) said the Bandaranaike International Airport and Jaffna International Airport are to become the first Smart Reading Airports in South Asia, offering passengers a cutting-edge, fully contactless and paperless digital reading experience of their favourite magazines and newspapers while they are at the airport.

Magzter’s partnership with the AASL enables passengers to access a diverse collection of over 8,000 leading magazines, newspapers, journals and comics for free while they are in the airport. Passengers can download the Magzter app from the Apple Store or Google Play to get free unlimited reading access within these geo-fenced zones, eliminating the need for a subscription. When they are at the airport, they can open the Magzter app, go to “SRZ” tab, grant location permission for the app and get free unlimited reading access.

Since air passengers usually wait for a considerable amount of time at the gate before boarding their flights, they are always on the lookout for interesting ways to spend their wait time productively. This innovative initiative is sure to enhance the passenger experience by providing access to thousands of popular magazines and newspapers spanning over 40 categories, including automotive, business, comics, entertainment, fashion, health, lifestyle, news, politics, science, sports, technology and travel. Passengers can also download their favourite titles while at the airport and access them offline during the flight.

While Magzter’s extensive catalogue features several regional Sri Lankan favourites like Business Today, Lanka Woman, Explore Sri Lanka, Sirikatha, Lankadeepa, Divaina, Daily Mirror and The Island, it also provides an exciting array of content for travellers from key tourist-inflow countries to Sri Lanka, including India, UK, USA, Singapore, Malaysia and Thailand. Some of the best-selling global titles available on Magzter include Time magazine, Newsweek, Car & Driver, India Today, Filmfare, Business Standard, Hello!, T3, The Guardian, Cosmopolitan, Elle, Vogue, GQ, Her World, Forbes and Bangkok Post among 1000s of others.

By encouraging millions of people to read digitally across the globe, Magzter has so far saved tens of thousands of trees and other natural resources, thereby playing an active role in fostering the “Go Green” initiative. This partnership marks a significant step forward in the digital reading revolution, aligning with Magzter’s commitment to providing a touch-free and eco-friendly reading experience. As Magzter continues to expand its global footprint, the Smart Reading Airport concept is set to redefine the travel experience for millions of passengers around the world.

“When the aviation industry is concerned, there are a lot of new advancements taking place in the world. Digitalization of airports to provide an enhanced passenger experience is a key factor that we are concerned about. While we focus our attention aggressively on digitalization processes, enhancing the passenger experience through other possible avenues is always considered by us. I am very much delighted to see that our airports are partnered with global service providers and enable our passengers to experience such smart reading opportunities while they are on the move,” Nimal Siripala De Silva, Minister of Ports, Shipping and Aviation said.

“We as the Airport and Aviation Services (Sri Lanka) (Private) Limited are very much pleased to introduce smart reading zones at our main gateway, Bandaranaike International Airport (BIA) in collaboration with Magzter Inc. This will enhance the passenger experience at our airport enabling the travellers to access over 8000 magazines and newspapers worldwide of their choice. Further, we are launching this service at Jaffna International Airport as well,” said Major General (Rtd.) G.A. Chandrasiri, Chairman of the AASL.

“We are excited to establish South Asia’s first Smart Reading Airports, setting a new standard for the region. Bandaranaike International Airport and Jaffna International Airport are at the forefront of embracing digital innovation, and we are proud to be their partner in providing an engaging and touch-free reading experience for travellers,” said Girish Ramdas, CEO of Magzter Inc.

“As we continue to expand our Smart Reading Zones® globally, we are thrilled to partner with Bandaranaike International Airport and Jaffna International Airport in Sri Lanka. Our goal is to enhance the travel experience by providing passengers with access to a vast array of digital publications, catering to their diverse interests,” said Vijay Radhakrishnan, President of Magzter Inc.

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Police torture suspected in death of Tamil youth in custody

Multiple injuries had been found on the body of a Tamil youth from the war-affected north of Sri Lanka who died in custody.

His family believes that timely intervention by the country’s human rights commission would have helped save his life from police torture.

Nagarasa Alex was arrested on the 8th November by Police in Vaddukoddai and remanded by the Mallakkam magistrate court two days later.

He was found dead when brought to the Jaffna Teaching Hospital on Sunday (19).

“There were multiple injuries (abrasions and contusions) noted in the back of the trunk, both upper limbs and both lower limbs. These were no natural diseases directly or indirectly contributing to this death,” Dr. Uruthirapasupathy Mayorathan, Consultant Forensic Pathologist, Jaffna Teaching Hospital wrote in his report.

Dr. Mayorathan who is also the Judicial Medical Officer of the Jaffna Teaching Hospital says the case is “under investigation”.

The postmortem examination was ordered by Jaffna Magistrate A.A Anandarajah.

26 years old Alex was arrested by the police on burglary charges.

Family members of the deceased complain the Human Rights Commission of Sri Lanka (HRCSL) did not take action in the proper way. His mother had complained to the HRCSL office in Jaffna on the 10th about her son being arrested and taken away for inquiry.

Nagarasa Alex was produced before the Mallakam magistrate court which ordered the suspect to be held under detention.

In a video posted by Tamil activists on social media, the deceased Nagarasa Alex purportedly speaks about the torture including waterboarding and severe assault by the police.

“Police arrested me on suspicion and beat me severely. My hands were tied behind and my face was covered and beat me repeatedly pouring water repeatedly. I was hanged upside down and beaten. Then they covered my face with a petrol choked plastic bag and beat me. I fell unconscious. Now I can’t lift both my hands. I was not given food on the first day. Next day they took me to their room and said not to file any case with the HRCSL. Then they gave me one packet of arrack to drink”.

Two persons including Nagarasa Alex were arrested in connection with a burglary in Vaddukoddai recently. Family members of the deceased told local journalists they were very much worried from the time he was arrested.

Sri Lanka ready to join BRI phase two, China FTA to be expedited

Sri Lanka is among countries ready to join the second phase of China’s Belt & Road Initiative (BRI), with a free trade agreement (FTA) between the two countries to be also expedited, according to a discussion between President Ranil Wickremesinghe and a top Chinese official.

Wickremesinghe told visiting special envoy of the Chinese President, state councillor Shen Yiqin, that the BRI is expected to make a more substantial economic contribution, according to a statement from the president’s office said Monday November 20 afternoon.

China is also prioritising the extension of a China-Myanmar Economic Corridor to the island nation, according to Yiqin.

This was during a courtesy call paid by President Xi Jinping’s envoy to President Wickremesinghe Monday morning in Colombo. Both parties also agreed to expedite the implementation of the China-Sri Lanka Free Trade Agreement, the statement said.

The primary focus of the meeting was to enhance tourism and trade relations between the two countries, according to the statement.

“The President expressed gratitude for China’s support to Sri Lanka, notably acknowledging their assistance in the country’s debt restructuring programme. He extended sincere thanks to the Chinese President and the government for their invaluable support in this regard,” the statement said.

Wickremesinghe also expressed Sri Lanka’s desire to augment cooperation between the two countries in the fields of tourism, sports and agriculture . Both the Hambantota Port and Colombo Port City are currently prepared for investment opportunities, he said.

“The President also noted that countries such as Sri Lanka, participants in the Belt & Road initiative, are prepared to embark on the second phase of the initiative, which is expected to make a more substantial economic contribution.

“The President outlined the measures taken by Sri Lanka to access the Regional Comprehensive Economic Partnership (RCEP), and further affirmed Sri Lanka’s commitment to preserving the Indian Ocean as a free zone for navigation and ensuring it remains a peaceful region, free from global geopolitical rivalries.”

The visiting Chinese official has said her government is prioritising the extension of the China-Myanmar Economic Corridor to Sri Lanka.

Yikn reaffirmed China’s enduring support to Sri Lanka and emphasised her commitment to strengthening the relations between the two countries, the president’s office said.

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Vote on Second Reading of Budget today: Rebel MPs ratchet up pressure on SLPP

Dissident SLPP MPs yesterday (20) asked the ruling party whether it would back what it called President Ranil Wickremesinghe’s deplorable revenue proposals when Parliament vote on the Second Reading of the Budget is held today (21).

The rebel group said that the move to privatise even the profit-making enterprises, such as Sri Lanka Insurance and SLT and the increase of Value Added Tax (VAT) from 15% to 18 with effect from January 01, 2024 would worsen the economic crisis, rebel spokesperson and former minister Prof. G.L. Peiris said.

Referring to parliamentarian Namal Rajapaksa’s criticism of the Budget presented by President Ranil Wickremesinghe in his capacity as the Finance Minister on Nov 13, the top rebel spokesperson urged key SLPPers not to skip the vote. The former External Affairs Minister said that the SLPP’s stand today would help the public to ascertain the situation on the ground.

At the onset of the briefing, the former top law academic said that the approval for the Budget would entirely depend on the SLPP, the largest single political party in the current Parliament.

The debate on the Second Reading of the Budget that commenced on Nov 14 would be concluded today and the vote on the Second Reading of the Budget held at 6 pm, Prof. Peiris said.

The Committee Stage debate, or the Third Reading debate on the Budget, is scheduled to begin tomorrow (23) and will continue until December 13. The vote on the Third Reading of the 2024 Budget is scheduled to be held on December 13 at 6 pm.

Prof. Peiris insisted that the SLPP couldn’t under any circumstances vote for Wickremesinghe’s Budget as the key proposals were contrary to its policies.

The SLPP voted for Wickremesinghe’s interim Budget for 2023 presented on Sept. 2, 2022, a day after IMF announced it would provide a loan of USD 2.9 bn to be released over a period of four years. Sri Lanka received the first tranche of the loan in Sept 2023. Since then the facility has been suspended.

Of 225 MPs, 115 voted for Wickremesinghe’s interim Budget and two MPs of the All Ceylon Tamil Congress (ACTC) voted against, whereas the main Opposition Samagi Jana Balawegaya (SJB) and other political parties, including the JVP, abstained.

Political sources said that though there had been differences between President Wickremesinghe and the SLPP over the non-appointment of more of its members to the Cabinet, the party would definitely back the Budget. Sources pointed out that both State Ministers of Finance were SLPPers, Shehan Semasinghe and Ranjith Siyambalapitiya and there was no question over those serving the Cabinet and the party voting for the Budget. The group included three member MEP parliamentary group consisting of Premier Dinesh Gunawardena, State Minister Sisira Jayakody and National List MP Yadamini Gunawardena.

Sources said that the government was confident of a comfortable victory though attempts were being made to cause turmoil.

SLPP lawmaker Anura Priyadarshana Yapa yesterday told The Island that the country is in such a desperate situation political parties have to sensibly ascertain the situation. “We’ll decide tomorrow of our stand,” the former minister said. Yapa’s group consists of MPs John Seneviratne, Dr. Sudarshini Fernandopulle and Priyankara Jayaratne.

Presidential polls in Sept. 2024!

The Election Commission has estimated a Rs. 31 billion expenditure for three national elections due next year, said its commissioner general Saman Sri Ratnayake.

Included in the budget for 2024, the cost is for presidential, parliamentary and local government polls.

The 2023 budget already included a Rs. 10 billion estimate for the LG polls.

With the presidential election due within two and one month of completion of term of the incumbent, the election can take place in September or October, said Ratnayake.

National elections could take place anytime next year, since the president has powers to dissolve parliament after completing half his term, he said.

Elections will take place as per the present electoral register which has more than 168.55 million registered voters.

Rising gold-backed loans elevate risks for Sri Lankan finance companies – Fitch

Rising gold-backed lending among Sri Lanka’s finance and leasing companies (FLC) sector is exposing financiers to higher collateral price risk and making them more susceptible to any adverse movements in gold prices, says Fitch Ratings.

Sri Lankan FLCs have grown gold-backed loans rapidly in the past several years amid shrinking demand for their core vehicle-financing business. Gold-backed loan balances more than quadrupled between the financial year ending March 2019 (FYE19) and FYE23, raising its share in the sector’s gross loans to 18%, from 4% at end-FY19.

“We believe several factors have fuelled this trend, including rising demand for shorter-term financing from borrowers, relatively high product yields, and the liquid nature of gold collaterals that allows lenders to recover defaulted facilities through regular auctions. FLCs cut back their exposure to gold-backed lending in 1QFY24, but we view this as temporary, as it stemmed partly from a drop in local gold prices in 1QFY24 following the global price decline, exacerbated by Sri Lankan rupee appreciation during the period.”

Excess concentration in gold-backed loans could leave some FLCs prone to large tail risks of devaluations, especially if collateral haircuts are insufficient to protect them from any sudden and precipitous price fall, the rating agency said.

This was evident in 2012 and 2013 when sharp declines in gold prices drove an increase in non-performing loans (NPLs) and credit costs at many Sri Lankan banks and non-bank financial institutions. Extended loan tenors would leave lenders more exposed to sustained price corrections.

Rising competition among the FLCs has led to an uptick in average loan-to-value (LTV) ratios. They range between 70% and 80% currently but could deteriorate quickly if gold prices fall or borrowers start to default, adding to accrued interest. Gold-backed lending is not subject to any regulatory LTV cap in Sri Lanka, unlike in markets such as India.

The current regulatory capital framework also entices FLCs to build larger gold loan portfolios more quickly than they otherwise would have. It may also cause lenders to underestimate their risk levels and reserve insufficient capital to absorb potential shocks. For instance, gold loans with LTV ratios of up to 70% do not incur any risk weight, and only incremental exposure over the 70% threshold is 100% risk-weighted.

This contrasts with India, for example, where gold loans incur the standard 100% risk weight. The drop in local prices in 1QFY24 led to an increase in the risk-weighted share of gold loans to 13%, from 8% in FY23, but we expect this to have mostly reversed in subsequent months as gold prices recovered.

Sri Lankan FLCs do not factor in borrowers’ repayment capacity when underwriting a gold-backed loan, focusing solely on collateral value, like in other markets. Collateral risk mitigation therefore becomes more crucial to protect against losses. However, valuation of gold collaterals is at lenders’ discretion and subject to their own calculation methodologies. The purity of accepted collateral can also vary. This contrasts with markets such as India, where regulators stipulate methods for collateral valuation.

The NPL ratio from Sri Lankan FLCs’ gold-backed lending remains well below that of conventional lending products, due mostly to lenders’ ability to recover overdues through frequent gold auctions, and borrowers’ ability to roll over a facility upon maturity by only servicing interest. However, ratios have come under pressure amid the challenging operating environment and borrowers’ weakened repayment capacities. Among Sri Lankan FLCs rated by Fitch based on standalone strength, the 90+ day past-due ratio on gold loans jumped to 5.3% at end-1QFY24, from 1.9% at end-FY22. This is consistent with rising auction volumes, indicating growing defaults in the segment.

–Fitch–